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
Cash & Short-Term Investments	23	44.6	74.8	75.6	63.7	13.5
Cash Growth	84.00%	-40.37%	-1.06%	18.68%	371.85%	-54.55%
Accounts Receivable	20.7	47.4	40.5	34.2	33.3	19.5
Other Receivables	74.1	58.1	74.2	75.7	72.1	25
Receivables	94.8	105.5	114.7	109.9	105.4	44.5
Inventory	26.3	23	19.5	14.5	14.1	12.2
Prepaid Expenses	21	15.3	14	-	-	-
Other Current Assets	-	0.1	-	-	-	0.1
Total Current Assets	165.1	188.5	223	200	183.2	70.3
Property, Plant & Equipment	1,591	1,573	1,493	1,438	1,427	1,447
Long-Term Investments	14	14	14.4	14.8	15.2	15.6
Other Intangible Assets	98.6	83.4	56.6	47.7	43.2	38.8
Other Long-Term Assets	6.1	6	6.2	5.9	5.2	4.6
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	-	-	-	76.4	57.8	56
Short-Term Debt	79.4	-	-	-	12.9	12.9
Current Portion of Long-Term Debt	17.5	23.3	22.4	16.8	17.5	52.8
Current Portion of Leases	15.8	16	14.9	13.6	13.4	10.8
Current Income Taxes Payable	-	7.3	-	0.1	2.5	2.4
Current Unearned Revenue	144.5	101.8	100.2	93.1	98.8	80.9
Other Current Liabilities	55.5	109.4	110.3	43.3	44.9	28.7
Total Current Liabilities	379.5	313	305.5	288.4	293.2	279.6
Long-Term Debt	269.5	216.2	239.8	262.3	275.4	311
Long-Term Leases	37	40.8	46.3	52.5	63.2	59.1
Long-Term Deferred Tax Liabilities	54	54	54.2	53.6	53.4	50.4
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
Retained Earnings	1,064	1,171	1,080	977.9	907.9	819.4
Comprehensive Income & Other	14	12.7	9.8	14	23.3	-
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	323.4	345.2	382.4	446.6
Net Cash (Debt)	-396.2	-251.7	-248.6	-269.6	-318.7	-433.1
Net Cash Per Share	-69.48	-44.13	-43.44	-47.16	-55.75	-75.76
Filing Date Shares Outstanding	5.73	5.72	5.72	5.72	5.72	5.72
Total Common Shares Outstanding	5.73	5.72	5.72	5.72	5.72	5.72
Working Capital	-214.4	-124.5	-82.5	-88.4	-110	-209.3
Book Value Per Share	198.26	216.98	200.62	183.52	172.90	153.34
Tangible Book Value	1,037	1,157	1,090	1,001	945.2	837.8
Tangible Book Value Per Share	181.04	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

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