Bavarian Nordic Cash Flow Statement

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
Net Income	1,174	1,375	987.98
Depreciation & Amortization	749.92	738.13	663.38
Stock-Based Compensation	83.55	84.49	78.67
Other Adjustments	419.21	498.12	60.75
Change in Receivables	36.42	104.68	617.86
Changes in Inventories	-193.35	-186.61	-683.57
Changes in Accounts Payable	190.15	220.16	222.99
Changes in Income Taxes Payable	-104.08	-111.72	-17.86
Changes in Other Operating Activities	1.79	-0.71	19.64
Operating Cash Flow	2,357	2,722	1,950
Operating Cash Flow Growth	109.05%	39.60%	-
Capital Expenditures	-234.61	-205.29	-82.66
Purchases of Intangible Assets	-815.46	-1,154	-1,605
Purchases of Investments	-1,930	-1,796	-1,448
Proceeds from Sale of Investments	869.22	721.9	1,295
Other Investing Activities	-40.61	-51.17	-29.77
Investing Cash Flow	-2,151	-2,485	-1,871
Long-Term Debt Repaid	-2.11	-2.09	-1.92
Net Long-Term Debt Issued (Repaid)	-2.11	-2.09	-1.92
Issuance of Common Stock	-	78.67	126.79
Repurchase of Common Stock	-223.54	-150.12	-27.46
Net Common Stock Issued (Repurchased)	-223.54	-71.46	99.34
Other Financing Activities	-37.19	-40.81	-41.64
Financing Cash Flow	-184.17	-114.36	55.78
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-20.65	-31.67	11.51
Net Cash Flow	21.99	122.68	134.74
Free Cash Flow	2,123	2,517	1,867
Free Cash Flow Growth	-15.66%	34.78%	-
FCF Margin	35.64%	40.30%	32.66%
Free Cash Flow Per Share	27.31	32.25	23.91
Levered Free Cash Flow	1,581	1,827	1,108
Unlevered Free Cash Flow	1,542	1,832	1,078