Refine Group AB Cash Flow Statement

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

Millions SEK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	-128.96	-164.48	-313	-16.96
Depreciation & Amortization	68.87	44.79	51.19	27.53
Other Amortization	-	-	0.06	-
Asset Writedown & Restructuring Costs	71.08	71.08	239.2	-
Other Operating Activities	-25.53	28.56	19.58	-5.67
Change in Accounts Receivable	-3.32	5.36	-1.82	6.86
Change in Inventory	18.25	17.04	-9.56	2.33
Change in Accounts Payable	2.65	2.65	-3.18	-4.26
Change in Other Net Operating Assets	-14.71	-17.3	43.99	-12.73
Operating Cash Flow	-11.67	-12.3	26.46	-2.9
Capital Expenditures	0.56	-	-0.19	-1.23
Sale of Property, Plant & Equipment	1.61	1.61	5.83	-
Sale (Purchase) of Intangibles	0.82	0.82	0.96	0.41
Investment in Securities	-7.32	-	-	-75.86
Investing Cash Flow	-5.24	2.43	6.6	-76.68
Short-Term Debt Issued	-	-	-	46.86
Total Debt Issued	6	-	-	46.86
Net Debt Issued (Repaid)	33.93	-	-	46.86
Issuance of Common Stock	18.56	22.44	32.18	-
Other Financing Activities	-33.06	-33.06	-61.9	-
Financing Cash Flow	19.42	-10.63	-29.72	46.86
Net Cash Flow	2.51	-20.5	3.33	-32.73
Free Cash Flow	-11.11	-12.3	26.27	-4.12
Free Cash Flow Margin	-7.27%	-5.02%	10.04%	-1.77%
Free Cash Flow Per Share	-0.09	-0.18	0.87	-
Cash Income Tax Paid	0.01	-	-0.56	-
Levered Free Cash Flow	13.23	14.96	80.03	-
Unlevered Free Cash Flow	17.9	23.53	87.64	-
Change in Working Capital	2.87	7.75	29.43	-7.79

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