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0001836564 valn:BoardOfDirectorsMember 2023-01-01 2023-12-31 shares iso4217:EUR pure iso4217:EUR shares valn:vaccine valn:employee iso4217:USD valn:participant valn:performance_obligation valn:customer iso4217:GBP valn:product valn:plan valn:tranche utr:Y valn:appeal valn:shareholder valn:member 0001836564 false 2025 FY P3Y P1Y P2Y 20-F false true 2025-12-31 --12-31 false false 001-40377 Valneva SE I0 Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache 69002 Lyon FR Thomas Lingelbach Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache 69002 Lyon FR +33 2 28 07 37 10 American Depositary Shares, each representing two ordinary shares, €0.15 nominal value per share VALN NASDAQ Ordinary shares, €0.15 nominal value per share 173539745 No No Yes Yes Accelerated Filer false true false International Financial Reporting Standards false 1182000 0.74 1710000 0.89 2076000 0.98 1029000 1 1311000 0.89 1902000 0.99 1082000 0.68 1272000 0.66 1539000 0.73 939000 0.91 1185000 0.80 1622000 0.84 100000 0.06 439000 0.23 537000 0.25 90000 0.09 126000 0.09 280000 0.15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122000 0.08 45000 0.02 40000 0.02 0 0 0 122000 0.08 45000 0.02 40000 0.02 0 0 0 292000 0.18 163000 0.08 0 0 163000 0.11 19000 0.01 1596000 1 1918000 1 2116000 1 1029000 1 1474000 1 1921000 1 PricewaterhouseCoopers Audit Neuilly-sur-Seine, France 1347 Deloitte & Associés Paris, France 1756 true <div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risk management and strategy</span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical systems and information (collectively, our “Information Systems and Data”). </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our Information Technology department, with support from members of our Legal and Compliance teams and our Head of Risk Management, helps identify and assess cybersecurity risks and prepare the Company to respond to these risks. We use various methods for monitoring and evaluating threats to our environment including, for example: using manual and automated tools to detect anomalies and attempted attacks, subscribing to reports and services that identify cybersecurity threats, evaluating our and our industry’s risk profile, analyzing reports of threats and actors, conducting scans of our environment, evaluating threats reported to us, conducting internal and external audits, conducting threat assessments for internal and external threats, and conducting vulnerability assessments, including penetration tests. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Depending on the environment and system, we implement and maintain various technical, organizational, and physical measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data. These include, in addition to others discussed in this Item 16K, system monitoring, an incident detection and response plan, a disaster recovery plan, encryption and segregation of certain data, network security controls, and measures for the physical security of our technology infrastructure. We provide an annual information security awareness training to our employees and ask them to review certain information security policies on an annual basis. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our identification, assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, we include information on cybersecurity risk evaluations conducted by management in reports provided to our internal Risk Management Committee, elements of which are shared with the Audit, Risk, and Compliance Committee (“the Audit Committee”) of our Board of Directors. Additionally, our Executive Committee may discuss cybersecurity risks and mitigation activities as part of its general risk management </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">oversight. Our Chief Financial Officer (CFO) is the member of our Executive Committee with functional responsibility for cybersecurity and may elevate cybersecurity topics for the attention of the Executive Committee, Audit Committee, and Board of Directors. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example cybersecurity consultants, threat intelligence service providers, cybersecurity software and service providers, penetration testing firms, dark web monitoring services, forensic investigators, and professional services firms, including legal counsels. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Support elements for a variety of functions across our business are performed by third parties, such as distributors, contract manufacturing organizations, contract research organizations, application providers, and supply chain resources. We consider cyber risks in evaluating third parties and services, and our vendor management processes are tailored to our assessment of a particular vendor’s risk profile and criticality to our operations. Those processes may include, for example, some combination of the following: performing a risk assessment or issuing a security questionnaire, reviewing written security programs, performing certain vulnerability scans, conducting security assessment calls with the vendor’s security personnel, performing audits on the vendor’s compliance with our security requirements, or imposing contractual obligations relating to information security. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify and manage cybersecurity risks associated with a provider.</span></div>We have not identified risks from any known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. For a description of the risks from cybersecurity threats that may be reasonably likely to materially affect the Company and how they may do so, see our risk factors under Item 3D. Risk Factors in this Annual Report, including those described in “Risks Related to our Business Operations, Employee Matters and Managing Growth”. <div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our identification, assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, we include information on cybersecurity risk evaluations conducted by management in reports provided to our internal Risk Management Committee, elements of which are shared with the Audit, Risk, and Compliance Committee (“the Audit Committee”) of our Board of Directors. Additionally, our Executive Committee may discuss cybersecurity risks and mitigation activities as part of its general risk management </span></div>oversight. Our Chief Financial Officer (CFO) is the member of our Executive Committee with functional responsibility for cybersecurity and may elevate cybersecurity topics for the attention of the Executive Committee, Audit Committee, and Board of Directors. true true true false <div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our Board of Directors considers the Company’s cybersecurity risk as part of its general oversight function. The Audit Committee is responsible for overseeing the Executive Committee’s implementation and enforcement of our cybersecurity risk management processes. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our cybersecurity risk assessment and management processes are implemented and maintained by a management team comprised of our Vice President of Information Technology and Analytics (“VP of IT/Analytics”) and our CFO, to whom our VP of IT/Analytics reports. This management team is responsible for hiring appropriate personnel, managing spending relating to cybersecurity, providing information on cybersecurity risks, preparing for cybersecurity incidents, reviewing security assessments, approving cybersecurity processes and resources, and managing our response to significant cybersecurity incidents. The management team stays informed about and monitors efforts to prevent, detection, mitigate and remediate cybersecurity incidents through various means, which may include briefings with operational cybersecurity team members, outside threat intelligence sources, and from tooling described above that is deployed in our IT environment.</span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Individuals responsible for cybersecurity at an operational level within the Company have a minimum of five years experience in the field of information technology. For example, our Head of Information Security and Audit is certified within the TÜV Austria as a Manager and Auditor according to ISO 27001 &amp; ISO 27002. We also have a Cyber Incident Response Team that includes the Head of Information Security, Data Protection Officer, and Director of Information Technology Infrastructure. This group may be expanded as needed to include representatives from our Legal and Corporate Communications teams as well as our Executive Committee, which is responsible for communicating with the Audit Committee or full Board of Directors as needed. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Audit Committee receives regular reports from the VP of IT/Analytics concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them, as well as cybersecurity incidents deemed significant by the management team. The Audit Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.</span></div> Our Board of Directors considers the Company’s cybersecurity risk as part of its general oversight function. The Audit Committee is responsible for overseeing the Executive Committee’s implementation and enforcement of our cybersecurity risk management processes <div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Our cybersecurity risk assessment and management processes are implemented and maintained by a management team comprised of our Vice President of Information Technology and Analytics (“VP of IT/Analytics”) and our CFO, to whom our VP of IT/Analytics reports. This management team is responsible for hiring appropriate personnel, managing spending relating to cybersecurity, providing information on cybersecurity risks, preparing for cybersecurity incidents, reviewing security assessments, approving cybersecurity processes and resources, and managing our response to significant cybersecurity incidents. The management team stays informed about and monitors efforts to prevent, detection, mitigate and remediate cybersecurity incidents through various means, which may include briefings with operational cybersecurity team members, outside threat intelligence sources, and from tooling described above that is deployed in our IT environment.</span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Individuals responsible for cybersecurity at an operational level within the Company have a minimum of five years experience in the field of information technology. For example, our Head of Information Security and Audit is certified within the TÜV Austria as a Manager and Auditor according to ISO 27001 &amp; ISO 27002. We also have a Cyber Incident Response Team that includes the Head of Information Security, Data Protection Officer, and Director of Information Technology Infrastructure. This group may be expanded as needed to include representatives from our Legal and Corporate Communications teams as well as our Executive Committee, which is responsible for communicating with the Audit Committee or full Board of Directors as needed. </span></div><div style="margin-bottom:0.05pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Audit Committee receives regular reports from the VP of IT/Analytics concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them, as well as cybersecurity incidents deemed significant by the management team. The Audit Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.</span></div> management team comprised of our Vice President of Information Technology and Analytics (“VP of IT/Analytics”) and our CFO, to whom our VP of IT/Analytics reports. This management team is responsible for hiring appropriate personnel, managing spending relating to cybersecurity, providing information on cybersecurity risks, preparing for cybersecurity incidents, reviewing security assessments, approving cybersecurity processes and resources, and managing our response to significant cybersecurity incidents. The management team stays informed about and monitors efforts to prevent, detection, mitigate and remediate cybersecurity incidents through various means, which may include briefings with operational cybersecurity team members, outside threat intelligence sources, and from tooling described above that is deployed in our IT environment.Individuals responsible for cybersecurity at an operational level within the Company have a minimum of five years experience in the field of information technology. For example, our Head of Information Security and Audit is certified within the TÜV Austria as a Manager and Auditor according to ISO 27001 &amp; ISO 27002. We also have a Cyber Incident Response Team that includes the Head of Information Security, Data Protection Officer, and Director of Information Technology Infrastructure. This group may be expanded as needed to include representatives from our Legal and Corporate Communications teams as well as our Executive Committee, which is responsible for communicating with the Audit Committee or full Board of Directors as needed. true true The management team stays informed about and monitors efforts to prevent, detection, mitigate and remediate cybersecurity incidents through various means, which may include briefings with operational cybersecurity team members, outside threat intelligence sources, and from tooling described above that is deployed in our IT environment. Individuals responsible for cybersecurity at an operational level within the Company have a minimum of five years experience in the field of information technology. For example, our Head of Information Security and Audit is certified within the TÜV Austria as a Manager and Auditor according to ISO 27001 &amp; ISO 27002. We also have a Cyber Incident Response Team that includes the Head of Information Security, Data Protection Officer, and Director of Information Technology Infrastructure. This group may be expanded as needed to include representatives from our Legal and Corporate Communications teams as well as our Executive Committee, which is responsible for communicating with the Audit Committee or full Board of Directors as needed. The Audit Committee receives regular reports from the VP of IT/Analytics concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them, as well as cybersecurity incidents deemed significant by the management team. The Audit Committee also has access to various reports, summaries or presentations related to cybersecurity threats, risk and mitigation 157908000 163253000 144624000 16750000 6325000 9088000 174659000 169579000 153713000 107139000 98538000 100875000 85303000 74143000 59894000 37356000 52356000 48752000 37322000 42750000 47799000 0 90833000 0 10400000 20706000 21520000 -82060000 13330000 -82087000 2644000 2362000 1210000 41898000 23984000 23325000 7196000 -3193000 5574000 -114119000 -11486000 -98629000 1073000 761000 2800000 -115192000 -12247000 -101429000 -0.68 -0.08 -0.73 -0.68 -0.08 -0.73 -115192000 -12247000 -101429000 520000 -1329000 3300000 68000 49000 -130000 588000 -1281000 3170000 -114604000 -13527000 -98258000 176296000 201020000 22349000 25258000 18558000 19232000 119474000 138883000 8326000 9605000 7590000 8041000 222540000 299012000 50232000 53663000 27813000 35205000 34846000 41874000 109650000 168271000 398836000 500032000 26031000 24378000 675940000 647600000 83318000 73203000 -563928000 -551682000 -115192000 -12247000 106168000 181253000 199334000 204199000 161261000 166521000 25343000 26432000 6684000 6491000 1392000 546000 4409000 4162000 246000 46000 93334000 114580000 17905000 20852000 24540000 35522000 1000 1742000 19555000 19458000 2739000 2508000 432000 3010000 10814000 19650000 11659000 6686000 5689000 5152000 292668000 318779000 398836000 500032000 -115192000 -12247000 -101429000 0 90833000 0 64649000 48979000 44984000 1323000 -180000 514000 1471000 11394000 145578000 -50691000 -65674000 -201509000 2203000 1545000 1236000 -52894000 -67218000 -202744000 0 0 10951000 4420000 13865000 14231000 128000 165000 111000 61000 2579000 81000 0 0 3358000 0 90833000 0 841000 0 0 1803000 2362000 1210000 -1709000 76916000 -20585000 30003000 57139000 -240000 174401000 -34000 81111000 171632000 3734000 2097000 2708000 2719000 3127000 30686000 19969000 12567000 -621000 30682000 63081000 -55224000 40380000 -160248000 168271000 126080000 286532000 -3397000 1811000 -204000 109650000 168271000 126080000 800000 800000 1200000 24378000 647600000 73203000 -551682000 -12247000 181253000 588000 -115192000 -114604000 -12247000 12247000 0 9527000 9527000 253000 3543000 3796000 1400000 26035000 27435000 1239000 1239000 26031000 675940000 83318000 -563928000 -115192000 106168000 20837000 594003000 65088000 -450253000 -101429000 128247000 -1281000 -12247000 -13527000 -101429000 101429000 0 9395000 9395000 91000 -91000 0 3450000 57730000 61180000 4041000 4041000 24378000 647600000 73203000 -551682000 -12247000 181253000 20755000 594043000 55252000 -306974000 -143279000 219797000 3170000 -101429000 -98258000 -143279000 143279000 0 6666000 6666000 82000 -39000 42000 20837000 594003000 65088000 -450253000 -101429000 128247000 <div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.1 General information</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.1.1 Corporate Information</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva SE (the Company) together with its subsidiaries (the Group or Valneva) is a company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet medical needs. The Company takes a highly specialized and targeted approach, applying deep expertise across multiple vaccine modalities, focused on providing either first-, best- or only-in-class vaccine solutions. Valneva has a strong track record, having advanced multiple vaccines from early R&amp;D to approvals, and currently markets three proprietary travel vaccines as well as certain third-party vaccines leveraging the Group’s established commercial infrastructure. Revenues from the growing commercial business help fuel the continued advancement of the vaccine pipeline. This includes the only Lyme disease vaccine candidate in advanced clinical development, which is partnered with Pfizer, the world’s most clinically advanced Shigella vaccine candidate, as well as vaccine candidates against other global public health threats.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the Group’s portfolio includes three commercial vaccines: </span></div><div style="margin-bottom:6pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">IXIARO, (or JESPECT in Australia and New Zealand), is an inactivated Vero cell culture-derived Japanese encephalitis vaccine;</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">DUKORAL is an oral vaccine containing four inactivated strains of the bacterium Vibrio cholerae serotype O1, and part of a toxin from one of these strains as active substances.; and</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">IXCHIQ is the world’s first licensed chikungunya vaccine available to address this unmet medical need and the third vaccine we brought from early R&amp;D to approval.<br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company is registered at Îlot Saint-Joseph, Bureaux Convergence, Bât. A, 12 ter Quai Perrache, 69002 Lyon (France). Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada, and the United States and had an average of 694 employees in the year ended December 31, 2025 </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva SE is a public company listed on the Euronext Paris (symbol: VLA) and on the Nasdaq Global Select Market (symbol: VALN) since May 2021.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant events of the period and significant agreements</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">IXCHIQ – Regulatory Updates</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2025 and early 2026, Valneva reported several regulatory updates regarding its chikungunya vaccine, IXCHIQ. The impact of all the IXCHIQ related events have been reflected on the financial statements. For more information please see Note 5.15 Impairment testing and 5.17 Inventories.