TCM Group 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	77.77	57.68	21.52	70.49	110.71
Depreciation & Amortization	37.5	35.59	31.57	17.36	15.52
Other Amortization	-	-	-	0.6	1.4
Other Operating Activities	-3.24	10.67	5.97	19.6	-15.5
Change in Accounts Receivable	-27.42	19.45	25.72	-21.48	-13.94
Change in Inventory	-7.05	3.39	22.43	-2.94	-29.51
Change in Other Net Operating Assets	9.84	-23.29	-25.94	-11.45	5.13
Operating Cash Flow	87.4	103.49	81.27	72.18	73.8
Operating Cash Flow Growth	-15.54%	27.34%	12.60%	-2.20%	-44.19%
Capital Expenditures	-16.46	-20.98	-21.62	-22.59	-29.17
Sale of Property, Plant & Equipment	0.07	-	0.19	-	-
Cash Acquisitions	-79.32	-	-100.79	-	-
Divestitures	-	-	-	-	4.6
Sale (Purchase) of Intangibles	-34.3	-28.27	-21.81	-10.12	-4.47
Investment in Securities	0.48	0.15	-0.15	-2.17	-23.51
Other Investing Activities	6.75	4.5	2.25	-	-
Investing Cash Flow	-122.8	-44.6	-141.94	-34.88	-52.54
Long-Term Debt Issued	125.62	36.76	149.63	39.63	140.7
Total Debt Issued	125.62	36.76	149.63	39.63	140.7
Long-Term Debt Repaid	-28.86	-55.12	-136.15	-6.87	-7.06
Total Debt Repaid	-28.86	-55.12	-136.15	-6.87	-7.06
Net Debt Issued (Repaid)	96.76	-18.36	13.47	32.76	133.64
Issuance of Common Stock	-	-	77.03	-	-
Repurchase of Common Stock	-8.26	-	-	-14.37	-135.98
Common Dividends Paid	-30.99	-	-	-54.4	-130
Other Financing Activities	-20.72	-23.62	-21.31	-8.77	-2.9
Financing Cash Flow	36.8	-41.98	69.19	-44.79	-135.23
Foreign Exchange Rate Adjustments	0.32	-1.09	0.38	-	-
Miscellaneous Cash Flow Adjustments	-	-	-	-	-5.83
Net Cash Flow	1.72	15.81	8.89	-7.49	-119.8
Free Cash Flow	70.94	82.5	59.65	49.58	44.64
Free Cash Flow Growth	-14.02%	38.32%	20.29%	11.09%	-55.92%
Free Cash Flow Margin	5.54%	6.85%	5.50%	4.33%	4.03%
Free Cash Flow Per Share	6.83	7.88	6.10	5.46	4.65
Cash Interest Paid	21.65	24.81	21.75	9.22	2.9
Cash Income Tax Paid	17.79	13.72	18.28	8.93	25.9
Levered Free Cash Flow	11.68	21.73	-25.08	28.18	59.44
Unlevered Free Cash Flow	24.96	36.83	-12.29	33.94	61.69
Change in Working Capital	-24.64	-0.45	22.21	-35.87	-38.32

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