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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