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">European Medicines Agency (EMA)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">EMA granted a marketing authorization for IXCHIQ for the prevention of chikungunya virus disease in individuals aged 12 years and older in the European Union in April 2025. This approval expanded the vaccine’s prior authorization for adult use and was supported by data demonstrating sustained antibody responses in 97% of participants for up to 24 months, with consistent immune durability across age groups.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In May 2025, EMA’s safety committee (PRAC) initiated a review of IXCHIQ following reports of serious adverse events (SAEs), mainly in individuals 65 years of age and older with several underlying medical conditions, during an outbreak vaccination campaign on the French island of La Réunion. EMA suspended the use of the vaccine for individuals over 65 years old while the review was ongoing. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In November 2025, EMA announced the lifting of the temporary restriction after concluding its review.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">United States Food &amp; Drug Administration (FDA)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In August 2025, the FDA suspended the license for IXCHIQ following additional reports of SAEs, requiring the Company to cease shipments and sales of the vaccine in the United States.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In January 2026, the Company decided to voluntarily withdraw the biologics license application (BLA) and investigational new drug (IND) application for IXCHIQ in the United States. The Company had been awaiting further information with respect to its formal response to the license suspension and was informed in January 2026 of the FDA’s decision to place the IND on clinical hold pending an investigation of a newly reported SAE in a patient who had received three concomitant vaccines, including IXCHIQ.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">United Kingdom Medicines and Healthcare products Regulatory Agency (MHRA)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On February 5, 2025, the MHRA granted marketing authorization for IXCHIQ for the prevention of chikungunya virus disease in adults aged 18 and older.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In June 2025, the UK MHRA implemented a temporary suspension on the use of IXCHIQ in elderly adults and in February 2026 updated its recommendation for the use of IXCHIQ in the UK by including a restriction for individuals 60 years of age and older, for people with specified health conditions as well as timing of vaccination prior to travel. The MHRA </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">confirmed that the benefit–risk profile of IXCHIQ remains favorable for individuals aged 18 to 59 years who are at risk of chikungunya infection and do not have the contraindicated underlying medical conditions.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Brazilian National Health Surveillance Agency (ANVISA)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In April 2025, Brazil’s health regulator, ANVISA, granted marketing authorization for IXCHIQ, representing the first approval of a chikungunya vaccine in an endemic country and supporting Valneva’s strategy to expand access to the vaccine with support from the Coalition for Epidemic Preparedness Innovations and the European Union.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Health Canada </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In August 2025, Health Canada granted marketing authorization for IXCHIQ for the prevention of chikungunya virus disease in individuals aged 12 years and older. This approval expanded the vaccine’s prior authorization for adult use and aligned with the adolescent label extension approved in Europe in April 2025. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Commercial Agreements and Market Access</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During 2025, Valneva strengthened its commercial partnerships to support the distribution and supply of its commercial vaccines.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In January 2025, Valneva USA, Inc. signed a new $32.8 million supply contract with the United States Department of Defense (DoD) for the supply of Valneva’s Japanese encephalitis vaccine, IXIARO. Under the one-year contract, the DoD committed to purchase a minimum of $32.8 million worth of IXIARO vaccines.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In June 2025, Valneva, through its subsidiaries Valneva Austria GmbH and Valneva Sweden AB, entered into exclusive marketing and distribution agreements with CSL Seqirus for the commercialization of Valneva’s vaccines in Germany. In July 2025, CSL Seqirus started to commercialize IXCHIQ, followed by IXIARO and the cholera vaccine DUKORAL in 2026. The agreement has a term of three years and replaces the previous partnership with Bavarian Nordic.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Research and Clinical Development</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva continued to advance its vaccine development pipeline during the period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In April 2025, Valneva and LimmaTech Biologics announced the vaccination of the first participant in a Phase 2 study evaluating S4V2, the most clinically advanced tetravalent bioconjugate vaccine candidate against shigellosis. The study is assessing the safety and immunogenicity of S4V2 in approximately 110 nine-month-old infants in Kenya and aims to identify the optimal dose for a future Phase 3 trial.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Shigellosis remains a major global health concern, particularly among children under five years of age. The study is funded by the Gates Foundation, with results expected in the year 2026.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Financing Activities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During 2025, Valneva also strengthened its financial position through capital markets activities and debt refinancing. The Company issued 9.3 million shares under the ATM program, raising €27.4 million, offset by €1.2 million in transaction costs.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In March 2025, Valneva filed a prospectus supplement with the U.S. Securities and Exchange Commission as part of the renewal of its registration statement on Form F-3 related to its existing At-the-Market (ATM) offering program. Originally established in August 2022, the ATM program allows the Company to offer and sell up to $75 million in American Depositary Shares (ADS), each representing two ordinary shares. The Company is not obligated to sell any ADS under the program, and the renewed agreement retains terms similar to the original arrangement.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In October 2025, Valneva entered into a non-dilutive debt refinancing agreement with funds managed by Pharmakon Advisors providing a facility of up to $500 million. The initial tranche of $215.0 million (€183.0 million equivalent as at December 31, 2025) was used to fully repay the existing debt with Deerfield Management and OrbiMed, including related fees and expenses. The remaining $285.0 million may be drawn in the future to support business development opportunities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The new facility extends Valneva’s debt maturity from Q1 2026 to Q4 2030, lowers the interest rate and enhances financial flexibility.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Strategic and Operational Updates</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As part of the Group’s ongoing efforts to improve operational efficiency, Valneva announced a strategic initiative in November 2025 to optimize its organizational footprint in France. Valneva decided to consolidate its French operations at its Lyon site and close the facility in Saint-Herblain, Nantes, which included operational activities as well as certain pre-clinical research and development functions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">This consolidation is expected to streamline operations in France while centralizing all research and development activities at the Group’s site in Vienna.</span></div>In December 2025, Valneva and Serum Institute of India mutually agreed to discontinue the license agreement for Valneva’s chikungunya vaccine, IXCHIQ.<div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.1.2 Group information</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following list shows all subsidiaries held by the Company directly or indirectly:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:34.591%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.727%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Name</span></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Country of incorporation</span></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consolidation Method</span></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest held as at</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Vaccines Holdings Sweden AB</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Austria GmbH</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Canada Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CA</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva France SAS</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FR</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Scotland Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Sweden AB</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva UK Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva USA, Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">US</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The closing date for the consolidated financial statements is December 31 of each year.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company previously maintained a site in Saint-Herblain, Nantes (France) with general and administrative functions as well as research and development facilities with a site in Lyon. During the first part of 2026, the Company will consolidate its French operations at its Lyon location, which serves as a base for commercial activities, and close the Saint-Herblain, Nantes (France) site, This consolidation is intended to streamline operations and improve efficiency in France, while all research and development activities are centralized at the Group’s site in Vienna.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Vaccines Holdings Sweden AB, located in Solna, Sweden, is the holding company of Valneva Sweden AB, also located in Solna, which manufactures DUKORAL and commercializes DUKORAL, IXIARO, and IXCHIQ in the Nordic countries. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva Austria GmbH, located in Vienna, Austria, focuses on pre-clinical and clinical development activities of vaccines. The facilities accommodate departments for pre-clinical R&amp;D, technical/clinical product development, quality and regulatory affairs, general and administrative as well as commercial functions. In addition to using its latest-stage laboratory facilities for R&amp;D activities, the site holds a certificate of Good Manufacturing Practice from the Austrian Agency for Health and Food Safety (AGES) for its Quality Control laboratories, and was licensed by the U.S. Food and Drug Administration (FDA). Valneva Austria GmbH commercializes IXIARO, DUKORAL,and IXCHIQ and third-party products such as Rabipur/RabAvert and Encepur. Additionally, Valneva Austria GmbH is involved in external manufacturing steps of IXCHIQ.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva Canada Inc., located in Kirkland, Canada, focuses on commercializing IXIARO, DUKORAL, IXCHIQ, and third-party products such as KAMRAB.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva France SAS, located in Lyon, France, focuses on commercializing IXIARO, DUKORAL, IXCHIQ, and previously also commercialized third-party products such as Rabipur/RabAvert and Encepur.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva Scotland Ltd., located in Livingston, Scotland (United Kingdom) is primarily involved in the production of IXIARO and IXCHIQ and provides R&amp;D support to the business as and when required.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva UK Ltd., located in Fleet, England (United Kingdom), focuses on commercializing DUKORAL, IXIARO, and IXCHIQ in the United Kingdom.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva USA, Inc., located in Bethesda, Maryland (USA), focuses on the commercialization of IXIARO to the U.S. military and the U.S. private market and previously also commercialized IXCHIQ in the U.S.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH (Vienna, Austria), owns the Laboratory and Office building used by Valneva Austria GmbH.</span></div> 3 3 694 0.97 32800000 P1Y 32800000 110 9300000 27400000 1200000 75000000 2 500000000 215000000.0 183000000.0 285000000.0 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following list shows all subsidiaries held by the Company directly or indirectly:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:34.591%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.723%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.727%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Name</span></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Country of incorporation</span></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consolidation Method</span></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest held as at</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">Vaccines Holdings Sweden AB</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Austria GmbH</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Canada Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CA</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva France SAS</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FR</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Scotland Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva Sweden AB</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SE</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva UK Ltd.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">UK</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Valneva USA, Inc.</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">US</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">VBC 3 Errichtungs GmbH</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AT</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Full Consolidation</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div> 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.2 Summary of significant accounting policies</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The principal accounting policies applied in preparing these consolidated financial statements are outlined below. These policies have been consistently applied to all years presented.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.1 Basis of preparation</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These 2025 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (IASB). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accounting policies are disclosed in Note 5.1 General information to Note 5.35 Events after the reporting period. The accounting policies that management considered critical are disclosed in Note 5.5.2 Other revenues.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 17, 2026.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.2 Impact of new, revised or amended Standards and Interpretations</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2025</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:11.006%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.893%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disclosures about Uncertainties in the Financial Statements (Illustrative Examples)</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">A set of examples that illustrate the reporting of the effects of uncertainties in financial statements through climate-related fact patterns</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">November 28, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amendments listed above did not have any material impact on the amounts recognized in prior periods and are not expected to affect the current or future periods.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations whose application is not yet mandatory.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group did not elect to apply early the following new standards, amendments, and interpretations which were issued but not mandatory as at January 1, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.692%"><tr><td style="width:1.0%"></td><td style="width:11.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.981%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions, except IFRS 18 which is currently under assessment.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.3 Consolidation</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group applies the acquisition method of accounting for all business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.4 Foreign currency translation</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Functional and presentation currency</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is Valneva SE’s functional and presentation currency.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions and balances</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions); and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.5 Financial risk management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Financial risk management is carried out under the responsibility of the CFO. The Group’s risk management systems identify, evaluate, and manage financial risks. The Audit Committee of the Group’s Board of Directors receives regular reports on the Group’s risk management systems, including the management of financial risks.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Market risk</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#2aafe5;font-family:'Gotham Bold',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:110%">Foreign exchange risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK), and the U.S. Dollar (USD). The foreign exchange risks from the exposure to other currencies are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by balancing foreign currency assets and liabilities to the extent possible. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. Please refer to Note 5.16.3 for an analysis of the impact from changes in exchange rates on the pre-tax result.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#2aafe5;font-family:'Gotham Bold',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:110%">Interest rate risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2025 and December 31, 2024, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities; in case of decreasing interest rates there will be no material negative impact.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard &amp; Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing, and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating, a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits. The credit quality of financial assets is described in Note 5.16.4.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liquidity risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash flow, and the potential implementation of early repayment clauses in the grant agreements (see Note 5.8.1). Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents, and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets.</span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2025 will be sufficient to fund its operations for at least 12 months from the date of authorization for issuance of these consolidated financial statements. The Pharmakon Loan Agreement signed in 2025 does not include any financial covenants and this new facility extends repayment from Q1 2026 to Q4 2030, has a more favorable interest rate, and enhances financial flexibility. The previous loan agreement (the <span id="i493a158492ba4629b2162dffddfecb7d_8368"></span>D&amp;O Loan Agreement) with U.S. healthcare investment firms Deerfield Management Company and OrbiMed contained covenants related to minimum liquidity and minimum revenue (see Note 5.24.1). No adjustments were made to the D&amp;O Loan Agreement covenants in 2024 or 2025. If the primary endpoint of the VLA 15 Phase 3 trial is not met, the Group will be required to undergo </span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">restructuring and implement cost-containment measures that would allow the Group to meet its financial obligations for the foreseeable future but would significantly impact its operations and prospects. These restructuring measures would require alignment with Pharmakon to avoid an event of default. The Company cannot guarantee such measures would be sufficient in the long term and renegotiation of existing debt terms or alternative measures to refinance or repay the debt may be required.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2025 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,439 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">215,495 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">851 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,690 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,739 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,572 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,414 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,357 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,684 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span id="i1f78975f8d294db2b6707f6118592f07_6-1-1-1-842069"></span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68,648 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45,696 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">220,908 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,208 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">350,460 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2024 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">132,489 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,349 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">683 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,508 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,203 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,083 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,147 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,650 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,491 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,719 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,183 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38,432 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,829 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">291,163 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24. To manage liquidity risk, the Group holds a combination of cash, cash equivalents and short-term deposit balances.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.6 Capital risk management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In order to pursue its business strategy to grow into a major, self-sustained vaccine company through organic growth and opportunistic mergers &amp; acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.7 Fair value estimation</span></div>The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments. <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.1 Basis of preparation</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These 2025 Consolidated Financial Statements have been prepared in accordance with the International financial reporting standards, which comprise IFRS (International Financial Reporting Standards), IAS (International Accounting Standard) and their interpretations, and IFRIC (International Financial Reporting Interpretations Committee), as issued by the International Accounting Standards Board (IASB). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with IFRS as issued by the IASB requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgement in applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.3.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accounting policies are disclosed in Note 5.1 General information to Note 5.35 Events after the reporting period. The accounting policies that management considered critical are disclosed in Note 5.5.2 Other revenues.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For ease of presentation, numbers have been rounded and, where indicated, are presented in thousands of Euros. Calculations, however, are based on exact figures. Therefore, the sum of the numbers in a column of a table may not conform to the total figure displayed in the column.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These consolidated financial statements were approved and authorized for issuance by the Board of Directors on March 17, 2026.</span></div> <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.2 Impact of new, revised or amended Standards and Interpretations</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations issued by IASB whose application has been mandatory since January 1, 2025</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:11.006%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.893%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disclosures about Uncertainties in the Financial Statements (Illustrative Examples)</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">A set of examples that illustrate the reporting of the effects of uncertainties in financial statements through climate-related fact patterns</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">November 28, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The amendments listed above did not have any material impact on the amounts recognized in prior periods and are not expected to affect the current or future periods.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Standards, amendments to existing standards and interpretations whose application is not yet mandatory.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group did not elect to apply early the following new standards, amendments, and interpretations which were issued but not mandatory as at January 1, 2025.</span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.692%"><tr><td style="width:1.0%"></td><td style="width:11.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.981%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These standards and amendments are not expected to have a material impact on the entity in the current reporting periods and on foreseeable future transactions, except IFRS 18 which is currently under assessment.</span></div> <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:11.006%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.893%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.122%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments adopted by the Group</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Editorial Corrections (various)</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Periodically issued IASB Editorial Corrections and changes to IFRSs and other pronouncements.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">March 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disclosures about Uncertainties in the Financial Statements (Illustrative Examples)</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">A set of examples that illustrate the reporting of the effects of uncertainties in financial statements through climate-related fact patterns</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">November 28, 2025</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.692%"><tr><td style="width:1.0%"></td><td style="width:11.340%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:62.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.981%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standards, Interpretations and amendments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effects</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 18</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 18 Presentation and Disclosures in Financial Statements</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">under assessment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">New standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" rowspan="5" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Annual improvements to IFRS – Volume 11</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards: Hedge accounting by a first-time adopter</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:30pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 7 Financial Instruments: Disclosures: Gain or loss on derecognition, Disclosure of deferred difference between fair value and transaction price, Introduction and credit risk disclosures</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 9 Financial Instruments: Lessee derecognition of lease liabilities, Transaction price</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IFRS 10 Consolidated Financial Statements: Determination of a ‘de facto agent’</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments to IAS 7 Statement of Cash Flows: Cost method</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 7 &amp; IFRS 9</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amendments IFRS 9 and IFRS 7 regarding the application of the ‘own use’ exemption to Power Purchase Agreements (PPAs)</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2026</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IFRS 19</span></td><td colspan="3" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments cover new or amended IFRS Accounting Standards issued between 28 February 2021 and 1 May 2024 that were not considered when IFRS 19 Subsidiaries without Public Accountability: Disclosures was first issued.</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IAS 21</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">The amendments clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one.</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">January 1, 2027</span></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">none</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.3 Consolidation</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subsidiaries are entities over which the Company has control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group applies the acquisition method of accounting for all business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of assets transferred, the liabilities incurred, and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs, other than those associated with the issue of debt or equity securities, are expensed as incurred. Identifiable assets acquired, liabilities, and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the Company’s share of the identifiable net assets acquired is recorded as goodwill. If the fair value of the net assets of the acquired subsidiary exceeds the consideration, the difference is recognized directly in the income statement as a bargain purchase gain. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated.</span></div> <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.4 Foreign currency translation</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Functional and presentation currency</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is Valneva SE’s functional and presentation currency.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions and balances</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Foreign currency transactions are converted into the functional currency using exchange rates applicable on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income statement.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are converted into the presentation currency as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">assets and liabilities presented for each balance sheet are converted according to the exchange rate valid on the balance sheet date;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">income and expenses for each income statement are converted at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are converted on the dates of the transactions); and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:7pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.28pt">all resulting exchange differences are recognized as other comprehensive income and are shown as other reserves.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When a foreign operation is partially disposed of or sold, exchange differences that had been recorded in equity are recognized in the income statement as part of the gain or loss on sale.</span></div> <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.5 Financial risk management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Financial risk management is carried out under the responsibility of the CFO. The Group’s risk management systems identify, evaluate, and manage financial risks. The Audit Committee of the Group’s Board of Directors receives regular reports on the Group’s risk management systems, including the management of financial risks.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Market risk</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#2aafe5;font-family:'Gotham Bold',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:110%">Foreign exchange risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group operates internationally and is exposed to foreign exchange risks arising from various currencies, primarily with respect to the British Pound (GBP), the Canadian Dollar (CAD), the Swedish Krona (SEK), and the U.S. Dollar (USD). The foreign exchange risks from the exposure to other currencies are relatively limited. Foreign exchange risks arise from future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The objective of the Group is to limit the potential negative impact of the foreign exchange rate changes, for example by currency conversion of cash and cash equivalents denominated in foreign currency and by balancing foreign currency assets and liabilities to the extent possible. The Group has certain investments in foreign operations, the net assets of which are exposed to foreign currency translation risk. Please refer to Note 5.16.3 for an analysis of the impact from changes in exchange rates on the pre-tax result.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#2aafe5;font-family:'Gotham Bold',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:110%">Interest rate risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group analyzes its interest rate exposure on a dynamic basis. Based on this analysis, the Group calculates the impact on profit and loss of a defined interest rate change. The same interest rate change is used for all currencies. The calculation only includes investments in financial instruments and cash in banks that represent major interest-bearing positions. As at December 31, 2025 and December 31, 2024, no material interest risk was identified. In case of increasing interest rates the positive effect from cash in banks will be higher than the negative effect from variable interest-bearing liabilities; in case of decreasing interest rates there will be no material negative impact.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to credit risk which is the risk of financial loss if customers or counterparties to a financial instrument fail to meet their contractual obligations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva holds bank accounts, cash balances, and securities at sound financial institutions with high credit ratings. To monitor the credit quality of its counterparts, the Group relies on credit ratings as published by specialized rating agencies such as Standard &amp; Poor’s, Moody’s, and Fitch. The Group has policies that limit the amount of credit exposure to any single financial institution. The Group is also exposed to credit risks from its trade debtors, as its income from product sales, collaborations, licensing, and services arises from a small number of transactions. The Group has policies in place to enter into such transactions only with highly reputable, financially sound counterparts. If customers are independently rated, these ratings are used. Otherwise, when there is no independent rating, a risk assessment of the credit quality of the customer is performed, taking into account its financial position, past payment experience and other relevant factors. Individual credit limits are set based on internal or external ratings in accordance with signature authority limits. The credit quality of financial assets is described in Note 5.16.4.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Liquidity risk</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to liquidity risk due to the maturity of its financial liabilities and the fluctuations of its operating cash flow, and the potential implementation of early repayment clauses in the grant agreements (see Note 5.8.1). Furthermore, fluctuations in the Group’s operating cash flow during accounting periods also generate liquidity risks. Prudent liquidity risk management therefore implies maintaining sufficient cash resources, cash equivalents, and short-term deposits in order to satisfy ongoing operating requirements and the ability to close out market positions. Extraordinary conditions on the financial markets may, however, temporarily restrict the possibility to liquidate certain financial assets.</span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Although it is difficult to predict future liquidity requirements, the Group considers that the existing cash and cash equivalents as at December 31, 2025 will be sufficient to fund its operations for at least 12 months from the date of authorization for issuance of these consolidated financial statements. The Pharmakon Loan Agreement signed in 2025 does not include any financial covenants and this new facility extends repayment from Q1 2026 to Q4 2030, has a more favorable interest rate, and enhances financial flexibility. The previous loan agreement (the <span id="i493a158492ba4629b2162dffddfecb7d_8368"></span>D&amp;O Loan Agreement) with U.S. healthcare investment firms Deerfield Management Company and OrbiMed contained covenants related to minimum liquidity and minimum revenue (see Note 5.24.1). No adjustments were made to the D&amp;O Loan Agreement covenants in 2024 or 2025. If the primary endpoint of the VLA 15 Phase 3 trial is not met, the Group will be required to undergo </span></div><div style="text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">restructuring and implement cost-containment measures that would allow the Group to meet its financial obligations for the foreseeable future but would significantly impact its operations and prospects. These restructuring measures would require alignment with Pharmakon to avoid an event of default. The Company cannot guarantee such measures would be sufficient in the long term and renegotiation of existing debt terms or alternative measures to refinance or repay the debt may be required.