CASH FLOWS (Tables)

12 Months Ended

Dec. 31, 2025

CASH FLOWS

Schedule of cash flow statement


USDm		2025		2024		2023
Reversal of other non-cash movements:
Exchange rate adjustments		0.5		(0.6)		0.1
Share-based payments		34.1		30.2		22.5
Fair value adjustments on derivative financial instruments		6.8		(6.6)		(1.5)
Reversal of provisions adjustments		—		—		(6.5)
Other adjustments		—		(0.1)		(0.1)
Total		41.4		22.9		14.5


USDm		2025		2024		2023
Change in inventories, receivables, and payables:
Change in inventories		(1.3)		(10.2)		1.2
Change in receivables		(33.2)		41.7		45.2
Change in prepayments		(3.8)		8.4		(1.8)
Change in trade payables and other liabilities		4.8		7.9		3.2
Total		(33.5)		47.8		47.8