Cash Flow Statement

Operating Cash Flow

-27%

+111%

10Y

Currency: DKK

	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	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
Operating Cash Flow
Net Income	1 237	843	728	891	895	886	1 284	1 332	1 444	1 517	984	1 071	825	1 216	1 014	1 023	1 268	960	1 586	2 003	2 131	2 215	1 610	990	617	311	460	660	1 032	1 343	1 660	1 773	1 860	1 960	1 995	1 791	1 861	1 908	2 019	3 493	3 685	3 907	3 052	3 086	3 114	3 140	3 145	3 238	3 345	3 467	3 575	3 626	3 796	4 024	4 250	4 741	5 066	5 363	5 664	5 691	5 888	6 084	6 212	7 137	7 947	8 975	10 292	10 633	11 858	12 844	13 559	14 971	15 850	17 653	20 417	24 077	28 233	30 491	30 275	28 540	25 861	23 811	22 997	22 088	21 575	21 701	21 831	22 172	23 598	25 624
Depreciation & Amortization	381	238	210	197	180	171	208	226	230	234	209	193	254	278	330	387	370	397	244	234	235	192	402	441	479	545	536	519	520	524	523	547	544	543	555	556	554	565	534	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14	19	25	32	25	25	24	25	25	27	30	30	30	30	31	32	34	34	37	39	40	0	0	0	0	0	0	0	37	0	0	0	37	0	0	0	48	0	0	0	68	0	0	0	93	0	0	0	117	30	65	100	134	138	145	152	160	167	178	190	202	214	179	125	267	163	235	317	327	335	335	347
Other Non-Cash Items	(95)	(36)	96	(29)	17	12	(458)	(625)	(635)	(662)	77	(193)	104	(312)	(106)	78	(168)	269	(228)	(667)	(733)	(762)	(446)	(19)	(18)	32	114	(78)	(144)	(220)	(283)	(310)	(234)	(177)	(48)	243	271	79	111	(614)	(783)	(697)	(264)	(102)	(221)	(201)	(163)	(326)	(73)	51	(259)	(158)	(511)	(838)	(764)	(912)	(692)	(520)	(699)	(603)	(467)	(264)	(236)	(185)	(225)	(400)	(356)	(926)	(1 279)	(1 662)	(1 717)	(1 340)	(1 012)	(645)	(563)	(471)	(716)	(869)	58	84	362	412	(700)	(549)	(509)	(739)	(921)	(1 275)	(2 545)	(2 935)
Cash Taxes Paid	215	166	106	99	144	119	182	217	205	252	253	261	252	299	307	341	374	370	359	387	401	390	491	478	450	419	275	78	83	101	181	393	456	481	425	668	736	748	782	538	431	454	536	493	526	496	527	556	622	649	601	652	743	795	764	760	782	878	969	946	953	907	851	925	1 043	919	1 084	965	772	994	1 067	1 204	1 650	1 818	2 263	2 853	3 441	4 013	5 178	5 776	6 122	6 186	5 589	4 957	4 222	3 977	3 622	3 318	4 885	4 454
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	115	0	0	0	225	0	362	451	293	406	351	330	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	52	0	0	0	(32)	37	0	0	306	398	528	602	363	370	382	399	409	438	414	416	386	373	266	275	411	495	670	645	939	1 032	1 024	1 204	933	870	930	955	938	1 072	1 164	1 225	1 472	1 502	1 617	1 602	1 549	1 645	1 706	1 831	2 075	2 435	2 984	3 462
