TROPHY GAMES Development 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	12.54	7.47	2.24	-12.48	-0.92
Depreciation & Amortization	-	-	-	-	3.71
Other Adjustments	17.08	17.19	8.36	19.83	1.36
Change in Receivables	-	-	-	-	-0.45
Changes in Accounts Payable	-	-	-	-	0.46
Changes in Income Taxes Payable	-3.73	-0.29	4.31	2.01	0.41
Changes in Other Operating Activities	-12.97	-2.63	-3.67	-5.63	0.01
Operating Cash Flow	12.92	21.74	11.24	3.73	1.86
Operating Cash Flow Growth	-40.59%	93.38%	201.72%	100.75%	-71.47%
Capital Expenditures	0	0	0	-0	-0.85
Purchases of Intangible Assets	-9.36	-17.53	-13.24	-11.12	-7.5
Payments for Business Acquisitions	-	-	0	-2.1	-12.35
Other Investing Activities	-0.71	-2.37	-0	0	-0.75
Investing Cash Flow	-10.07	-19.89	-13.24	-13.22	-21.45
Short-Term Debt Issued	-0	-0.09	0.09	0	-
Net Short-Term Debt Issued (Repaid)	-0	-0.09	0.09	0	-
Issuance of Common Stock	-	-	-	-	55.79
Repurchase of Common Stock	-4.89	-0.88	-1.65	0	-
Net Common Stock Issued (Repurchased)	-4.89	-0.88	-1.65	0	55.79
Financing Cash Flow	-4.9	-0.97	-1.55	0	55.79
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.33	-0.17	-	-	-
Net Cash Flow	-2.05	0.88	-3.55	-9.49	36.2
Free Cash Flow	12.92	21.74	11.24	3.73	1.01
Free Cash Flow Growth	-40.59%	93.36%	201.83%	269.54%	-84.51%
FCF Margin	9.58%	21.62%	17.40%	6.39%	2.68%
Free Cash Flow Per Share	0.48	0.86	0.35	0.13	0.03
Levered Free Cash Flow	-4.16	4.1	3.33	-16.1	2.83
Unlevered Free Cash Flow	-3.17	4.61	3.12	-15.81	2.98