Vestas Wind Systems Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. 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	845	780	494	78	-1,572	143
Other Adjustments	669	926	1,083	916	1,569	804
Changes in Other Operating Activities	382	580	755	33	-192	9
Operating Cash Flow	1,969	2,286	2,332	1,027	-195	956
Operating Cash Flow Growth	-36.79%	-1.97%	127.07%	-	-	28.67%
Capital Expenditures	-760	-821	-670	-456	-371	-476
Sale of Property, Plant & Equipment	2	2	13	55	48	3
Purchases of Intangible Assets	-409	-457	-485	-436	-448	-360
Proceeds from Sale of Intangible Assets	-	-	-	2	-	-
Purchases of Investments	47	87	-267	-40	79	-221
Proceeds from Sale of Investments	-13	19	68	101	13	60
Payments for Business Acquisitions	-19	-19	-	-8	-	-4
Proceeds from Business Divestments	-	-	-	-	-	99
Other Investing Activities	-	25	-	-	-	-
Investing Cash Flow	-1,036	-1,164	-1,341	-782	-679	-899
Long-Term Debt Issued	590	150	84	1,137	1,756	642
Long-Term Debt Repaid	-128	-122	-345	-221	-713	-960
Net Long-Term Debt Issued (Repaid)	462	28	-261	916	1,043	-318
Repurchase of Common Stock	-275	-282	-40	-11	-	-12
Net Common Stock Issued (Repurchased)	-275	-282	-40	-11	-	-12
Common Dividends Paid	-74	-74	-	-	-50	-228
Other Financing Activities	-235	-216	-177	-162	-147	-157
Financing Cash Flow	-122	-544	-478	743	846	-715
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-4	-11	-14	-48	-14	15
Net Cash Flow	811	578	513	988	-28	-658
Free Cash Flow	1,209	1,465	1,662	571	-566	480
Free Cash Flow Growth	-17.47%	-11.85%	191.07%	-	-	31.87%
FCF Margin	6.26%	7.78%	9.61%	3.71%	-3.91%	3.08%
Free Cash Flow Per Share	1.19	1.46	1.65	0.57	-0.56	0.48
Levered Free Cash Flow	939	565	323	570	-1,092	-651
Unlevered Free Cash Flow	439.18	520.98	641.36	-199.71	-2,042	-282.5