Carlsberg 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	9,585	11,542	13,382	8,163	8,344
Short-Term Investments	-	59	2,236	-	-
Cash & Short-Term Investments	9,585	11,601	15,618	8,163	8,344
Cash Growth	-17.38%	-25.72%	91.33%	-2.17%	3.10%
Accounts Receivable	7,709	4,940	5,102	5,067	5,710
Other Receivables	3,376	2,668	2,832	2,719	2,526
Receivables	11,085	7,608	7,934	7,786	8,236
Inventory	7,110	5,953	5,811	5,718	5,391
Prepaid Expenses	1,469	1,185	835	964	929
Other Current Assets	-	-	-	11,618	191
Total Current Assets	29,249	26,347	30,198	34,249	23,091
Property, Plant & Equipment	32,780	27,050	24,405	23,679	26,648
Long-Term Investments	4,325	4,674	5,437	5,523	5,172
Goodwill	-	41,618	38,315	38,453	52,484
Other Intangible Assets	83,231	10,769	10,785	10,770	15,991
Long-Term Accounts Receivable	-	617	657	644	776
Long-Term Deferred Tax Assets	2,511	2,056	1,810	1,731	1,922
Other Long-Term Assets	1,859	197	224	292	299
Total Assets	153,955	113,328	111,831	115,341	126,383
Accounts Payable	26,877	23,317	22,159	21,917	20,642
Accrued Expenses	1,392	-	-	-	-
Short-Term Debt	9,171	6,381	101	1,406	103
Current Portion of Long-Term Debt	-	3,912	7,771	3,985	5,689
Current Portion of Leases	-	455	466	390	375
Current Income Taxes Payable	-	1,204	1,052	1,012	1,350
Other Current Liabilities	11,106	10,776	15,681	20,037	15,123
Total Current Liabilities	48,546	46,045	47,230	48,747	43,282
Long-Term Debt	61,452	25,724	29,428	21,662	21,743
Long-Term Leases	-	1,668	1,335	1,203	1,012
Pension & Post-Retirement Benefits	1,297	1,304	1,387	1,557	2,345
Long-Term Deferred Tax Liabilities	8,675	4,744	4,823	4,841	6,350
Other Long-Term Liabilities	3,309	3,231	1,879	2,609	2,895
Total Liabilities	123,279	82,716	86,082	80,619	77,627
Common Stock	2,653	2,685	2,747	2,837	2,905
Retained Earnings	28,345	25,582	23,306	70,776	80,283
Comprehensive Income & Other	-3,194	-496	-2,819	-41,711	-37,691
Total Common Equity	27,804	27,771	23,234	31,902	45,497
Minority Interest	2,872	2,841	2,515	2,820	3,259
Shareholders' Equity	30,676	30,612	25,749	34,722	48,756
Total Liabilities & Equity	153,955	113,328	111,831	115,341	126,383
Total Debt	70,623	38,140	39,101	28,646	28,922
Net Cash (Debt)	-61,038	-26,539	-23,483	-20,483	-20,578
Net Cash Per Share	-460.22	-199.66	-172.09	-146.10	-142.61
Filing Date Shares Outstanding	131.93	132.08	134.11	137.34	141.89
Total Common Shares Outstanding	131.93	132.08	134.11	137.34	141.89
Working Capital	-19,297	-19,698	-17,032	-14,498	-20,191
Book Value Per Share	210.76	210.26	173.24	232.28	320.64
Tangible Book Value	-55,427	-24,616	-25,866	-17,321	-22,978
Tangible Book Value Per Share	-420.14	-186.37	-192.87	-126.12	-161.94
Land	-	20,131	18,453	17,803	19,839
Machinery	-	46,829	42,215	40,692	44,808
Construction In Progress	-	-	-	-	1,193

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