Strategic Investments 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	-74.36	-165.7	43.01	33.36	66.62	-0.34
Loss (Gain) From Sale of Investments	147.45	147.45	-55.32	36.37	-	6.48
Other Operating Activities	148.94	10	-2.73	2.81	-1.78	-0.41
Change in Accounts Receivable	-0.14	-0.14	5.92	-	-	-
Change in Other Net Operating Assets	-1.29	-1.29	-	-5.25	3.93	0.57
Operating Cash Flow	220.6	-9.67	-9.12	67.29	68.77	6.3
Operating Cash Flow Growth	-	-	-	-2.16%	990.96%	-92.18%
Investment in Securities	-13.61	-13.61	50.37	-67	-55.79	-37
Other Investing Activities	-237.33	-5.96	5.72	-	-0	-0
Investing Cash Flow	-272.09	-40.71	53.34	-67	-55.79	-37.01
Short-Term Debt Issued	-	-	-	7.91	-	32.94
Long-Term Debt Issued	-	25.03	-	-	-	-
Total Debt Issued	25.03	25.03	-	7.91	-	32.94
Short-Term Debt Repaid	-	-30.66	-35.31	-	-16.87	-
Total Debt Repaid	-30.66	-30.66	-35.31	-	-16.87	-
Net Debt Issued (Repaid)	-5.64	-5.64	-35.31	7.91	-16.87	32.94
Issuance of Common Stock	3.07	3.07	75.62	-	-	-
Common Dividends Paid	-7.96	-7.96	-6.79	-6.75	-6.75	-6.75
Other Financing Activities	56.62	0	-	-	-	-
Financing Cash Flow	46.08	-10.54	19.92	1.16	-37.12	26.19
Foreign Exchange Rate Adjustments	1.27	1.27	-0.06	-	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	0	0
Net Cash Flow	-4.14	-59.65	64.09	1.45	-24.14	-4.52
Cash Interest Paid	1.51	1.51	4.11	-	-	-
Cash Income Tax Paid	-	-	3.02	-	-	-
Levered Free Cash Flow	-15.16	-116.55	34.06	10.05	5.23	-3.41
Unlevered Free Cash Flow	-14.21	-115.6	36.63	12.16	6.78	-1.6
Change in Working Capital	-1.42	-1.42	5.92	-5.25	3.93	0.57

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