Carlsberg 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	9,585	11,542	13,382	8,163	8,344
Short-Term Investments	-	59	2,236	-	-
Cash & Short-Term Investments	9,585	11,601	15,618	8,163	8,344
Cash Growth	-17.38%	-25.72%	91.33%	-2.17%	3.10%
Accounts Receivable	7,709	4,940	5,102	5,067	5,710
Other Receivables	3,376	2,668	2,832	3,683	2,526
Total Trade Receivables	11,085	7,608	7,934	8,750	8,236
Inventory	7,110	5,953	5,811	5,718	5,391
Other Current Assets	1,469	1,185	835	-	929
Total Current Assets	29,249	26,347	30,198	34,249	23,091
Net Property, Plant & Equipment	32,780	27,053	24,405	23,679	26,648
Other Intangible Assets	83,231	53,176	49,100	49,223	68,475
Long-Term Investments	4,325	4,546	5,437	8,190	5,172
Other Long-Term Assets	999	2,870	1,810	11,618	1,922
Total Assets	153,955	113,992	111,831	115,341	126,383
Accounts Payable	26,877	23,295	22,159	21,917	20,642
Current Portion of Long-Term Debt	9,171	10,748	8,338	5,781	6,167
Other Current Liabilities	10,796	10,252	15,016	15,322	14,969
Total Current Liabilities	48,546	46,023	47,230	44,647	43,282
Long-Term Debt	61,452	27,392	30,763	22,865	22,755
Other Long-Term Liabilities	11,984	8,661	6,702	4,100	9,245
Total Long-Term Liabilities	74,733	37,357	38,852	31,872	34,345
Total Liabilities	123,279	83,380	86,082	80,619	77,627
Common Stock	2,653	2,685	2,747	-	2,905
Accumulated Other Comprehensive Income	-3,194	-496	-2,819	-	-37,691
Retained Earnings	28,345	25,582	23,306	-	80,283
Total Common Shareholders' Equity	27,804	27,771	23,234	31,902	45,497
Minority Interest	2,872	2,841	2,515	2,820	3,259
Shareholders' Equity	30,676	30,612	25,749	34,722	48,756
Total Liabilities & Equity	153,955	113,992	111,831	115,341	126,383
Total Debt	70,623	38,140	39,101	28,646	28,922
Net Cash (Debt)	-61,038	-26,539	-23,483	-20,483	-20,578
Net Cash Per Share	-460.52	-199.66	-172.09	-146.09	-142.61
Book Value	27,804	27,771	23,234	31,902	45,497
Book Value Per Share	209.78	208.93	170.27	227.54	315.30
Tangible Book Value	-55,427	-25,405	-25,866	-17,321	-22,978
Tangible Book Value Per Share	-418.19	-191.13	-189.56	-123.54	-159.24

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.