Bavarian Nordic Balance Sheet

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	1,714	1,623	1,477	575.41	591.82
Trading Asset Securities	1,629	552.24	391.35	2,270	3,125
Cash & Short-Term Investments	3,344	2,176	1,869	2,845	3,717
Cash Growth	53.69%	16.44%	-34.32%	-23.45%	122.60%
Accounts Receivable	780.3	1,176	1,778	523.15	381.62
Other Receivables	65.08	43.9	49.33	11.37	66.33
Receivables	845.38	1,220	1,827	534.51	447.95
Inventory	2,514	2,327	1,644	919.07	480.04
Prepaid Expenses	34.25	64.32	18.51	153.93	108.84
Other Current Assets	-	-	44.78	31.89	0.19
Total Current Assets	6,737	5,787	5,403	4,485	4,754
Property, Plant & Equipment	2,169	2,242	2,453	1,751	1,489
Other Intangible Assets	5,960	6,331	6,482	5,943	5,804
Other Long-Term Assets	88.42	45.51	15.74	212.62	43.16
Total Assets	14,955	14,406	14,353	12,391	12,089
Accounts Payable	967.74	1,045	954.14	605.93	263.61
Accrued Expenses	317.07	280.98	260.04	140.49	68.49
Short-Term Debt	-	-	-	1,104	872.2
Current Portion of Long-Term Debt	2.15	2.07	1.91	10.22	2.88
Current Portion of Leases	43.37	39.47	44.63	24.49	21.27
Current Income Taxes Payable	11.08	-	7.21	6.34	3.74
Current Unearned Revenue	9.95	131.41	-	-	16.9
Other Current Liabilities	246.16	1,298	1,520	396.22	659.47
Total Current Liabilities	1,598	2,797	2,788	2,287	1,909
Long-Term Debt	10.89	13.05	15.14	17.01	18.9
Long-Term Leases	74.46	73.65	83.62	45.83	57.55
Pension & Post-Retirement Benefits	82.97	113.59	80.73	-	-
Long-Term Deferred Tax Liabilities	318.62	-	29.07	-	-
Other Long-Term Liabilities	-	-	1,017	2,891	2,730
Total Liabilities	2,084	2,997	4,013	5,241	4,715
Common Stock	792.37	788.55	780.98	707.35	704.68
Retained Earnings	11,817	10,434	9,330	6,301	6,589
Treasury Stock	-9.67	-2.84	-1.54	-1.46	-1.11
Comprehensive Income & Other	269.98	188.66	230.49	143.52	82.19
Shareholders' Equity	12,870	11,409	10,340	7,150	7,375
Total Liabilities & Equity	14,955	14,406	14,353	12,391	12,089
Total Debt	130.87	128.25	145.3	1,201	972.79
Net Cash (Debt)	3,213	2,047	1,723	1,644	2,744
Net Cash Growth	56.92%	18.81%	4.83%	-40.09%	129.01%
Net Cash Per Share	41.18	26.21	22.46	23.35	43.48
Filing Date Shares Outstanding	78.27	78.57	77.94	70.59	70.36
Total Common Shares Outstanding	78.27	78.57	77.94	70.59	70.36
Working Capital	5,140	2,990	2,615	2,197	2,845
Book Value Per Share	164.43	145.20	132.66	101.29	104.82
Tangible Book Value	6,910	5,078	3,858	1,207	1,571
Tangible Book Value Per Share	88.29	64.63	49.50	17.10	22.32
Land	1,299	1,274	1,268	858.54	546.77
Machinery	1,661	1,636	1,536	1,140	736.47
Construction In Progress	232.84	159.66	206.72	196.13	578.71
Leasehold Improvements	51.55	47.39	47.04	40.24	22.29

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.