Cash Flow Statement

Operating Cash Flow

+90%

+32%

10Y

Currency: DKK

	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	259	152	183	168	185	172	189	207	211	224	199	208	229	230	225	236	197	155	130	102	49	(483)	(450)	(455)	(411)	53	69	107	177	278	308	335	349	351	372	378	368	373	380	400	430	480	452	562	662	624	703	680	674	711	718	754	764	784	796	810	811	831	863	942	1 015	1 040	1 051	1 079	1 106	1 140	1 133	1 104	1 202	1 198	1 230	1 287	1 286	1 298	1 276	1 630	1 537	1 491	1 434	1 051	1 034	1 095	1 097	1 168	1 477	1 464	1 491	1 562	1 447
Depreciation & Amortization	0	223	0	0	0	211	0	0	0	192	0	0	0	203	38	86	135	271	147	146	154	187	182	186	184	202	215	209	197	186	163	157	143	134	131	116	117	123	119	121	140	170	210	260	291	305	314	314	311	310	309	310	320	295	293	289	279	297	306	311	334	346	350	353	0	342	0	517	0	348	0	529	0	381	0	602	0	487	0	754	0	579	0	910	0	666	0	348	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	2	2	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	0	10	0	0	0	10	2	5	7	10	10	9	7	6	6	6	7	8	7	7	7	6	0	0	3	7	0	0	0	4	0	0	0	0	0	0	0	14	0	0	0	23	0	0	0
Other Non-Cash Items	524	89	258	246	280	115	321	306	301	85	279	294	319	91	240	182	110	(31)	268	278	286	103	75	87	125	221	246	266	244	137	142	122	92	116	108	117	124	115	113	88	97	85	98	145	176	211	218	216	226	213	217	218	201	237	238	238	246	240	250	272	288	295	298	324	595	338	424	322	356	322	321	320	324	345	367	(13)	35	19	60	458	558	548	623	643	606	527	1 187	1 198	1 429
Cash Taxes Paid	90	79	91	54	50	69	70	106	107	71	46	48	46	54	54	56	58	107	122	126	126	134	124	111	109	(13)	(16)	(10)	(9)	94	86	93	92	115	120	107	108	138	162	137	134	137	130	166	178	176	179	209	210	253	273	252	255	211	211	231	247	246	252	234	233	251	250	336	330	338	343	264	286	313	319	328	310	332	321	331	374	304	347	327	276	250	272	289	321	384	391	406	405
Cash Interest Paid	0	45	0	0	0	42	0	0	0	48	0	0	0	61	0	0	0	93	0	0	0	152	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	32	39	46	68	60	75	84	70	61	53	49	53	53	49	43	40	28	24	26	25	32	37	33	31	36	33	0	24	42	0	3	2	48	0	0	2	50	1	0	0	81	0	2	7	258	92	177	243	315	294	292	287
Change in Working Capital	(185)	(105)	(114)	(41)	(131)	(89)	(97)	(169)	(148)	(119)	(82)	(126)	(113)	(98)	(50)	(37)	(190)	(243)	(337)	(326)	(200)	297	358	442	538	38	13	11	17	(108)	(138)	(132)	(231)	(203)	(123)	(111)	(127)	(114)	(208)	(184)	(221)	(82)	(294)	(196)	(145)	(244)	(228)	(300)	(267)	(75)	(109)	(84)	(172)	(331)	(245)	(167)	(258)	(199)	(475)	(255)	(120)	(467)	(335)	(527)	(562)	(418)	(315)	(385)	(42)	(130)	(170)	(40)	(377)	(271)	(539)	(608)	(663)	(862)	(844)	(617)	(752)	(445)	(571)	(549)	(652)	(468)	(440)	(637)	(429)
