Jeudan 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	1,021	1,000	112.61	-828.3	3,359	2,352
Depreciation & Amortization	26.84	27.91	25.15	26.65	20.44	20.08
Asset Writedown	-	-	-	-8.16	-4.78	-0.21
Stock-Based Compensation	-0.44	-0.36	-0.36	-0.03	-0.7	8.01
Change in Accounts Receivable	-1.29	25.14	3.67	-19.36	-6.94	-126.95
Change in Accounts Payable	40.75	13	-79.67	22.28	-46.5	18.56
Change in Other Net Operating Assets	0.85	0.03	1.02	1.2	1.27	0.44
Other Operating Activities	-491.89	-421.69	492.07	929.38	-2,644	-1,588
Operating Cash Flow	596	644.47	554.5	123.67	677.95	683.49
Operating Cash Flow Growth	2.80%	16.23%	348.39%	-81.76%	-0.81%	-23.33%
Acquisition of Real Estate Assets	-1,744	-1,699	-781.61	-572.14	-1,026	-1,172
Sale of Real Estate Assets	96.29	86.75	25.12	1.89	68.33	122.41
Net Sale / Acq. of Real Estate Assets	-1,648	-1,612	-756.48	-570.25	-957.94	-1,050
Cash Acquisition	-	-	-	-	-1,094	-
Other Investing Activities	-	-	-	-	-	108.8
Investing Cash Flow	-1,648	-1,612	-756.48	-570.25	-2,052	-940.81
Long-Term Debt Issued	-	1,704	2,970	1,860	1,808	5,824
Total Debt Issued	2,036	1,704	2,970	1,860	1,808	5,824
Long-Term Debt Repaid	-	-518.3	-2,562	-1,258	-306.33	-5,526
Total Debt Repaid	-684.79	-518.3	-2,562	-1,258	-306.33	-5,526
Net Debt Issued (Repaid)	1,351	1,185	407.92	601.42	1,501	297.91
Issuance of Common Stock	9.07	9.07	9.56	9.74	10.75	-
Repurchase of Common Stock	-10.02	-7.94	-8.89	-10.37	-8.02	-10.67
Common Dividends Paid	-166.04	-166.04	-166.04	-166.1	-132.91	-133
Other Financing Activities	9.96	8.09	7.87	25.44	14.97	12.81
Net Cash Flow	142.3	61.05	48.42	13.56	12.42	-90.27
Cash Interest Paid	505.78	505.78	520.73	443.95	181.39	118.14
Cash Income Tax Paid	0	0	-18.25	563.46	100.23	4.27
Levered Free Cash Flow	433.74	473.72	343.39	-175.89	1,162	594.43
Unlevered Free Cash Flow	754.86	789.76	668.75	101.69	1,276	668.12
Change in Working Capital	40.31	38.16	-74.98	4.13	-52.18	-107.95

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