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
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Cash & Equivalents	692.85	1,715	1,623
Short-Term Investments	1,599	1,619	551.54
Cash & Short-Term Investments	2,292	3,334	2,175
Cash Growth	85.48%	53.26%	-
Accounts Receivable	881.54	780.3	1,176
Other Receivables	130.77	109.59	108.92
Total Trade Receivables	1,012	889.89	1,285
Inventory	2,663	2,514	2,327
Total Current Assets	5,967	6,737	5,787
Net Property, Plant & Equipment	2,167	2,169	2,242
Other Intangible Assets	5,877	5,960	6,331
Other Long-Term Assets	91.44	88.42	45.51
Total Assets	14,102	14,955	14,406
Accounts Payable	349.41	967.74	1,045
Accrued Expenses	513.81	563.24	497.46
Current Portion of Long-Term Debt	10.34	2.15	2.07
Current Portion of Leases	43.66	43.37	39.47
Unearned Revenue	2.83	9.95	131.41
Other Current Liabilities	10.52	11.08	-
Total Current Liabilities	922.37	1,598	2,797
Long-Term Debt	2.16	10.89	13.05
Long-Term Leases	83.13	74.46	73.65
Other Long-Term Liabilities	398.07	401.58	1,195
Total Long-Term Liabilities	491.54	486.94	200.3
Total Liabilities	1,414	2,084	2,997
Common Stock	792.37	792.37	788.55
Treasury Stock	-20.93	-9.67	-2.84
Accumulated Other Comprehensive Income	287.12	269.98	188.66
Retained Earnings	11,630	11,817	10,434
Shareholders' Equity	12,688	12,870	11,409
Total Liabilities & Equity	14,102	14,955	14,406
Total Debt	139.28	130.87	128.25
Net Cash (Debt)	2,153	3,203	2,047
Net Cash Growth	-32.77%	56.47%	-
Net Cash Per Share	27.70	41.05	26.21
Book Value	12,688	12,870	11,409
Book Value Per Share	163.26	164.94	146.07
Tangible Book Value	6,812	6,910	5,078
Tangible Book Value Per Share	87.64	88.56	65.01