Cash from Operating Activities	598 N/A	359 -40%	327 -9%	374 +15%	334 -11%	409 +23%	413 +1%	344 -17%	364 +6%	382 +5%	396 +3%	376 -5%	434 +15%	425 -2%	454 +7%	468 +3%	252 -46%	152 -40%	72 -52%	65 -10%	153 +135%	103 -33%	166 +61%	261 +57%	435 +67%	513 +18%	543 +6%	592 +9%	634 +7%	492 -22%	476 -3%	483 +1%	353 -27%	398 +13%	488 +23%	501 +3%	482 -4%	497 +3%	404 -19%	426 +5%	446 +5%	653 +47%	465 -29%	771 +66%	984 +28%	895 -9%	1 006 +12%	910 -10%	943 +4%	1 160 +23%	1 135 -2%	1 198 +6%	1 113 -7%	985 -12%	1 082 +10%	1 170 +8%	1 078 -8%	1 168 +8%	943 -19%	1 270 +35%	1 516 +19%	1 214 -20%	1 363 +12%	1 230 -10%	1 226 0%	1 402 +14%	1 498 +7%	1 389 -7%	1 858 +34%	1 738 -6%	1 728 -1%	1 921 +11%	1 581 -18%	1 753 +11%	1 485 -15%	1 430 -4%	1 290 -10%	1 135 -12%	1 137 +0%	1 425 +25%	1 327 -7%	1 777 +34%	1 728 -3%	1 905 +10%	2 010 +6%	2 189 +9%	2 238 +2%	2 140 -4%	2 447 +14%
Investing Cash Flow
Capital Expenditures	(192)	(113)	(146)	(176)	(184)	(204)	(170)	(159)	(161)	(169)	(215)	(239)	(255)	(258)	(350)	(346)	(345)	(223)	(247)	(280)	(376)	(519)	(556)	(493)	(377)	(199)	(102)	(78)	(65)	(59)	(71)	(74)	(73)	(74)	(85)	(98)	(107)	(159)	0	(155)	(163)	(150)	(204)	(199)	(197)	(206)	(192)	(194)	(196)	(199)	(207)	(188)	(189)	(210)	(204)	(261)	(264)	(254)	(253)	(254)	(302)	(343)	(397)	(305)	(299)	(268)	(225)	(264)	(252)	(281)	(310)	(369)	(369)	(426)	(428)	(495)	(584)	(475)	(528)	(517)	(510)	(602)	(625)	(697)	(719)	(819)	(922)	(886)	(957)
Other Items	(9)	(4)	(11)	(24)	(137)	(121)	(127)	(353)	(242)	(239)	(188)	63	(17)	(47)	44	(290)	(251)	(150)	(268)	72	114	(70)	47	88	95	87	273	222	218	218	20	46	74	77	88	61	168	351	337	354	(2 557)	(2 686)	(2 674)	(2 624)	220	137	147	175	104	77	236	139	150	247	89	97	85	36	(562)	(567)	(1 307)	(1 279)	(951)	(983)	(226)	(304)	(51)	(23)	(30)	23	34	21	(1 184)	(1 178)	(1 159)	(1 180)	(239)	(269)	(248)	(232)	(2 065)	(2 323)	(2 313)	(2 278)	8	168	(2)	(2)	(205)
Cash from Investing Activities	(201) N/A	(118) +41%	(157) -33%	(199) -27%	(321) -61%	(324) -1%	(297) +9%	(512) -72%	(403) +21%	(408) -1%	(404) +1%	(176) +56%	(272) -55%	(304) -12%	(305) 0%	(636) -108%	(595) +6%	(372) +37%	(515) -38%	(209) +59%	(262) -26%	(589) -125%	(510) +13%	(405) +21%	(282) +30%	(112) +60%	171 N/A	144 -16%	152 +6%	160 +5%	(52) N/A	(28) +46%	1 N/A	3 +133%	4 +32%	(37) N/A	60 N/A	192 +218%	210 +9%	199 -5%	(2 720) N/A	(2 837) -4%	(2 878) -1%	(2 824) +2%	23 N/A	(69) N/A	(44) +36%	(19) +58%	(92) -390%	(123) -34%	29 N/A	(50) N/A	(39) +21%	38 N/A	(116) N/A	(164) -42%	(179) -9%	(218) -22%	(815) -274%	(821) -1%	(1 608) -96%	(1 622) -1%	(1 348) +17%	(1 288) +5%	(525) +59%	(572) -9%	(277) +52%	(287) -4%	(282) +2%	(258) +9%	(276) -7%	(348) -26%	(1 553) -346%	(1 604) -3%	(1 587) +1%	(1 675) -6%	(823) +51%	(744) +10%	(776) -4%	(749) +3%	(2 575) -244%	(2 925) -14%	(2 938) 0%	(2 975) -1%	(711) +76%	(651) +8%	(924) -42%	(888) +4%	(1 162) -31%