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2025 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,439 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">215,495 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">851 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,690 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,739 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,572 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,414 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,357 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,684 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span id="i1f78975f8d294db2b6707f6118592f07_6-1-1-1-842069"></span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68,648 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45,696 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">220,908 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,208 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">350,460 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2024 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">132,489 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,349 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">683 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,508 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,203 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,083 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,147 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,650 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,491 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,719 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,183 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38,432 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,829 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">291,163 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair values as well as the book values of the Group’s borrowings are disclosed in Note 5.24. To manage liquidity risk, the Group holds a combination of cash, cash equivalents and short-term deposit balances.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2025 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,439 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">215,495 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">851 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,690 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,739 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,572 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,414 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,357 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,684 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span id="i1f78975f8d294db2b6707f6118592f07_6-1-1-1-842069"></span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68,648 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45,696 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">220,908 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,208 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">350,460 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Balance as at December 31, 2024 </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:41.510%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.377%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less than 1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">132,489 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,349 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">683 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,508 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,203 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,083 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,147 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,650 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,491 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables and accruals</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,719 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,183 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38,432 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,829 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">291,163 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required for financial instruments only.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of the borrowings is as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,715 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">132,489 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">131,953 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,349 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">594 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">683 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT BORROWINGS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">166,521 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 17905000 33439000 215495000 851000 267690000 2739000 5572000 5414000 14357000 28082000 10814000 6684000 0 0 17498000 24540000 0 0 0 24540000 12642000 0 0 0 12642000 7000 0 0 0 7000 68648000 45696000 220908000 15208000 350460000 20852000 132489000 33349000 683000 187373000 2508000 5203000 5083000 16147000 28941000 19650000 6491000 0 0 26141000 35522000 0 0 0 35522000 13107000 0 0 0 13107000 79000 0 0 0 79000 91719000 144183000 38432000 16829000 291163000 <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.6 Capital risk management</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide benefits for shareholders and for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group actively manages its funds to primarily ensure liquidity and principal preservation while seeking to maximize returns. The Group’s cash and short-term deposits are located at several different banks. In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to reduce debt.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In order to pursue its business strategy to grow into a major, self-sustained vaccine company through organic growth and opportunistic mergers &amp; acquisitions, the Group may rely on additional equity and debt financing. Capital consists of “Equity” as shown in the consolidated balance sheet.</span></div> <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.2.7 Fair value estimation</span></div>The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to the relatively short maturity of the respective instruments.<div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.3.3 Measurements of fair values</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Further information about the assumptions made in measuring fair values is included in the following Notes:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.16: Financial instruments and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.23: Share-based compensation.</span></div> <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.3 Critical accounting judgements and key sources of estimation uncertainty</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In applying the Group’s accounting policies, which are described in Note 5.2: Summary of significant accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognized and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.3.1 Critical Accounting Policies, Practices, and Estimate</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following is the critical judgement, apart from those involving estimations (which are presented separately below), that management has made in the process of applying the Group’s accounting policies and that has the most significant effect on the amounts recognized in financial statements:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.5.2 Other revenues and Note 5.29 Refund liabilities: The recognition of other revenues and refund liabilities involves significant management judgement in estimating and updating the transaction price in accordance with IFRS 15. Management is required to assess the nature and amount of variable consideration and to determine whether such amounts are subject to the constraint on variable consideration. Variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Management reassesses the estimated transaction price and the application of the constraint at each reporting date. Revenue is only recognized when it is highly likely that it will not reverse in future, and this is a judgement required from management. In particular, Note 5.5.2 underlines the judgements made in applying accounting policies, which are most relevant with respect to the Research Collaboration and License Agreement with Pfizer.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.3.2 Key sources of estimation uncertainty</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The key assumptions concerning the future, and other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.15 Impairment testing: Impairment test of intangible and tangible assets and right of use assets: key assumptions underlying recoverable amounts. Budgets comprise forecasts of revenue, staff costs, and overheads based on current and anticipated market conditions that have been considered and approved by the Executive Committee and the Board of Directors. The revenue projections are inherently uncertain due to the short-term nature of the business and unstable market conditions. If the Group does not successfully develop vaccine candidates and receive regulatory approval, or if Valneva fails to successfully manufacture or commercialize approved vaccines, an impairment may be required. For the main estimates and sensitivities related to the impairment test regarding the CGU, see Note 5.15; </span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.17 Inventories: Write-down analysis for inventories: For the assessment of write-down of raw material the current production plans have been taken into account. Raw material which will not be used before its expiry date is written down. For the assessment of write-downs of work in progress, finished goods, and purchased goods, the forecasted sales plans and a minimum shelf life at the time of the most current sales expectation are taken into account. In addition, inventories are assessed on the likelihood of the release of the relevant products. The Group manufactures inventories through a number of production sites and allocates production overheads to inventories on the basis of normal operating capacity, in line with IAS 2. Where actual production is below normal capacity, the related unallocated fixed overheads are recognised as an expense and excluded from inventory valuation. The assessment of what constitutes normal capacity, and whether under-absorption of overheads arises from below normal idle capacity rather than ordinary production variability, involves significant judgement. This assessment is based on expected production volumes, historical utilization levels, scheduled maintenance, temporary shutdowns, market conditions and other plant-specific factors.</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.23 Share-based compensation: Share-based payments and related expected employer contribution costs: assumption for fair value determination, including performance conditions, as well as the determination of accelerated vesting in the event of a change of control (as considered remote); </span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.29 Refund liabilities: Recognition of the refund obligation related to the Pfizer Collaboration and License Agreement;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Notes 5.30 Provisions and 5.33 Commitments and contingencies: Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources. In estimating the provision for onerous contracts, management makes assumptions regarding the likelihood of termination costs for certain agreements. In estimating the restructuring provisions management assesses the timing and amount of expected costs, including employee termination benefits, contract termination penalties, and other direct expenditures. In accordance with IAS 37, the Company recognizes contingent assets only when the inflow of economic benefits is virtually certain. Management applies significant judgment in evaluating whether claims for indemnities or reimbursements from Contract Manufacturing Organizations relating to the disposal of the Company’s products during manufacturing activities meet this threshold; accordingly, receivables and related income for claims </span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">associated with accidental disposal and spillage events are recognized only once formal acknowledgment of liability has been obtained.;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.8.2</span><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research and development tax credits: The recognition of Research and development tax credits on other income integrated assumptions on the eligible expenses, reflecting the management’s best estimate of the final submission to the tax authority.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.3.3 Measurements of fair values</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Further information about the assumptions made in measuring fair values is included in the following Notes:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Note 5.16: Financial instruments and</span></div><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span>Note 5.23: Share-based compensation <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.4 Segment information</span></div>The Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The Executive Committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement The Executive Committee, as the Company’s chief operating decision maker (“CDM”), considers Valneva’s operating business in its entirety to allocate resources and assess performance. The Executive Committee evaluates all vaccine candidates and vaccine products together as a single operating segment, “development and commercialization of prophylactic vaccines”. Therefore, the split used to allocate resources and assess performance is based on a functional view, thus correlating to the income statement <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.5 Revenues</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues include both revenues from contracts with customers and other non-IFRS 15 revenues (mainly subleases) which are out of scope from IFRS 15:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenues from contracts with customers</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,097 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,075 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">653 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">704 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,014 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.5.1 Product sales</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s product sales contracts generally include one type of performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, either when the customer obtains control over the goods at the time of shipment or when the product is received by the customer, which generally happens within a few days, depending on the terms of the agreement. Sales contracts with retailers and the U.S. Department of Defense (DoD) are shown as “direct product sales”, whereas sales to the other distributors are reported as “indirect sales - sales through distributors”.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts, and under certain conditions return rights, which give rise to variable consideration under IFRS 15. The constraints on variable consideration (expected rebates, discounts and considerations for product returns) are taken into account and </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">recognized on an accrual basis and reported as refund liabilities or as contract liabilities (for replacement doses) in the consolidated balance sheet.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In most cases, Valneva sells its products through distributors. Valneva is acting as principal given that it controls such products before transferring them to the final customer. More specifically, Valneva assumes the inventory risk before the goods are transferred to customers and has discretion in establishing prices for such goods. Revenue is recognized when the product is delivered to the end customers.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls such products before transferring them to the final customer. More specifically, Valneva assumes the inventory risk before the goods are transferred to customers and has discretion in establishing prices for such goods. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income. </span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.5.2 Other revenues</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group generates other revenues from its products, product candidates, and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses, and further R&amp;D services. The terms of such agreements include license fees received as initial fees, annual license maintenance fees, and fees to be paid upon achievement of milestones, as well as license option fees and fees for the performance of research services. In addition, the Group’s licensing arrangements generally provide for royalties payable on the licensee’s future sales of products developed within the scope of the license agreement. Furthermore, revenue recognized due to the termination of agreements is recognized in other revenues. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s existing license contracts provide distinct right to use licenses, and therefore revenue is recognized at the point in time at which the licensee is able to direct the use of and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable consideration constraint is removed. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenue for research and development services within the Group’s contracts currently in place is recognized over time. The progress is measured on an input basis (costs incurred related to total costs expected). This input method is considered an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which a change in estimate of variable consideration occurs. Revenues from license royalties are recognized when the underlying product sales occur. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lyme - Pfizer Collaboration and License Agreement</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In April 2020, Valneva signed the Collaboration and License Agreement with Pfizer to co-develop and commercialize the Group’s Lyme disease vaccine candidate (VLA15). This is classified as an agreement with a customer as defined by IFRS 15 guidance on revenue contracts with customers, and accordingly, amounts received by or payable to Valneva under the Collaboration and License Agreement are accounted for in the Group’s revenues. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The considerations for this Agreement include a variable part. Variable considerations derive from upfront and milestone payments received and to be received from Pfizer, contributions from Valneva to Pfizer in shared development costs and circumstances that could potentially increase future payments to Pfizer. At the end of each reporting period, Valneva updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Revenue is recognized when the variable consideration constraint is removed and it is highly probable that a significant revenue reversal will not occur.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2021 and 2022, several amendments were made to the Collaboration and License Agreement. This resulted in an increase in the expected payments to customer related to Valneva’s contribution to Pfizer’s future development costs. Therefore, for the year ended December 31, 2022, the accumulated revenue recognized since the inception of the agreement with Pfizer amounting to €45.9 million was reversed as other revenues from contracts with customers. In the years ended December 31, 2023 and December 31, 2024, no revenues were recognized as Valneva determined that entitlement to the consideration was not yet highly probable, due to the possibility of increased payments to customers while R&amp;D activities (including the Phase 3 study) are progressing ahead of possible BLA licensure submission to the FDA.