Per Aarsleff Holding Cash Flow Statement

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

Millions DKK. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	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
Net Income	882	876	806	786	447	472
Depreciation & Amortization	938	913	803	769	680	583
Loss (Gain) From Sale of Assets	-31	-31	-36	-43	-21	-23
Asset Writedown & Restructuring Costs	-	-	-	14	-	-
Loss (Gain) on Equity Investments	-	-	-	-	-5	-13
Other Operating Activities	81	-6	349	184	122	51
Change in Accounts Receivable	644	644	-166	-871	-1,422	-510
Change in Inventory	22	22	4	-32	-54	-86
Change in Accounts Payable	370	370	221	301	835	-5
Change in Other Net Operating Assets	-814	-	-	-	-	-1
Operating Cash Flow	2,092	2,788	1,981	1,102	516	471
Operating Cash Flow Growth	22.77%	40.74%	79.76%	113.57%	9.55%	-70.45%
Capital Expenditures	-808	-849	-817	-892	-870	-738
Sale of Property, Plant & Equipment	77	77	110	100	56	100
Cash Acquisitions	-376	-211	-73	-17	-378	-31
Sale (Purchase) of Intangibles	-49	-49	-29	-30	-26	-5
Investment in Securities	13	18	15	15	60	-2
Investing Cash Flow	-1,143	-1,014	-794	-824	-1,158	-676
Long-Term Debt Issued	-	-	-	538	1,101	-
Long-Term Debt Repaid	-	-520	-1,107	-270	-261	-257
Net Debt Issued (Repaid)	242	-520	-1,107	268	840	-257
Repurchase of Common Stock	-166	-169	-78	-123	-157	-45
Common Dividends Paid	-208	-208	-191	-152	-158	-130
Other Financing Activities	-34	-34	-	-	-	-
Financing Cash Flow	-166	-931	-1,376	-7	525	-432
Miscellaneous Cash Flow Adjustments	8	8	-3	-11	-9	4
Net Cash Flow	791	851	-192	260	-126	-633
Free Cash Flow	1,284	1,939	1,164	210	-354	-267
Free Cash Flow Growth	58.32%	66.58%	454.29%	-	-	-
Free Cash Flow Margin	5.52%	8.57%	5.36%	1.04%	-1.95%	-1.82%
Free Cash Flow Per Share	66.57	100.39	60.27	10.74	-17.94	-13.21
Cash Interest Paid	52	52	87	63	68	27
Cash Income Tax Paid	167	242	122	154	101	191
Levered Free Cash Flow	865.5	1,537	797.88	-197.25	-727.63	71.55
Unlevered Free Cash Flow	915.5	1,581	861.63	-159.13	-710.13	82.8
Change in Working Capital	222	1,036	59	-602	-641	-602

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.