Gubra 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	1,691	-36.5	-44.52	4.31	67.94
Depreciation & Amortization	13.5	12.48	7.98	5.95	9.76
Other Amortization	3.62	2.86	1.97	0.94	0.35
Loss (Gain) From Sale of Assets	-	-	-	-22.47	-
Asset Writedown & Restructuring Costs	-	0.42	-1.66	-	-
Stock-Based Compensation	9.38	4.12	9.39	34.22	12.73
Other Operating Activities	-5.1	1.7	-9.54	-7.4	1.16
Change in Accounts Receivable	0.68	14.17	-17.67	47.88	-42.71
Change in Inventory	-	-	-	1.63	0.68
Change in Accounts Payable	-4.78	4.77	0.81	5.22	0.82
Change in Unearned Revenue	-9.11	-13.66	9.66	-41.73	53.5
Change in Other Net Operating Assets	13.61	14.67	-5.85	-4.21	-15.73
Operating Cash Flow	1,712	5.02	-49.42	24.34	88.51
Operating Cash Flow Growth	34017.57%	-	-	-72.50%	168.33%
Capital Expenditures	-17.25	-25.69	-5.84	-9.54	-27.17
Sale of Property, Plant & Equipment	-	-	-	29.95	-
Cash Acquisitions	-	-	-5	-	-
Divestitures	2.81	-	-	-	-
Sale (Purchase) of Intangibles	-1.91	-6.43	-5.36	-4.61	-
Investment in Securities	-775.56	121.49	-400.51	-	-
Other Investing Activities	-8.66	-1.45	65.32	28.26	-0.01
Investing Cash Flow	-800.56	87.92	-351.39	44.05	-27.18
Long-Term Debt Repaid	-9.43	-10.01	-5.06	-40.73	-6.02
Net Debt Issued (Repaid)	-9.43	-10.01	-5.06	-40.73	-6.02
Issuance of Common Stock	-	-	500	-	-
Repurchase of Common Stock	-4.32	-0.61	-2.8	-5.51	-
Common Dividends Paid	-	-	-68.32	-66.01	-6.63
Other Financing Activities	-	-	-41.03	-	-
Financing Cash Flow	-1,014	-10.62	382.79	-112.25	-12.65
Foreign Exchange Rate Adjustments	0	-1.32	-0.51	-	-
Net Cash Flow	-102.22	81.01	-18.53	-43.86	48.69
Free Cash Flow	1,695	-20.67	-55.26	14.8	61.34
Free Cash Flow Growth	-	-	-	-75.88%	137.86%
Free Cash Flow Margin	64.29%	-7.78%	-26.96%	7.42%	24.02%
Free Cash Flow Per Share	102.98	-1.25	-3.64	1.26	467.27
Cash Interest Paid	1.27	0.41	5.09	1.4	1.94
Cash Income Tax Paid	479.5	-6.53	8.21	0.14	18
Levered Free Cash Flow	1,332	-28.51	-1.21	-33.78	51.54
Unlevered Free Cash Flow	1,336	-24.39	1.84	-32.83	52.59
Change in Working Capital	0.4	19.95	-13.04	8.79	-3.44

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