Carlsberg Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	13,356	11,411	11,105	11,470	10,129
Depreciation & Amortization	5,428	4,370	4,074	4,187	4,238
Other Adjustments	-5,790	-3,832	-3,490	-4,151	-3,438
Changes in Other Operating Activities	-563	1,621	-1,076	3,214	2,011
Operating Cash Flow	12,431	11,312	11,607	12,949	12,278
Operating Cash Flow Growth	9.89%	-2.54%	-10.36%	5.46%	12.35%
Capital Expenditures	-4,924	-4,668	-3,887	-4,018	-3,905
Sale of Property, Plant & Equipment	106	85	115	414	257
Purchases of Intangible Assets	-668	-362	-356	-	-
Purchases of Investments	9	2,018	-2,255	-68	-48
Proceeds from Sale of Investments	183	-	-	-	-
Payments for Business Acquisitions	-29,421	254	-826	-	-621
Proceeds from Business Divestments	-	-27	4	-	-
Other Investing Activities	617	1,182	476	607	250
Investing Cash Flow	-34,098	-1,518	-6,729	-3,065	-4,067
Repurchase of Common Stock	-	-1,960	-3,200	-4,400	-3,600
Net Common Stock Issued (Repurchased)	-	-1,960	-3,200	-4,400	-3,600
Other Financing Activities	20,310	-11,975	4,570	-5,559	-5,345
Financing Cash Flow	20,310	-13,935	1,370	-9,959	-8,945
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-602	11	-1,229	-683	458
Net Cash Flow	-1,357	-1,883	5,254	1,696	-72
Free Cash Flow	7,507	6,644	7,720	8,931	8,373
Free Cash Flow Growth	12.99%	-13.94%	-13.56%	6.66%	28.18%
FCF Margin	8.43%	8.86%	10.49%	12.71%	13.93%
Free Cash Flow Per Share	56.64	49.98	56.58	63.70	58.03
Levered Free Cash Flow	5,896	10,439	-41,677	2,320	9,190
Unlevered Free Cash Flow	8,754	10,053	7,766	12,162	10,943