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	Mar '26 Mar 31, 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
Net Income	1,230	1,353	777	612	374	598
Depreciation & Amortization	555	471	487	495	387	43
Other Amortization	28	28	92	108	86	3
Other Operating Activities	15	-693	-620	-1,245	-661	348
Operating Cash Flow	1,828	1,057	705	109	148	922
Operating Cash Flow Growth	1042.50%	49.93%	546.79%	-26.35%	-83.95%	-24.55%
Capital Expenditures	-70	-48	-117	-	-	-38
Sale of Property, Plant & Equipment	-	-	-	-	3	-
Cash Acquisitions	-	-	-	-	-13,347	-
Investment in Securities	-201	2,576	399	539	12,681	-10,308
Other Investing Activities	-	-	55	-139	164	891
Investing Cash Flow	-140	1,974	439	464	447	-9,299
Short-Term Debt Issued	-	-	-	6	-	215
Long-Term Debt Issued	-	-	-	-	-	895
Total Debt Issued	-	-	-	6	-	1,110
Total Debt Repaid	-435	-463	-45	-	-180	-
Net Debt Issued (Repaid)	-435	-463	-45	6	-180	1,110
Issuance of Common Stock	-	-	-	-	390	10,480
Repurchases of Common Stock	-723	-1,500	-441	-51	-7	-
Common Dividends Paid	-888	-888	-877	-462	-462	-1,079
Other Financing Activities	-5	15	51	25	-124	-1,141
Financing Cash Flow	-2,051	-2,836	-1,312	-482	-383	8,141
Miscellaneous Cash Flow Adjustments	-	-	-	-	167	-178
Net Cash Flow	-363	195	-168	91	379	-414
Free Cash Flow	1,758	1,009	588	109	148	884
Free Cash Flow Growth	2275.68%	71.60%	439.45%	-26.35%	-83.26%	-27.60%
Free Cash Flow Margin	12.76%	7.20%	4.33%	0.78%	1.22%	16.39%
Free Cash Flow Per Share	1.22	0.69	0.39	0.07	0.10	3.50
Cash Interest Paid	212	244	98	175	55	14
Cash Income Tax Paid	198	873	390	301	19	187
Levered Free Cash Flow	1,756	-73.25	3,183	1,517	-6,672	480.5
Unlevered Free Cash Flow	1,857	38.63	3,244	1,626	-6,638	489.88

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.