Zealand Pharma 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	6,455	-1,079	-703.74	-1,202	-1,018
Depreciation & Amortization	24.01	23.12	20.12	101.57	27.82
Other Amortization	20.38	16.49	1.2	1.34	-
Asset Writedown & Restructuring Costs	-	-	4.71	-0.7	6.52
Stock-Based Compensation	115.89	87.03	61.43	52.29	53.5
Other Operating Activities	-171.08	-96.39	138.51	81.67	-130.47
Change in Accounts Receivable	-88.26	-48.96	-6.76	26.64	-64.49
Change in Inventory	10.7	-2.76	9.34	18.22	-52.77
Change in Accounts Payable	-178.34	89.92	39.84	21.55	-49.06
Change in Income Taxes	546.06	-4.62	-	-	-
Change in Other Net Operating Assets	-202.43	84.19	9.68	-56.25	-
Operating Cash Flow	6,532	-930.82	-425.67	-942.31	-1,212
Capital Expenditures	-33.37	-10.05	-11.24	-11.71	-22.13
Sale (Purchase) of Intangibles	-35.71	-3.1	-12.51	-	-
Investment in Securities	-2,179	-7,293	-1,070	186.58	-
Other Investing Activities	-	-	-	106.39	4.01
Investing Cash Flow	-2,249	-7,307	-1,094	281.26	-18.12
Long-Term Debt Issued	-	369.87	-	-	647.91
Long-Term Debt Repaid	-20.16	-16.44	-543.43	-449.81	-14.72
Net Debt Issued (Repaid)	-20.16	353.43	-543.43	-449.81	633.19
Issuance of Common Stock	49.15	8,523	1,564	1,085	775.05
Repurchase of Common Stock	-407.17	-351.83	-41.6	-	-28.59
Other Financing Activities	-	-236.58	-71.91	-47.35	-46.9
Financing Cash Flow	-378.18	8,288	907.01	587.5	1,333
Foreign Exchange Rate Adjustments	-54.74	6.23	-7.24	13.68	66.22
Net Cash Flow	3,851	57.39	-619.92	-59.87	168.88
Free Cash Flow	6,499	-940.87	-436.91	-954.02	-1,234
Free Cash Flow Margin	70.52%	-1500.80%	-127.46%	-917.45%	-1136.94%
Free Cash Flow Per Share	90.83	-14.16	-7.72	-20.65	-28.79
Cash Interest Paid	22.33	24.03	25.25	34.12	3.3
Cash Income Tax Paid	567.37	-11.16	-11.3	-9.28	41.63
Levered Free Cash Flow	4,392	-736.41	-228.98	-384.08	-589.73
Unlevered Free Cash Flow	4,393	-728.89	-213.78	-349.29	-587.18
Change in Working Capital	87.73	117.76	52.1	10.16	-166.33

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