Change in Working Capital	(958)	(619)	(303)	(112)	(40)	(279)	(435)	(353)	(334)	(384)	(431)	(149)	(307)	(358)	(146)	(450)	(381)	(471)	(195)	(581)	(256)	(288)	(671)	474	395	724	592	183	(383)	(612)	(237)	(138)	(174)	(4)	(639)	(874)	(797)	(894)	(1 013)	(1 212)	(989)	(917)	(1 013)	(926)	(936)	(1 263)	(1 063)	(1 203)	(1 177)	(1 140)	(156)	(490)	(555)	(901)	(2 213)	(2 159)	(1 949)	(1 513)	(301)	(487)	(862)	(1 290)	(1 675)	(1 785)	(1 429)	(1 831)	(3 057)	(2 848)	(3 018)	(2 383)	(1 566)	(2 098)	(4 444)	(7 600)	(7 652)	(8 706)	(7 471)	(4 198)	(3 487)	(958)	(963)	(2 371)	(5 839)	(9 446)	(11 139)	(10 196)	(9 259)	(6 274)	(4 315)	(4 109)
Cash from Operating Activities	565 N/A	426 -25%	731 +72%	947 +30%	1 052 +11%	790 -25%	599 -24%	580 -3%	705 +22%	705 N/A	839 +19%	922 +10%	876 -5%	824 -6%	1 092 +33%	1 038 -5%	1 089 +5%	1 155 +6%	1 407 +22%	989 -30%	1 377 +39%	1 357 -1%	895 -34%	1 886 +111%	1 473 -22%	1 612 +9%	1 702 +6%	1 284 -25%	1 025 -20%	1 035 +1%	1 663 +61%	1 872 +13%	1 996 +7%	2 322 +16%	1 863 -20%	1 716 -8%	1 889 +10%	1 658 -12%	1 651 0%	1 533 -7%	1 646 +7%	1 883 +14%	1 775 -6%	2 058 +16%	1 957 -5%	1 676 -14%	1 919 +14%	1 709 -11%	2 095 +23%	2 378 +14%	3 160 +33%	2 978 -6%	2 730 -8%	2 285 -16%	1 273 -44%	1 670 +31%	2 425 +45%	3 330 +37%	4 664 +40%	4 601 -1%	4 559 -1%	4 530 -1%	4 301 -5%	5 167 +20%	6 293 +22%	6 744 +7%	6 879 +2%	6 859 0%	7 561 +10%	8 799 +16%	10 276 +17%	11 533 +12%	10 394 -10%	9 408 -9%	12 202 +30%	14 900 +22%	20 046 +35%	25 424 +27%	26 846 +6%	27 666 +3%	25 260 -9%	21 852 -13%	16 458 -25%	12 093 -27%	9 927 -18%	10 766 +8%	11 651 +8%	14 623 +26%	16 738 +14%	18 580 +11%
Investing Cash Flow
Capital Expenditures	0	0	(533)	0	0	0	(418)	0	0	0	(413)	0	0	0	(475)	(113)	(243)	(497)	(843)	(963)	(1 129)	(1 072)	(1 063)	(1 016)	(870)	(792)	(607)	(523)	(487)	(451)	(447)	(421)	(456)	(577)	(644)	(701)	(697)	(657)	(578)	(533)	(522)	(591)	(403)	(394)	(355)	(231)	(603)	(705)	(822)	(1 028)	(581)	(535)	(435)	(306)	(795)	(895)	(1 007)	(1 028)	(1 013)	(1 039)	(1 107)	(1 145)	(1 210)	(1 215)	(1 194)	(1 328)	(1 292)	(1 317)	(1 409)	(1 370)	(1 341)	(1 378)	(1 259)	(1 311)	(1 483)	(1 390)	(1 424)	(1 534)	(1 794)	(2 057)	(2 481)	(2 641)	(2 375)	(2 518)	(2 356)	(2 400)	(2 429)	(2 270)	(2 143)	(2 582)
