MT Højgaard Holding 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	268	189	103.2	11.7	117.6
Depreciation & Amortization	108	98	143.6	152.8	219.6
Asset Writedown & Restructuring Costs	6	14	24.3	100.1	23.9
Loss (Gain) on Equity Investments	35	-16	-29.6	-15.5	-42.9
Other Operating Activities	203	348	363	341	47.3
Change in Accounts Receivable	-125	424	-52.5	-258.5	-310.5
Change in Inventory	43	161	29.9	-114.2	74.8
Change in Accounts Payable	-740	-348	211	115	-5.2
Change in Other Net Operating Assets	425	-669	262.7	115.3	-53.7
Operating Cash Flow	181	25	792.6	212.8	58.9
Operating Cash Flow Growth	624.00%	-96.85%	272.46%	261.29%	-56.88%
Capital Expenditures	-81	-66	-82.4	-76.4	-238.5
Sale of Property, Plant & Equipment	48	70	29	40.5	78.2
Cash Acquisitions	-	-	-	-	-90
Divestitures	7	13	19.9	-	536.5
Sale (Purchase) of Intangibles	-1	-3	-6.9	-9.2	-8.9
Investment in Securities	10	21	0.9	-	-
Other Investing Activities	6	18	24.8	13.2	107.4
Investing Cash Flow	-11	53	-14.7	-31.9	384.7
Long-Term Debt Issued	-	9	105	61.9	-
Short-Term Debt Repaid	-	-	-80	-17.3	-
Long-Term Debt Repaid	-328	-163	-238.9	-88.8	-339.9
Total Debt Repaid	-328	-163	-318.9	-106.1	-339.9
Net Debt Issued (Repaid)	-328	-154	-213.9	-44.2	-339.9
Repurchase of Common Stock	-23	-4	-	-2.3	-18.5
Common Dividends Paid	-50	-	-	-	-
Other Financing Activities	-	-85	-14	-	-
Financing Cash Flow	-401	-243	-227.9	-46.5	-358.4
Net Cash Flow	-231	-165	550	134.4	85.2
Free Cash Flow	100	-41	710.2	136.4	-179.6
Free Cash Flow Growth	-	-	420.67%	-	-
Free Cash Flow Margin	0.98%	-0.38%	7.26%	1.69%	-2.58%
Free Cash Flow Per Share	12.84	-5.26	91.20	17.52	-23.06
Cash Interest Paid	44	52	61.1	47.8	57.4
Cash Income Tax Paid	17	20	3	14.5	7
Levered Free Cash Flow	144.63	102.48	770.8	257.58	-131.56
Unlevered Free Cash Flow	171.5	133.1	803.43	284.33	-108.63
Change in Working Capital	-397	-432	451.1	-142.4	-294.6

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