Financial instruments (Tables)

12 Months Ended

Dec. 31, 2025

Financial instruments

Schedule of carrying amount and fair value of financial instruments


Carrying amount and fair value of financial instruments
in € K
December 31, 2025		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		1,341,121		257,992		—		—		1,599,113		257,992		—		—
Trade accounts and other receivables from unrelated parties		3,018,004		—		—		89,499		3,107,503		—		—		—
Accounts receivable from related parties		32,683		—		—		—		32,683		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		13,856		13,856		—		13,856		—
Derivatives - not designated as hedging instruments		—		11,546		—		—		11,546		—		11,546		—
Derivatives embedded in vPPAs		—		7,730		—		—		7,730		—		—		7,730
Equity investments		—		31,011		58,497		—		89,508		15,239		60,498		13,771
Debt securities		—		73,924		356,295		—		430,219		430,219		—		—
Other financial assets⁽¹⁾		365,081		99,154		—		89,241		553,476		—		—		99,154
Other current and non-current assets		365,081		223,365		414,792		103,097		1,106,335		—		—		—
Financial assets		4,756,889		481,357		414,792		192,596		5,845,634		—		—		—

Accounts payable to unrelated parties		722,974		—		—		—		722,974		—		—		—
Accounts payable to related parties		97,951		—		—		—		97,951		—		—		—
Short-term debt		17,015		—		—		—		17,015		—		—		—
Long-term debt		7,287,881		—		—		—		7,287,881		6,716,223		318,336		—
Lease liabilities		—		—		—		3,490,709		3,490,709		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		2,647		2,647		—		2,647		—
Derivatives - not designated as hedging instruments		—		9,147		—		—		9,147		—		9,147		—
Derivatives embedded in vPPAs		—		9,463		—		—		9,463		—		—		9,463
Variable payments outstanding for acquisitions		—		3,262		—		—		3,262		—		—		3,262
Put option liabilities		—		—		—		793,043		793,043		—		—		793,043
Other financial liabilities⁽²⁾		966,121		—		—		—		966,121		—		—		—
Other current and non-current liabilities		966,121		21,872		—		795,690		1,783,683		—		—		—
Financial liabilities		9,091,942		21,872		—		4,286,399		13,400,213		—		—		—


Carrying amount and fair value of financial instruments
in € K
December 31, 2024		Carrying amount										Fair value
		Amortized
		cost		FVPL		FVOCI		Not 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 December 31, 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., vendor and supplier rebates, lease receivables, notes receivable, receivables related to consent agreement on certain pharmaceuticals as well as deposits, guarantees, and securities. As of December 31, 2024, other financial assets primarily include receivables for royalty payments from one of the Company’s equity investments, 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 December 31, 2025 and 2024 other financial liabilities primarily include receivable credit balances and goods and services received.

Schedule of equity investment at FVOCI


Equity investments measured at FVOCI
in € K
		2025		2024

Listed equity investments		—		—
Non-listed equity investments		58,497		66,787
Equity investments FVOCI		58,497		66,787

Schedule of reconciliation of level 3 financial instruments


Reconciliation from beginning to ending balance of level 3 financial instruments
in € K
		2025
				Variable
				payments				Other financial
		Equity		outstanding for		Put option		assets measured at
		investments		acquisitions		liabilities		FVPL ⁽¹⁾

Beginning balance at January 1,		29,154		7,933		1,299,117		142,264
Increase		2,002		1,507		32,307		7,808
Decrease		—		(4,581)		(341,992)		(22,855)
Reclassifications		—		—		—		—
Gain / loss recognized in profit or loss⁽²⁾		(14,487)		(928)		—		(13,460)
Gain / loss recognized in equity		—		—		(54,964)		—
Foreign currency translation and other changes		(2,898)		(669)		(141,425)		(14,603)
Ending balance at December 31,		13,771		3,262		793,043		99,154


Reconciliation from beginning to ending balance of level 3 financial instruments
in € K
		2024								2023
				Variable				Other				Variable
				payments				financial assets				payments
		Equity		outstanding for		Put option		measured		Equity		outstanding for		Put option
		investments		acquisitions		liabilities		at FVPL ⁽¹⁾		investments		acquisitions		liabilities

Beginning balance at January 1,		32,002		35,751		1,372,008		—		42,793		37,846		1,468,517
Increase		3,085		86		8,127		41,225		4,833		5,232		31,050
Decrease		—		(23,472)		(71,990)		(2,292)		—		(3,603)		(42,490)
Reclassifications		—		—		—		90,457		—		—		—
Gain / loss recognized in profit or loss⁽²⁾		(7,773)		(4,796)		—		4,987		(14,340)		(3,366)		—
Gain / loss recognized in equity		—		—		(91,987)		—		—		—		(28,034)
Foreign currency translation and other changes		1,840		364		82,959		7,887		(1,284)		(358)		(57,035)
Ending balance at December 31,		29,154		7,933		1,299,117		142,264		32,002		35,751		1,372,008

(1)	As of December 31, 2025 and 2024, other financial assets measured at FVPL consist mainly 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, in 2024, receivables from the sale of investments.

(2)	Includes realized and unrealized gains / losses.


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		10,867		460
Gain (loss) recognized in profit or loss ⁽¹⁾		11,308		(24,959)
Foreign currency translation and other changes		1,486		(895)
Ending balance at December 31,		(1,733)		(25,394)

(1)	Includes realized and unrealized gains / losses.

