Liquidity & Financing
Funding the heavy CAPEX cycle.
Cash dynamics, debt trajectory and capital intensity during a period dominated by new asset construction — including the €1.6Bn Jutland Offshore build-out.
Cash · EoY
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Net Debt · EoY
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Operating CF · FY
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CapEx · FY
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Free Cash Flow · FY
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DSCR proxy · FY
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CFADS ÷ debt service
Cash bridge
Movement from opening to closing cash · operating, investing, financing.
Cash bridge · FY 2025
Sources and uses across the year
Inflow
Outflow
Position
Debt evolution
Monthly outstanding · 36 months
Project finance
Current portion
Cash flow components
Monthly Operating / Investing / Financing
Operating
Investing
Financing
Capital intensity
CapEx vs Revenue · monthly · 36 months
CapEx
Revenue
Liquidity commentary
Debt and cash by entity
End-of-year snapshot per legal entity.
| Entity | Cash | LT Debt | Net Debt | EBITDA FY | ND / EBITDA | CapEx FY |
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