Financing Cash Flow
Net Issuance of Common Stock	6	(22)	(53)	(63)	(57)	(48)	(20)	(21)	(50)	(105)	(116)	(141)	(179)	(180)	(200)	(176)	(149)	(156)	(168)	(160)	(120)	(45)	2	0	0	398	398	398	398	0	0	(37)	(92)	(123)	(170)	(171)	(172)	(200)	(204)	(199)	426	476	0	0	0	0	(31)	(100)	(192)	(293)	(349)	(399)	(419)	(444)	(453)	(474)	(481)	(508)	(577)	(592)	(587)	(484)	(391)	(421)	(420)	(433)	(404)	(220)	(131)	(362)	(459)	(649)	(703)	(582)	(540)	(550)	(472)	(300)	0	0	249	249	249	0	0	0	(43)	(191)	(372)
Net Issuance of Debt	(334)	(133)	(62)	(59)	134	(37)	(33)	253	254	406	295	164	182	201	92	301	405	225	555	308	163	518	341	140	(91)	(796)	(1 073)	(1 163)	(1 209)	(705)	(445)	(288)	(180)	(158)	(186)	(130)	(44)	(55)	(69)	(68)	2 114	1 920	2 019	1 656	(768)	(579)	(975)	(608)	(537)	(530)	(441)	(477)	(425)	(518)	(136)	(101)	(24)	661	916	671	1 257	799	889	1 008	228	65	(337)	(748)	(839)	(503)	(413)	164	1 415	1 093	1 336	1 619	682	740	582	2	1 632	1 469	1 702	741	(1 296)	(765)	(606)	439	540
Cash Paid for Dividends	(76)	(48)	(48)	(48)	(48)	(48)	0	(57)	(57)	(57)	0	(61)	(61)	(61)	0	(58)	(58)	(58)	0	(55)	(55)	(55)	0	0	0	0	0	0	(2)	(2)	(2)	(140)	(139)	(139)	0	(181)	(179)	(179)	0	(242)	(242)	(242)	0	0	0	0	0	(374)	(374)	(374)	0	(386)	(386)	(386)	(386)	(427)	(427)	(427)	(427)	(451)	(451)	(451)	(451)	(538)	(538)	(538)	0	0	(600)	(600)	0	(1 257)	(658)	(653)	(653)	(688)	(703)	(692)	0	(720)	(704)	(720)	(720)	0	0	(726)	(726)	(1 475)	(1 475)
Other	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	0	0	0	0	0	0	0	0	0	0	0	2	2	2	2	0	0	0	0	0	0	0	(4)	(3)	(4)	12	0	0	0	(16)	0	0	0	0	0	0	0	0
Cash from Financing Activities	(404) N/A	(203) +50%	(163) +20%	(169) -4%	29 N/A	(132) N/A	(101) +23%	175 N/A	147 -16%	244 +66%	122 -50%	(39) N/A	(58) -50%	(39) +32%	(169) -330%	67 N/A	198 +194%	12 -94%	329 +2 710%	94 -72%	(12) N/A	418 N/A	288 -31%	140 -51%	(91) N/A	(399) -336%	(676) -70%	(766) -13%	(813) -6%	(708) +13%	(448) +37%	(464) -4%	(410) +12%	(419) -2%	(495) -18%	(481) +3%	(395) +18%	(435) -10%	(452) -4%	(509) -13%	2 298 N/A	2 154 -6%	2 305 +7%	2 216 -4%	(777) N/A	(579) +26%	(1 006) -74%	(1 082) -8%	(1 102) -2%	(1 197) -9%	(1 164) +3%	(1 262) -8%	(1 230) +3%	(1 347) -10%	(975) +28%	(1 002) -3%	(931) +7%	(273) +71%	(87) +68%	(371) -325%	219 N/A	(136) N/A	49 N/A	51 +4%	(728) N/A	(904) -24%	(1 279) -41%	(968) +24%	(1 570) -62%	(1 465) +7%	(1 473) -1%	(1 742) -18%	54 N/A	(146) N/A	140 N/A	377 +169%	(481) N/A	(252) +48%	(311) -23%	(718) -131%	1 161 N/A	998 -14%	1 231 +23%	990 -20%	(1 296) N/A	(1 491) -15%	(1 375) +8%	(1 227) +11%	(1 307) -7%
