DFDS 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	-427	534	1,516	2,010	958
Depreciation & Amortization	3,248	2,927	2,587	2,457	2,043
Other Amortization	88	76	64	48	44
Asset Writedown & Restructuring Costs	-	-	-	-	33
Stock-Based Compensation	28	26	29	30	37
Other Operating Activities	-317	-31	-139	26	-22
Change in Accounts Receivable	819	-304	14	-463	-359
Change in Inventory	63	13	5	-61	-91
Change in Accounts Payable	-130	227	-358	530	597
Change in Other Net Operating Assets	-72	-48	-43	-97	-32
Operating Cash Flow	3,300	3,420	3,675	4,480	3,208
Operating Cash Flow Growth	-3.51%	-6.94%	-17.97%	39.65%	28.37%
Capital Expenditures	-1,481	-1,487	-1,576	-2,773	-1,566
Sale of Property, Plant & Equipment	1,254	138	1,558	134	163
Cash Acquisitions	-	-2,574	-1,033	-280	-1,765
Divestitures	2	378	-	-2	20
Sale (Purchase) of Intangibles	-95	-96	-83	-70	-62
Other Investing Activities	-22	-6	-15	2	-
Investing Cash Flow	-342	-3,647	-1,149	-2,989	-3,210
Long-Term Debt Issued	491	9,644	2,537	3,903	1,762
Long-Term Debt Repaid	-3,282	-7,974	-4,940	-4,595	-2,183
Total Debt Repaid	-3,282	-7,974	-4,940	-4,595	-2,183
Net Debt Issued (Repaid)	-2,791	1,670	-2,403	-692	-421
Issuance of Common Stock	-	-	-	-	48
Repurchase of Common Stock	-	-431	-300	-32	-75
Common Dividends Paid	-	-168	-281	-459	-
Other Financing Activities	49	4	4	-20	89
Financing Cash Flow	-2,742	1,075	-2,980	-1,203	-359
Foreign Exchange Rate Adjustments	-9	5	2	-2	1
Miscellaneous Cash Flow Adjustments	-1	-1	-	-	-
Net Cash Flow	206	852	-452	286	-360
Free Cash Flow	1,819	1,933	2,099	1,707	1,642
Free Cash Flow Growth	-5.90%	-7.91%	22.96%	3.96%	86.17%
Free Cash Flow Margin	5.88%	6.50%	7.69%	6.35%	8.98%
Free Cash Flow Per Share	33.68	34.96	37.16	29.77	28.56
Cash Interest Paid	841	848	725	388	302
Cash Income Tax Paid	177	144	240	109	52
Levered Free Cash Flow	2,337	2,388	1,472	912.13	1,659
Unlevered Free Cash Flow	2,832	2,902	1,901	1,139	1,840
Change in Working Capital	680	-112	-382	-91	115

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