Financial instruments (Tables)

9 Months Ended

Sep. 30, 2025

Financial instruments

Schedule of carrying amount and fair value of financial instruments

Carrying amount and fair value of financial instruments

in € K


September 30, 2025		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		958,296		297,652		—		—		1,255,948		297,652		—		—
Trade accounts and other receivables from unrelated parties		3,111,769		—		—		86,841		3,198,610		—		—		—
Accounts receivable from related parties		33,026		—		—		—		33,026		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		16,774		16,774		—		16,774		—
Derivatives - not designated as hedging instruments		—		113,106		—		—		113,106		—		113,106		—
Derivatives embedded in Virtual Power Purchase Agreements (vPPAs)		—		9,284		—		—		9,284		—		—		9,284
Equity investments		—		44,999		59,718		—		104,717		27,556		61,719		15,442
Debt securities		—		91,388		304,837		—		396,225		396,225		—		—
Other financial assets⁽¹⁾		327,982		110,388		—		91,156		529,526		—		—		110,388
Other current and non-current assets		327,982		369,165		364,555		107,930		1,169,632		—		—		—
Financial assets		4,431,073		666,817		364,555		194,771		5,657,216		—		—		—

Accounts payable to unrelated parties		708,525		—		—		—		708,525		—		—		—
Accounts payable to related parties		101,185		—		—		—		101,185		—		—		—
Short-term debt		67,486		—		—		—		67,486		—		—		—
Long-term debt		6,798,661		—		—		—		6,798,661		6,207,690		324,068		—
Lease liabilities		—		—		—		3,606,518		3,606,518		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		1,578		1,578		—		1,578		—
Derivatives - not designated as hedging instruments		—		9,018		—		—		9,018		—		9,018		—
Derivatives embedded in vPPAs		—		8,726		—		—		8,726		—		—		8,726
Variable payments outstanding for acquisitions		—		2,426		—		—		2,426		—		—		2,426
Put option liabilities		—		—		—		828,330		828,330		—		—		828,330
Other financial liabilities⁽²⁾		1,411,118		—		—		—		1,411,118		—		—		—
Other current and non-current liabilities		1,411,118		20,170		—		829,908		2,261,196		—		—		—
Financial liabilities		9,086,975		20,170		—		4,436,426		13,543,571		—		—		—

Carrying amount and fair value of financial instruments

in € K


December 31, 2024		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		939,197		240,990		—		—		1,180,187		240,990		—		—
Trade accounts and other receivables from unrelated parties		3,258,181		—		—		87,479		3,345,660		—		—		—
Accounts receivable from related parties		40,936		—		—		—		40,936		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		4,362		4,362		—		4,362		—
Derivatives - not designated as hedging instruments		—		21,453		—		—		21,453		—		21,453		—
Equity investments		—		120,813		66,787		—		187,600		90,483		67,963		29,154
Debt securities		—		95,574		369,858		—		465,432		465,432		—		—
Other financial assets⁽¹⁾		307,163		142,264		—		101,322		550,749		—		—		142,264
Other current and non-current assets		307,163		380,104		436,645		105,684		1,229,596		—		—		—
Financial assets		4,545,477		621,094		436,645		193,163		5,796,379		—		—		—

Accounts payable to unrelated parties		864,500		—		—		—		864,500		—		—		—
Accounts payable to related parties		80,044		—		—		—		80,044		—		—		—
Short-term debt		2,099		—		—		—		2,099		—		—		—
Long-term debt		6,836,108		—		—		—		6,836,108		6,015,977		340,921		—
Lease liabilities		—		—		—		4,140,701		4,140,701		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		15,388		15,388		—		15,388		—
Derivatives - not designated as hedging instruments		—		26,615		—		—		26,615		—		26,615		—
Derivatives embedded in vPPAs		—		25,394		—		—		25,394		—		—		25,394
Variable payments outstanding for acquisitions		—		7,933		—		—		7,933		—		—		7,933
Put option liabilities		—		—		—		1,299,117		1,299,117		—		—		1,299,117
Other financial liabilities⁽²⁾		951,611		—		—		—		951,611		—		—		—
Other current and non-current liabilities		951,611		59,942		—		1,314,505		2,326,058		—		—		—
Financial liabilities		8,734,362		59,942		—		5,455,206		14,249,510		—		—		—

(1)

As of September 30, 2025, other financial assets primarily include receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S., lease receivables, notes receivable, deposits, guarantees, securities, vendor and supplier rebates, receivables related to consent agreement on certain pharmaceuticals as well as receivables from sale of investments. As of December 31, 2024, other financial assets primarily include receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S., lease receivables, notes receivable, deposits, guarantees, securities, receivables related to consent agreement on certain pharmaceuticals, vendor and supplier rebates as well as receivables from sale of investments.

(2)

As of September 30, 2025 other financial liabilities primarily include liabilities for shares yet to be repurchased under the Company’s share buy-back program, receivable credit balances and goods and services received. As of December 31, 2024, other financial liabilities primarily include receivable credit balances and goods and services received.

Schedule of sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs

Sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs

in € K


Change in expected electricity prices				Change in expected production volumes				Change in expected interest rates
10% increase		10% decrease		10% increase		10% decrease		1% increase		1% decrease
26,135		(25,986)		56		(56)		426		(515)

Schedule of reconciliation of level 3 financial instruments

Reconciliation of derivatives embedded in vPPAs

in € K


		2025		2024

		Derivatives embedded in the vPPAs - (Liabilities)/Assets
Beginning balance at January 1,		(25,394)		—
Settlements		8,663		460
Gain (loss) recognized in profit or loss ⁽¹⁾		16,162		(24,959)
Foreign currency translation and other changes		1,127		(895)
Ending balance at September 30, and December 31,		558		(25,394)

(1)Includes realized and unrealized gains / losses.

Reconciliation from beginning to ending balance of level 3 financial instruments

in € K


		2025								2024
				Variable				Other				Variable				Other
				payments				financial				payments				financial
				outstanding				assets				outstanding				assets
		Equity		for		Put option		measured at		Equity		for		Put option		measured at
		investments		acquisitions		liabilities		FVPL ⁽¹⁾		investments		acquisitions		liabilities		FVPL ⁽¹⁾

Beginning balance at January 1,		29,154		7,933		1,299,117		142,264		32,002		35,751		1,372,008		—
Increase		1,553		678		14,431		7,397		3,085		86		8,127		41,225
Decrease		—		(4,649)		(335,735)		(16,176)		—		(23,472)		(71,990)		(2,292)
Reclassifications		—		—		—		—		—		—		—		90,457	⁽²⁾
Gain / loss recognized in profit or loss⁽³⁾		(12,422)		(942)		—		(8,564)		(7,773)		(4,796)		—		4,987
Gain / loss recognized in equity		—		—		(7,103)		—		—		—		(91,987)		—
Foreign currency translation and other changes		(2,843)		(594)		(142,380)		(14,533)		1,840		364		82,959		7,887
Ending balance at September 30, and December 31,		15,442		2,426		828,330		110,388		29,154		7,933		1,299,117		142,264

(1)	As of September 30, 2025 and as of December 31, 2024, other financial assets measured at FVPL consist of receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S. and receivables from sale of investments.

(2)	Receivables for royalty payments from one of the Company’s equity investments were previously reported as a non-financial asset and were revised as of March 31, 2024.

(3)	Includes realized and unrealized gains / losses.