Change in Cash
Effect of Foreign Exchange Rates	(1)	(1)	(1)	(0)	(0)	(1)	(1)	(0)	0	1	(0)	(1)	(1)	(0)	(0)	1	(0)	(1)	(2)	(2)	(1)	0	2	0	(1)	(1)	(1)	1	1	1	0	(0)	0	0	0	0	0	0	0	0	(0)	(0)	0	0	0	0	2	2	1	2	(1)	(0)	(0)	(1)	(1)	(1)	(0)	0	1	2	2	4	3	2	0	1	(0)	(1)	(4)	(6)	(5)	(4)	0	2	2	4	(9)	(11)	(18)	(20)	(2)	(7)	(9)	(2)	(17)	(1)	16	7	9
Net Change in Cash	(8) N/A	37 N/A	7 -82%	6 -12%	42 +610%	(49) N/A	15 N/A	7 -51%	108 +1 375%	219 +104%	114 -48%	161 +42%	104 -36%	81 -22%	(21) N/A	(101) -376%	(146) -45%	(211) -44%	(116) +45%	(52) +55%	(122) -133%	(68) +45%	(54) +20%	(4) +93%	61 N/A	2 -97%	37 +1 755%	(28) N/A	(26) +7%	(55) -110%	(24) +57%	(10) +58%	(56) -476%	(19) +67%	(3) +82%	(17) -415%	148 N/A	255 +72%	163 -36%	116 -29%	24 -79%	(30) N/A	(109) -266%	163 N/A	229 +41%	247 +8%	(42) N/A	(189) -348%	(249) -32%	(158) +37%	(2) +99%	(115) -7 063%	(156) -36%	(326) -109%	(10) +97%	3 N/A	(33) N/A	678 N/A	42 -94%	80 +88%	129 +62%	(539) N/A	67 N/A	(5) N/A	(26) -402%	(73) -176%	(58) +20%	133 N/A	2 -98%	9 +350%	(25) N/A	(173) -593%	82 N/A	5 -94%	40 +700%	136 +240%	(23) N/A	128 N/A	32 -75%	(62) N/A	(89) -44%	(157) -76%	12 N/A	(82) N/A	(14) +83%	46 N/A	(45) N/A	32 N/A	(13) N/A
Free Cash Flow
Free Cash Flow	405 N/A	245 -40%	181 -26%	199 +10%	150 -25%	205 +37%	243 +19%	185 -24%	203 +9%	214 +6%	181 -16%	138 -24%	180 +30%	168 -7%	104 -38%	121 +17%	(93) N/A	(71) +24%	(175) -146%	(215) -23%	(222) -3%	(416) -87%	(390) +6%	(232) +41%	59 N/A	314 +436%	441 +41%	515 +17%	569 +11%	434 -24%	404 -7%	409 +1%	280 -32%	324 +16%	403 +25%	402 0%	375 -7%	339 -10%	404 +19%	271 -33%	283 +4%	502 +78%	261 -48%	572 +119%	786 +38%	689 -12%	815 +18%	716 -12%	747 +4%	960 +29%	928 -3%	1 009 +9%	924 -8%	775 -16%	877 +13%	909 +4%	813 -10%	914 +12%	690 -25%	1 016 +47%	1 215 +20%	872 -28%	966 +11%	925 -4%	928 +0%	1 134 +22%	1 272 +12%	1 125 -12%	1 606 +43%	1 457 -9%	1 418 -3%	1 552 +9%	1 212 -22%	1 327 +9%	1 057 -20%	935 -12%	706 -24%	660 -7%	609 -8%	908 +49%	817 -10%	1 175 +44%	1 103 -6%	1 208 +10%	1 291 +7%	1 370 +6%	1 316 -4%	1 254 -5%	1 490 +19%

Income Statement Balance Sheet Cash Flow Statement

Royal Unibrew A/S
OTC:ROYUF

Cash Flow Statement

Cash Flow Statement
Royal Unibrew A/S

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Royal Unibrew A/S OTC:ROYUF

Cash Flow Statement

Cash Flow Statement Royal Unibrew A/S

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Royal Unibrew A/S
OTC:ROYUF

Cash Flow Statement
Royal Unibrew A/S