Bavarian Nordic Balance Sheet

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

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	692.85	1,714	1,623	1,477	575.41	591.82
Trading Asset Securities	1,599	1,629	552.24	391.35	2,270	3,125
Cash & Short-Term Investments	2,292	3,344	2,176	1,869	2,845	3,717
Cash Growth	85.48%	53.69%	16.44%	-34.32%	-23.45%	122.60%
Accounts Receivable	881.54	780.3	1,176	1,778	523.15	381.62
Other Receivables	54.2	65.08	43.9	49.33	11.37	66.33
Receivables	935.74	845.38	1,220	1,827	534.51	447.95
Inventory	2,663	2,514	2,327	1,644	919.07	480.04
Prepaid Expenses	75.9	34.25	64.32	18.51	153.93	108.84
Other Current Assets	0.67	-	-	44.78	31.89	0.19
Total Current Assets	5,967	6,737	5,787	5,403	4,485	4,754
Property, Plant & Equipment	2,167	2,169	2,242	2,453	1,751	1,489
Other Intangible Assets	5,877	5,960	6,331	6,482	5,943	5,804
Other Long-Term Assets	91.44	88.42	45.51	15.74	212.62	43.16
Total Assets	14,102	14,955	14,406	14,353	12,391	12,089
Accounts Payable	349.41	967.74	1,045	954.14	605.93	263.61
Accrued Expenses	270.44	317.07	280.98	260.04	140.49	68.49
Short-Term Debt	-	-	-	-	1,104	872.2
Current Portion of Long-Term Debt	2.16	2.15	2.07	1.91	10.22	2.88
Current Portion of Leases	43.66	43.37	39.47	44.63	24.49	21.27
Current Income Taxes Payable	10.52	11.08	-	7.21	6.34	3.74
Current Unearned Revenue	2.83	9.95	131.41	-	-	16.9
Other Current Liabilities	243.37	246.16	1,298	1,520	396.22	659.47
Total Current Liabilities	922.37	1,598	2,797	2,788	2,287	1,909
Long-Term Debt	10.34	10.89	13.05	15.14	17.01	18.9
Long-Term Leases	83.13	74.46	73.65	83.62	45.83	57.55
Pension & Post-Retirement Benefits	84.1	82.97	113.59	80.73	-	-
Long-Term Deferred Tax Liabilities	313.98	318.62	-	29.07	-	-
Other Long-Term Liabilities	-	-	-	1,017	2,891	2,730
Total Liabilities	1,414	2,084	2,997	4,013	5,241	4,715
Common Stock	792.37	792.37	788.55	780.98	707.35	704.68
Retained Earnings	11,630	11,817	10,434	9,330	6,301	6,589
Treasury Stock	-20.93	-9.67	-2.84	-1.54	-1.46	-1.11
Comprehensive Income & Other	287.12	269.98	188.66	230.49	143.52	82.19
Shareholders' Equity	12,688	12,870	11,409	10,340	7,150	7,375
Total Liabilities & Equity	14,102	14,955	14,406	14,353	12,391	12,089
Total Debt	139.28	130.87	128.25	145.3	1,201	972.79
Net Cash (Debt)	2,153	3,213	2,047	1,723	1,644	2,744
Net Cash Growth	92.42%	56.92%	18.81%	4.83%	-40.09%	129.01%
Net Cash Per Share	27.27	41.18	26.21	22.46	23.35	43.48
Filing Date Shares Outstanding	76.49	78.27	78.57	77.94	70.59	70.36
Total Common Shares Outstanding	77.14	78.27	78.57	77.94	70.59	70.36
Working Capital	5,045	5,140	2,990	2,615	2,197	2,845
Book Value Per Share	164.48	164.43	145.20	132.66	101.29	104.82
Tangible Book Value	6,812	6,910	5,078	3,858	1,207	1,571
Tangible Book Value Per Share	88.30	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

Source: S&P Global Market Intelligence. Standard template. Financial Sources.