MT Højgaard Holding 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	252	268	189	103.2	11.7	117.6
Depreciation & Amortization	108	108	98	143.6	152.8	219.6
Asset Writedown & Restructuring Costs	6	6	14	24.3	100.1	23.9
Loss (Gain) on Equity Investments	13	35	-16	-29.6	-15.5	-42.9
Other Operating Activities	223	203	348	363	341	47.3
Change in Accounts Receivable	-121	-125	424	-52.5	-258.5	-310.5
Change in Inventory	8	43	161	29.9	-114.2	74.8
Change in Accounts Payable	-537	-740	-348	211	115	-5.2
Change in Other Net Operating Assets	198	425	-669	262.7	115.3	-53.7
Operating Cash Flow	106	181	25	792.6	212.8	58.9
Operating Cash Flow Growth	-2.30%	624.00%	-96.85%	272.46%	261.29%	-56.88%
Capital Expenditures	-94	-81	-66	-82.4	-76.4	-238.5
Sale of Property, Plant & Equipment	12	48	70	29	40.5	78.2
Cash Acquisitions	-	-	-	-	-	-90
Divestitures	-7	7	13	19.9	-	536.5
Sale (Purchase) of Intangibles	-1	-1	-3	-6.9	-9.2	-8.9
Investment in Securities	-2	10	21	0.9	-	-
Other Investing Activities	6	6	18	24.8	13.2	107.4
Investing Cash Flow	-86	-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	-242	-328	-163	-318.9	-106.1	-339.9
Net Debt Issued (Repaid)	-242	-328	-154	-213.9	-44.2	-339.9
Repurchase of Common Stock	-20	-23	-4	-	-2.3	-18.5
Common Dividends Paid	-77	-50	-	-	-	-
Other Financing Activities	-	-	-85	-14	-	-
Financing Cash Flow	-339	-401	-243	-227.9	-46.5	-358.4
Net Cash Flow	-319	-231	-165	550	134.4	85.2
Free Cash Flow	12	100	-41	710.2	136.4	-179.6
Free Cash Flow Growth	-68.42%	-	-	420.67%	-	-
Free Cash Flow Margin	0.12%	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	44	52	61.1	47.8	57.4
Cash Income Tax Paid	17	17	20	3	14.5	7
Levered Free Cash Flow	53.13	144.63	102.48	770.8	257.58	-131.56
Unlevered Free Cash Flow	79.38	171.5	133.1	803.43	284.33	-108.63
Change in Working Capital	-452	-397	-432	451.1	-142.4	-294.6

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