Cash Flow Statement

Operating Cash Flow

+66%

+23%

10Y

Currency: DKK

	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	1 518	1 476	2 002	2 252	2 551	2 767	2 474	2 369	2 153	1 525	1 573	1 479	1 608	2 063	2 354	2 742	3 080	3 376	3 527	3 872	3 950	4 288	4 686	5 345	6 042	6 421	6 896	7 650	7 718	7 560	7 510	7 667	7 422	7 382	6 873	6 582	6 133	5 465	4 091	3 829	2 771	1 866	2 748	2 684	3 617	5 144	5 373	5 839	6 246	6 194	6 215	6 743	6 689	6 629	6 571	7 039	7 290	7 439	7 499	7 974	8 108	8 057	7 957	7 783
Depreciation & Amortization	210	254	260	265	275	280	245	221	196	172	185	180	178	179	189	200	205	209	214	222	239	263	321	400	448	493	501	518	566	606	648	721	784	853	937	990	1 278	1 575	2 044	2 319	2 335	2 331	2 190	2 315	2 299	2 236	2 096	1 999	1 946	1 975	2 055	1 973	2 009	2 022	2 032	2 079	2 143	2 219	2 283	2 353	2 416	2 461	2 514	2 586
Stock-Based Compensation	0	0	0	6	0	0	0	0	0	0	0	20	17	41	52	64	57	57	76	170	0	158	164	127	144	152	135	128	125	125	122	66	81	78	0	0	41	31	37	20	37	57	16	70	94	135	215	166	138	97	76	87	97	137	151	105	140	131	119	166	124	129	147	103
Other Non-Cash Items	60	19	243	37	243	287	(100)	(261)	(380)	(343)	(180)	(5)	146	70	68	172	125	216	105	63	(158)	(22)	153	112	499	611	486	71	17	(352)	(202)	285	221	(14)	(192)	(123)	(448)	93	127	0	215	(10)	(139)	(85)	(40)	(63)	100	236	260	246	305	69	38	31	3	50	57	(4)	91	122	90	183	131	136
Cash Taxes Paid	302	328	290	376	344	308	267	429	438	469	516	428	427	457	437	335	371	387	396	761	921	1 553	1 573	2 520	2 478	1 916	1 914	1 462	1 542	1 627	1 620	1 768	2 040	1 873	1 926	1 739	1 555	1 613	1 567	1 233	945	441	459	192	271	721	736	832	1 410	1 535	1 564	1 790	1 453	1 441	1 373	1 832	1 797	1 867	1 910	1 738	2 028	1 908	1 847	1 881
Cash Interest Paid	453	348	319	299	125	147	143	99	62	71	58	47	48	25	32	29	34	37	36	30	26	100	91	104	106	38	51	43	45	46	46	44	47	48	58	58	96	129	146	178	174	180	209	247	261	258	227	468	507	558	599	466	482	517	616	683	758	974	951	922	927	1 003	952	1 009
Change in Working Capital	(667)	(924)	(1 773)	(1 238)	(1 354)	(1 624)	(877)	(506)	(464)	35	(305)	(315)	(87)	(426)	(248)	(686)	(518)	(452)	(228)	165	348	(880)	(1 628)	(2 473)	(3 202)	(2 755)	(2 795)	(1 708)	(1 938)	(1 548)	(1 613)	(2 067)	(2 515)	(1 671)	(728)	(825)	(221)	(283)	468	627	686	1 363	318	1 061	(272)	(1 209)	(1 352)	(1 846)	(3 019)	(3 640)	(4 143)	(4 351)	(3 333)	(2 580)	(1 968)	(1 784)	(1 776)	(1 941)	(2 056)	(1 728)	(2 370)	(2 695)	(2 818)	(3 144)
Cash from Operating Activities	1 122 N/A	826 -26%	733 -11%	1 316 +80%	1 715 +30%	1 710 0%	1 742 +2%	1 823 +5%	1 505 -17%	1 389 -8%	1 273 -8%	1 339 +5%	1 845 +38%	1 886 +2%	2 363 +25%	2 428 +3%	2 892 +19%	3 349 +16%	3 618 +8%	4 322 +19%	4 379 +1%	3 649 -17%	3 532 -3%	3 384 -4%	3 787 +12%	4 770 +26%	5 088 +7%	6 531 +28%	6 363 -3%	6 266 -2%	6 343 +1%	6 606 +4%	5 912 -11%	6 550 +11%	6 890 +5%	6 624 -4%	6 742 +2%	6 850 +2%	6 730 -2%	6 775 +1%	6 007 -11%	5 550 -8%	5 117 -8%	5 975 +17%	5 604 -6%	6 108 +9%	6 217 +2%	6 228 +0%	5 433 -13%	4 775 -12%	4 432 -7%	4 434 +0%	5 403 +22%	6 102 +13%	6 638 +9%	7 384 +11%	7 714 +4%	7 713 0%	7 817 +1%	8 721 +12%	8 244 -5%	8 006 -3%	7 784 -3%	7 361 -5%
