| Notes to the Consolidated Statements of Cash Flows |
Note
14. Cash flow
Operating
activities
Schedule of operating activities
| (SEK
in thousand) | |
2026 | | |
2025 | |
| | |
For
the six months ended June 30, | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| Adjustment
for non-cash items | |
| | | |
| | |
| Depreciation | |
| 68,822 | | |
| 55,890 | |
| Depreciation of right-of-use
assets | |
| 53,594 | | |
| 45,774 | |
| Amortization | |
| 1,020 | | |
| 312 | |
| Impairments | |
| 9 | | |
| (23 | ) |
| Capital loss from the sale
of property, plant and equipment | |
| 1,329 | | |
| - | |
| Capital gains from the sale
of non-current assets (see Note 17) | |
| (32,543 | ) | |
| - | |
| Listing costs (see Note 21) | |
| 636,267 | | |
| - | |
| Share-based payment expense | |
| 249,332 | | |
| 152 | |
| Provisions | |
| (6,403 | ) | |
| - | |
| Unrealized exchange differences | |
| 7,891 | | |
| (30 | ) |
| Finance income | |
| (247 | ) | |
| (127 | ) |
| Finance costs | |
| 91,283 | | |
| 544,901 | |
| Fair value gains on financial
liabilities measured at fair value | |
| (582,379 | ) | |
| (1,329 | ) |
| Share of results of joint
venture | |
| (270 | ) | |
| (192 | ) |
| Total
non-cash adjustments | |
| 487,705 | | |
| 645,328 | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| | |
For
the six months ended June 30, | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| Net changes
in working capital: | |
| | | |
| | |
| (Increase)/decrease
in trade receivables | |
| (2,171 | ) | |
| 4,802 | |
| (Increase)/decrease in prepaid
expenses | |
| (7,174 | ) | |
| (1,070 | ) |
| (Increase)/decrease in accrued
income | |
| (33,451 | ) | |
| 8,787 | |
| (Increase)/decrease in other
receivables | |
| 10,907 | | |
| 15,594 | |
| Increase/(decrease) in trade
and other payables | |
| 163,467 | | |
| (53,129 | ) |
| Increase/(decrease) in accrued
expense | |
| 16,855 | | |
| 10,069 | |
| Increase/(decrease) in deferred
income | |
| (15,484 | ) | |
| (10,499 | ) |
| Increase/(decrease)
in other liabilities | |
| 10,197 | | |
| 55,005 | |
| Total
net changes in working capital | |
| 143,146 | | |
| 29,559 | |
|
Note
24. Notes to the Consolidated Statements of Cash Flows
Operating
activities
Schedule of operating activities
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Adjustments for non-cash items | |
| | | |
| | |
| Depreciation | |
| 130,802 | | |
| 129,022 | |
| Depreciation of right-of-use assets | |
| 96,694 | | |
| 96,940 | |
| Amortization | |
| 312 | | |
| 1,056 | |
| Loss from disposal of property, plant, and equipment | |
| 5,321 | | |
| - | |
| Capital gains from the sale of non-current assets | |
| - | | |
| (8,985 | ) |
| Share-based payment expense | |
| 15,629 | | |
| 10,171 | |
| Unrealized exchange differences | |
| 77,903 | | |
| (1,926 | ) |
| Finance income | |
| (5,080 | ) | |
| (65,615 | ) |
| Finance costs | |
| 588,646 | | |
| 224,345 | |
| Provision | |
| 12,332 | | |
| - | |
| Fair value loss/(gain) on financial assets or liabilities measured at fair value through profit or loss | |
| 129,262 | | |
| (51,832 | ) |
| Share of results of joint venture | |
| (1,430 | ) | |
| (282 | ) |
| Total non-cash adjustments | |
| 1,050,391 | | |
| 332,894 | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Net changes in working capital | |
| | | |
| | |
| (Increase)/decrease in trade receivables | |
| 10,571 | | |
| 23,153 | |
| (Increase)/decrease in prepaid expenses | |
| 3,899 | | |
| (5,152 | ) |
| (Increase)/decrease in accrued income | |
| (1,789 | ) | |
| (7,964 | ) |
| (Increase)/decrease in other receivables | |
| (22,174 | ) | |
| 173,091 | |
| Increase/(decrease) in trade and other payables | |
| (52,186 | ) | |
| 96,414 | |
| Increase/(decrease) in accrued expense | |
| 69,950 | | |
| (15,219 | ) |
| Increase/(decrease) in deferred income | |
| 3,193 | | |
| 9,395 | |
| Increase/(decrease) in other liabilities | |
| 30,577 | | |
| 11,831 | |
| Net changes in working capital | |
| 42,041 | | |
| 285,549 | |
Changes
in liabilities arising from financing activities
The
table below details changes in the group’s liabilities arising from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s
Consolidated Statements of Cash Flows as cash flows from financing activities.