Other Items	131	220	508	1 146	1 019	767	1 073	(523)	(1 033)	(973)	(591)	(808)	(1 644)	(1 504)	(1 101)	(1 357)	(21)	105	464	1 316	1 692	1 612	(2 056)	(2 965)	(3 235)	(3 248)	121	340	284	293	296	111	667	652	610	592	86	391	329	340	344	(3)	55	17	(9)	35	142	111	617	831	150	(4 332)	(4 847)	(5 069)	(4 158)	747	793	805	688	498	756	801	766	646	482	2 498	2 663	2 664	2 659	702	785	666	409	2 172	1 903	2 216	2 214	671	828	645	362	506	345	527	1 334	465	54	(240)	(76 033)	(75 533)
Cash from Investing Activities	131 N/A	220 +68%	(25) N/A	1 146 N/A	1 019 -11%	767 -25%	655 -15%	(941) N/A	(1 451) -54%	(1 391) +4%	(1 004) +28%	(808) +20%	(1 644) -103%	(1 504) +9%	(1 576) -5%	(1 470) +7%	(264) +82%	(392) -48%	(379) +3%	353 N/A	563 +59%	540 -4%	(3 119) N/A	(3 981) -28%	(4 105) -3%	(4 040) +2%	(486) +88%	(183) +62%	(203) -11%	(158) +22%	(151) +4%	(310) -105%	211 N/A	75 -64%	(34) N/A	(109) -221%	(611) -461%	(266) +56%	(249) +6%	(193) +22%	(178) +8%	(594) -234%	(348) +41%	(377) -8%	(364) +3%	(196) +46%	(461) -135%	(594) -29%	(205) +65%	(197) +4%	(431) -119%	(4 867) -1 029%	(5 282) -9%	(5 375) -2%	(4 953) +8%	(148) +97%	(214) -45%	(223) -4%	(325) -46%	(541) -66%	(351) +35%	(344) +2%	(444) -29%	(569) -28%	(712) -25%	1 170 N/A	1 371 +17%	1 347 -2%	1 250 -7%	(668) N/A	(556) +17%	(712) -28%	(850) -19%	861 N/A	420 -51%	826 +97%	790 -4%	(863) N/A	(966) -12%	(1 412) -46%	(2 119) -50%	(2 135) -1%	(2 030) +5%	(1 991) +2%	(1 022) +49%	(1 935) -89%	(2 375) -23%	(2 510) -6%	(78 176) -3 015%	(78 115) +0%
Financing Cash Flow
Net Issuance of Common Stock	(68)	(28)	(14)	14	18	(6)	(213)	(16)	(31)	(684)	(427)	0	0	(154)	(161)	0	(521)	(776)	(1 222)	0	(1 040)	(581)	(581)	0	357	371	377	393	(57)	(52)	(297)	(894)	(1 373)	(2 272)	(2 394)	(1 908)	(1 671)	(1 106)	(1 083)	(959)	(946)	(798)	(538)	(711)	(583)	(839)	(1 005)	(1 052)	(1 153)	(1 245)	3 779	4 007	4 456	4 995	220	268	281	(449)	(1 256)	(1 966)	(2 646)	(3 016)	(3 789)	(3 117)	(3 129)	(3 350)	(4 265)	(7 221)	(6 273)	(4 763)	(4 213)	(5 847)	(9 682)	(13 921)	(17 057)	(15 862)	(17 105)	(17 773)	(19 695)	(18 479)	(17 584)	(16 695)	(12 203)	(11 193)	(8 303)	(4 966)	34 760	36 215	37 855	38 416
Net Issuance of Debt	(618)	(507)	(695)	(2 030)	(2 251)	(1 807)	(1 034)	340	1 013	1 296	1 025	1 045	1 887	1 594	741	734	(459)	(49)	253	10	(486)	(1 030)	2 738	2 309	952	892	(2 800)	(2 445)	(448)	(616)	(1 042)	(514)	(891)	(96)	683	509	743	52	137	81	(25)	(93)	(576)	(800)	(947)	(295)	(331)	335	(470)	(663)	(1 680)	42	181	(269)	534	(2 213)	(2 486)	(2 885)	(3 029)	(1 661)	(1 589)	(530)	105	(1 557)	(1 835)	(2 246)	(2 784)	787	(1 290)	(3 132)	(2 193)	(1 838)	1 335	9 680	9 185	7 903	5 974	(1 050)	(3 060)	(5 406)	(4 931)	(5 304)	(4 020)	(2 132)	427	(1 884)	34 709	32 587	33 385	36 949
