Pandora 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	7,783	7,974	7,039	6,743	5,839
Depreciation & Amortization	2,586	2,353	2,079	1,973	1,999
Stock-Based Compensation	103	166	105	87	166
Other Adjustments	-802	-947	-727	-477	-395
Change in Receivables	-424	106	56	-531	-77
Changes in Inventories	-565	-126	210	-1,012	-799
Changes in Accounts Payable	559	932	454	-559	327
Changes in Income Taxes Payable	-1,881	-1,738	-1,832	-1,790	-832
Operating Cash Flow	7,361	8,721	7,384	4,434	6,228
Operating Cash Flow Growth	-15.60%	18.11%	66.53%	-28.80%	4.23%
Capital Expenditures	-1,449	-1,336	-1,129	-838	-296
Sale of Property, Plant & Equipment	7	14	-	5	2
Purchases of Intangible Assets	-462	-343	-359	-353	-289
Payments for Business Acquisitions	-373	-194	-349	-562	-66
Other Investing Activities	-10	-29	37	-36	17
Investing Cash Flow	-2,286	-1,889	-1,800	-1,785	-631
Long-Term Debt Issued	1,200	3,674	5,927	4,994	1,315
Long-Term Debt Repaid	-108	-2,729	-3,321	-1,985	-3,004
Net Long-Term Debt Issued (Repaid)	1,092	945	2,606	3,009	-1,689
Repurchase of Common Stock	-4,384	-4,013	-5,022	-3,527	-3,325
Net Common Stock Issued (Repurchased)	-4,384	-4,013	-5,022	-3,527	-3,325
Common Dividends Paid	-1,567	-1,471	-1,412	-1,514	-1,479
Other Financing Activities	-1,260	-1,162	-1,107	-1,068	-991
Financing Cash Flow	-6,119	-5,701	-4,935	-3,100	-7,484
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-65	-11	-61	4	18
Net Cash Flow	-1,044	1,131	649	-452	-1,887
Free Cash Flow	5,912	7,385	6,255	3,596	5,932
Free Cash Flow Growth	-19.95%	18.07%	73.94%	-39.38%	5.91%
FCF Margin	18.16%	23.31%	22.23%	13.59%	25.36%
Free Cash Flow Per Share	76.59	91.27	72.66	38.38	59.51
Levered Free Cash Flow	5,583	6,257	7,128	5,812	2,870
Unlevered Free Cash Flow	5,152	6,103	5,134	2,965	4,916

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