Demant 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	1,545	2,387	1,795	2,082	2,513
Depreciation & Amortization	1,519	1,435	1,293	1,176	1,065
Loss (Gain) From Sale of Assets	-	-1	10	-1	-103
Loss (Gain) on Equity Investments	-36	-99	-68	-122	-120
Other Operating Activities	910	514	1,552	497	588
Change in Accounts Receivable	-325	-119	-158	-491	-474
Change in Inventory	86	-7	-120	-532	-335
Change in Accounts Payable	134	16	103	10	365
Change in Other Net Operating Assets	19	-46	51	3	94
Operating Cash Flow	3,973	4,064	4,226	2,369	3,279
Operating Cash Flow Growth	-2.24%	-3.83%	78.39%	-27.75%	25.11%
Capital Expenditures	-652	-576	-643	-647	-562
Sale of Property, Plant & Equipment	47	31	22	16	15
Cash Acquisitions	-6,285	-1,234	-935	-2,323	-708
Divestitures	-	-	-	-	161
Sale (Purchase) of Intangibles	-205	-203	-192	-277	-164
Other Investing Activities	52	154	-23	-97	-44
Investing Cash Flow	-7,043	-1,828	-1,771	-3,328	-1,302
Short-Term Debt Issued	-	-	-	-	1,889
Long-Term Debt Issued	8,320	6,424	6,034	8,606	2,506
Total Debt Issued	8,320	6,424	6,034	8,606	4,395
Short-Term Debt Repaid	-167	-586	-168	-2,477	-
Long-Term Debt Repaid	-4,244	-5,773	-7,430	-3,351	-2,939
Total Debt Repaid	-4,411	-6,359	-7,598	-5,828	-2,939
Net Debt Issued (Repaid)	3,909	65	-1,564	2,778	1,456
Repurchase of Common Stock	-582	-2,301	-846	-1,840	-3,200
Other Financing Activities	-2	-3	-3	-4	-34
Financing Cash Flow	3,325	-2,239	-2,413	934	-1,778
Foreign Exchange Rate Adjustments	-37	-23	-34	-17	21
Net Cash Flow	218	-26	8	-42	220
Free Cash Flow	3,321	3,488	3,583	1,722	2,717
Free Cash Flow Growth	-4.79%	-2.65%	108.07%	-36.62%	28.52%
Free Cash Flow Margin	14.46%	15.56%	16.59%	8.74%	15.17%
Free Cash Flow Per Share	15.72	16.06	16.06	7.62	11.57
Cash Interest Paid	738	884	707	359	245
Cash Income Tax Paid	985	779	662	517	477
Levered Free Cash Flow	3,279	2,809	3,863	246.75	2,181
Unlevered Free Cash Flow	3,625	3,217	4,195	366.13	2,249
Change in Working Capital	-86	-156	-124	-1,010	-350

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