Strategic Investments 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	1.12	0.37	7.08	66.73	2.63	1.18
Short-Term Investments	117.92	121.09	104.79	187.33	225.95	205.85
Cash & Short-Term Investments	119.04	121.46	111.86	254.05	228.58	207.03
Cash Growth	0.63%	8.58%	-55.97%	11.14%	10.41%	19.74%
Other Receivables	-	0.38	0.23	0.09	6.02	5.17
Receivables	18.6	1.43	24.13	2.84	6.02	5.17
Other Current Assets	-	-	5.06	8.39	14.02	3.77
Total Current Assets	137.64	122.89	141.04	265.29	248.62	215.97
Long-Term Investments	232.32	317.68	220.92	264.2	220.24	219.97
Long-Term Deferred Tax Assets	5	5	10	20	20	20
Other Long-Term Assets	-	0	-	-	-	-
Total Assets	374.96	457.71	371.97	549.49	488.86	455.94
Short-Term Debt	44.13	48.81	26.13	56.8	92.11	84.2
Current Income Taxes Payable	-	-	-	-	3.1	0.21
Other Current Liabilities	10.03	12.68	4.21	5.5	4.71	9.19
Total Current Liabilities	54.16	61.49	30.34	62.3	99.92	93.6
Long-Term Debt	25.34	25.03	25.03	-	-	-
Other Long-Term Liabilities	-	0	-	-	-	-
Total Liabilities	79.5	86.52	55.37	62.3	99.92	93.6
Common Stock	295.45	203.25	203.25	203.25	174	174
Additional Paid-In Capital	-	108.15	108.15	108.15	64.28	64.28
Retained Earnings	-	62.19	10.37	183.42	155.79	133.7
Treasury Stock	-	-2.4	-5.17	-7.63	-9.64	-9.64
Comprehensive Income & Other	-	-	-	-	4.52	-
Shareholders' Equity	295.45	371.19	316.6	487.19	388.94	362.34
Total Liabilities & Equity	374.96	457.71	371.97	549.49	488.86	455.94
Total Debt	69.47	73.84	51.16	56.8	92.11	84.2
Net Cash (Debt)	49.57	47.62	60.7	197.26	136.47	122.83
Net Cash Growth	-9.30%	-21.54%	-69.23%	44.54%	11.11%	71.00%
Net Cash Per Share	0.12	0.12	0.15	0.58	0.40	0.36
Filing Date Shares Outstanding	403.9	403.88	400.85	398.18	337.48	337.48
Total Common Shares Outstanding	403.9	403.88	400.85	398.18	337.48	337.48
Working Capital	83.48	61.4	110.7	202.99	148.7	122.37
Book Value Per Share	0.73	0.92	0.79	1.22	1.15	1.07
Tangible Book Value	295.45	371.19	316.6	487.19	388.94	362.34
Tangible Book Value Per Share	0.73	0.92	0.79	1.22	1.15	1.07

Source: S&P Global Market Intelligence. Standard template. Financial Sources.