Bavarian Nordic Cash Flow Statement

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
Net Income	1,375	987.98	1,475	-347.38	-464.78
Depreciation & Amortization	646.66	583.02	541.09	384.16	368.75
Other Amortization	49.29	39.36	12.03	13.91	13.68
Loss (Gain) From Sale of Assets	18.43	2.53	0.7	1.18	5.26
Asset Writedown & Restructuring Costs	23.76	38.48	557.68	-	0.62
Loss (Gain) From Sale of Investments	6.93	-7.83	-41.91	208.08	39.06
Stock-Based Compensation	84.49	78.67	55.48	49.28	56.86
Other Operating Activities	379.46	50.73	69.9	59.62	91.41
Change in Accounts Receivable	104.68	617.86	-1,345	-133.17	-364.39
Change in Inventory	-186.61	-683.57	-599.02	-439.03	41.04
Change in Other Net Operating Assets	219.45	242.62	393.48	423.41	-146.01
Operating Cash Flow	2,722	1,950	1,119	220.05	-358.5
Operating Cash Flow Growth	39.60%	74.22%	408.61%	-	-
Capital Expenditures	-205.29	-82.66	-142.53	-361.24	-483.13
Cash Acquisitions	-	-	-1,832	-	-
Sale (Purchase) of Intangibles	-1,154	-1,605	-834.88	-1,020	-575.32
Investment in Securities	-1,074	-153.46	1,902	673.63	-1,779
Other Investing Activities	-51.17	-29.77	-38.71	-169.46	-39.04
Investing Cash Flow	-2,485	-1,871	-945.56	-877.41	-2,877
Long-Term Debt Issued	-	-	240	1,004	660
Long-Term Debt Repaid	-42.9	-43.56	-1,140	-396.32	-21.68
Net Debt Issued (Repaid)	-42.9	-43.56	-899.82	607.34	638.32
Issuance of Common Stock	78.67	126.79	1,687	37.92	2,964
Repurchase of Common Stock	-150.12	-27.46	-8.99	-9.33	-8.58
Other Financing Activities	-	-	-42.8	-0.11	-57.44
Financing Cash Flow	-114.36	55.78	735.83	635.82	3,536
Foreign Exchange Rate Adjustments	-31.67	11.51	-7.65	5.12	5.7
Net Cash Flow	91.01	146.26	901.83	-16.41	306.33
Free Cash Flow	2,517	1,867	976.68	-141.19	-841.63
Free Cash Flow Growth	34.78%	91.17%	-	-	-
Free Cash Flow Margin	40.30%	32.66%	13.83%	-4.48%	-44.35%
Free Cash Flow Per Share	32.25	23.91	12.73	-2.00	-13.34
Cash Interest Paid	16.7	32.19	52.41	24.24	24.38
Cash Income Tax Paid	111.72	17.86	10.2	3.21	2.57
Levered Free Cash Flow	-921.61	-391.1	653.91	-1,454	-1,068
Unlevered Free Cash Flow	-917.75	-387.85	656.13	-1,444	-1,056
Change in Working Capital	137.52	176.91	-1,551	-148.79	-469.36

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