DSV A/S Cash Flow Statement

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

Millions DKK. 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	9,388	10,109	12,315	17,568	11,205	4,250
Depreciation & Amortization	7,392	5,458	4,979	4,886	3,976	3,707
Other Amortization	180	180	154	185	218	332
Loss (Gain) From Sale of Assets	-34	-34	-37	-	-	-
Asset Writedown & Restructuring Costs	-657	-657	-160	-1,117	-392	-
Stock-Based Compensation	347	327	267	202	160	134
Other Operating Activities	169	349	-2,064	2,282	1,639	1,644
Change in Other Net Operating Assets	1,614	-4,212	826	2,840	-4,604	209
Operating Cash Flow	18,580	11,651	16,458	26,846	12,202	10,276
Operating Cash Flow Growth	72.58%	-29.21%	-38.70%	120.01%	18.74%	49.38%
Capital Expenditures	-2,218	-2,092	-2,030	-1,514	-1,180	-1,121
Sale of Property, Plant & Equipment	267	984	1,258	824	420	803
Cash Acquisitions	-75,790	-	-685	-	1,631	-140
Sale (Purchase) of Intangibles	-364	-337	-345	-280	-303	-220
Investment in Securities	97	-930	-228	4	-148	122
Investing Cash Flow	-78,115	-2,375	-2,030	-966	420	-556
Long-Term Debt Issued	-	41,412	320	4,393	12,952	4,113
Long-Term Debt Repaid	-	-6,697	-4,232	-7,614	-3,649	-6,301
Net Debt Issued (Repaid)	36,599	34,715	-3,912	-3,221	9,303	-2,188
Issuance of Common Stock	38,416	38,107	1,794	618	784	818
Repurchase of Common Stock	-	-3,347	-13,997	-20,313	-17,841	-5,031
Common Dividends Paid	-1,683	-1,533	-1,424	-1,320	-920	-588
Other Financing Activities	-468	1	-35	-9	-6	-10
Financing Cash Flow	72,864	67,943	-17,574	-24,245	-8,680	-6,999
Foreign Exchange Rate Adjustments	-457	-95	-562	226	297	-704
Net Cash Flow	12,872	77,124	-3,708	1,861	4,239	2,017
Free Cash Flow	16,362	9,559	14,428	25,332	11,022	9,155
Free Cash Flow Growth	88.33%	-33.75%	-43.04%	129.83%	20.39%	55.72%
Free Cash Flow Margin	7.47%	5.72%	9.57%	10.75%	6.05%	7.90%
Free Cash Flow Per Share	69.47	44.42	66.95	109.92	47.38	39.53
Cash Interest Paid	3,462	2,075	1,549	1,472	938	933
Cash Income Tax Paid	4,454	3,622	5,589	5,178	2,263	1,067
Levered Free Cash Flow	19,226	7,531	11,549	21,494	8,824	8,553
Unlevered Free Cash Flow	21,305	8,734	12,443	22,344	9,389	9,123
Change in Working Capital	1,614	-4,212	826	2,840	-4,604	209

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