Royal Unibrew Balance Sheet

Financials in millions DKK. Fiscal year is January - December.

Millions DKK. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	60	103	57	214	86	81
Cash & Short-Term Investments	60	103	57	214	86	81
Cash Growth	-17.81%	80.70%	-73.36%	148.84%	6.17%	12.50%
Accounts Receivable	2,039	1,810	1,777	1,360	1,123	600
Other Receivables	-	134	124	140	65	39
Receivables	2,039	1,944	1,901	1,500	1,188	639
Inventory	1,558	1,340	1,401	1,213	780	517
Prepaid Expenses	187	147	165	131	89	54
Total Current Assets	3,844	3,534	3,524	3,058	2,143	1,291
Property, Plant & Equipment	5,117	4,749	4,662	3,680	2,734	2,455
Long-Term Investments	66	31	47	108	168	143
Goodwill	-	5,149	5,216	3,985	3,031	2,283
Other Intangible Assets	9,663	4,364	4,253	3,573	2,830	2,125
Other Long-Term Assets	-	59	76	70	8	9
Total Assets	18,690	17,886	17,778	14,474	10,914	8,306
Accounts Payable	2,618	2,532	2,425	1,934	1,721	1,047
Accrued Expenses	-	950	940	852	746	494
Current Portion of Long-Term Debt	1,728	982	860	871	550	79
Current Portion of Leases	-	120	119	117	74	71
Current Income Taxes Payable	175	59	44	8	18	9
Other Current Liabilities	2,003	867	856	828	692	544
Total Current Liabilities	6,524	5,510	5,244	4,610	3,801	2,244
Long-Term Debt	4,352	4,355	5,074	3,433	2,812	2,042
Long-Term Leases	-	342	430	253	186	82
Long-Term Deferred Tax Liabilities	1,289	1,271	1,281	1,011	747	554
Other Long-Term Liabilities	-	-	1	9	26	52
Total Liabilities	12,165	11,478	12,030	9,316	7,572	4,974
Common Stock	100	100	100	100	98	99
Additional Paid-In Capital	-	1,573	1,573	1,573	753	761
Retained Earnings	5,022	4,901	4,129	3,491	2,513	2,493
Comprehensive Income & Other	1,403	-166	-54	-6	-34	-45
Total Common Equity	6,525	6,408	5,748	5,158	3,330	3,308
Minority Interest	-	-	-	-	12	24
Shareholders' Equity	6,525	6,408	5,748	5,158	3,342	3,332
Total Liabilities & Equity	18,690	17,886	17,778	14,474	10,914	8,306
Total Debt	6,080	5,799	6,483	4,674	3,622	2,274
Net Cash (Debt)	-6,020	-5,696	-6,426	-4,460	-3,536	-2,193
Net Cash Per Share	-120.78	-113.79	-129.17	-91.10	-73.11	-44.64
Filing Date Shares Outstanding	49.38	50.06	50.05	49.62	47.92	48.69
Total Common Shares Outstanding	49.38	50.06	50.05	49.62	47.92	48.69
Working Capital	-2,680	-1,976	-1,720	-1,552	-1,658	-953
Book Value Per Share	132.14	128.02	114.84	103.94	69.49	67.94
Tangible Book Value	-3,138	-3,105	-3,721	-2,400	-2,531	-1,100
Tangible Book Value Per Share	-63.55	-62.03	-74.34	-48.36	-52.82	-22.59
Land	-	2,712	3,156	2,375	1,929	1,851
Machinery	-	5,189	5,248	4,448	3,816	3,651
Construction In Progress	-	497	396	192	254	147

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