Pandora 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	5,241	5,227	4,740	5,029	4,160
Depreciation & Amortization	2,586	2,353	2,079	1,973	1,914
Asset Writedown & Restructuring Costs	-	-	-	-	85
Stock-Based Compensation	103	166	105	87	166
Other Operating Activities	-139	63	-260	-553	452
Change in Accounts Receivable	-424	106	56	-531	-77
Change in Inventory	-565	-126	210	-1,012	-799
Change in Accounts Payable	559	932	454	-559	327
Operating Cash Flow	7,361	8,721	7,384	4,434	6,228
Operating Cash Flow Growth	-15.60%	18.11%	66.53%	-28.80%	4.23%
Capital Expenditures	-1,449	-1,336	-1,129	-838	-296
Sale of Property, Plant & Equipment	7	14	-	5	2
Cash Acquisitions	-373	-194	-349	-562	-66
Sale (Purchase) of Intangibles	-462	-343	-359	-353	-289
Other Investing Activities	-9	-30	37	-37	18
Investing Cash Flow	-2,286	-1,889	-1,800	-1,785	-631
Long-Term Debt Issued	1,200	3,674	5,927	4,994	1,315
Long-Term Debt Repaid	-1,368	-3,891	-4,428	-3,053	-3,995
Net Debt Issued (Repaid)	-168	-217	1,499	1,941	-2,680
Repurchase of Common Stock	-4,384	-4,013	-5,022	-3,527	-3,325
Common Dividends Paid	-1,567	-1,471	-1,412	-1,514	-
Financing Cash Flow	-6,119	-5,701	-4,935	-3,100	-7,484
Foreign Exchange Rate Adjustments	-65	-11	-61	4	18
Miscellaneous Cash Flow Adjustments	-	-	-	-1	-
Net Cash Flow	-1,109	1,120	588	-448	-1,869
Free Cash Flow	5,912	7,385	6,255	3,596	5,932
Free Cash Flow Growth	-19.95%	18.07%	73.94%	-39.38%	5.91%
Free Cash Flow Margin	18.16%	23.31%	22.23%	13.59%	25.36%
Free Cash Flow Per Share	76.59	91.27	72.67	38.38	59.51
Cash Interest Paid	1,009	922	683	466	468
Cash Income Tax Paid	1,881	1,738	1,832	1,790	832
Levered Free Cash Flow	3,116	6,570	4,928	2,566	5,432
Unlevered Free Cash Flow	3,645	7,071	5,331	2,729	5,515
Change in Working Capital	-430	912	720	-2,102	-549

Source: S&P Global Market Intelligence. Standard template. Financial Sources.