Carlsberg Balance Sheet

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

Millions DKK. Fiscal year is Jan - Dec.

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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	9,166	9,585	11,542	13,382	8,163	8,344
Short-Term Investments	487	-	59	2,236	-	-
Cash & Short-Term Investments	9,653	9,585	11,601	15,618	8,163	8,344
Cash Growth	-4.43%	-17.38%	-25.72%	91.33%	-2.17%	3.10%
Accounts Receivable	12,504	7,709	4,940	5,102	5,067	5,710
Other Receivables	5,916	3,376	2,668	2,832	2,719	2,526
Receivables	18,420	11,085	7,608	7,934	7,786	8,236
Inventory	7,902	7,110	5,953	5,811	5,718	5,391
Prepaid Expenses	-	1,469	1,185	835	964	929
Other Current Assets	-	-	-	-	11,618	191
Total Current Assets	35,975	29,249	26,347	30,198	34,249	23,091
Property, Plant & Equipment	34,011	32,780	27,053	24,405	23,679	26,648
Long-Term Investments	-	4,325	4,546	5,437	5,523	5,172
Goodwill	60,124	59,324	42,258	38,315	38,453	52,484
Other Intangible Assets	23,899	23,907	10,918	10,785	10,770	15,991
Long-Term Accounts Receivable	-	553	617	657	644	776
Long-Term Deferred Tax Assets	-	2,511	2,056	1,810	1,731	1,922
Other Long-Term Assets	9,701	1,306	197	224	292	299
Total Assets	163,710	153,955	113,992	111,831	115,341	126,383

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Accounts Payable	31,011	26,877	23,295	22,159	21,917	20,642
Short-Term Debt	5,196	2,266	6,381	101	1,406	103
Current Portion of Long-Term Debt	3,121	6,295	3,912	7,771	3,985	5,689
Current Portion of Leases	656	610	455	466	390	375
Current Income Taxes Payable	-	1,392	1,204	1,052	1,012	1,350
Other Current Liabilities	14,703	11,106	10,776	15,681	20,037	15,123
Total Current Liabilities	54,687	48,546	46,023	47,230	48,747	43,282
Long-Term Debt	48,822	59,149	25,724	29,428	21,662	21,743
Long-Term Leases	2,317	2,303	1,668	1,335	1,203	1,012
Pension & Post-Retirement Benefits	-	1,297	1,304	1,387	1,557	2,345
Long-Term Deferred Tax Liabilities	-	8,675	5,081	4,823	4,841	6,350
Other Long-Term Liabilities	13,088	3,309	3,580	1,879	2,609	2,895
Total Liabilities	118,914	123,279	83,380	86,082	80,619	77,627

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Common Stock	2,653	2,653	2,685	2,747	2,837	2,905
Retained Earnings	28,273	28,345	25,582	23,306	70,776	80,283
Comprehensive Income & Other	11,004	-3,194	-496	-2,819	-41,711	-37,691
Total Common Equity	41,930	27,804	27,771	23,234	31,902	45,497
Minority Interest	2,866	2,872	2,841	2,515	2,820	3,259
Shareholders' Equity	44,796	30,676	30,612	25,749	34,722	48,756
Total Liabilities & Equity	163,710	153,955	113,992	111,831	115,341	126,383

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 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
Total Debt	60,112	70,623	38,140	39,101	28,646	28,922
Net Cash (Debt)	-50,459	-61,038	-26,539	-23,483	-20,483	-20,578
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-380.58	-460.53	-199.66	-172.09	-146.10	-142.61
Filing Date Shares Outstanding	132.24	132.17	132.08	134.11	137.34	141.89
Total Common Shares Outstanding	132.24	132.17	132.08	134.11	137.34	141.89
Working Capital	-18,712	-19,297	-19,676	-17,032	-14,498	-20,191
Book Value Per Share	215.35	210.36	210.26	173.24	232.28	320.64
Tangible Book Value	-42,093	-55,427	-25,405	-25,866	-17,321	-22,978
Tangible Book Value Per Share	-420.02	-419.35	-192.35	-192.87	-126.12	-161.94
Land	-	23,149	20,134	18,453	17,803	19,839
Machinery	-	51,670	46,829	42,215	40,692	44,808
Construction In Progress	-	-	-	-	-	1,193