Financials Valneva

Equities

Market Closed - Euronext Paris Other stock markets 16:55:00 06/02/2026 GMT			5-day change	1st Jan Change
4.028 ^EUR	-1.27%		+3.60%	+8.34%

02-03	Global markets live: SpaceX, Tesla, Boeing, PayPal, AstraZeneca…
02-03	Valneva, Instituto Butantan Start Pilot Program for Chikungunya Vaccine in Brazil	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	110.3	348.1	361.3	153.7	169.6	169.6	184.2	345.5
Change	-	215.59%	3.79%	-57.46%	10.34%	-0.02%	8.65%	87.54%
EBITDA ¹	-45.2	-47.1	-69.2	-65.24	32.92	-48.52	-24.14	87.4
Change	-	-4.2%	-46.92%	5.73%	150.46%	-247.4%	50.25%	462.08%
EBIT ¹	-55.12	-61.4	-113.4	-82.09	13.33	-65.89	-43.78	67.2
Change	-	-11.39%	-84.76%	27.64%	116.24%	-594.27%	33.56%	253.51%
Interest Paid ¹	-10.74	-16.96	-19.05	-23.32	-23.98	-20.34	-17.31	-16.04
Earnings before Tax (EBT) ¹	-65.3	-69.98	-144.8	-98.63	-11.49	-79.09	-51.71	84.61
Change	-	-7.16%	-106.94%	31.89%	88.35%	-588.55%	34.62%	263.64%
Net income ¹	-64.4	-73.4	-143.3	-101.4	-12.25	-82.66	-55.17	70.06
Change	-	-13.98%	-95.2%	29.21%	87.93%	-574.9%	33.25%	226.99%
Announcement Date	25/02/21	03/02/22	23/03/23	21/03/24	20/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	23.22	24.3	22.3	278.3	21.8	71.4	156.7	111.4	33.51	40.19	38.07	41.9	32.75	38.06	45.82	52.96	49.23	48.37	29.41	42.49	50	44	35	53
Change	-	4.67%	-8.23%	1,147.98%	-92.17%	227.52%	119.47%	-28.91%	-69.92%	19.95%	-5.28%	10.05%	-21.83%	16.2%	20.4%	15.58%	-7.04%	-1.75%	-39.2%	44.47%	17.68%	-12%	-20.45%	51.43%
EBITDA	-	-	-	12.54	-13.3	-122.7	-	-	-	-	-	-	-	-	-	-	-	-	-	-29.04	-	-	-	-
Change	-	-	-	-	-206.06%	-822.56%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-31.14	-55.1	-151.4	11.1	-18.4	-128.8	93.32	-56.35	-16.57	-20.28	-22.21	-24.91	68.21	-21.54	-12.45	-20.88	-5.96	-10.87	-37.12	-21.49	-	-	-	-
Change	-	-76.95%	-174.86%	107.33%	-265.77%	-600%	172.45%	-160.39%	70.59%	-22.36%	-9.54%	-12.12%	373.85%	-131.59%	42.22%	-67.76%	71.46%	-82.38%	-241.44%	42.09%	-	-	-	-
Charge d'intérêts ¹	-	-3.824	-	-	-7.13	-1.069	-5.201	-5.659	-5.096	-3.803	-3.598	-10.85	-7.045	-4.936	-5.732	-6.271	-5.979	-5.606	-5.672	-3.643	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-25.1	-12.96	-32.35	-7.758	-11.81	-43.47	-24.29	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48.38%	-149.68%	76.02%	-52.22%	-268.13%	44.11%	-	-	-	-
Net income ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-24.93	-9.236	-36.99	-9.232	-11.57	-44.36	-24.14	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	62.96%	-300.47%	75.04%	-25.3%	-283.43%	45.57%	-	-	-	-
Announcement Date	21/05/21	10/08/21	18/11/21	03/02/22	05/05/22	11/08/22	10/11/22	23/03/23	04/05/23	21/09/23	09/11/23	21/03/24	07/05/24	13/08/24	07/11/24	20/03/25	07/05/25	12/08/25	20/11/25	-	-	-	-	-

¹EUR in Million

Estimates

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-151	-289	-191	82.7	48	87.9	132	113
Change	-	-91.39%	33.91%	143.3%	-41.96%	82.96%	50.17%	-14.39%
Announcement Date	25/02/21	03/02/22	23/03/23	21/03/24	20/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	18.94	92.23	29.25	14.23	13.86	10.84	11.05	11.66
Change	-	387.06%	-68.29%	-51.34%	-2.57%	-21.83%	1.95%	5.56%
Free Cash Flow (FCF) ¹	118.3	-16.27	-274.7	-217	-81.08	-70.44	-48.07	41.66
Change	-	-113.76%	-1,588.17%	21%	62.63%	13.13%	31.75%	186.67%
Announcement Date	25/02/21	03/02/22	23/03/23	21/03/24	20/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-40.98%	-13.53%	-19.15%	-42.44%	19.41%	-28.61%	-13.1%	25.29%
EBIT Margin (%)	-49.97%	-17.64%	-31.4%	-53.4%	7.86%	-38.86%	-23.76%	19.45%
EBT Margin (%)	-59.2%	-20.1%	-40.08%	-64.16%	-6.77%	-46.64%	-28.07%	24.49%
Net margin (%)	-58.39%	-21.09%	-39.66%	-65.99%	-7.22%	-48.75%	-29.94%	20.28%
FCF margin (%)	107.22%	-4.67%	-76.02%	-141.16%	-47.81%	-41.54%	-26.09%	12.06%
FCF / Net Income (%)	-183.64%	22.17%	191.7%	213.92%	662.06%	85.22%	87.13%	59.46%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	-60.58%	-59.21%	-73.41%	-58.29%	-7.91%	-56.56%	-24.71%	49.84%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-1.27x	1.46x	-1.81x	-5.49x	1.29x
Debt / Free cash flow	-	-	-	-0.38x	-0.59x	-1.25x	-2.76x	2.71x
Capital Intensity
CAPEX / Current Assets (%)	17.17%	26.49%	8.09%	9.26%	8.18%	6.39%	6%	3.38%
CAPEX / EBITDA (%)	-41.89%	-195.82%	-42.26%	-21.81%	42.12%	-22.34%	-45.78%	13.35%
CAPEX / FCF (%)	16.01%	-566.87%	-10.65%	-6.56%	-17.1%	-15.39%	-22.99%	28%
Items per share
Cash flow per share ¹	0.953	-	-0.8586	-	-0.4613	-0.1545	-0.00672	0.2303
Change	-	-	-	-	-	66.51%	95.65%	3,527.08%
Dividend per Share ¹	-	-	-	-	-	-	1	2
Change	-	-	-	-	-	-	-	100%
Book Value Per Share ¹	0.8526	1.623	-	0.9251	1.116	0.7685	0.5337	0.9382
Change	-	90.35%	-	-	20.65%	-31.15%	-30.55%	75.78%
EPS ¹	-0.71	-0.75	-1.24	-0.73	-0.08	-0.5022	-0.3052	0.4022
Change	-	-5.63%	-65.33%	41.13%	89.04%	-527.79%	39.24%	231.8%
Nbr of stocks (in thousands)	90,958	105,078	138,355	138,788	162,397	173,753	173,753	173,753
Announcement Date	25/02/21	03/02/22	23/03/23	21/03/24	20/03/25	-	-	-