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of December 31, 2025, Valneva reassessed its entitlement to the consideration and the related refund liability. The Phase 3 clinical trial is nearing completion, and the data readout is expected within the first half of 2026. Based on the updated development budget, Valneva determined the probability and magnitude of any further change in the payment to customer.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Due to project progress, Valneva concluded that a portion of the outstanding refund liability no longer represented an obligation to refund consideration to Pfizer and could therefore be released to revenue. For the year ended December 31, 2025, Valneva recognized revenues for R&amp;D work and additional support services of €10.0 million, corresponding to the amount of the refund liability that the Group no longer expects to settle through future payments to Pfizer. As at </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">December 31, 2025, the remaining refund liability related to the Collaboration and License Agreement with Pfizer amounted to €9.0 million, representing Valneva’s best estimate of the portion of consideration that may still need to be refunded through its ongoing contribution to Pfizer’s development costs.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">While license and equipment performance obligations were fulfilled in prior periods, the R&amp;D activities and additional services were ongoing through 2025 and satisfy the performance obligation over time. During this period, Valneva funded 40% of the ongoing shared development costs.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Items not included in the transaction price as of December 31, 2025 are (i) $143 million from early commercialization milestones, (ii) royalties, ranging from 14% to 22%, and (iii) $100 million in sales based milestones, which will be recognized as and when they occur.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.5.3 Disaggregated revenue information</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s revenues are disaggregated as follows:</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Type of goods or service</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98,419 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,069 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,483 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,909 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,303 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,775 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third party products</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,159 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,185 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,675 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,421 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,696 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">VLA2001</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,691 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PRODUCT SALES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties received</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,124 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,410 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,129 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenues from shipping and handling</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">481 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,368 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">R&amp;D work and additional support services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,985 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Milestone payment - licenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,421 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">712 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,637 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">87 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,133 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,288 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">thereof COVID-19</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,973 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,097 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,075 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">653 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">704 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,014 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, product sales for all active products decreased by €5.3 million compared to the same period in 2024. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXIARO sales showed a 5% increase, which was mainly driven by the increased order volume in the UK due to the limited supply in the prior year, as well as increased order volumes in France and other European markets as the result of the growth in the travel market. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">DUKORAL sales in 2025 were 1% lower compared to 2024. This decrease resulted from lower market demand in Germany, which is partly offset by an increased demand due the cholera outbreak in Mayotte, France.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ sales were €8.4 million in 2025 compared to €3.7 million in 2024, as the vaccine was launched at the end of the first quarter of 2024. Sales in 2025 included all doses Valneva supplied to France’s island La Réunion to respond to the chikungunya outbreak and were adversely impacted by the suspension of the license by the FDA in August 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Third-party product sales in 2025 were 42% lower compared to 2024, which was mainly driven by discontinuation of distribution of Rabipur</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">/RabAvert</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> and Encepur</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">®</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> in UK and Canada as well the termination of the distribution agreement of FLUAD in Austria. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues from shipping and handling decreased in 2025 to €0.5 million. In 2024, revenues included an additional one time revenue for freight costs due to a revised customer agreement. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues from milestone payments and licenses increased by €2.7 million in 2025 compared to 2024, mainly related to the exclusive license agreement with Serum Institute of India for Valneva’s single-shot chikungunya vaccine amounting to €2.5 million. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">R&amp;D work and additional support services shows revenues recognized under the Collaboration and License Agreement with Pfizer amounting to €10.0 million.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other service revenues decreased by 92% to €0.1 million in 2025. This change is mainly due to fewer services being provided by the Group in 2025 compared to the prior year.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sales channels for product sales</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Products are sold via the following sales channels:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Direct product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">130,755 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">137,889 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,305 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Indirect product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,153 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,365 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,320 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL PRODUCT SALES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Geographical markets</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In presenting information on the basis of geographical markets, revenue is based on the final location where Valneva’s distribution partner sells the product or where the customer/partner is located. </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United States</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53,610 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,593 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,964 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Canada</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,125 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,321 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,193 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Germany</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,468 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,374 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,503 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">France</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,668 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,220 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,866 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Nordics</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,898 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,937 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,695 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other Europe</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,877 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,056 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,335 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United Kingdom</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,644 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,489 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,266 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Austria</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,897 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,583 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Rest of World</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,897 </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,691 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,308 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUE TOTAL</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New </span></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Zealand.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, total revenues increased by €5.1 million compared to the year ended December 31, 2024. Revenues from the U.S. market increased by €5.0 million, primarily due to the recognition of variable consideration relating to the research collaboration and licensing agreement with Pfizer for the Lyme disease program amounting to €10.0 million. This increase was partly offset by the decline in product sales to the U.S. military by 4%, which is primarily due to the timing of the DoD contract.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information about major customers</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The concentration risk from the customer portfolio of the Group is limited. In 2025, there were three customers with a contribution exceeding 10% of the annual revenue. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Sales to customers representing more than 10% of the total revenues amounted to €77.9 million in 2025 (2024: €76.0 million, 2023: €67.1 million) and consisted solely of product sales. </span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.5.4 Assets and liabilities related to contracts with customers</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See Note 5.18 for details on trade receivables, Note 5.19 for details on costs to obtain a contract, Note 5.28 for details of contract liabilities and Note 5.29 for details of refund liabilities.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenues include both revenues from contracts with customers and other non-IFRS 15 revenues (mainly subleases) which are out of scope from IFRS 15:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenues from contracts with customers</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,097 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,075 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">653 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">704 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,014 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 157908000 163253000 144624000 16097000 5622000 8075000 653000 704000 1014000 174659000 169579000 153713000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group mostly generates product sales revenues from the sale of its commercialized travel vaccines and from the sale of third-party products. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s product sales contracts generally include one type of performance obligation. Revenue is recognized at the point in time when the identified performance obligation is transferred to the customer, either when the customer obtains control over the goods at the time of shipment or when the product is received by the customer, which generally happens within a few days, depending on the terms of the agreement. Sales contracts with retailers and the U.S. Department of Defense (DoD) are shown as “direct product sales”, whereas sales to the other distributors are reported as “indirect sales - sales through distributors”.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Some of the Group’s product sales agreements include retrospective rebates, charge-back clauses, discounts, and under certain conditions return rights, which give rise to variable consideration under IFRS 15. The constraints on variable consideration (expected rebates, discounts and considerations for product returns) are taken into account and </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">recognized on an accrual basis and reported as refund liabilities or as contract liabilities (for replacement doses) in the consolidated balance sheet.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In most cases, Valneva sells its products through distributors. Valneva is acting as principal given that it controls such products before transferring them to the final customer. More specifically, Valneva assumes the inventory risk before the goods are transferred to customers and has discretion in establishing prices for such goods. Revenue is recognized when the product is delivered to the end customers.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva also sells products acquired from third parties. Valneva considers that it is acting as principal given that it controls such products before transferring them to the final customer. More specifically, Valneva assumes the inventory risk before the goods are transferred to customers and has discretion in establishing prices for such goods. Revenue is recognized when the product is delivered to the customers. Products purchased from third parties are recognized as “inventory” in the balance sheets and when sold as “cost of goods” in the statements of income. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group generates other revenues from its products, product candidates, and proprietary technologies. The contracts in place often include several different promised goods or services such as research licenses, commercial licenses, and further R&amp;D services. The terms of such agreements include license fees received as initial fees, annual license maintenance fees, and fees to be paid upon achievement of milestones, as well as license option fees and fees for the performance of research services. In addition, the Group’s licensing arrangements generally provide for royalties payable on the licensee’s future sales of products developed within the scope of the license agreement. Furthermore, revenue recognized due to the termination of agreements is recognized in other revenues. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s existing license contracts provide distinct right to use licenses, and therefore revenue is recognized at the point in time at which the licensee is able to direct the use of and benefit from the license. The consideration for licensing contracts may consist of fixed and variable parts. In case of right-to-use licenses, the fixed part of the consideration is recognized at the point in time when the licensee is able to direct the use and benefit from the license. For any variable consideration, revenue is recognized at the point in time when the variable consideration constraint is removed. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Revenue for research and development services within the Group’s contracts currently in place is recognized over time. The progress is measured on an input basis (costs incurred related to total costs expected). This input method is considered an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15.</span></div>Variable considerations are included in revenues only to the extent that it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Group updates the estimated transaction price and its assessment of whether an estimate of variable consideration is constrained. Amounts allocated to a satisfied performance obligation are recognized as revenue, or as a reduction of revenue, in the period in which a change in estimate of variable consideration occurs. Revenues from license royalties are recognized when the underlying product sales occur.A contract liability has to be recognized when the customer has already provided the consideration or part of the consideration before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”. 