Tivoli 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	121.5	123.6	86.3	65.1	-41.5
Depreciation & Amortization	117.9	108.7	96.4	101	102.2
Other Amortization	-	-	12.3	10.8	10.1
Asset Writedown & Restructuring Costs	-	-	0.7	7.5	9.9
Other Operating Activities	9.4	-1.2	0.6	-10	59.9
Change in Accounts Receivable	-	-	-17.7	-29.6	54.8
Change in Inventory	-	-	-0.4	-2	-
Change in Accounts Payable	-	-	12.8	44	-31.1
Change in Other Net Operating Assets	-6.9	-16.3	-	-	-
Operating Cash Flow	241.9	214.8	191	186.8	164.3
Operating Cash Flow Growth	12.62%	12.46%	2.25%	13.69%	-
Capital Expenditures	-203.3	-163.4	-121.9	-83.6	-89.4
Investing Cash Flow	-203.3	-163.4	-121.9	-83.6	-89.4
Short-Term Debt Issued	-	-	-	-	31.2
Total Debt Issued	-	-	-	-	31.2
Short-Term Debt Repaid	-	-	-12.9	-18.3	-85.1
Long-Term Debt Repaid	-37.9	-30.6	-26.7	-34.7	-32.3
Total Debt Repaid	-37.9	-30.6	-39.6	-53	-117.4
Net Debt Issued (Repaid)	-37.9	-30.6	-39.6	-53	-86.2
Common Dividends Paid	-30.9	-21.6	-16.3	-	-
Other Financing Activities	-	-	-1.3	-	-
Financing Cash Flow	-68.8	-52.2	-57.2	-53	-86.2
Net Cash Flow	-30.2	-0.8	11.9	50.2	-11.3
Free Cash Flow	38.6	51.4	69.1	103.2	74.9
Free Cash Flow Growth	-24.90%	-25.61%	-33.04%	37.78%	-
Free Cash Flow Margin	2.87%	3.89%	5.69%	9.13%	10.41%
Free Cash Flow Per Share	6.77	8.98	12.09	18.05	13.10
Cash Interest Paid	7.8	8.2	8.7	10.6	11.9
Cash Income Tax Paid	25.6	33.2	24.5	32.5	-65.8
Levered Free Cash Flow	21.59	21.58	56.5	68.3	37.11
Unlevered Free Cash Flow	26.46	26.7	61.94	74.93	44.55
Change in Working Capital	-6.9	-16.3	-5.3	12.4	23.7

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