Nel ASA Cash Flow Statement

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

Millions NOK. 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	-1,265	-244.34	-855.2	-1,171	-1,667
Depreciation & Amortization	290.47	216.49	223.81	171.48	103.12
Asset Writedown & Restructuring Costs	799.41	-	1.97	327.3	4.5
Stock-Based Compensation	2.01	2.72	4.03	8.34	0.01
Other Operating Activities	-8.14	12.27	349.51	25.95	1,100
Change in Accounts Receivable	205.75	117.77	-262.12	144.59	6.99
Change in Inventory	-387.05	-144.06	-199.4	-176.13	-91.34
Change in Accounts Payable	16.05	-56.03	3.12	68.78	51.39
Change in Other Net Operating Assets	93.82	25.64	64.6	-89.73	42.84
Operating Cash Flow	-252.8	-241.58	-669.67	-690.58	-449.46
Capital Expenditures	-145.16	-527.34	-573.59	-160.49	-258.28
Sale of Property, Plant & Equipment	-	-	-	-	26.06
Sale (Purchase) of Intangibles	-145.25	-119.24	-166.24	-118.25	-118.87
Investment in Securities	-48.43	116.63	93.02	-124.35	-22.52
Other Investing Activities	33.45	-51.96	-	-	-
Investing Cash Flow	-305.38	-581.91	-646.81	-403.09	-373.62
Long-Term Debt Repaid	-29.46	-20.94	-27.31	-16.29	-19.93
Net Debt Issued (Repaid)	-29.46	-20.94	-27.31	-16.29	-19.93
Issuance of Common Stock	353.07	-	1,609	1,546	1,255
Other Financing Activities	-20.51	-645.05	-40.16	-34.59	-19.24
Financing Cash Flow	303.1	-665.99	1,542	1,495	1,216
Foreign Exchange Rate Adjustments	-3.05	1.63	-0.38	14.46	-2.94
Net Cash Flow	-258.12	-1,488	224.88	415.78	389.92
Free Cash Flow	-397.95	-768.92	-1,243	-851.07	-707.74
Free Cash Flow Margin	-41.32%	-55.32%	-92.11%	-93.03%	-93.98%
Free Cash Flow Per Share	-0.22	-0.46	-0.75	-0.55	-0.48
Cash Interest Paid	16.67	16.17	15.46	11.17	3.68
Levered Free Cash Flow	-436.3	-556.21	-1,369	-703.08	-648.2
Unlevered Free Cash Flow	-425.88	-545.91	-1,359	-696.1	-645.68
Change in Working Capital	-71.43	-56.68	-393.8	-52.49	9.89

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.