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v3.25.4

CASH FLOWS | 12 Months Ended
--- | ---
Dec. 31, 2025
CASH FLOWS |
Cash flows | NOTE 28 – CASH FLOWS
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

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