1 -45900000 0 0 10000000.0 9000000.0 0.40 143000000 0.14 0.22 100000000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group’s revenues are disaggregated as follows:</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Type of goods or service</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98,419 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,069 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,483 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,909 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,303 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,775 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Third party products</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,159 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,185 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,675 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ®</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,421 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,696 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">VLA2001</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,691 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PRODUCT SALES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties received</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,124 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,410 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,129 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenues from shipping and handling</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">481 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,368 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">R&amp;D work and additional support services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,985 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Milestone payment - licenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,421 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">712 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,637 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">87 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,133 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,288 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">thereof COVID-19</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,973 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER REVENUES FROM CONTRACTS WITH CUSTOMERS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,097 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,075 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other non-IFRS 15 revenue</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">653 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">704 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,014 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 98419000 94069000 73483000 31909000 32303000 29775000 19159000 33185000 35675000 8421000 3696000 0 0 0 5691000 157908000 163253000 144624000 2124000 2410000 2129000 481000 1368000 21000 9985000 0 0 3421000 712000 3637000 87000 1133000 2288000 0 0 1973000 16097000 5622000 8075000 653000 704000 1014000 174659000 169579000 153713000 -5300000 0.05 -0.01 8400000 3700000 -0.42 500000 2700000 2500000 10000000.0 -0.92 100000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Products are sold via the following sales channels:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Direct product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">130,755 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">137,889 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,305 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Indirect product sales</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,153 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,365 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,320 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL PRODUCT SALES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">157,908 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163,253 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">144,624 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 130755000 137889000 119305000 27153000 25365000 25320000 157908000 163253000 144624000 <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United States</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53,610 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,593 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,964 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Canada</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,125 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">32,321 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,193 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Germany</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,468 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,374 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,503 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">France</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,668 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,220 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,866 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Nordics</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,898 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,937 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,695 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other Europe</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,877 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,056 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,335 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United Kingdom</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,644 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,489 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,266 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Austria</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,897 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,583 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Rest of World</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,897 </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,691 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,308 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">REVENUE TOTAL</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">174,659 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">169,579 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">153,713 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New </span></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Zealand.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">United Kingdom</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">75,914 </span></div></td><td style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">93,309 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Austria</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">44,983 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">48,533 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Nordics</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,741 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">36,264 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">France</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,106 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4,350 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">United States</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">506 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">781 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Canada</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">130 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">138 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">160,380 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">183,373 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 53610000 48593000 32964000 30125000 32321000 28193000 17468000 18374000 13503000 14668000 7220000 5866000 13898000 13937000 12695000 13877000 9056000 9335000 12644000 19489000 20266000 9473000 15897000 14583000 8897000 4691000 16308000 174659000 169579000 153713000 5100000 5000000.0 10000000.0 -0.04 3 0.10 0.10 77900000 76000000.0 67100000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.6 Expenses by nature</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses, and general and administrative expenses include the following items by nature of cost:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:44.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.996%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Note</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consulting and other purchased services</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68,638 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,783 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80,988 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost of services and change in inventory</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,001 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,681 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,417 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee benefit expense other than share-based compensation</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.7</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89,386 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,028 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">72,997 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.7</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials and consumables used</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,253 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,982 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,113 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization and impairment</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.12/13/14</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,645 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,586 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,853 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Building and energy costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,662 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,908 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,088 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Supply, office and IT costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,711 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,682 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,663 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">License fees and royalties</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,648 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,065 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,492 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advertising costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,040 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,781 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,361 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warehousing and distribution costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,595 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,790 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,939 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Travel and transportation costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,634 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,197 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,700 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other expenses</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,337 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,593 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,432 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPERATING EXPENSES</span></td><td colspan="3" style="background-color:#3673b9;padding:0 1pt"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,120 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,788 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">257,320 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Operating expenses in the year ended December 31, 2025 amounted to €267.1 million, which was a slight decrease compared to the €267.8 million in the year ended December 31, 2024. Operating expenses increased slightly by €10.5 million in the year ended December 31, 2024 from €257.3 million in the year ended December 31, 2023.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The increase in expenses for “consulting and other purchased services” in the year ended December 31, 2025 compared to 2024 comes from the increase in research and development primarily related to chikungunya Phase 4 and pediatric studies, as well for the Shigella vaccine candidate. During the comparison period of 2023, Valneva incurred higher service fees for clinical studies related to research and development of the Zika vaccine candidate and higher expenditures on the COVID-19 vaccine, VLA2001. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Expenses for “cost of services and change in inventory” increased in the year ended December 31, 2025 by €1.3 million compared to 2024, mainly driven by one-off expenses related to the transfer to the new manufacturing site Almeida in Scotland and higher inventory write-offs based on revised forecast market demand and sales expectations </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Expenses for “Raw materials and consumables used” decreased in the year ended December 31, 2025 by €6.7 million, compared to 2024, mostly due to lower sales volumes across the commercial portfolio and to improvement in manufacturing performances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">“Employee benefit expenses other than share-based compensation” increased in the year ended December 31, 2025 compared to December 31, 2024 primarily related to the closure of the Nantes site in France (see Note 5.7). The increase in the year ended December 31, 2024 compared to December 31, 2023 was due to inflation-related higher salaries and social security contributions. During 2025, the Group had an average of 694 employees (in 2024: 695 employees).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">“Share-based compensation expense” increased in the year ended December 31, 2025 compared to 2024 and 2023 due to the introduction of new plans. See Note 5.23 for more information on the share-based compensation plans.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The expense under “depreciation and amortization and impairment” increased in the year ended December 31, 2025 compared to 2024 by €3.1 million due to the fully deployed capacity of the Almeida facility in Livingston.</span></div>The decrease in “advertising costs” for the year ended December 31, 2025 compared to the years ended December 31, 2024 and 2023 reflects the higher advertising spend in those years, primarily related to the launch of IXCHIQ in the U.S. in early 2024<div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Principal Accountant Fees and Services</span></div><div style="margin-bottom:10pt;margin-top:9pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:115%">PricewaterhouseCoopers Audit and Deloitte &amp; Associés served as independent auditors for the year ended December 31, 2025 and for all other reporting periods presented. The table below shows fees charged by those firms and member firms of their networks to Valneva and consolidated subsidiaries in the years ended December 31, 2025, 2024, and 2023.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:16.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.197%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="36" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31,</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="18" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PricewaterhouseCoopers</span></td><td colspan="18" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deloitte &amp; Associés</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Audit fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,182 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">74</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,710 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,076 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,029 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,311 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,902 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,082 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,272 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">66</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,539 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">939 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,185 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">84</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">439 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">537 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">126 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">280 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Audit-related Fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax Services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">122 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">122 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">All Other Fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">292 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,596 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,918 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,116 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,029 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,474 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,921 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Audit-related fees comprised mainly the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit and are not reported under Audit Fees. All other fees are the aggregate fees billed for the limited assurance review of sustainability reporting and verification of disclosure requirements set out in article 8 of Regulation (EU) 2020/852.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The consolidated income statement line items cost of goods and services, research and development expenses, marketing and distribution expenses, and general and administrative expenses include the following items by nature of cost:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:44.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.547%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.996%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Note</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consulting and other purchased services</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68,638 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,783 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80,988 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost of services and change in inventory</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,001 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,681 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,417 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee benefit expense other than share-based compensation</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.7</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89,386 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,028 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">72,997 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.7</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials and consumables used</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,253 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,982 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,113 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization and impairment</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">5.12/13/14</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,645 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,586 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,853 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Building and energy costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,662 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,908 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,088 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Supply, office and IT costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,711 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,682 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,663 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">License fees and royalties</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,648 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,065 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,492 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advertising costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,040 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,781 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,361 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Warehousing and distribution costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,595 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,790 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,939 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Travel and transportation costs</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,634 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,197 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,700 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other expenses</span></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,337 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,593 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,432 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPERATING EXPENSES</span></td><td colspan="3" style="background-color:#3673b9;padding:0 1pt"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,120 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">267,788 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">257,320 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 68638000 65783000 80988000 15001000 13681000 11417000 89386000 83028000 72997000 9571000 8710000 6276000 15253000 21982000 14113000 22645000 19586000 16853000 15662000 13908000 13088000 9711000 7682000 11663000 3648000 4065000 5492000 9040000 16781000 13361000 4595000 5790000 3939000 1634000 3197000 2700000 2337000 3593000 4432000 267120000 267788000 257320000 267100000 267800000 10500000 257300000 1300000 -6700000 694 695 3100000 <div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Principal Accountant Fees and Services</span></div><div style="margin-bottom:10pt;margin-top:9pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:115%">PricewaterhouseCoopers Audit and Deloitte &amp; Associés served as independent auditors for the year ended December 31, 2025 and for all other reporting periods presented. The table below shows fees charged by those firms and member firms of their networks to Valneva and consolidated subsidiaries in the years ended December 31, 2025, 2024, and 2023.