SalMar 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	1,691	4,201	7,964	4,653	3,387
Depreciation & Amortization	1,954	1,759	1,452	1,038	806.68
Stock-Based Compensation	67	77	48	54.27	55.53
Other Adjustments	-409	497	-435	-731.82	-1,082
Change in Receivables	178	-52	-32	-158.78	-334.09
Changes in Inventories	-193	-972	-904	-1,104	-225.52
Changes in Accounts Payable	-293	112	621	44.18	203.9
Changes in Other Operating Activities	265	-240	260	427.7	96.65
Operating Cash Flow	3,260	5,381	8,975	4,222	2,908
Operating Cash Flow Growth	-39.42%	-40.04%	112.56%	45.18%	-8.51%
Capital Expenditures	-1,950	-2,582	-2,353	-2,455	-2,224
Sale of Property, Plant & Equipment	16	59	4	104.47	7.08
Purchases of Investments	-	-	-	-	-312.75
Proceeds from Sale of Investments	50	-	45	0	-
Payments for Business Acquisitions	-287	-	-	-2,092	-326.8
Proceeds from Business Divestments	-	259	4,454	1,860	47.58
Other Investing Activities	166	97	-376	-50.93	-17.73
Investing Cash Flow	-2,006	-2,167	1,775	-2,633	-2,827
Short-Term Debt Issued	711	525	714	-127.92	-703.96
Net Short-Term Debt Issued (Repaid)	711	525	714	-127.92	-703.96
Long-Term Debt Issued	3,777	3,724	7,788	11,605	3,760
Long-Term Debt Repaid	-394	-497	-16,448	-4,458	-3,138
Net Long-Term Debt Issued (Repaid)	3,383	3,227	-8,660	7,147	621.92
Issuance of Common Stock	-	-	-	10.91	3,321
Repurchase of Common Stock	-50	-	-	-	-
Net Common Stock Issued (Repurchased)	-50	-	-	10.91	3,321
Common Dividends Paid	-3,024	-4,682	-2,748	-2,405	-2,271
Other Financing Activities	-2,013	-2,555	-2,294	-4,460	-365.4
Financing Cash Flow	-992	-3,485	-12,989	164.24	602.32
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-21	4	-7	6.9	-5.63
Net Cash Flow	262	-271	-2,239	1,753	683.83
Free Cash Flow	1,310	2,799	6,622	1,768	684.13
Free Cash Flow Growth	-53.20%	-57.73%	274.64%	158.36%	-
FCF Margin	4.78%	10.59%	23.47%	8.77%	4.55%
Free Cash Flow Per Share	9.76	21.20	50.31	14.73	5.90
Levered Free Cash Flow	4,982	4,798	-5,667	8,281	1,192
Unlevered Free Cash Flow	3,176	4,409	12,885	1,698	1,376

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.