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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,604	1,560	1,464	1,095	1,492	1,299
Depreciation & Amortization	683	683	637	579	487	381
Other Amortization	51	51	29	-	-	-
Loss (Gain) From Sale of Assets	-5	-5	-	-9	-6	-13
Loss (Gain) From Sale of Investments	-	-	-	-	-360	-
Loss (Gain) on Equity Investments	-18	-18	6	-18	-2	-37
Stock-Based Compensation	35	35	23	14	-	4
Other Operating Activities	-17	-55	-186	61	4	15
Change in Other Net Operating Assets	141	134	216	55	-480	104
Operating Cash Flow	2,474	2,385	2,189	1,777	1,135	1,753
Operating Cash Flow Growth	10.54%	8.95%	23.18%	56.56%	-35.25%	0.86%
Capital Expenditures	-775	-797	-761	-602	-475	-426
Sale of Property, Plant & Equipment	11	11	18	93	6	16
Cash Acquisitions	-2	-167	-80	-2,419	-275	-1,218
Sale (Purchase) of Intangibles	-51	-44	-58	-	-27	3
Investment in Securities	-12	43	230	-10	-	-
Other Investing Activities	-	-	-	13	27	21
Investing Cash Flow	-829	-954	-651	-2,925	-744	-1,604
Long-Term Debt Issued	-	909	751	2,554	2,450	1,253
Long-Term Debt Repaid	-	-1,064	-1,516	-1,085	-1,710	-160
Net Debt Issued (Repaid)	-329	-155	-765	1,469	740	1,093
Issuance of Common Stock	-	-	-	249	-	-
Repurchase of Common Stock	-637	-550	-	-	-300	-582
Common Dividends Paid	-749	-749	-	-720	-692	-653
Other Financing Activities	-	-	-	-	-	-4
Financing Cash Flow	-1,715	-1,454	-1,491	998	-252	-146
Foreign Exchange Rate Adjustments	15	2	-1	-7	-11	2
Net Cash Flow	-55	-21	46	-157	128	5
Free Cash Flow	1,699	1,588	1,428	1,175	660	1,327
Free Cash Flow Growth	23.47%	11.20%	21.53%	78.03%	-50.26%	-8.98%
Free Cash Flow Margin	10.73%	10.10%	9.50%	9.09%	5.75%	15.17%
Free Cash Flow Per Share	34.56	31.98	28.53	23.62	13.48	27.44
Cash Interest Paid	244	250	315	258	81	50
Cash Income Tax Paid	458	461	384	250	304	332
Levered Free Cash Flow	1,252	1,282	1,087	879.75	554.81	1,221
Unlevered Free Cash Flow	1,405	1,438	1,279	1,022	592.31	1,243
Change in Working Capital	141	134	216	55	-480	104

Source: S&P Global Market Intelligence. Standard template. Financial Sources.