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 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	12.15	59.53	-165.7	43.01	33.36	66.62
Loss (Gain) From Sale of Investments	-75.19	-75.19	147.45	-55.32	36.37	-
Other Operating Activities	-104.82	5	10	-2.73	2.81	-1.78
Change in Accounts Receivable	-0.15	-0.15	-0.14	5.92	-	-
Change in Other Net Operating Assets	8.47	8.47	-1.29	-	-5.25	3.93
Operating Cash Flow	-159.53	-2.34	-9.67	-9.12	67.29	68.77
Operating Cash Flow Growth	-	-	-	-	-2.16%	990.96%
Investment in Securities	-31.46	-31.46	-13.61	50.37	-67	-55.79
Other Investing Activities	172.74	0.24	-5.96	5.72	-	-0
Investing Cash Flow	152	-20.5	-40.71	53.34	-67	-55.79
Short-Term Debt Issued	-	22.68	-	-	7.91	-
Long-Term Debt Issued	-	-	25.03	-	-	-
Total Debt Issued	22.68	22.68	25.03	-	7.91	-
Short-Term Debt Repaid	-	-	-30.66	-35.31	-	-16.87
Total Debt Repaid	-	-	-30.66	-35.31	-	-16.87
Net Debt Issued (Repaid)	22.68	22.68	-5.64	-35.31	7.91	-16.87
Issuance of Common Stock	3.14	3.14	3.07	75.62	-	-
Common Dividends Paid	-8.07	-8.07	-7.96	-6.79	-6.75	-6.75
Other Financing Activities	-7.92	-	0	-	-	-
Financing Cash Flow	9.82	17.75	-10.54	19.92	1.16	-37.12
Foreign Exchange Rate Adjustments	-1.6	-1.6	1.27	-0.06	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	0
Net Cash Flow	0.68	-6.71	-59.65	64.09	1.45	-24.14
Cash Interest Paid	3.92	3.92	1.51	4.11	-	-
Cash Income Tax Paid	-	-	-	3.02	-	-
Levered Free Cash Flow	28.46	76.55	-116.55	34.06	10.05	5.23
Unlevered Free Cash Flow	30.91	79	-115.6	36.63	12.16	6.78
Change in Working Capital	8.32	8.32	-1.42	5.92	-5.25	3.93

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