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Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
I.
Unaudited Interim Consolidated Statement of Profit or Loss and Comprehensive Income

Unaudited Interim Condensed Consolidated Statement of Profit or Loss
Three months ended March 31,
in € thousand20262025
Product sales30,517 48,598 
Other revenues386 634 
REVENUES30,904 49,232 
Cost of goods and services(26,180)(23,043)
Research and development expenses(15,215)(14,953)
Marketing and distribution expenses(6,969)(10,393)
General and administrative expenses(8,169)(8,964)
Other income and expenses, net1,934 2,160 
OPERATING PROFIT/(LOSS)(23,696)(5,960)
Finance income526 511 
Finance expenses(5,092)(5,979)
Foreign exchange gain/(loss), net(2,988)3,670 
PROFIT/(LOSS) BEFORE INCOME TAX(31,249)(7,758)
Income tax benefit/(expense)(824)(1,474)
PROFIT/(LOSS) FOR THE PERIOD(32,073)(9,232)
EARNINGS/(LOSSES) PER SHARE
for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share)
Basic(0.18)(0.06)
Diluted(0.18)(0.06)


Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

Three months ended March 31,
in € thousand20262025
PROFIT/(LOSS) FOR THE PERIOD(32,073)(9,232)
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss
Currency translation differences(207)983 
Other comprehensive income/(loss) for the period, net of tax(207)983 
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD(32,280)(8,249)
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Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
II.
Unaudited Interim Condensed Consolidated Statement of Financial Position

in € thousandMarch 31, 2026December 31, 2025
ASSETS
Non-current assets170,574 176,296 
Intangible assets21,631 22,349 
Right of use assets17,954 18,558 
Property, plant and equipment115,654 119,474 
Deferred tax assets7,759 8,326 
Other non-current assets7,577 7,590 
Current assets201,439 222,540 
Inventories50,584 50,232 
Trade receivables10,132 27,813 
Other current assets35,458 34,846 
Cash and cash equivalents105,265 109,650 
TOTAL ASSETS372,013 398,836 
EQUITY
Share capital26,082 26,031 
Share premium676,820 675,940 
Other reserves84,991 83,318 
Retained earnings/(Accumulated deficit)(679,121)(563,928)
Profit/(Loss) for the period(32,073)(115,192)
TOTAL EQUITY76,699 106,168 
LIABILITIES
Non-current liabilities201,095 199,334 
Borrowings164,062 161,261 
Lease liabilities24,432 25,343 
Refund liabilities6,734 6,684 
Provisions1,198 1,392 
Deferred tax liabilities4,430 4,409 
Other non-current liabilities239 246 
Current liabilities94,219 93,334 
Borrowings18,271 17,905 
Trade payables and accruals21,806 24,540 
Income tax liability65 1 
Tax and Employee-related liabilities22,295 19,555 
Lease liabilities2,740 2,739 
Contract liabilities427 432 
Refund liabilities10,869 10,814 
Provisions12,334 11,659 
Other current liabilities5,411 5,689 
TOTAL LIABILITIES295,314 292,668 
TOTAL EQUITY AND LIABILITIES372,013 398,836 

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Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
III.
Unaudited Interim Condensed Consolidated Statement of Cash Flows

Three months ended March 31,
in € thousand20262025
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) for the period(32,073)(9,232)
Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations14,533 10,262 
Changes in non-current operating assets and liabilities3 409 
Changes in working capital17,224 (9,175)
Cash used in operations(312)(7,736)
Income tax paid(1)(411)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES(313)(8,148)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(247)(1,402)
Purchases of intangible assets(5)(71)
Proceeds from sale and purchase of MMF investments437 — 
Interest received89 511 
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES275 (961)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions920 — 
Proceeds from borrowings, net of transaction costs(516)— 
Payment of lease liabilities(685)(685)
Interest paid (1)(4,409)(4,896)
NET CASH GENERATED FROM FROM/(USED IN) FINANCING ACTIVITIES(4,689)(5,582)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(4,727)
(14,690)
Cash and cash equivalents at beginning of the year 109,650 168,271 
Exchange gains/(losses) on cash342 (590)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 105,265 152,990 
(1) Cash flows relating to the interest on the lease liabilities amounted to €0.2 million as at March 31, 2026 (2025: €0.2 million)
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Unaudited interim condensed consolidated financial statements as at March 31, 2026
Valneva SE
IV.
Unaudited Interim Condensed Consolidated Statement of Changes in Equity

in € thousandShare capitalShare premiumOther reservesRetained earnings/
(Accumulated deficit)		Profit/(loss)
for the period		Total
equity
BALANCE AS AT JANUARY 1, 202626,031 675,940 83,318 (563,928)(115,192)106,168 
 Total comprehensive income/(loss) — — (207)— (32,073)(32,280)
 Income appropriation — — — (115,192)115,192 — 
 Share-based compensation expense:
Value of services — — 1,880 — — 1,880 
Exercises 51 881 — — — 931 
BALANCE AS AT MARCH 31, 202626,082 676,820 84,991 (679,121)(32,073)76,699 
in € thousandShare capitalShare premiumOther reservesRetained earnings/
(Accumulated deficit)		Profit/(loss)
for the period		Total
equity
BALANCE AS AT JANUARY 1, 202524,378 647,600 73,203 (551,682)(12,247)181,253 
 Total comprehensive income/(loss) — — 983 — (9,232)(8,249)
 Income appropriation — — — (12,247)12,247 — 
 Share-based compensation expense:
Value of services— — 2,249 — — 2,249 
BALANCE AS AT MARCH 31, 202524,378 647,600 76,434 (563,928)(9,232)175,253 


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