Novozymes Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. 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	583.6	305.8	407.9	494.59	422.95
Depreciation & Amortization	596.9	597.4	186.4	-	-
Stock-Based Compensation	20.4	28.8	20.3	-	-
Other Adjustments	581.9	422.7	160.5	122.37	206.7
Change in Receivables	-114.9	-41.6	-23.7	-44.28	-77.19
Changes in Inventories	6.2	153.8	18.5	-105.6	-74.77
Changes in Accounts Payable	164.7	158.8	-17.1	71.65	69.66
Changes in Other Operating Activities	56	271	-23.9	-1.21	-1.08
Operating Cash Flow	1,222	1,020	557.1	537.53	546.27
Operating Cash Flow Growth	19.77%	83.07%	3.64%	-1.60%	-6.94%
Capital Expenditures	-409.8	-338.3	-249.1	-370.34	-144.03
Sale of Property, Plant & Equipment	19.7	0.8	0.5	3.76	16.68
Purchases of Intangible Assets	-61	-21.5	-26.7	-17.44	-22.73
Purchases of Investments	-	-0.4	-1.5	-	-
Payments for Business Acquisitions	-4,559	-114.5	-68.1	-	-
Proceeds from Business Divestments	-	433.5	35.4	-	-
Other Investing Activities	-	-12.9	-	25.49	-219.34
Investing Cash Flow	-1,971	-199.7	-286.2	-358.53	-369.42
Short-Term Debt Issued	-	-	-	25.9	42.09
Net Short-Term Debt Issued (Repaid)	-	-	-	25.9	42.09
Long-Term Debt Issued	1,717	134.5	442	287.15	288.33
Long-Term Debt Repaid	-504.6	-539.8	-334.7	-231.06	-186.39
Net Long-Term Debt Issued (Repaid)	1,212	-405.3	107.3	56.09	101.94
Issuance of Common Stock	44	37.8	22.4	22.01	41.56
Repurchase of Common Stock	-99.9	-	-	-67.09	-201.72
Net Common Stock Issued (Repurchased)	-55.9	37.8	22.4	-45.08	-160.17
Common Dividends Paid	-402.7	-249.8	-383.2	-204.63	-197.15
Other Financing Activities	-	-85.9	-	-	-
Financing Cash Flow	753.3	-703.2	-253.5	-167.73	-213.29
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-8.6	13.3	-7.4	-0.81	7.13
Net Cash Flow	-4.7	130.3	10	10.47	-29.32
Free Cash Flow	811.7	681.6	308	167.19	402.24
Free Cash Flow Growth	19.09%	121.30%	84.22%	-58.44%	-16.20%
FCF Margin	19.52%	17.78%	12.82%	7.10%	20.01%
Free Cash Flow Per Share	1.74	1.48	1.11	0.60	1.44
Levered Free Cash Flow	2,210	743.2	428	169.74	416.9
Unlevered Free Cash Flow	1,055	1,210	329.62	89.64	281.68

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.