CPH:WMA 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	8.26	17.68	-1.34	3.33	0.65
Depreciation & Amortization	19.44	19.62	20.61	19.44	9.03
Stock-Based Compensation	-	0	2.17	2.14	-
Other Adjustments	-3.89	-5.5	-5.35	-4.75	-1.75
Changes in Income Taxes Payable	-0.9	-2.78	-2.36	-5.04	-2.55
Changes in Other Operating Activities	5.55	-0.87	7.56	-0.74	-12.14
Operating Cash Flow	28.46	28.15	21.3	14.39	-6.77
Operating Cash Flow Growth	1.10%	32.16%	48.01%	-	-
Capital Expenditures	-1.56	-15.05	-1.35	-1.84	-2.23
Purchases of Intangible Assets	-7.82	-1.89	-4.18	-7.31	-20.14
Cash Acquisitions	0	-0.65	-0.62	-0.37	0
Investing Cash Flow	-9.37	-17.59	-6.15	-9.51	-22.37
Long-Term Debt Issued	-	1.28	-5.34	2.82	30.21
Net Long-Term Debt Issued (Repaid)	-	1.28	-5.34	2.82	30.21
Issuance of Common Stock	-	-	-	-	1.5
Repurchase of Common Stock	-0.57	-	-	-	-
Net Common Stock Issued (Repurchased)	-0.57	-	-	-	1.5
Common Dividends Paid	-5.95	-	-	-	-
Other Financing Activities	-11.62	-11.15	-10.45	-9.26	-
Financing Cash Flow	-18.14	-9.87	-15.79	-6.44	31.71
Foreign Exchange Rate Adjustments	-0.36	0.22	0.11	-0.04	0.26
Net Cash Flow	0.94	0.69	-0.64	-1.56	2.57
Free Cash Flow	26.91	13.1	19.95	12.55	-9
Free Cash Flow Growth	105.42%	-34.34%	58.89%	-	-
FCF Margin	10.02%	4.45%	8.38%	5.20%	-4.26%
Free Cash Flow Per Share	174.92	90.30	137.53	88.62	-
Levered Free Cash Flow	23.41	12.8	8.05	12.69	20.37
Unlevered Free Cash Flow	25.01	16.3	22.36	15.55	-6.76