Investing Cash Flow
Capital Expenditures	(156)	(175)	(165)	(262)	(262)	(259)	(279)	(269)	(252)	(296)	(299)	(276)	(501)	(499)	(508)	(490)	(302)	(305)	(369)	(455)	(564)	(717)	(921)	(1 022)	(1 049)	(1 122)	(1 110)	(1 169)	(1 191)	(1 118)	(1 139)	(1 317)	(1 368)	(1 421)	(1 360)	(1 107)	(1 084)	(962)	(861)	(812)	(686)	(624)	(588)	(504)	(496)	(503)	(529)	(585)	(639)	(797)	(955)	(1 191)	(1 367)	(1 376)	(1 435)	(1 488)	(1 443)	(1 584)	(1 660)	(1 679)	(1 753)	(1 847)	(1 892)	(1 911)
Other Items	(81)	(158)	(90)	(42)	(148)	(69)	(64)	(95)	1	15	23	45	45	39	14	(53)	(65)	(80)	(215)	(177)	(308)	(393)	(233)	(274)	(182)	(265)	(310)	(254)	(507)	(485)	(1 617)	(1 879)	(1 684)	(1 936)	(1 257)	(1 084)	(1 065)	(662)	(165)	(65)	20	31	22	20	19	13	(39)	(46)	(322)	(329)	(540)	(594)	(348)	(434)	(328)	(312)	(386)	(346)	(197)	(210)	(275)	(408)	(409)	(375)
Cash from Investing Activities	(236) N/A	(332) -41%	(254) +23%	(304) -19%	(410) -35%	(328) +20%	(343) -5%	(364) -6%	(251) +31%	(281) -12%	(276) +2%	(231) +16%	(456) -97%	(460) -1%	(494) -7%	(543) -10%	(367) +32%	(385) -5%	(584) -52%	(632) -8%	(872) -38%	(1 110) -27%	(1 154) -4%	(1 296) -12%	(1 231) +5%	(1 387) -13%	(1 420) -2%	(1 423) 0%	(1 698) -19%	(1 603) +6%	(2 756) -72%	(3 196) -16%	(3 052) +5%	(3 357) -10%	(2 617) +22%	(2 191) +16%	(2 149) +2%	(1 624) +24%	(1 026) +37%	(877) +15%	(666) +24%	(593) +11%	(566) +5%	(484) +14%	(477) +1%	(490) -3%	(568) -16%	(631) -11%	(961) -52%	(1 126) -17%	(1 495) -33%	(1 785) -19%	(1 715) +4%	(1 810) -6%	(1 763) +3%	(1 800) -2%	(1 829) -2%	(1 930) -6%	(1 857) +4%	(1 889) -2%	(2 028) -7%	(2 255) -11%	(2 301) -2%	(2 286) +1%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	(38)	613	613	613	0	0	0	0	0	(61)	(271)	(491)	(700)	(956)	(1 404)	(2 001)	(2 402)	(2 654)	(2 979)	(3 567)	(3 900)	(4 018)	(4 501)	(4 334)	(4 000)	(3 636)	(2 616)	(2 030)	(1 721)	(1 631)	(2 276)	(2 558)	(3 289)	(3 947)	(3 413)	(3 014)	(2 583)	(2 123)	212	747	1 347	1 778	(252)	(1 094)	(3 325)	(4 564)	(5 031)	(4 984)	(3 527)	(3 737)	(4 469)	(5 027)	(5 022)	(4 561)	(3 989)	(3 785)	(4 013)	(4 036)	(4 044)	(4 460)	(4 384)
Net Issuance of Debt	(831)	(883)	(599)	(424)	(871)	(603)	(750)	(1 839)	(314)	(312)	(307)	(228)	(564)	(550)	(722)	(111)	(381)	(459)	27	(37)	263	1 668	2 372	2 655	3 072	2 562	2 063	404	(103)	7	1 679	2 439	2 876	2 332	1 468	1 222	1 556	364	(639)	(1 600)	(1 728)	(3 419)	(4 364)	(4 051)	(5 144)	(4 078)	(3 618)	(2 680)	1 186	3 240	3 434	1 941	1 073	1 389	2 083	1 499	439	(221)	(802)	(217)	(719)	(255)	465	(168)
Cash Paid for Dividends	(113)	(166)	(200)	(200)	(87)	(684)	(650)	(650)	(1 300)	(715)	(715)	(715)	(778)	(713)	(713)	(713)	(820)	(820)	(820)	(820)	(1 088)	(1 088)	(1 088)	(1 088)	(1 507)	(1 507)	(1 507)	(1 507)	(1 007)	(2 010)	(3 008)	(3 995)	(3 974)	(2 971)	(2 930)	(1 943)	(1 853)	(1 853)	(1 756)	(1 756)	(1 686)	(1 686)	(826)	(825)	1	(497)	(992)	(1 479)	(2 993)	(2 495)	(2 000)	(1 514)	(1 412)	(1 412)	(1 412)	(1 412)	(1 471)	(1 471)	(1 471)	(1 471)	(1 567)	(1 567)	(1 567)	(1 567)
