DFDS A/S 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	-427	534	1,516	2,010	958
Depreciation & Amortization	-	2,927	2,587	2,457	2,043
Other Amortization	-	76	64	48	44
Asset Writedown & Restructuring Costs	-	-	-	-	33
Stock-Based Compensation	-	26	29	30	37
Other Operating Activities	3,047	-31	-139	26	-22
Change in Accounts Receivable	-	-304	14	-463	-359
Change in Inventory	-	13	5	-61	-91
Change in Accounts Payable	-	227	-358	530	597
Change in Other Net Operating Assets	680	-48	-43	-97	-32
Operating Cash Flow	3,300	3,420	3,675	4,480	3,208
Operating Cash Flow Growth	-3.51%	-6.94%	-17.97%	39.65%	28.37%
Capital Expenditures	-1,481	-1,487	-1,576	-2,773	-1,566
Sale of Property, Plant & Equipment	1,254	138	1,558	134	163
Cash Acquisitions	-	-2,574	-1,033	-280	-1,765
Divestitures	2	378	-	-2	20
Sale (Purchase) of Intangibles	-95	-96	-83	-70	-62
Other Investing Activities	-22	-6	-15	2	-
Investing Cash Flow	-342	-3,647	-1,149	-2,989	-3,210
Long-Term Debt Issued	491	9,644	2,537	3,903	1,762
Long-Term Debt Repaid	-3,282	-7,974	-4,940	-4,595	-2,183
Total Debt Repaid	-3,282	-7,974	-4,940	-4,595	-2,183
Net Debt Issued (Repaid)	-2,791	1,670	-2,403	-692	-421
Issuance of Common Stock	-	-	-	-	48
Repurchase of Common Stock	-	-431	-300	-32	-75
Common Dividends Paid	-	-168	-281	-459	-
Other Financing Activities	49	4	4	-20	89
Financing Cash Flow	-2,742	1,075	-2,980	-1,203	-359
Foreign Exchange Rate Adjustments	-9	5	2	-2	1
Miscellaneous Cash Flow Adjustments	-1	-1	-	-	-
Net Cash Flow	206	852	-452	286	-360
Free Cash Flow	1,819	1,933	2,099	1,707	1,642
Free Cash Flow Growth	-5.90%	-7.91%	22.96%	3.96%	86.17%
Free Cash Flow Margin	5.85%	6.50%	7.69%	6.35%	8.98%
Free Cash Flow Per Share	33.65	34.96	37.16	29.77	28.56
Cash Interest Paid	-	848	725	388	302
Cash Income Tax Paid	-	144	240	109	52
Levered Free Cash Flow	-992.63	2,388	1,472	912.13	1,659
Unlevered Free Cash Flow	-457.63	2,902	1,901	1,139	1,840
Change in Working Capital	680	-112	-382	-91	115

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.