Schedule of cash flows from financing activities
| (SEK in thousands) | |
January 1, 2025 | | |
Financing
cash flow (i) | | |
Fair value adjustments | | |
New
lease agreements(iii) | | |
Other
changes(ii) | | |
December 31, 2025 | |
| | |
| | |
Non-cash changes | | |
| | |
| |
| (SEK in thousands) | |
January 1, 2025 | | |
Financing cash flow | | |
Fair value adjustments | | |
New lease agreements | | |
Other changes | | |
December 31, 2025 | |
| Note | |
| | |
(i) | | |
25 | | |
(iii) | | |
(ii)
| | |
| |
| Loans and borrowings (current and non-current) | |
| - | | |
| 16,743 | | |
| - | | |
| - | | |
| (503 | ) | |
| 16,240 | |
| Convertible debenture | |
| 379,795 | | |
| 246,912 | | |
| - | | |
| - | | |
| (418,991 | ) | |
| 207,716 | |
| Lease liabilities (current and non-current) | |
| 641,507 | | |
| (137,218 | ) | |
| - | | |
| 155,324 | | |
| (17,060 | ) | |
| 642,553 | |
| Liabilities associated with cash advances | |
| 166,216 | | |
| 205,236 | | |
| - | | |
| - | | |
| (16,610 | ) | |
| 354,842 | |
| Other financial liabilities (embedded derivative - convertible debentures) | |
| - | | |
| - | | |
| 4,603 | | |
| - | | |
| - | | |
| 4,603 | |
| Other financial liabilities (derivative instruments - warrants) | |
| 1,432 | | |
| - | | |
| 124,659 | | |
| - | | |
| 2,289 | | |
| 128,381 | |
| Other financial liabilities (derivatives) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total liabilities from financing activities | |
| 1,188,950 | | |
| 331,673 | | |
| 129,262 | | |
| 155,324 | | |
| (450,874 | ) | |
| 1,354,335 | |
| (SEK in thousands) | |
January 1, 2024 | | |
Financing
cash flow (i) | | |
Fair value adjustments | | |
New lease agreements | | |
Other
changes(ii) | | |
December 31, 2024 | |
| | |
| | |
Non-cash changes | | |
| | |
| |
| (SEK in thousands) | |
January 1, 2024 | | |
Financing cash flow | | |
Fair value adjustments | | |
New lease agreements | | |
Other changes | | |
December 31, 2024 | |
| Note | |
| | |
(i) | | |
25 | | |
| | |
(ii) | | |
| |
| Loans and borrowings (current and non-current) | |
| 257,424 | | |
| (309,456 | ) | |
| 55,926 | | |
| - | | |
| (3,894 | ) | |
| - | |
| Convertible debenture | |
| - | | |
| 319,887 | | |
| - | | |
| - | | |
| 59,908 | | |
| 379,795 | |
| Lease liabilities (current and non-current) | |
| 539,080 | | |
| (121,975 | ) | |
| - | | |
| 84,768 | | |
| 139,634 | | |
| 641,507 | |
| Liabilities associated with cash advances | |
| - | | |
| 211,147 | | |
| - | | |
| - | | |
| (44,931 | ) | |
| 166,216 | |
| Other financial liabilities (derivatives) | |
| 48,814 | | |
| (3,787 | ) | |
| (89,911 | ) | |
| - | | |
| 46,316 | | |
| 1,432 | |
| Total liabilities from financing activities | |
| 845,318 | | |
| 95,816 | | |
| (33,985 | ) | |
| 84,768 | | |
| 197,033 | | |
| 1,188,950 | |
| (i) |
Cash
flows from Loans and borrowings (current and non-current), Convertible debenture, Lease liabilities (current and non-current) and
Other financial liabilities (derivatives) represent the net amount of cash from borrowing and repayment of borrowings in the Consolidated
Statements of Cash Flows. |
| (ii) |
Other
changes include changes in exchange rates, accrued interest, remeasurements of the lease liabilities, and reduction in factoring
liabilities. |
| (iii) |
In
2025, the Group entered into new lease agreements as part of its operations, with the largest lease relating to a charging station
with an acquisition value of SEK 26,828 thousand. |
|