Alm. Brand Cash Flow Statement

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Other Adjustments	487	171	-65	-158	335	90
Changes in Reinsurance Contract Assets	-388	-578	-616	-566	9	-210
Changes in Income Taxes Payable	-214	-873	-390	-301	-19	-187
Changes in Other Operating Activities	2,032	2,338	1,774	1,134	-177	1,229
Operating Cash Flow	1,748	1,057	705	109	148	922
Operating Cash Flow Growth	-	49.93%	546.79%	-26.35%	-83.95%	-24.55%
Purchases of Intangible Assets	-52	-48	-117	0	3	-38
Purchases of Investments	-104	-195	-278	108	23,332	-10,308
Proceeds from Sale of Investments	297	2,982	779	495	-10,812	156
Cash Acquisitions	-	-	-	-	-13,204	0
Proceeds from Business Divestments	-	-	-	-	1,285	0
Other Investing Activities	-	-765	55	-139	10	891
Investing Cash Flow	141	1,974	439	464	447	-9,299
Short-Term Debt Issued	2	-63	-45	6	-179	215
Net Short-Term Debt Issued (Repaid)	2	-63	-45	6	-179	215
Long-Term Debt Issued	-22	-424	-29	-25	389	895
Net Long-Term Debt Issued (Repaid)	-22	-424	-29	-25	389	895
Issuance of Common Stock	-	-	-	-	-	10,241
Repurchase of Common Stock	-1,039	-1,500	-441	-26	-7	8
Net Common Stock Issued (Repurchased)	-1,039	-1,500	-441	-26	-7	10,249
Common Dividends Paid	-925	-864	-848	-462	-462	-2,308
Other Financing Activities	-	15	51	25	-124	-910
Financing Cash Flow	-2,022	-2,836	-1,312	-482	-383	17,186
Net Cash Flow	-133	195	-168	91	212	8,809
Free Cash Flow	1,748	1,057	705	109	148	922
Free Cash Flow Growth	-	49.93%	546.79%	-26.35%	-83.95%	-25.16%
FCF Margin	12.77%	7.54%	5.19%	0.78%	1.56%	15.65%
Free Cash Flow Per Share	1.24	0.72	0.46	0.07	0.10	3.65
Levered Free Cash Flow	2,330	1,753	1,471	860	529	2,540
Unlevered Free Cash Flow	2,304	2,191	1,635	849.71	-4,704	-1,539