CPH:STG 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	669.4	939.7	1,182	1,476	1,391
Depreciation & Amortization	422.1	400.4	355.5	333	340.1
Other Amortization	27	17.3	19.2	19.2	18.9
Loss (Gain) From Sale of Assets	-2.8	-1.7	0.4	-139.5	-18.3
Asset Writedown & Restructuring Costs	-	2.1	0.3	0.1	2.5
Loss (Gain) on Equity Investments	-23.2	-25.4	-29.4	-40.4	-31.5
Provision & Write-off of Bad Debts	-8.4	4.3	-37.6	-6.9	-1
Other Operating Activities	-115.7	-19.2	-107.1	114.6	-128.4
Change in Accounts Receivable	-253.9	-148.3	-113.8	-26.9	-9.4
Change in Inventory	70.4	135.5	-16.6	-228.1	41.5
Change in Other Net Operating Assets	-30.4	-125.6	93.7	-108.9	-38.3
Operating Cash Flow	754.5	1,179	1,347	1,393	1,567
Operating Cash Flow Growth	-36.01%	-12.46%	-3.27%	-11.12%	-1.18%
Capital Expenditures	-158.1	-216	-199	-264.1	-211.6
Sale of Property, Plant & Equipment	10.1	2.9	2.4	245.8	57.2
Cash Acquisitions	-4.3	-575.6	-581.7	-3.7	-3.9
Sale (Purchase) of Intangibles	-23.7	-48.3	-109.4	-125.4	-28.8
Other Investing Activities	12.6	12.9	12.4	15.6	9.6
Investing Cash Flow	-163.4	-824.1	-875.3	-131.8	-177.5
Long-Term Debt Issued	860.4	2,638	581	138.3	-
Long-Term Debt Repaid	-937.7	-1,453	-72	-71.4	-58.8
Net Debt Issued (Repaid)	-77.3	1,185	509	66.9	-58.8
Repurchase of Common Stock	-	-773.6	-180.6	-776.4	-607.1
Common Dividends Paid	-669.3	-709.8	-714.6	-692	-626.7
Other Financing Activities	-	-	-	-	-45.2
Financing Cash Flow	-746.6	-298.8	-386.2	-1,402	-1,338
Foreign Exchange Rate Adjustments	-10.9	4.3	-8.1	-10.6	5.2
Net Cash Flow	-166.4	60.5	77.4	-151.4	56.6
Free Cash Flow	596.4	963.1	1,148	1,128	1,355
Free Cash Flow Growth	-38.07%	-16.11%	1.74%	-16.73%	-5.17%
Free Cash Flow Margin	6.60%	10.47%	13.15%	12.88%	16.46%
Free Cash Flow Per Share	7.57	11.72	13.25	12.42	14.16
Cash Interest Paid	315.3	226.1	248.7	199.2	118
Cash Income Tax Paid	322.6	351.1	389.6	253.6	374.2
Levered Free Cash Flow	760.4	423.14	908.93	929.84	808.95
Unlevered Free Cash Flow	900.84	548.7	1,004	991.15	857.2
Change in Working Capital	-213.9	-138.4	-36.7	-363.9	-6.2

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