Royal Unibrew 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	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 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	41	82	103	57	214	86
Cash & Short-Term Investments	41	82	103	57	214	86
Cash Growth	-57.29%	-20.39%	80.70%	-73.36%	148.84%	6.17%
Accounts Receivable	2,086	1,809	1,810	1,777	1,360	1,123
Other Receivables	53	109	134	124	140	65
Receivables	2,139	1,918	1,944	1,901	1,500	1,188
Inventory	1,379	1,286	1,340	1,401	1,213	780
Prepaid Expenses	181	152	147	165	131	89
Total Current Assets	3,740	3,438	3,534	3,524	3,058	2,143
Property, Plant & Equipment	5,235	5,120	4,749	4,662	3,680	2,734
Long-Term Investments	107	65	90	47	108	168
Goodwill	5,228	5,161	5,149	5,216	3,985	3,031
Other Intangible Assets	4,508	4,485	4,364	4,253	3,573	2,830
Other Long-Term Assets	-	-	-	76	70	8
Total Assets	18,818	18,269	17,886	17,778	14,474	10,914
Accounts Payable	2,288	2,482	2,532	2,425	1,934	1,721
Accrued Expenses	-	1,068	950	940	852	746
Current Portion of Long-Term Debt	1,298	247	982	860	871	550
Current Portion of Leases	-	132	120	119	117	74
Current Income Taxes Payable	-	35	59	44	8	18
Other Current Liabilities	1,941	882	867	856	828	692
Total Current Liabilities	5,527	4,846	5,510	5,244	4,610	3,801
Long-Term Debt	5,077	5,118	4,355	5,074	3,433	2,812
Long-Term Leases	-	315	342	430	253	186
Long-Term Deferred Tax Liabilities	1,307	1,277	1,271	1,281	1,011	747
Other Long-Term Liabilities	-	-	-	1	9	26
Total Liabilities	11,911	11,556	11,478	12,030	9,316	7,572
Common Stock	100	100	100	100	100	98
Additional Paid-In Capital	-	1,573	1,573	1,573	1,573	753
Retained Earnings	5,249	5,197	4,901	4,129	3,491	2,513
Comprehensive Income & Other	1,558	-157	-166	-54	-6	-34
Total Common Equity	6,907	6,713	6,408	5,748	5,158	3,330
Minority Interest	-	-	-	-	-	12
Shareholders' Equity	6,907	6,713	6,408	5,748	5,158	3,342
Total Liabilities & Equity	18,818	18,269	17,886	17,778	14,474	10,914
Total Debt	6,375	5,812	5,799	6,483	4,674	3,622
Net Cash (Debt)	-6,334	-5,730	-5,696	-6,426	-4,460	-3,536
Net Cash Per Share	-128.83	-115.41	-113.79	-129.17	-91.10	-73.11
Filing Date Shares Outstanding	48.86	49	50.06	50.05	49.62	47.92
Total Common Shares Outstanding	48.86	49	50.06	50.05	49.62	47.92
Working Capital	-1,787	-1,408	-1,976	-1,720	-1,552	-1,658
Book Value Per Share	141.37	137.00	128.02	114.84	103.94	69.49
Tangible Book Value	-2,829	-2,933	-3,105	-3,721	-2,400	-2,531
Tangible Book Value Per Share	-57.90	-59.86	-62.03	-74.34	-48.36	-52.82
Land	-	2,859	2,712	3,156	2,375	1,929
Machinery	-	5,799	5,189	5,248	4,448	3,816
Construction In Progress	-	403	497	396	192	254

Updated Mar 31, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.