Cash Paid for Dividends	(36)	(23)	(24)	(24)	(42)	(42)	(42)	(44)	(157)	(157)	(158)	0	0	0	(50)	(50)	(100)	(100)	(50)	(50)	(50)	(50)	(50)	0	0	0	0	0	(52)	(52)	(52)	(157)	(105)	(105)	(105)	(190)	(190)	(190)	(190)	(235)	(235)	(235)	(235)	(270)	(270)	(270)	(270)	(283)	(283)	(283)	(283)	(327)	(327)	(327)	(327)	(342)	(345)	(345)	(342)	(380)	(377)	(377)	(380)	(423)	(423)	(423)	(423)	(588)	(588)	(588)	(588)	(920)	(920)	(920)	(920)	(1 320)	(1 320)	(1 320)	(1 320)	(1 424)	(1 424)	(1 424)	(1 424)	(1 533)	(1 533)	(1 533)	(1 533)	(1 683)	(1 683)	(1 683)
Other	(2)	136	(4)	0	(8)	47	(1)	10	5	345	(68)	(93)	(278)	0	(1)	(340)	(4)	(5)	(3)	(1 391)	(1 223)	(1 222)	2	309	1 057	1 054	1 050	1 047	(11)	(4)	(7)	(1)	1	(3)	(1)	3	14	40	34	(9)	17	(35)	(38)	43	35	43	37	41	(11)	43	39	0	(26)	(64)	(31)	(49)	(27)	(43)	(88)	(100)	(81)	(19)	64	132	(64)	(348)	(12)	(78)	102	392	(5)	98	340	236	112	1	(368)	(241)	(170)	(150)	53	26	73	149	105	74	7	(8)	(61)	(818)
Cash from Financing Activities	(724) N/A	(422) +42%	(737) -75%	(2 040) -177%	(2 283) -12%	(1 808) +21%	(1 290) +29%	290 N/A	830 +186%	800 -4%	372 -54%	156 -58%	979 +528%	975 0%	529 -46%	393 -26%	(874) N/A	(930) -6%	(1 022) -10%	(1 431) -40%	(1 980) -38%	(2 064) -4%	2 109 N/A	1 987 -6%	2 366 +19%	2 317 -2%	(1 373) N/A	(1 005) +27%	(568) +43%	(724) -27%	(1 398) -93%	(1 566) -12%	(2 368) -51%	(2 476) -5%	(1 817) +27%	(1 586) +13%	(1 104) +30%	(1 204) -9%	(1 102) +8%	(1 122) -2%	(1 189) -6%	(1 161) +2%	(1 387) -19%	(1 738) -25%	(1 765) -2%	(1 361) +23%	(1 569) -15%	(959) +39%	(1 917) -100%	(2 148) -12%	1 855 N/A	3 722 +101%	4 284 +15%	4 335 +1%	396 -91%	(2 336) N/A	(2 577) -10%	(3 722) -44%	(4 715) -27%	(4 107) +13%	(4 693) -14%	(3 942) +16%	(4 000) -1%	(4 965) -24%	(5 451) -10%	(6 367) -17%	(7 484) -18%	(7 100) +5%	(8 049) -13%	(8 091) -1%	(6 999) +13%	(8 507) -22%	(8 927) -5%	(4 925) +45%	(8 680) -76%	(9 278) -7%	(12 819) -38%	(20 384) -59%	(24 245) -19%	(25 459) -5%	(23 886) +6%	(23 397) +2%	(17 574) +25%	(14 709) +16%	(9 304) +37%	(8 309) +11%	67 943 N/A	67 111 -1%	69 496 +4%	72 864 +5%
Change in Cash