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
2025
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
24,356		(24,305)		155		(155)		(183)		196


2024
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
26,774		(26,761)		(2,540)		2,540		2,247		(2,507)

Schedule of average hedging rate and the nominal amount of the foreign exchange forward contracts

The following table shows the average hedging rate and the profile of the timing of the nominal amount of the foreign exchange forward contracts as well as of the foreign exchange option contracts for the currencies with highest hedging volume for contracts that are designated and qualify as cash flow hedges at December 31, 2025. For foreign exchange option contracts, the Company uses the strike price as the hedging rate.


Significant currency pairs
in € K
		Timing profile of the nominal amount
		Less than 1								Average
		year		1 - 3 years		3 - 5 years		Over 5 years		hedging rate

EUR/USD		245,536		44,743		—		—		1.1774
EUR/CNY		163,366		28,367		—		—		8.2921
EUR/GBP		38,388		4,835		—		—		0.8754

Schedule of derivative financial instruments valuation


Derivative financial instruments valuation
in € K
		2025				2024
		Assets		Liabilities		Assets		Liabilities
Current
Foreign exchange contracts		12,138		(2,643)		4,362		(15,388)

Non-current
Foreign exchange contracts		1,718		(4)		—		—
Derivatives in cash flow hedging relationships		13,856		(2,647)		4,362		(15,388)

Current
Foreign exchange contracts		11,546		(8,191)		19,726		(26,471)

Non-current
Foreign exchange contracts		—		(956)		1,727		(144)
Derivatives embedded in vPPAs		7,730		(9,463)		—		(25,394)
Derivatives not designated as hedging instruments		19,276		(18,610)		21,453		(52,009)

Schedule of effect of derivatives in cash flow hedging relationships on the consolidated financial statements


The effect of derivatives in cash flow hedging relationships on the consolidated financial statements
in € K
		Fair value gain		Fair value gain
		(loss) recognized in		(loss) recognized in				Amount		Amount
		AOCI on hedging		AOCI on hedging		Location of		reclassified		reclassified
		instrument (hedge		instrument (cost of		reclassified		from hedge		from cost of
		reserve)		hedging)		amounts from AOCI		reserve		hedging
For the year ended December 31, 2025
Interest rate contracts		1,061		—		Interest income/expense		1,146		—
Foreign exchange contracts		26,885		(3,841)		thereof:
						Revenue		(9,265)		2,516
						Other operating income/expense		2,606		184
Total		27,946		(3,841)				(5,513)		2,700

For the year ended December 31, 2024
Interest rate contracts		—		—		Interest income/expense		1,318		—
Foreign exchange contracts		(7,159)		(895)		thereof:
						Revenue		(1,840)		2,641
						Costs of revenue		(5,136)		300
Total		(7,159)		(895)				(5,658)		2,941

Schedule of effect of derivatives not designated as hedging instruments on consolidated financial statements


The effect of derivatives not designated as hedging instruments on the consolidated financial statements
in € K
				Amount of (gain) loss recognized in
				income on derivatives
		Location of (gain) loss recognized in		for the year ended, December 31
		income on derivatives		2025		2024

Foreign exchange contracts		Other operating income/expense		(159,082)		49,806
Foreign exchange contracts		Interest income/expense		30,152		9,984
Derivatives embedded in vPPAs		Other operating income/expense		(11,308)		24,959
Derivatives not designated as hedging instruments				(140,238)		84,749

Schedule of non-discounted payments agreed by contract


Payments agreed by contracts
in € K
		Payments due by period of
		Less than 1 year		1 - 3 years		3 - 5 years		Over 5 years
2025
Non-Derivatives
Accounts payable to unrelated parties		722,974		206		—		—
Accounts payable to related parties		97,951		—		—		—
Other financial liabilities		952,436		267		429		12,784
Short-term debt		17,015		—		—		—
Bonds		1,696,547		1,627,094		2,355,856		1,968,541
Other long-term debt		33,606		68,562		235,990		1,602
Lease liabilities ⁽¹⁾		710,456		1,305,953		905,037		1,102,559
Variable payments outstanding for acquisitions		238		157		—		2,905
Put option liabilities		638,009		85,062		58,808		27,280
		4,869,232		3,087,301		3,556,120		3,115,671

Derivatives
Derivative financial instruments - in cash flow hedging relationships
(Inflow)		(202,641)		(7,910)		—		—
Outflow		205,879		7,728		—		—
		3,238		(182)		—		—

Derivative financial instruments - not designated as hedging instrument
(Inflow)		(799,873)		(27,542)		(7,444)		(38,283)
Outflow		810,124		35,790		9,226		24,683
		10,251		8,248		1,782		(13,600)

Total		4,882,721		3,095,367		3,557,902		3,102,071

2024
Non-Derivatives
Accounts payable to unrelated parties		904,278		378		—		—
Accounts payable to related parties		80,044		—		—		—
Other financial liabilities		937,181		365		363		13,324
Short-term debt		2,099		—		—		—
Bonds		638,721		2,906,524		1,128,390		2,460,076
Other long-term debt		46,220		81,585		242,992		3,564
Lease liabilities ⁽¹⁾		783,791		1,476,278		1,067,295		1,408,652
Variable payments outstanding for acquisitions		1,127		4,986		157		1,739
Put option liabilities		807,207		402,667		90,460		24,902
		4,200,668		4,872,783		2,529,657		3,912,257

Derivatives
Derivative financial instruments - in cash flow hedging relationships
(Inflow)		(371,514)		—		—		—
Outflow		388,522		—		—		—
		17,008		—		—		—

Derivative financial instruments - not designated as hedging instrument
(Inflow)		(1,774,151)		(16,598)		(4,747)		(18,954)
Outflow		1,818,926		19,182		11,401		52,269
		44,775		2,584		6,654		33,315

Total		4,262,451		4,875,367		2,536,311		3,945,572

(1)	Includes amounts from related parties.