The major components of income tax expense are as follows:


	Year ended September 30,
	2025			2024			2023
Current income taxes		(101,054	)		(78,366	)		(50,849	)
Deferred income taxes		(20,599	)		(23,814	)		(27,781	)
Income tax expense		(121,653	)		(102,180	)		(78,630	)

For the periods ended September 30, 2025, 2024 and 2023, the UK corporate income tax rate of 25% was used to calculate the current taxes. The Holding has its registered seat in Jersey whereas the effective place of management is in the UK

which gives rise to the Holding being subject to UK corporate income tax resulting in an application of the UK corporate income tax rate of 25% instead of the Jersey corporate income tax rate of 0%.

For the foreign subsidiaries, country-specific tax rates were used for each respective period. The calculation of deferred tax assets and deferred tax liabilities was based on tax rates that are likely to be applicable in the period of reversal of the deferred tax assets and deferred tax liabilities.

The income taxes calculated at the effective tax rate reconcile as follows:


	Year ended September 30,
	2025			2024			2023
Net profit before tax		469,980			293,782			153,652
Expected income tax expense at a 25% statutory UK tax rate		(117,495	)		(73,446	)		(38,413	)
Increased/ decreased by:
- Non-deductible expenses for tax purposes		(2,936	)		(2,175	)		(2,699	)
- Non-deductible share-based compensation		(18	)		(1,098	)		(19,880	)
- Change in permanent items		—			—			687
- Minimum Taxation		—			(1,915	)		—
- Income exempted from tax		—			1,247			—
- Previous year current taxes		1,689			(354	)		(454	)
- Previous year deferred taxes		1,318			(5,042	)		(5,007	)
- Changes in non-recognition of deferred tax assets on temporary differences/tax loss carry forwards		1,504			(11,369	)		(8,400	)
- Tax rate differences		(18,202	)		(13,410	)		(5,628	)
- Tax rate changes		12,288			2,461			(142	)
- Other		199			2,921			1,306
Effective income tax expense		(121,653	)		(102,180	)		(78,630	)

During the year ended September 30, 2025, the gradual reduction of the German corporate income tax rate from 2028 to 2032 resulted in a deferred tax income of €11.6 million. This is reflected above in the Tax rate changes line item.

The net deferred tax assets and liabilities mainly relate to the following differences between IFRS and the tax base are shown in the following table:


	September 30, 2025						September 30, 2024
	Assets			Liabilities			Assets			Liabilities
Trade receivables		49			155			45			149
Inventories		60,608			3,390			64,093			4,385
Other current assets		73			5,134			79			2,413
Property, plant and equipment		3,073			10,676			6,712			9,580
Right-of-use assets		—			46,332			—			45,681
Intangible assets		—			220,607			—			204,456
Other current financial liabilities		11,567			—			12,025			—
Other current liabilities		794			1,637			2,450			926
Current provisions		14,420			1,837			10,103			3,012
Other non-current financial liabilities		39,958			6,532			37,712			7,364
Tax loss and interest carryforwards		13,885			—			13,861			—
Deferred tax assets (liabilities)		144,427			296,300			147,080			277,966
Offsetting		(132,871	)		(132,871	)		(146,963	)		(146,963	)
Deferred tax assets (liabilities) on balance sheet		11,556			163,429			117			131,003

The deferred taxes developed as follows:


	September 30, 2025			September 30, 2024
Net amount at October 1		(130,886	)		(109,794	)
thereof deferred tax assets		117			—
thereof deferred tax liabilities		(131,003	)		(109,794	)
Taxes charged:
to income statement		(20,599	)		(23,814	)
to other comprehensive income
Exchange differences		(388	)		2,722
Net amount at September 30		(151,873	)		(130,886	)
thereof deferred tax assets		11,556			117
thereof deferred tax liabilities		(163,429	)		(131,003	)

Tax loss carry forwards mainly relate to the Company and foreign entities, which can be carried forward indefinitely. However, due to insufficient projected future taxable income, no deferred taxes on the aforementioned tax loss carry forwards were recognized for the respective periods.

The Company did not recognize deferred tax liabilities for income taxes or foreign withholding taxes on the cumulative earnings of subsidiaries of €704.0 million as of September 30, 2025 and €597.5 million as of September 30, 2024 as these are intended to be reinvested.

The Company is subject to the global minimum top-up tax under Pillar Two tax legislation. The impact of Pillar Two was not significant during the year ended September 30, 2025.