Tivoli 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	23	44.6	74.8	75.6	63.7	13.5
Short-Term Investments	6.1	-	-	-	-	4.7
Cash & Short-Term Investments	29.1	44.6	74.8	75.6	63.7	18.2
Cash Growth	55.62%	-40.37%	-1.06%	18.68%	250.00%	-38.72%
Accounts Receivable	20.7	47.4	40.5	34.2	33.3	19.5
Other Receivables	74.1	58.2	74.2	68.2	71.1	18.2
Total Trade Receivables	94.8	105.6	114.7	102.4	104.4	37.7
Inventory	26.3	23	19.5	14.5	14.1	12.2
Other Current Assets	21	15.3	14	13.4	6.2	6.8
Total Current Assets	165.1	188.5	223	200	183.2	74.9
Net Property, Plant & Equipment	1,591	1,573	1,493	1,438	1,427	1,447
Other Intangible Assets	98.6	83.4	56.6	47.7	43.2	66.4
Long-Term Investments	14	14	14.4	14.8	15.2	15.6
Other Long-Term Assets	-	6	6.2	-	-	-
Total Assets	1,875	1,864	1,793	1,706	1,674	1,577
Accounts Payable	66.8	55.2	57.7	45.1	45.4	35.1
Accrued Expenses	-	7.3	0	0.1	2.5	2.4
Short-Term Debt	79.4	0	0.1	0.9	1.6	-
Current Portion of Leases	15.8	16	14.9	13.6	13.4	10.8
Unearned Revenue	144.5	101.8	100.2	93.1	98.8	80.9
Other Current Liabilities	87.1	141	141.1	140.4	130.3	145.9
Total Current Liabilities	379.5	313	305.5	288.4	293.2	279.6
Long-Term Debt	287	239.5	262.2	279.1	292.9	315.5
Long-Term Leases	37	40.8	46.3	52.5	63.2	59.1
Other Long-Term Liabilities	54	54	54.2	53.6	53.4	50.4
Total Long-Term Liabilities	360.5	311	340.3	368.4	392	420.5
Total Liabilities	740	624	645.8	656.8	685.2	700.1
Common Stock	57.2	57.2	57.2	57.2	57.2	57.2
Accumulated Other Comprehensive Income	14	12.7	9.8	14	23.3	819.4
Retained Earnings	1,032	1,139	1,049	956.3	891.6	-
Shareholders' Equity	1,135	1,240	1,147	1,049	988.4	876.6
Total Liabilities & Equity	1,875	1,864	1,793	1,706	1,674	1,577
Total Debt	419.2	296.3	323.5	346.1	371.1	385.4
Net Cash (Debt)	-390.1	-251.7	-248.7	-270.5	-307.4	-367.2
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-68.38	-44.03	-43.50	-47.32	-53.77	-64.23
Book Value	1,135	1,240	1,147	1,049	988.4	876.6
Book Value Per Share	198.98	216.98	200.62	183.51	172.90	153.34
Tangible Book Value	1,037	1,157	1,090	1,001	945.2	810.2
Tangible Book Value Per Share	181.70	202.39	190.72	175.17	165.34	141.72