Tivoli 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	44.6	74.8	75.6	63.7	13.5
Cash & Short-Term Investments	44.6	74.8	75.6	63.7	13.5
Cash Growth	-40.37%	-1.06%	18.68%	371.85%	-54.55%
Accounts Receivable	47.4	40.5	34.2	33.3	19.5
Other Receivables	58.1	74.2	75.7	72.1	25
Receivables	105.5	114.7	109.9	105.4	44.5
Inventory	23	19.5	14.5	14.1	12.2
Prepaid Expenses	15.3	14	-	-	-
Other Current Assets	0.1	-	-	-	0.1
Total Current Assets	188.5	223	200	183.2	70.3
Property, Plant & Equipment	1,573	1,493	1,438	1,427	1,447
Long-Term Investments	14	14.4	14.8	15.2	15.6
Other Intangible Assets	83.4	56.6	47.7	43.2	38.8
Other Long-Term Assets	6	6.2	5.9	5.2	4.6
Total Assets	1,864	1,793	1,706	1,674	1,577
Accounts Payable	55.2	57.7	45.1	45.4	35.1
Accrued Expenses	-	-	76.4	57.8	56
Short-Term Debt	-	-	-	12.9	12.9
Current Portion of Long-Term Debt	23.3	22.4	16.8	17.5	52.8
Current Portion of Leases	16	14.9	13.6	13.4	10.8
Current Income Taxes Payable	7.3	-	0.1	2.5	2.4
Current Unearned Revenue	101.8	100.2	93.1	98.8	80.9
Other Current Liabilities	109.4	110.3	43.3	44.9	28.7
Total Current Liabilities	313	305.5	288.4	293.2	279.6
Long-Term Debt	216.2	239.8	262.3	275.4	311
Long-Term Leases	40.8	46.3	52.5	63.2	59.1
Long-Term Deferred Tax Liabilities	54	54.2	53.6	53.4	50.4
Total Liabilities	624	645.8	656.8	685.2	700.1
Common Stock	57.2	57.2	57.2	57.2	57.2
Retained Earnings	1,171	1,080	977.9	907.9	819.4
Comprehensive Income & Other	12.7	9.8	14	23.3	-
Shareholders' Equity	1,240	1,147	1,049	988.4	876.6
Total Liabilities & Equity	1,864	1,793	1,706	1,674	1,577
Total Debt	296.3	323.4	345.2	382.4	446.6
Net Cash (Debt)	-251.7	-248.6	-269.6	-318.7	-433.1
Net Cash Per Share	-44.13	-43.44	-47.16	-55.75	-75.76
Filing Date Shares Outstanding	5.72	5.72	5.72	5.72	5.72
Total Common Shares Outstanding	5.72	5.72	5.72	5.72	5.72
Working Capital	-124.5	-82.5	-88.4	-110	-209.3
Book Value Per Share	216.98	200.62	183.52	172.90	153.34
Tangible Book Value	1,157	1,090	1,001	945.2	837.8
Tangible Book Value Per Share	202.39	190.72	175.17	165.34	146.55
Land	-	-	1,668	1,647	1,606
Machinery	-	-	710	693.9	686.9
Construction In Progress	-	-	51.7	11.8	9.9

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.