Per Aarsleff Holding Cash Flow Statement

Financials in millions DKK. Fiscal year is October - September.

Millions DKK. Fiscal year is Oct - Sep.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	2016 - 2020
Period Ending	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021	2016 - 2020
Net Income	876	806	786	447	472	Upgrade
Depreciation & Amortization	913	803	769	680	583	Upgrade
Loss (Gain) From Sale of Assets	-31	-36	-43	-21	-23	Upgrade
Asset Writedown & Restructuring Costs	-	-	14	-	-	Upgrade
Loss (Gain) on Equity Investments	-	-	-	-5	-13	Upgrade
Other Operating Activities	-6	349	184	122	51	Upgrade
Change in Accounts Receivable	644	-166	-871	-1,422	-510	Upgrade
Change in Inventory	22	4	-32	-54	-86	Upgrade
Change in Accounts Payable	370	221	301	835	-5	Upgrade
Change in Other Net Operating Assets	-	-	-	-	-1	Upgrade
Operating Cash Flow	2,788	1,981	1,102	516	471	Upgrade
Operating Cash Flow Growth	40.74%	79.76%	113.57%	9.55%	-70.45%	Upgrade
Capital Expenditures	-849	-817	-892	-870	-738	Upgrade
Sale of Property, Plant & Equipment	77	110	100	56	100	Upgrade
Cash Acquisitions	-211	-73	-17	-378	-31	Upgrade
Sale (Purchase) of Intangibles	-49	-29	-30	-26	-5	Upgrade
Investment in Securities	18	15	15	60	-2	Upgrade
Investing Cash Flow	-1,014	-794	-824	-1,158	-676	Upgrade
Long-Term Debt Issued	-	-	538	1,101	-	Upgrade
Long-Term Debt Repaid	-520	-1,107	-270	-261	-257	Upgrade
Net Debt Issued (Repaid)	-520	-1,107	268	840	-257	Upgrade
Repurchase of Common Stock	-169	-78	-123	-157	-45	Upgrade
Common Dividends Paid	-208	-191	-152	-158	-130	Upgrade
Other Financing Activities	-34	-	-	-	-	Upgrade
Financing Cash Flow	-931	-1,376	-7	525	-432	Upgrade
Miscellaneous Cash Flow Adjustments	8	-3	-11	-9	4	Upgrade
Net Cash Flow	851	-192	260	-126	-633	Upgrade
Free Cash Flow	1,939	1,164	210	-354	-267	Upgrade
Free Cash Flow Growth	66.58%	454.29%	-	-	-	Upgrade
Free Cash Flow Margin	8.57%	5.36%	1.04%	-1.95%	-1.82%	Upgrade
Free Cash Flow Per Share	100.39	60.27	10.74	-17.94	-13.21	Upgrade
Cash Interest Paid	52	87	63	68	27	Upgrade
Cash Income Tax Paid	242	122	154	101	191	Upgrade
Levered Free Cash Flow	1,537	797.88	-197.25	-727.63	71.55	Upgrade
Unlevered Free Cash Flow	1,581	861.63	-159.13	-710.13	82.8	Upgrade
Change in Working Capital	1,036	59	-602	-641	-602	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.