Demant 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	1,330	1,112	1,138	1,130	1,172
Cash & Short-Term Investments	1,330	1,112	1,138	1,130	1,172
Cash Growth	19.60%	-2.28%	0.71%	-3.58%	23.11%
Accounts Receivable	3,765	3,563	3,650	3,626	3,203
Other Receivables	922	732	802	672	635
Receivables	4,837	4,450	4,643	4,527	4,034
Inventory	2,620	2,500	2,845	2,904	2,366
Prepaid Expenses	449	435	415	394	308
Other Current Assets	839	1,424	343	1,067	6
Total Current Assets	10,075	9,921	9,384	10,022	7,886
Property, Plant & Equipment	6,687	5,574	5,409	4,857	4,356
Long-Term Investments	383	372	747	837	869
Goodwill	19,034	13,854	12,381	11,488	9,471
Other Intangible Assets	1,345	1,212	1,159	1,094	846
Long-Term Deferred Tax Assets	719	588	542	538	596
Other Long-Term Assets	337	410	447	455	342
Total Assets	39,074	32,450	30,546	29,857	24,860
Accounts Payable	923	658	799	865	808
Short-Term Debt	100	240	530	765	3,197
Current Portion of Long-Term Debt	1,094	183	1,067	5,833	3,225
Current Portion of Leases	812	667	641	614	511
Current Income Taxes Payable	458	603	578	311	267
Current Unearned Revenue	862	588	548	513	501
Other Current Liabilities	3,174	3,156	2,699	2,668	2,464
Total Current Liabilities	7,423	6,095	6,862	11,569	10,973
Long-Term Debt	16,411	12,487	10,171	6,098	2,795
Long-Term Leases	2,571	2,104	2,045	1,766	1,610
Long-Term Unearned Revenue	1,170	812	635	501	423
Pension & Post-Retirement Benefits	104	120	115	91	193
Long-Term Deferred Tax Liabilities	812	634	633	620	470
Other Long-Term Liabilities	664	554	747	650	415
Total Liabilities	29,155	22,806	21,208	21,295	16,879
Common Stock	43	44	45	46	48
Retained Earnings	10,425	9,410	9,292	8,371	7,975
Comprehensive Income & Other	-626	110	-81	144	-46
Total Common Equity	9,842	9,564	9,256	8,561	7,977
Minority Interest	77	80	82	1	4
Shareholders' Equity	9,919	9,644	9,338	8,562	7,981
Total Liabilities & Equity	39,074	32,450	30,546	29,857	24,860
Total Debt	20,988	15,681	14,454	15,076	11,338
Net Cash (Debt)	-19,658	-14,569	-13,316	-13,946	-10,166
Net Cash Per Share	-93.03	-67.07	-59.68	-61.71	-43.29
Filing Date Shares Outstanding	210.9	213.01	220.55	223.16	230.13
Total Common Shares Outstanding	210.9	213.01	220.55	223.16	230.13
Working Capital	2,652	3,826	2,522	-1,547	-3,087
Book Value Per Share	46.67	44.90	41.97	38.36	34.66
Tangible Book Value	-10,537	-5,502	-4,284	-4,021	-2,340
Tangible Book Value Per Share	-49.96	-25.83	-19.42	-18.02	-10.17
Land	1,626	1,472	1,439	1,339	1,308
Machinery	3,169	2,696	2,522	2,572	2,412
Construction In Progress	189	198	225	220	127
Leasehold Improvements	2,013	1,812	1,574	1,391	1,133

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