Tivoli 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	274.2	281.2	271.2	228.1	216.7	86.6
Other Adjustments	-7.3	-6.8	-6.9	-7.3	-9.8	-11.8
Change in Receivables	-	-	-	-17.7	-29.6	-
Changes in Inventories	-	-	-	-0.4	-2	-
Changes in Accounts Payable	-	-	-	12.8	44	-
Changes in Income Taxes Payable	-43.1	-25.6	-33.2	-24.5	-32.5	65.8
Changes in Other Operating Activities	-3	-6.9	-16.3	-5.3	12.4	23.7
Operating Cash Flow	220.8	241.9	214.8	191	186.8	164.3
Operating Cash Flow Growth	7.45%	12.62%	12.46%	2.25%	13.69%	-
Capital Expenditures	-200.6	-203.3	-163.4	-121.9	-83.6	-89.4
Investing Cash Flow	-200.6	-203.3	-163.4	-121.9	-83.6	-89.4
Long-Term Debt Issued	78.3	-37.9	-30.6	-39.6	-53	-86.2
Net Long-Term Debt Issued (Repaid)	78.3	-37.9	-30.6	-39.6	-53	-86.2
Common Dividends Paid	-30.9	-30.9	-21.6	-16.3	0	-
Other Financing Activities	-	-	-	-1.3	0	-
Financing Cash Flow	-9.7	-68.8	-52.2	-57.2	-53	-86.2
Net Cash Flow	10.5	-30.2	-0.8	11.9	50.2	-11.3
Free Cash Flow	20.2	38.6	51.4	69.1	103.2	74.9
Free Cash Flow Growth	-37.07%	-24.90%	-25.61%	-33.04%	37.78%	-
FCF Margin	1.49%	2.87%	3.89%	5.69%	9.13%	10.41%
Free Cash Flow Per Share	3.54	6.75	8.99	12.09	18.05	13.10
Levered Free Cash Flow	-54.3	-152.2	-119.9	-92.6	-49.6	-127.6
Unlevered Free Cash Flow	-22.23	-108.86	-83.65	-47.17	10.84	-30.94