Vestas Wind Systems Cash Flow Statement

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

Millions EUR. 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	778	499	77	-1,572	134
Depreciation & Amortization	669	580	553	558	605
Other Amortization	369	272	237	276	309
Loss (Gain) From Sale of Assets	-	-	-	-8	6
Asset Writedown & Restructuring Costs	21	10	-4	254	68
Loss (Gain) on Equity Investments	-7	1	-22	-11	-36
Stock-Based Compensation	41	28	34	7	13
Provision & Write-off of Bad Debts	-8	18	-	-	-
Other Operating Activities	-157	169	119	493	-152
Change in Accounts Receivable	-104	238	655	836	122
Change in Inventory	247	501	91	-763	-705
Change in Accounts Payable	637	391	-351	-197	678
Change in Other Net Operating Assets	-200	-375	-362	-68	-86
Operating Cash Flow	2,286	2,332	1,027	-195	956
Operating Cash Flow Growth	-1.97%	127.07%	-	-	28.67%
Capital Expenditures	-821	-670	-456	-371	-476
Sale of Property, Plant & Equipment	2	13	55	48	3
Cash Acquisitions	-19	-	-	-	-
Divestitures	-	-	-8	-	95
Sale (Purchase) of Intangibles	-457	-485	-434	-448	-360
Investment in Securities	87	-204	49	79	-221
Other Investing Activities	44	5	12	13	60
Investing Cash Flow	-1,164	-1,341	-782	-679	-899
Long-Term Debt Issued	150	84	1,137	1,756	642
Long-Term Debt Repaid	-338	-522	-383	-860	-1,095
Net Debt Issued (Repaid)	-188	-438	754	896	-453
Repurchase of Common Stock	-282	-40	-11	-	-12
Common Dividends Paid	-74	-	-	-50	-228
Other Financing Activities	-	-	-	-	-22
Financing Cash Flow	-544	-478	743	846	-715
Foreign Exchange Rate Adjustments	-11	-14	-48	-14	15
Net Cash Flow	567	499	940	-42	-643
Free Cash Flow	1,465	1,662	571	-566	480
Free Cash Flow Growth	-11.85%	191.07%	-	-	31.87%
Free Cash Flow Margin	7.78%	9.61%	3.71%	-3.91%	3.08%
Free Cash Flow Per Share	1.46	1.65	0.56	-0.56	0.48
Cash Interest Paid	117	124	205	37	39
Cash Income Tax Paid	275	245	261	144	174
Levered Free Cash Flow	986.25	976.63	51.63	-271.63	322
Unlevered Free Cash Flow	1,077	1,098	198.5	-232.25	354.5
Change in Working Capital	580	755	33	-192	9

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