Photocure ASA Cash Flow Statement

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

Millions NOK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2.12	-3.34	0.98	-71.86	-30.9	-22.4
Depreciation & Amortization	28.11	27.59	26.51	23.76	23.18	8.84
Other Amortization	1.2	1.2	1.18	0.62	0.95	10.45
Stock-Based Compensation	16.64	16.97	20.16	22.18	12.67	7.88
Other Operating Activities	2.44	31.35	22.96	23.47	21.69	-5.45
Change in Accounts Receivable	-14.86	-14.86	-12.12	-0.86	-15.08	8.94
Change in Inventory	-2.35	-2.35	-10.66	1	2.14	-13.27
Change in Accounts Payable	-0.22	-0.22	-1.62	-0.78	-1.95	18.79
Change in Income Taxes	-	-	-	-	-	-0.09
Change in Other Net Operating Assets	8.76	20.4	0.92	0.46	11.19	1.9
Operating Cash Flow	41.85	76.75	48.31	-2.02	23.89	15.58
Operating Cash Flow Growth	-48.32%	58.87%	-	-	53.27%	-24.55%
Capital Expenditures	-24.97	-11.45	-12.31	-3.61	-3.7	-1.19
Cash Acquisitions	-	-	-	-	-	-166.72
Sale (Purchase) of Intangibles	4.08	-	-	-	-	-0.42
Other Investing Activities	12.07	12.87	11.71	2.15	1.81	2.12
Investing Cash Flow	-8.82	1.42	-0.59	-1.46	-1.9	-166.21
Long-Term Debt Issued	-	-	-	-	-	50
Long-Term Debt Repaid	-	-5.95	-20.98	-28.16	-17.81	-3.62
Net Debt Issued (Repaid)	-6.7	-5.95	-20.98	-28.16	-17.81	46.38
Issuance of Common Stock	-	-	-	7.58	14.04	314.7
Other Financing Activities	-69.61	-37.88	-35.31	-30.76	-30.22	-0.9
Financing Cash Flow	-76.31	-43.82	-56.28	-51.34	-33.98	360.19
Miscellaneous Cash Flow Adjustments	-0	-	-	-	-	0
Net Cash Flow	-43.28	34.35	-8.57	-54.82	-11.99	209.57
Free Cash Flow	16.88	65.3	36	-5.63	20.18	14.4
Free Cash Flow Growth	-76.43%	81.38%	-	-	40.17%	-27.59%
Free Cash Flow Margin	3.14%	12.43%	7.19%	-1.43%	5.60%	5.61%
Free Cash Flow Per Share	0.63	2.41	1.33	-0.21	0.75	0.58
Cash Interest Paid	0.74	0.74	0.91	1.37	1.4	0.56
Cash Income Tax Paid	1.32	1.32	3.12	2.78	0.31	-
Levered Free Cash Flow	5.25	39.08	6.4	-3.56	12.85	18.18
Unlevered Free Cash Flow	20.12	56.61	22.85	12.56	27.74	22.58
Change in Working Capital	-8.66	2.98	-23.47	-0.18	-3.7	16.27

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