Royal Unibrew Cash Flow Statement

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,447	1,464	1,095	1,492	1,299	1,183
Depreciation & Amortization	666	666	579	487	381	348
Loss (Gain) From Sale of Assets	-	-	-9	-6	-13	-2
Loss (Gain) From Sale of Investments	-	-	-	-360	-	-
Loss (Gain) on Equity Investments	6	6	-18	-2	-37	-33
Stock-Based Compensation	23	23	14	-	4	7
Other Operating Activities	60	-186	61	4	15	8
Change in Other Net Operating Assets	245	216	55	-480	104	227
Operating Cash Flow	2,447	2,189	1,777	1,135	1,753	1,738
Operating Cash Flow Growth	21.74%	23.18%	56.56%	-35.25%	0.86%	23.97%
Capital Expenditures	-879	-761	-602	-475	-426	-280
Sale of Property, Plant & Equipment	14	18	93	6	16	8
Cash Acquisitions	-274	-80	-2,419	-275	-1,218	-6
Sale (Purchase) of Intangibles	-78	-58	-	-27	3	-1
Investment in Securities	24	219	-10	-	-	-
Other Investing Activities	31	11	13	27	21	21
Investing Cash Flow	-1,162	-651	-2,925	-744	-1,604	-258
Long-Term Debt Issued	-	751	2,554	2,450	1,253	149
Long-Term Debt Repaid	-	-1,516	-1,085	-1,710	-160	-652
Net Debt Issued (Repaid)	540	-765	1,469	740	1,093	-503
Issuance of Common Stock	-	-	249	-	-	-
Repurchase of Common Stock	-372	-	-	-300	-582	-362
Common Dividends Paid	-749	-	-720	-692	-653	-600
Other Financing Activities	-	-	-	-	-4	-
Financing Cash Flow	-1,307	-1,491	998	-252	-146	-1,465
Foreign Exchange Rate Adjustments	9	-1	-7	-11	2	-6
Net Cash Flow	-13	46	-157	128	5	9
Free Cash Flow	1,568	1,428	1,175	660	1,327	1,458
Free Cash Flow Growth	20.52%	21.53%	78.03%	-50.26%	-8.98%	27.78%
Free Cash Flow Margin	10.10%	9.50%	9.09%	5.75%	15.17%	19.93%
Free Cash Flow Per Share	31.46	28.53	23.62	13.48	27.44	29.68
Cash Interest Paid	287	315	258	81	50	37
Cash Income Tax Paid	405	384	250	304	332	313
Levered Free Cash Flow	401.88	1,079	871.75	554.81	1,221	1,182
Unlevered Free Cash Flow	691.88	1,271	1,014	592.31	1,243	1,205
Change in Working Capital	245	216	55	-480	104	227

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