valn-20250930
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1
Unaudited interim condensed consolidated financial statements as at September 30, 2025
Valneva SE
I.Unaudited Interim Consolidated Statement of Profit or Loss and Comprehensive Income

Unaudited Interim Condensed Consolidated Statement of Profit or Loss
Nine months ended September 30,
in € thousand20252024
Product sales119,397 112,475 
Other revenues7,574 4,162 
REVENUES126,971 116,637 
Cost of goods and services(71,068)(71,306)
Research and development expenses(59,729)(48,567)
Marketing and distribution expenses(28,616)(35,718)
General and administrative expenses(29,524)(32,554)
Gain from sale of Priority Review Voucher, net— 90,833 
Other income and expenses, net8,020 14,890 
OPERATING PROFIT/(LOSS)(53,945)34,214 
Finance income1,873 1,316 
Finance expenses(17,257)(17,713)
Foreign exchange gain/(loss), net6,290 3,045 
PROFIT/(LOSS) BEFORE INCOME TAX(63,040)20,862 
Income tax benefit/(expense)(2,133)3,878 
PROFIT/(LOSS) FOR THE PERIOD(65,173)24,740 
EARNINGS/(LOSSES) PER SHARE
for profit/(loss) for the period attributable to the equity holders of the Company (expressed in € per share)
Basic(0.39)0.18 
Diluted(0.39)0.17 


Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

Nine months ended September 30,
in € thousand20252024
PROFIT/(LOSS) FOR THE PERIOD(65,173)24,740 
OTHER COMPREHENSIVE INCOME/(LOSS)
Items that may be reclassified to profit or loss
Currency translation differences720 612 
Items that will not be reclassified to profit or loss
Defined benefit plan actuarial gains/(losses)24 (10)
Other comprehensive income/(loss) for the period, net of tax744 602 
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD(64,429)25,342 
2
Unaudited interim condensed consolidated financial statements as at September 30, 2025
Valneva SE
II.Unaudited Interim Condensed Consolidated Statement of Financial Position

in € thousandSeptember 30, 2025December 31, 2024
ASSETS
Non-current assets179,900 201,020 
Intangible assets23,073 25,258 
Right of use assets18,670 19,232 
Property, plant and equipment123,396 138,883 
Deferred tax assets7,339 9,605 
Other non-current assets7,424 8,041 
Current assets268,329 299,012 
Inventories64,290 53,663 
Trade receivables20,077 35,205 
Other current assets40,499 41,874 
Cash and cash equivalents143,462 168,271 
TOTAL ASSETS448,229 500,032 
EQUITY
Share capital25,778 24,378 
Share premium672,420 647,600 
Other reserves81,380 73,203 
Retained earnings/(Accumulated deficit)(563,928)(551,682)
Profit/(Loss) for the period(65,173)(12,247)
TOTAL EQUITY150,477 181,253 
LIABILITIES
Non-current liabilities147,271 204,199 
Borrowings108,889 166,521 
Lease liabilities25,447 26,432 
Refund liabilities6,635 6,491 
Provisions2,321 546 
Deferred tax liabilities3,952 4,162 
Other non-current liabilities28 46 
Current liabilities150,481 114,580 
Borrowings58,833 20,852 
Trade payables and accruals30,118 35,522 
Income tax liability290 1,742 
Tax and Employee-related liabilities18,700 19,458 
Lease liabilities2,674 2,508 
Contract liabilities423 3,010 
Refund liabilities21,338 19,650 
Provisions10,572 6,686 
Other current liabilities7,531 5,152 
TOTAL LIABILITIES297,752 318,779 
TOTAL EQUITY AND LIABILITIES448,229 500,032 

3
Unaudited interim condensed consolidated financial statements as at September 30, 2025
Valneva SE
III.Unaudited Interim Condensed Consolidated Statement of Cash Flows

Nine months ended September 30,
in € thousand20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) for the period(65,173)24,740 
Gain from sale of Priority Review Voucher, net— (90,833)
Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations36,111 25,672 
Changes in non-current operating assets and liabilities1,167 311 
Changes in working capital1,577 (35,075)
Cash used in operations(26,317)(75,186)
Income tax paid(2,070)(1,558)
NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES(28,386)(76,744)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment(3,335)(10,006)
Proceeds from sale of property, plant and equipment78 165 
Purchases of intangible assets(61)(10,079)
Proceeds from sale of Priority Review Voucher— 90,833 
Interest received1,873 1,316 
NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES(1,445)72,228 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds/(payments) from issuance of common stock, net of costs of equity transactions26,248 57,460 
Proceeds from borrowings, net of transaction costs— (944)
Repayment of borrowings(1,419)(3,723)
Payment of lease liabilities(2,040)(2,788)
Interest paid 1
(14,046)(14,733)
NET CASH GENERATED FROM FROM/(USED IN) FINANCING ACTIVITIES8,743 35,272 
NET CHANGE IN CASH AND CASH EQUIVALENTS(21,089)30,757 
Cash and cash equivalents at beginning of the year 168,271 126,080 
Exchange gains/(losses) on cash(3,719)(502)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 143,462 156,335 
(1) Cash flows relating to the interest on the lease liabilities amounted to €0.6 million as at September 30, 2025 (September 30, 2024: €0.6 million)
4
Unaudited interim condensed consolidated financial statements as at September 30, 2025
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, 202524,378 647,600 73,203 (551,682)(12,247)181,253 
 Total comprehensive income/(loss) — — 744 — (65,173)(64,429)
 Income appropriation — — — (12,247)12,247 — 
 Share-based compensation expense:
Value of services — — 7,433 — — 7,433 
Exercises — — — — — — 
 Capital Increase 1,400 26,035 — — — 27,435 
Cost of equity transaction, net of tax— (1,215)— — — (1,215)
BALANCE AS AT SEPTEMBER 30, 202525,778 672,420 81,380 (563,928)(65,173)150,477 
in € thousandShare capitalShare premiumOther reservesRetained earnings/
(Accumulated deficit)		Profit/(loss)
for the period		Total
equity
BALANCE AS AT JANUARY 1, 202420,837 594,003 65,088 (450,253)(101,429)128,247 
 Total comprehensive income/(loss) — — 602 — 24,740 25,342 
 Income appropriation — — — (101,429)101,429 — 
 Share-based compensation expense:
Value of services— — 6,740 — — 6,740 
Exercises55 (55)— — — — 
 Capital Increase 3,450 57,730 — — — 61,180 
Cost of equity transaction, net of tax— (4,039)— — — (4,039)
BALANCE AS AT SEPTEMBER 30, 202424,342 647,640 72,430 (551,682)24,740 217,469 


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