NOTE AB (publ) (FRA:NQA)

NOTE AB Cash Flow Statement

Financials in millions SEK. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	281	248.03	319.96	254.24	194.06
Depreciation & Amortization	123	117.52	108.17	79.95	63.34
Other Amortization	-	4.07	3.67	3.29	3.04
Asset Writedown & Restructuring Costs	-	12.31	16.12	20.22	-3.15
Other Operating Activities	-12	-0.1	-43.9	1.3	29.73
Change in Accounts Receivable	-	18.59	14.8	-152.24	-259.88
Change in Inventory	-	268.12	16.64	-317.8	-422.21
Change in Other Net Operating Assets	115	-66.95	-93.6	160.81	361.94
Operating Cash Flow	507	601.59	341.84	49.79	-33.13
Operating Cash Flow Growth	-15.72%	75.98%	586.58%	-	-
Capital Expenditures	-	-89.26	-91.73	-46.41	-27.49
Cash Acquisitions	-	-31.17	-148.68	-33.84	-80.14
Sale (Purchase) of Intangibles	-	-17.14	-3.24	-0.71	-1.15
Other Investing Activities	-475	-	-	-	-
Investing Cash Flow	-475	-137.56	-243.64	-80.96	-108.79
Long-Term Debt Issued	-	-	60.67	63.42	220.21
Long-Term Debt Repaid	-	-174.41	-72.51	-60.59	-58.1
Net Debt Issued (Repaid)	-	-174.41	-11.84	2.84	162.11
Issuance of Common Stock	-	5.08	-	11.66	6.12
Repurchase of Common Stock	-	-66.38	-	-	-
Other Financing Activities	-128	-	-	-	-
Financing Cash Flow	-128	-235.71	-11.84	14.5	168.23
Foreign Exchange Rate Adjustments	-22	13.03	-4.18	5.15	5.12
Net Cash Flow	-118	241.34	82.18	-11.52	31.44
Free Cash Flow	507	512.32	250.11	3.38	-60.62
Free Cash Flow Growth	-1.04%	104.84%	7306.37%	-	-
Free Cash Flow Margin	13.29%	13.13%	5.89%	0.09%	-2.29%
Free Cash Flow Per Share	17.76	17.78	8.63	0.12	-2.10
Cash Interest Paid	-	8.12	10.47	15.01	6.38
Cash Income Tax Paid	75	60.35	72.95	55.04	16.81
Levered Free Cash Flow	440.8	394.74	124.23	-105.13	-197.75
Unlevered Free Cash Flow	458.3	419.21	147.64	-95.33	-193.76
Change in Working Capital	115	219.76	-62.17	-309.22	-320.15

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