Effect of Foreign Exchange Rates	(29)	(2)	23	(7)	(10)	(8)	(13)	6	9	12	6	(13)	(27)	(20)	(23)	(12)	(15)	(48)	(30)	(26)	(4)	67	248	253	282	213	8	(92)	(196)	(103)	(118)	(6)	110	35	(8)	(38)	(129)	(164)	(115)	(116)	(31)	70	115	127	45	(128)	(164)	(293)	(228)	(83)	(108)	18	36	55	90	165	116	77	10	(58)	(106)	(125)	(47)	(9)	29	(15)	119	(309)	(195)	(112)	(704)	(127)	(534)	(121)	297	435	1 297	577	226	(162)	(750)	(610)	(562)	(561)	(519)	(577)	(95)	(100)	(571)	(457)
Net Change in Cash	(57) N/A	222 N/A	(8) N/A	46 N/A	(222) N/A	(259) -17%	(49) +81%	(65) -33%	93 N/A	126 +35%	213 +69%	257 +21%	184 -28%	275 +49%	22 -92%	(51) N/A	(64) -25%	(215) -236%	(24) +89%	(115) -379%	(44) +62%	(100) -127%	133 N/A	145 +9%	16 -89%	102 +538%	(149) N/A	4 N/A	58 +1 350%	50 -14%	(4) N/A	(10) -150%	(51) -410%	(44) +14%	4 N/A	(17) N/A	45 N/A	24 -47%	185 +671%	102 -45%	248 +143%	198 -20%	155 -22%	70 -55%	(127) N/A	(9) +93%	(275) -2 956%	(137) +50%	(255) -86%	(50) +80%	4 476 N/A	1 851 -59%	1 768 -4%	1 300 -26%	(3 194) N/A	(649) +80%	(250) +61%	(538) -115%	(366) +32%	(105) +71%	(591) -463%	119 N/A	(190) N/A	(376) -98%	159 N/A	1 532 +864%	885 -42%	797 -10%	567 -29%	(72) N/A	2 017 N/A	2 187 +8%	83 -96%	5 223 +6 193%	4 239 -19%	6 883 +62%	9 314 +35%	4 754 -49%	1 861 -61%	633 -66%	(1 495) N/A	(4 290) -187%	(3 708) +14%	(5 168) -39%	(918) +82%	(55) +94%	77 124 N/A	79 124 +3%	7 487 -91%	12 872 +72%
Free Cash Flow
Free Cash Flow	565 N/A	426 -25%	198 -54%	947 +378%	1 052 +11%	790 -25%	181 -77%	580 +220%	705 +22%	705 N/A	426 -40%	922 +116%	876 -5%	824 -6%	617 -25%	925 +50%	846 -9%	658 -22%	564 -14%	26 -95%	248 +854%	285 +15%	(168) N/A	870 N/A	603 -31%	820 +36%	1 095 +34%	761 -31%	538 -29%	584 +9%	1 216 +108%	1 451 +19%	1 540 +6%	1 745 +13%	1 219 -30%	1 015 -17%	1 192 +17%	1 001 -16%	1 073 +7%	1 000 -7%	1 124 +12%	1 292 +15%	1 372 +6%	1 664 +21%	1 602 -4%	1 445 -10%	1 316 -9%	1 004 -24%	1 273 +27%	1 350 +6%	2 579 +91%	2 443 -5%	2 295 -6%	1 979 -14%	478 -76%	775 +62%	1 418 +83%	2 302 +62%	3 651 +59%	3 562 -2%	3 452 -3%	3 385 -2%	3 091 -9%	3 952 +28%	5 099 +29%	5 416 +6%	5 587 +3%	5 542 -1%	6 152 +11%	7 429 +21%	8 935 +20%	10 155 +14%	9 135 -10%	8 097 -11%	10 719 +32%	13 510 +26%	18 622 +38%	23 890 +28%	25 052 +5%	25 609 +2%	22 779 -11%	19 211 -16%	14 083 -27%	9 575 -32%	7 571 -21%	8 366 +11%	9 222 +10%	12 353 +34%	14 595 +18%	15 998 +10%

Income Statement Balance Sheet Cash Flow Statement

DSV A/S
F:DS81

Cash Flow Statement

Cash Flow Statement
DSV A/S

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DSV A/S F:DS81

Cash Flow Statement

Cash Flow Statement DSV A/S

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DSV A/S
F:DS81

Cash Flow Statement
DSV A/S