P/F Bakkafrost 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	415.53	656.6	955.57	1,345	964.05	462.85
Depreciation & Amortization	763.23	704.03	636.71	535.33	530.4	446.41
Asset Writedown & Restructuring Costs	0.28	0.28	0.5	2.15	0.04	0.09
Loss (Gain) on Equity Investments	-48.33	-46.96	-70.65	-57.6	-30.11	-5.55
Other Operating Activities	174.63	590.04	355.47	-113.59	-263.4	-144.26
Change in Accounts Receivable	-433.96	77.15	113.96	-208.95	-493.83	48.25
Change in Inventory	-414.22	305.86	-613.19	-576.84	142.31	-309.87
Change in Other Net Operating Assets	241.95	67.93	-355.64	276.25	275.1	-23.95
Operating Cash Flow	699.11	2,355	1,023	1,202	1,125	473.97
Operating Cash Flow Growth	-67.85%	130.26%	-14.90%	6.87%	137.26%	-54.27%
Capital Expenditures	-1,153	-1,026	-1,062	-1,236	-1,116	-836.38
Sale of Property, Plant & Equipment	4.16	4.16	2.09	0.37	0.67	18.41
Investment in Securities	4.58	7.71	16.16	-27.39	2.78	1.84
Other Investing Activities	-	-	-	8.1	-0	-
Investing Cash Flow	-1,144	-1,014	-1,044	-1,255	-1,112	-816.13
Long-Term Debt Issued	-	-	546.24	735.35	404.6	-
Long-Term Debt Repaid	-	-590.99	-130.74	-117.02	-116.9	-242.02
Net Debt Issued (Repaid)	533.04	-590.99	415.5	618.33	287.7	-242.02
Issuance of Common Stock	27.34	31.38	53.97	12.8	10.96	-
Repurchase of Common Stock	-7.86	-7.86	-	-	-	-38.77
Common Dividends Paid	-500.52	-515.27	-591.43	-304	-215.87	-
Other Financing Activities	-160.18	-189.07	-164.84	-63.95	-52.89	-219.66
Financing Cash Flow	-108.18	-1,272	-286.81	263.19	29.9	-500.45
Net Cash Flow	-552.89	68.83	-307.93	210.45	42.22	-842.61
Free Cash Flow	-453.45	1,329	-39.37	-33.82	8.87	-362.41
Free Cash Flow Margin	-6.99%	18.12%	-0.55%	-0.47%	0.16%	-7.79%
Free Cash Flow Per Share	-7.65	22.42	-0.67	-0.57	0.15	-6.13
Cash Interest Paid	209.28	209.28	186.63	68.26	56.43	53.44
Cash Income Tax Paid	209.48	209.48	196.99	170.75	54.33	189.13
Levered Free Cash Flow	-434.28	999.82	-337.92	-441.24	-369.99	-555
Unlevered Free Cash Flow	-338.47	1,125	-224.3	-402.52	-344.61	-532.3
Change in Working Capital	-606.23	450.93	-854.88	-509.55	-76.42	-285.57

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