S4E S.A. Balance Sheet

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

Millions PLN. 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	84.19	56.13	41.39	12.27	19.15
Cash & Short-Term Investments	84.19	56.13	41.39	12.27	19.15
Cash Growth	49.99%	35.62%	237.43%	-35.94%	497.82%
Accounts Receivable	160.23	181.59	140.38	151.66	94.98
Other Receivables	-	0.05	0.05	0.24	0.21
Receivables	160.23	181.63	140.43	151.9	95.19
Inventory	8.52	0.44	0.47	16.05	2.07
Prepaid Expenses	-	0.3	1.43	0.38	0.51
Other Current Assets	38.94	30.77	28.02	21.28	14.98
Total Current Assets	291.88	269.27	211.73	201.87	131.89
Property, Plant & Equipment	2.72	1.31	2.17	1.99	1.31
Other Intangible Assets	0.04	-	-	0.03	0.07
Long-Term Deferred Tax Assets	13.78	12.5	9.72	6.48	4.8
Long-Term Deferred Charges	42.11	38.12	35.36	21.49	10.62
Total Assets	350.54	321.21	258.99	231.85	148.69
Accounts Payable	200.82	157.25	116.57	132.81	72.86
Accrued Expenses	-	42.75	34.48	25.89	26.17
Current Portion of Leases	0.83	0.59	0.57	0.53	0.49
Current Income Taxes Payable	0.54	0.8	1.91	1.75	0.9
Current Unearned Revenue	50.08	40.63	36.79	28.12	22.98
Other Current Liabilities	5.12	0.71	1.02	0.03	0.49
Total Current Liabilities	257.39	242.72	191.34	189.13	123.9
Long-Term Leases	0.98	0.23	0.82	0.64	0.25
Long-Term Unearned Revenue	54.53	49.2	44.82	28.06	16.52
Other Long-Term Liabilities	-	-	-	-	0.04
Total Liabilities	312.9	292.15	236.97	217.84	140.7
Common Stock	1.74	1.74	1.74	1.74	1.74
Retained Earnings	35.9	27.32	20.28	12.28	6.25
Comprehensive Income & Other	-	-	-	-0	-0
Shareholders' Equity	37.64	29.06	22.01	14.01	7.99
Total Liabilities & Equity	350.54	321.21	258.99	231.85	148.69
Total Debt	1.81	0.82	1.39	1.17	0.74
Net Cash (Debt)	82.38	55.32	40	11.09	18.41
Net Cash Growth	48.92%	38.28%	260.66%	-39.74%	769.44%
Net Cash Per Share	47.46	31.84	23.03	6.39	10.60
Filing Date Shares Outstanding	1.73	1.74	1.74	1.74	1.74
Total Common Shares Outstanding	1.73	1.74	1.74	1.74	1.74
Working Capital	34.49	26.55	20.4	12.73	7.99
Book Value Per Share	21.78	16.73	12.67	8.07	4.60
Tangible Book Value	37.59	29.06	22.01	13.99	7.91
Tangible Book Value Per Share	21.75	16.73	12.67	8.05	4.56
Land	-	0.87	0.87	1.79	1.74
Machinery	-	4.6	4.62	5.65	4.98

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