Other	1	0	(40)	18	(646)	(646)	(606)	(13)	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(254)	(256)	(312)	(311)	(57)	(96)	(41)	(42)	(43)	(2)	(1)	0	347	1	0	0	(9)	(1)	0	0	24	(1)	(1)	0	20	1	0	0
Cash from Financing Activities	(943) N/A	(1 049) -11%	(839) +20%	(644) +23%	(991) -54%	(1 320) -33%	(1 393) -6%	(2 502) -80%	(1 614) +35%	(1 027) +36%	(1 022) +0%	(943) +8%	(1 403) -49%	(1 534) -9%	(1 926) -26%	(1 524) +21%	(2 157) -42%	(2 683) -24%	(2 794) -4%	(3 259) -17%	(3 479) -7%	(2 398) +31%	(2 283) +5%	(2 333) -2%	(2 453) -5%	(3 447) -41%	(3 778) -10%	(5 103) -35%	(4 746) +7%	(4 619) +3%	(3 359) +27%	(3 277) +2%	(2 729) +17%	(2 915) -7%	(4 020) -38%	(4 010) +0%	(4 498) -12%	(5 158) -15%	(5 721) -11%	(6 250) -9%	(5 594) +10%	(4 989) +11%	(4 484) +10%	(3 571) +20%	(3 408) +5%	(4 829) -42%	(5 705) -18%	(7 484) -31%	(6 024) +20%	(4 285) +29%	(3 549) +17%	(3 100) +13%	(4 085) -32%	(4 493) -10%	(4 356) +3%	(4 935) -13%	(5 568) -13%	(5 681) -2%	(6 059) -7%	(5 701) +6%	(6 301) -11%	(5 864) +7%	(5 561) +5%	(6 119) -10%
Change in Cash
Effect of Foreign Exchange Rates	28	54	39	32	(5)	(36)	(16)	(5)	7	14	9	0	3	(11)	(11)	(16)	(17)	(4)	7	14	45	13	(2)	3	(44)	(7)	0	3	24	(13)	(24)	(37)	(54)	(34)	(37)	(29)	1	6	25	19	(29)	(30)	(58)	(62)	(18)	(12)	4	18	31	38	49	4	(31)	(55)	(64)	(61)	(58)	(46)	(56)	(11)	(23)	(56)	(51)	(65)
Net Change in Cash	(30) N/A	(502) -1 589%	(322) +36%	400 N/A	309 -23%	26 -92%	(10) N/A	(1 048) -10 380%	(353) +66%	95 N/A	(16) N/A	165 N/A	(11) N/A	(119) -982%	(68) +43%	345 N/A	351 +2%	277 -21%	247 -11%	445 +80%	73 -84%	154 +111%	93 -40%	(242) N/A	59 N/A	(71) N/A	(110) -55%	8 N/A	(57) N/A	31 N/A	204 +558%	96 -53%	77 -20%	244 +217%	216 -11%	394 +82%	96 -76%	74 -23%	8 -89%	(333) N/A	(282) +15%	(62) +78%	9 N/A	1 858 +20 544%	1 701 -8%	777 -54%	(52) N/A	(1 869) -3 494%	(1 521) +19%	(598) +61%	(563) +6%	(447) +21%	(428) +4%	(256) +40%	455 N/A	588 +29%	259 -56%	56 -78%	(155) N/A	1 120 N/A	(108) N/A	(169) -56%	(129) +24%	(1 109) -760%
Free Cash Flow
Free Cash Flow	966 N/A	651 -33%	568 -13%	1 054 +86%	1 453 +38%	1 451 0%	1 463 +1%	1 554 +6%	1 253 -19%	1 093 -13%	974 -11%	1 063 +9%	1 344 +26%	1 387 +3%	1 855 +34%	1 938 +4%	2 590 +34%	3 044 +18%	3 249 +7%	3 867 +19%	3 815 -1%	2 932 -23%	2 611 -11%	2 362 -10%	2 738 +16%	3 648 +33%	3 978 +9%	5 362 +35%	5 172 -4%	5 148 0%	5 204 +1%	5 289 +2%	4 544 -14%	5 129 +13%	5 530 +8%	5 517 0%	5 658 +3%	5 888 +4%	5 869 0%	5 963 +2%	5 321 -11%	4 926 -7%	4 529 -8%	5 471 +21%	5 108 -7%	5 605 +10%	5 688 +1%	5 643 -1%	4 794 -15%	3 978 -17%	3 477 -13%	3 243 -7%	4 036 +24%	4 726 +17%	5 203 +10%	5 896 +13%	6 271 +6%	6 129 -2%	6 157 +0%	7 042 +14%	6 491 -8%	6 159 -5%	5 892 -4%	5 450 -8%

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