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:16.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.189%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.289%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.197%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="36" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31,</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="18" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PricewaterhouseCoopers</span></td><td colspan="18" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deloitte &amp; Associés</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Audit fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,182 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">74</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,710 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,076 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,029 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,311 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,902 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,082 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,272 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">66</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,539 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">939 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,185 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,622 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">84</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">439 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">537 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">126 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">280 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Audit-related Fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax Services</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">122 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">provided by the statutory auditor's network</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">122 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">All Other Fees</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">292 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">163 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,596 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,918 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,116 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,029 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,474 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,921 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">100</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td></tr></table></div> 1182000 0.74 1710000 0.89 2076000 0.98 1029000 1 1311000 0.89 1902000 0.99 1082000 0.68 1272000 0.66 1539000 0.73 939000 0.91 1185000 0.80 1622000 0.84 100000 0.06 439000 0.23 537000 0.25 90000 0.09 126000 0.09 280000 0.15 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122000 0.08 45000 0.02 40000 0.02 0 0 0 122000 0.08 45000 0.02 40000 0.02 0 0 0 292000 0.18 163000 0.08 0 0 163000 0.11 19000 0.01 1596000 1 1918000 1 2116000 1 1029000 1 1474000 1 1921000 1 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.7 Employee benefit expense</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Employee benefit expenses include the following:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salaries</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">67,801 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">63,313 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">55,793 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security contributions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,319 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,300 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,359 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Training and education</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">597 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,582 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,292 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other employee benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,669 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,833 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,553 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL EMPLOYEE BENEFIT EXPENSE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98,957 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,739 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79,273 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the year ended December 31, 2025 employee benefit expenses increased by €7.2 million compared to the year ended December 31, 2024. This was primarily driven by leaving indemnity payments, which rose by €4.3 million and related to social contributions which increased by €2.8 million compared to prior year. These increases mainly resulted from the closure of the Nantes site in France. The overall rise in employee benefit expenses was partially offset by reduced costs for seminars and conferences, reflecting efficiencies achieved through the Company’s improvement program, which delivered process optimizations and costs savings compared to the prior year.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, the social security contributions included an expense of €1.4 million (December 31, 2024: income of €1.6 million, December 31, 2023: income of €1.6 million) resulting from the increase of the provision of employer contribution charges on share-based payment programs due to the increase in the share price. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During 2025, the Group had an average of 694 employees (2024: 695 employees, 2023: 684 employees).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Employee benefit expenses include the following:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salaries</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">67,801 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">63,313 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">55,793 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security contributions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,319 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,300 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,359 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Training and education</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">597 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,582 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,292 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other employee benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,669 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,833 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,553 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL EMPLOYEE BENEFIT EXPENSE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98,957 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91,739 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79,273 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 67801000 63313000 55793000 19319000 16300000 14359000 9571000 8710000 6276000 597000 1582000 1292000 1669000 1833000 1553000 98957000 91739000 79273000 7200000 4300000 2800000 -1400000 1600000 1600000 694 695 684 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.8 Other income/(expenses), net</span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Gain from sale of Priority Review Voucher, net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company sold the PRV received from the FDA for $103 million (€95 million) on February 2, 2024. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company was awarded a tropical disease PRV in November 2023 following the FDA’s approval of IXCHIQ, Valneva’s single-dose, live-attenuated vaccine indicated for the prevention of disease caused by chikungunya virus. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The net gain from the sale of the PRV amounted to</span><span style="color:#929292;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">€90.8 million, after deducting expenses in the amount of €4.2 million, which included transaction fees as well as expenses in connection with contractual payment obligations related to the PRV sale.</span></div><div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Other income and expenses, net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other income and expenses, net include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Research and development tax credit</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,942 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,028 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,797 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,957 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,194 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,350 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) on disposal of fixed assets and intangible assets, net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(432)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(445)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) from revaluation of lease agreements</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">711 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Taxes, duties, fees, charges, other than income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(373)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(346)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(475)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous income/(expenses), net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">305 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,824 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER INCOME AND EXPENSES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,400 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,706 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,520 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses decreased by €10.3 million, or 50%, to €10.4 million for the year ended December 31, 2025, from €20.7 million for the year ended December 31, 2024, primarily due to lower grant income and lower research and development tax credit.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Income from the research and development tax credit decreased significantly due to the decrease of the R&amp;D tax credit in Valneva Scotland (see Note 5.8.2 Research and development tax credits).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Grant income decreased considerably due to the final installment of the Scottish Enterprise grant being paid at the beginning of 2025, as well as lower grant income recognized related to the CEPI agreement (see Note 5.8.1 Grants).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The slight decrease in the “miscellaneous income/(expenses), net” for the year ended December 31, 2025 mainly reflects the discontinuation of residual income following the 2023 divestment of the Clinical Trial Manufacturing unit in Solna, with final payments received in 2024.</span></div><div style="margin-bottom:10pt;margin-top:18pt;padding-left:53.86pt;text-indent:-53.86pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.8.1 Grants</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Grants received as reimbursement of approved research and development expenses are recognized as other income when the related expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when the relevant conditions are met. Advance payments received which need to be repaid are recognized as borrowings (see Note 5.24.1 Principal loan).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Government grants received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During the year ended December 31, 2025 €0.1 million (£0.1 million) of grant income was recognized in connection with support received from Scottish Enterprise, Scotland’s national economic development agency, to support research and development as well as manufacturing development activities on the Livingston site.This represents the final amount received from the original agreement spanning over 3 years and compared to €3.7 million (£3.1 million) recognized for the year ended December 31, 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2019, the Group signed a funding agreement with CEPI. Valneva received $24.6 million for vaccine manufacturing and late-stage clinical development of its single-dose, live attenuated vaccine against chikungunya. In line with CEPI’s commitment to equitable access, the funding underwrote a partnership effort to accelerate regulatory approval of Valneva’s chikungunya vaccine for use in regions where outbreaks occur and to support World Health Organization prequalification to facilitate broader access in low- and middle-income countries (LMICs). Valneva has to pay CEPI up to $7.0 million as consideration, upon achievement of certain commercial and related milestones, of which $3.0 million was paid in April 2024. The refundable consideration is accounted for as a loan and measured in accordance with IFRS 9 (see Note 5.24). The difference between the proceeds from CEPI and the carrying amount of the loan is treated under IAS 20 and presented as “Borrowings”.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The partnership with CEPI was extended in July 2024 when the Group signed the second funding agreement, which was subsequently amended during 2025. CEPI now provides up to $48.9 million additional funding in the next four years to support broader access to IXCHIQ, in LMICs, as well as post-marketing trials and potential label extensions in children, adolescents, and pregnant women. The proceeds from CEPI are treated under IAS 20 and presented as Grant income. In the year ended December 31, 2025, €5.8 million (December 31, 2024 €6.5 million) of grant income related to the second agreement with CEPI was recognized.</span></div><div style="margin-bottom:10pt;margin-top:18pt;padding-left:53.86pt;text-indent:-53.86pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.8.2 Research and development tax credits</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets.</span></div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In December 31, 2025, the position included research and development tax credits mainly from Austria (€3.5 million) and France (€1.1 million</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">)</span> whereas in December 31, 2024 Valneva recognized tax credits primarily from Austria (€3.6 million) and from Scotland (€5.2 million) 103000000 95000000 90800000 4200000 <div style="margin-bottom:4pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Other income and expenses, net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other income and expenses, net include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Research and development tax credit</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,942 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,028 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,797 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,957 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,194 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,350 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) on disposal of fixed assets and intangible assets, net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(432)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(445)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain/(loss) from revaluation of lease agreements</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">711 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">45 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Taxes, duties, fees, charges, other than income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(373)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(346)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(475)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous income/(expenses), net</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">305 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,824 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER INCOME AND EXPENSES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,400 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,706 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,520 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 4942000 10028000 6797000 5957000 10194000 11350000 -432000 -445000 -21000 1000 711000 45000 373000 346000 475000 305000 564000 3824000 10400000 20706000 21520000 -10300000 -0.50 10400000 20700000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Grants from governmental agencies and non-governmental organizations are recognized where there is reasonable assurance that the grant will be received and the Group will comply with all conditions. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Grants received as reimbursement of approved research and development expenses are recognized as other income when the related expenses have been incurred and there is reasonable assurance that funds will be received. Advance payments received under such grants are deferred and recognized when the relevant conditions are met. Advance payments received which need to be repaid are recognized as borrowings (see Note 5.24.1 Principal loan).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Government grants received to support the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets.</span></div> 100000 100000 3700000 3100000 24600000 7000000.0 3000000.0 48900000 P4Y 5800000 6500000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research and development tax credits granted by tax authorities are accounted for as grants under IAS 20. As a consequence, the portion of the research tax credit covering operating expenses is recognized in the income statement in “Other income and expenses, net” and the portion covering capitalized development expenditures under “Intangible assets” is recorded as deduction from the assets relating to fixed assets.