Nel 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	-458.59	-244.34	-855.2	-1,171	-1,667	1,262
Depreciation & Amortization	276.3	216.49	223.81	171.48	103.12	91.29
Asset Writedown & Restructuring Costs	-	-	1.97	327.3	4.5	71.67
Stock-Based Compensation	2.77	2.77	4.03	8.34	0.01	7.68
Other Operating Activities	33.63	12.58	349.51	25.95	1,100	-1,644
Change in Accounts Receivable	84.12	84.12	-262.12	144.59	6.99	81.88
Change in Inventory	-110.06	-110.06	-199.4	-176.13	-91.34	-31.9
Change in Accounts Payable	-68.38	-68.38	3.12	68.78	51.39	-10.63
Change in Other Net Operating Assets	-136.52	-134.75	64.6	-89.73	42.84	-43.81
Operating Cash Flow	-217.99	-241.58	-669.67	-690.58	-449.46	-215.89
Capital Expenditures	-211.94	-534.23	-573.59	-160.49	-258.28	-148.54
Sale of Property, Plant & Equipment	-	-	-	-	26.06	-
Cash Acquisitions	-	-	-	-	-	26.02
Divestitures	-	-	-	-	-	-19.83
Sale (Purchase) of Intangibles	-137.88	-146.08	-166.24	-118.25	-118.87	-83.66
Investment in Securities	-66.66	98.4	93.02	-124.35	-22.52	-68.43
Other Investing Activities	150.23	-	-	-	-	0
Investing Cash Flow	-266.25	-581.91	-646.81	-403.09	-373.62	-294.43
Long-Term Debt Issued	-	-	-	-	-	16.4
Long-Term Debt Repaid	-	-24.09	-27.31	-16.29	-19.93	-13.24
Net Debt Issued (Repaid)	-32.41	-24.09	-27.31	-16.29	-19.93	3.16
Issuance of Common Stock	353.07	-	1,609	1,546	1,255	2,383
Other Financing Activities	-17.57	-641.9	-40.16	-34.59	-19.24	-72.71
Financing Cash Flow	303.09	-665.99	1,542	1,495	1,216	2,314
Foreign Exchange Rate Adjustments	-2.96	1.63	-0.38	14.46	-2.94	3.48
Net Cash Flow	-184.1	-1,488	224.88	415.78	389.92	1,807
Free Cash Flow	-429.93	-775.81	-1,243	-851.07	-707.74	-364.43
Free Cash Flow Margin	-41.02%	-55.82%	-92.11%	-93.03%	-93.98%	-63.01%
Free Cash Flow Per Share	-0.24	-0.46	-0.75	-0.55	-0.48	-0.26
Cash Interest Paid	17.19	16.48	15.46	11.17	3.68	4.41
Levered Free Cash Flow	-496.9	-587.68	-1,369	-703.08	-648.2	-328.61
Unlevered Free Cash Flow	-485.98	-577.38	-1,359	-696.1	-645.68	-325.85
Change in Working Capital	-230.84	-229.07	-393.8	-52.49	9.89	-4.45

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.