DSV A/S 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	8,095	10,109	12,315	17,568	11,205
Depreciation & Amortization	8,408	5,589	5,157	4,886	3,976
Other Amortization	268	180	154	185	218
Loss (Gain) From Sale of Assets	-43	-34	-37	-	-
Asset Writedown & Restructuring Costs	-3,973	-657	-160	-1,117	-392
Stock-Based Compensation	359	327	267	202	160
Other Operating Activities	3,338	349	-2,064	2,282	1,639
Change in Other Net Operating Assets	5,029	-4,212	826	2,840	-4,604
Operating Cash Flow	21,481	11,651	16,458	26,846	12,202
Operating Cash Flow Growth	84.37%	-29.21%	-38.70%	120.01%	18.74%
Capital Expenditures	-2,065	-2,092	-2,030	-1,514	-1,180
Sale of Property, Plant & Equipment	329	984	1,258	824	420
Cash Acquisitions	-75,790	-	-685	-	1,631
Sale (Purchase) of Intangibles	-523	-337	-345	-280	-303
Investment in Securities	326	-930	-228	4	-148
Investing Cash Flow	-77,723	-2,375	-2,030	-966	420
Long-Term Debt Issued	14,563	41,412	320	4,393	12,952
Long-Term Debt Repaid	-27,824	-6,697	-4,232	-7,614	-3,649
Net Debt Issued (Repaid)	-13,261	34,715	-3,912	-3,221	9,303
Issuance of Common Stock	2,080	38,107	1,794	618	784
Repurchase of Common Stock	-	-3,347	-13,997	-20,313	-17,841
Common Dividends Paid	-1,683	-1,533	-1,424	-1,320	-920
Other Financing Activities	-593	1	-35	-9	-6
Financing Cash Flow	-13,457	67,943	-17,574	-24,245	-8,680
Foreign Exchange Rate Adjustments	-698	-95	-562	226	297
Net Cash Flow	-70,397	77,124	-3,708	1,861	4,239
Free Cash Flow	19,416	9,559	14,428	25,332	11,022
Free Cash Flow Growth	103.12%	-33.75%	-43.04%	129.83%	20.39%
Free Cash Flow Margin	7.85%	5.72%	9.57%	10.75%	6.05%
Free Cash Flow Per Share	82.22	44.42	66.95	109.92	47.38
Cash Interest Paid	3,832	2,075	1,549	1,472	938
Cash Income Tax Paid	3,890	3,622	5,589	5,178	2,263
Levered Free Cash Flow	25,122	7,662	11,727	21,494	8,824
Unlevered Free Cash Flow	27,385	8,865	12,621	22,344	9,389
Change in Working Capital	5,029	-4,212	826	2,840	-4,604

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