Solar 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	74	148	348	660	531
Depreciation & Amortization	346	368	313	266	239
Other Adjustments	-46	-54	139	203	125
Change in Receivables	143	-64	182	-394	-229
Changes in Inventories	117	113	230	-433	-319
Changes in Accounts Payable	-206	96	-219	-131	517
Changes in Income Taxes Payable	-18	-69	-138	-155	-81
Operating Cash Flow	410	538	855	16	783
Operating Cash Flow Growth	-23.79%	-37.08%	5243.75%	-97.96%	-3.69%
Capital Expenditures	-420	-162	-170	-167	-143
Sale of Property, Plant & Equipment	206	61	1	0	18
Purchases of Intangible Assets	-126	-154	-102	-59	-58
Purchases of Investments	-	-	-1	1	-8
Payments for Business Acquisitions	-311	-10	-133	-34	0
Other Investing Activities	-	-	-	10	0
Investing Cash Flow	-651	-265	-405	-259	-191
Short-Term Debt Issued	-78	11	149	519	-9
Net Short-Term Debt Issued (Repaid)	-78	11	149	519	-9
Long-Term Debt Issued	250	100	150	185	0
Long-Term Debt Repaid	-111	-9	-9	-12	-79
Net Long-Term Debt Issued (Repaid)	139	91	141	173	-79
Issuance of Common Stock	120	0	-	-	-
Repurchase of Common Stock	-	-	-	0	2
Net Common Stock Issued (Repurchased)	120	0	-	0	2
Common Dividends Paid	-110	-219	-329	-658	-314
Other Financing Activities	-156	-138	-136	-116	-115
Financing Cash Flow	-85	-255	-175	-82	-515
Net Cash Flow	-326	18	275	-325	77
Free Cash Flow	-10	376	685	-151	640
Free Cash Flow Growth	-	-45.11%	-	-	-17.95%
FCF Margin	-0.08%	3.08%	5.26%	-1.09%	5.18%
Free Cash Flow Per Share	-1.35	51.29	93.46	-20.60	87.38
Levered Free Cash Flow	-46	596	654	732	656
Unlevered Free Cash Flow	-44.45	560.29	430.92	79.23	786.68

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