Karnov Group AB Cash Flow Statement

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

Millions SEK. 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	970.8	-33.1	38.2	59.9	84.91
Depreciation & Amortization	413.1	226.6	233.1	195.1	196.5
Other Amortization	-	158.9	130	38.7	12.11
Asset Writedown & Restructuring Costs	-	-	4.7	-	-
Stock-Based Compensation	-	7.3	3.6	2	-1.43
Other Operating Activities	-906.4	-12.2	-75.1	-67.1	-27.7
Change in Accounts Receivable	16.9	-88.9	-19.5	-30.1	-40.63
Change in Inventory	-0.2	0.3	1.8	-2.5	-1.66
Change in Accounts Payable	-151.3	40.7	-2.1	-14.9	41.15
Change in Unearned Revenue	17.6	26.6	23.7	94.8	50.91
Change in Other Net Operating Assets	-20.3	-10.7	-1.4	-	-
Operating Cash Flow	340.2	315.5	337	275.9	314.16
Operating Cash Flow Growth	7.83%	-6.38%	22.15%	-12.18%	-17.11%
Capital Expenditures	-7.3	-4.4	-7.2	-3.9	-1.41
Sale of Property, Plant & Equipment	18.8	-	-	-	-
Cash Acquisitions	-	-428.4	-54.9	-1,635	-307.83
Divestitures	991.1	-	-	-	-
Sale (Purchase) of Intangibles	-162.3	-163.3	-155.8	-89.2	-61.94
Investment in Securities	-	-5.8	-3	-2.9	0.4
Other Investing Activities	-	-	-	-8.6	-14.67
Investing Cash Flow	840.3	-601.9	-220.9	-1,740	-385.45
Long-Term Debt Issued	112.1	491.4	2,331	1,193	-
Total Debt Issued	112.1	491.4	2,331	1,193	-
Long-Term Debt Repaid	-756.3	-147.3	-2,651	-32.8	-17.41
Net Debt Issued (Repaid)	-644.2	344.1	-320.7	1,160	-17.41
Issuance of Common Stock	-	-	-	-	582.89
Common Dividends Paid	-	-	-	-	-97.85
Other Financing Activities	-4.9	-108.3	-17	-7.6	-
Financing Cash Flow	-649.1	235.8	-337.7	1,152	467.64
Foreign Exchange Rate Adjustments	-2.4	2.8	1	31.2	2.2
Net Cash Flow	529	-47.8	-220.6	-280.3	398.55
Free Cash Flow	332.9	311.1	329.8	272	312.75
Free Cash Flow Growth	7.01%	-5.67%	21.25%	-13.03%	-16.83%
Free Cash Flow Margin	12.61%	12.00%	13.33%	24.43%	35.62%
Free Cash Flow Per Share	3.08	2.88	3.05	2.52	3.18
Cash Income Tax Paid	62.4	64.9	61.6	69.1	45.31
Levered Free Cash Flow	699.73	208.04	201.49	751.84	336.04
Unlevered Free Cash Flow	785.48	309.35	292.86	770.66	347.05
Change in Working Capital	-137.3	-32	2.5	47.3	49.78

Source: S&P Global Market Intelligence. Standard template. Financial Sources.