Ørsted 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	2,440	-206	-20,506	15,126	10,962
Depreciation & Amortization	10,195	10,225	9,795	9,754	7,972
Loss (Gain) on Sale of Assets	964	-349	-5,745	-10,885	-7,920
Asset Writedown	3,633	15,563	26,775	2,529	129
Change in Accounts Receivable	9,908	8,296	1,983	-4,178	-809
Change in Inventory	-6	-4,680	3,656	1,419	-555
Change in Accounts Payable	-1,160	2,821	-5,309	3,886	5,140
Change in Other Net Operating Assets	-1,778	-352	3,548	2,351	-3,686
Other Operating Activities	-455	-12,962	14,335	-8,078	915
Operating Cash Flow	23,741	18,356	28,532	11,924	12,148
Operating Cash Flow Growth	29.34%	-35.66%	139.28%	-1.84%	-30.31%
Capital Expenditures	-54,776	-42,654	-38,203	-33,004	-34,569
Sale of Property, Plant & Equipment	12,278	4,471	8,189	24,052	20,946
Cash Acquisitions	-	-	-	-3,406	-2,431
Divestitures	8	942	-3	99	-147
Investment in Securities	-24,083	15,589	-4,721	-5,672	3,528
Other Investing Activities	102	-107	6	19	82
Investing Cash Flow	-66,471	-21,759	-34,732	-17,912	-12,591
Long-Term Debt Issued	19,550	9,990	17,584	37,090	14,582
Long-Term Debt Repaid	-5,704	-4,143	-2,292	-22,064	-4,955
Net Debt Issued (Repaid)	13,846	5,847	15,292	15,026	9,627
Issuance of Common Stock	59,994	5,520	-	3,693	7,327
Repurchase of Common Stock	-	-3,707	-699	-1,945	-2,971
Common Dividends Paid	-713	-687	-6,219	-5,781	-5,260
Other Financing Activities	682	8,870	-8,109	2,792	-5,331
Financing Cash Flow	73,809	15,843	265	13,785	3,392
Foreign Exchange Rate Adjustments	-755	540	-96	-236	455
Net Cash Flow	30,324	12,980	-6,031	7,561	3,404
Free Cash Flow	-31,035	-24,298	-9,671	-21,080	-22,421
Free Cash Flow Margin	-42.37%	-34.21%	-12.20%	-18.42%	-28.87%
Free Cash Flow Per Share	-35.02	-32.11	-23.00	-50.14	-53.34
Cash Interest Paid	9,075	7,294	6,894	8,548	3,985
Cash Income Tax Paid	4,899	6,327	2,717	1,263	1,380
Levered Free Cash Flow	-30,795	-33,449	2,110	-6,187	-27,844
Unlevered Free Cash Flow	-28,223	-30,889	4,784	-4,292	-26,693
Change in Working Capital	6,964	6,085	3,878	3,478	90

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