</span></div> 3500000 1100000 3600000 5200000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.9 Finance income/(expenses), net</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest income is recognized on a time-proportion basis using the effective interest method.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income from other parties</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,803 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,362 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,210 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Realized gains from cash and cash equivalents</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">841 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE INCOME</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,644 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,362 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,210 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE EXPENSES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(40,903)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(22,808)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,681)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on refund liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(193)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(360)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,419)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses on lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(796)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(813)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,183)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other interest expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(42)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE EXPENSES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(41,898)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,984)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,325)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FOREIGN EXCHANGE GAIN/(LOSSES), NET</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,196 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,193)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,574 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME/(EXPENSES), NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(32,058)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(24,816)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,541)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Interest income from other parties decreased primarily due to the change in cash management in France. Realized gains from cash and cash equivalents arise from investments in money market funds classified as cash equivalents, as they are highly liquid, readily convertible to a known amount of cash, and carry an insignificant risk of value change.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The interest expense on loans increased significantly in 2025 compared to 2024 due to the repayment of the D&amp;O Loan Agreement and consist of interest expense and related fees amounting to €12.9 million. The D&amp;O Loan Agreement is superseded by the Pharmakon Loan Agreement during 2025. For more details on the new loan see Note 5.24.1 Principal loan. The increase from 2023 to 2024 is attributable to the additional D&amp;O loan draw-down executed in the second half of the year 2023.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The interest expense on refund liabilities remains on a low level for the year ended December 31, 2025 after a significant decrease in 2024 due to the significant payments made to Pfizer during the second half of 2023 and the fulfillment of all payment obligations during the first half of 2024. Please refer to Note 5.29 for more information on the refund liability balances. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The foreign exchange gain/(losses), net are primarily driven by non-cash revaluation results of USD denominated liabilities as the USD depreciated against the EUR by 13% in 2025. A contrary movement of the USD/EUR rate was observed in 2024.</span></div> <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income from other parties</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,803 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,362 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,210 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Realized gains from cash and cash equivalents</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">841 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE INCOME</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,644 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,362 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,210 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE EXPENSES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(40,903)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(22,808)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,681)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense on refund liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(193)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(360)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,419)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses on lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(796)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(813)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,183)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other interest expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(42)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL FINANCE EXPENSES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(41,898)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,984)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,325)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FOREIGN EXCHANGE GAIN/(LOSSES), NET</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,196 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,193)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,574 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCE INCOME/(EXPENSES), NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(32,058)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(24,816)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,541)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 1803000 2362000 1210000 841000 0 0 2644000 2362000 1210000 40903000 22808000 13681000 193000 360000 8419000 796000 813000 1183000 6000 3000 42000 41898000 23984000 23325000 7196000 -3193000 5574000 -32058000 -24816000 -16541000 12900000 0.13 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.10 Income tax income/(expense)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, as the case may be. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.10.1 Current income tax</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Income tax income/(expense) is comprised of current and deferred tax. </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current income tax charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(502)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,595)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(931)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments in respect of current income tax of previous year</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(119)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(175)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="6" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Relating to origination and reversal of temporary differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(664)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,953 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,695)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INCOME TAX BENEFIT/(EXPENSE)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,073)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(761)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,800)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The individual entities’ reconciliations, which are prepared on the basis of the tax rates applicable in each country while taking consolidation procedures into account, have been summarized in the reconciliation below. The estimated tax charge is reconciled to the effective tax charge disclosed.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) BEFORE TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(114,119)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,486)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(98,629)</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax calculated at domestic tax rates applicable to profits in the respective countries</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,212 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,953 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,400 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income not subject to tax (mainly R&amp;D tax credit)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,517 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,630 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">190 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expenses not deductible for tax purposes</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,417)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,391)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,902)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deferred tax asset not recognized</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(24,977)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,896)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,360)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Utilization of previously unrecognized tax losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">246 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">172 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,593)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax credit/withholding tax/other adjustments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">553 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effect of change in applicable tax rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(34)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(160)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(244)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(25)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax of prior years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(119)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Minimum income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INCOME TAX BENEFIT/(EXPENSE)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,073)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(761)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,800)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective income tax rate</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, although the Group operated at a loss overall, there were profitable entities with revenues from the sale of commercialized travel vaccines and from the sale of third-party products.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.10.2 Deferred tax</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the deferred tax assets of €227.6 million (December 31, 2024: €201.4 million) were not recognized as there was not sufficient evidence that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future. Deferred tax assets were only recognized for entities where sufficient evidence has been provided that adequate taxable profit will be available against which the unused tax losses can be utilized in the foreseeable future. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the Group had tax losses carried forward of €899.6 million (December 31, 2024: €843.6 million), of which €308.3 million related to Valneva SE (December 31, 2024: €307.3 million), €576.5 million related to Valneva Austria GmbH (December 31, 2024: €516.0 million), €11.6 million related to Valneva Sweden AB (December 31, 2024: €9.2 million), €0.9 million related to Vaccines Holdings Sweden AB (December 31, 2024: €0.8 million) and €2.3 million related to Valneva USA, Inc. (December 31, 2024: zero)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Tax losses carried forward in France, Austria, the United Kingdom, Sweden, and U.S. have no expiry date. The Group is assessing on a regular basis the effective capacity to use these tax losses carried forward. They may be used or maintained dependent on potential changes to the corporate footprint and future profitability.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The gross movement on the deferred income tax account was as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BEGINNING OF THE YEAR</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,943 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(836)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">536 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(294)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income statement charge / (credit)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(664)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,953 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,695)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">END OF THE YEAR</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,943 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The deferred tax assets and liabilities are allocable to the various balance sheet items as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX ASSET FROM</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax losses carried forward</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">212,876 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">200,153 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">207,858 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Fixed assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,339 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,444 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,765 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,567 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,325 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,388 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,824 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,909 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,722 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,793 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,501 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">861 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">318 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">217 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Non-recognition of deferred tax assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(227,620)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(201,356)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(204,529)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL DEFERRED TAX ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,639 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,357 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,921 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX LIABILITY FROM</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Fixed assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,522)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,963)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,364)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,793)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,517)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,157)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,382)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,435)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,446)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL DEFERRED TAX LIABILITY</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,697)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,915)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,967)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX, NET</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,943 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The corporate income tax rates remained stable across jurisdictions, with the exception of in U.S., where the corporate income tax rate decreased from 27.72% in 2024 to 27.64% in 2025. The deferred tax assets and liabilities presented above as at December 31, 2025 and December 31, 2024 have been adjusted for this change in the tax rate.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, as the case may be. The current Income tax income/(expense) is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not be reversed within the foreseeable future.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Income tax income/(expense) is comprised of current and deferred tax. </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current income tax charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(502)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,595)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(931)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments in respect of current income tax of previous year</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(119)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(175)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="6" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Relating to origination and reversal of temporary differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(664)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,953 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,695)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INCOME TAX BENEFIT/(EXPENSE)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,073)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(761)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,800)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 502000 2595000 931000 -93000 119000 175000 664000 -1953000 1695000 1073000 761000 2800000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated companies as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) BEFORE TAX</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(114,119)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,486)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(98,629)</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax calculated at domestic tax rates applicable to profits in the respective countries</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,212 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,953 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,400 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income not subject to tax (mainly R&amp;D tax credit)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,517 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,630 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">190 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expenses not deductible for tax purposes</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,417)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,391)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,902)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deferred tax asset not recognized</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(24,977)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,896)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(23,360)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Utilization of previously unrecognized tax losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">246 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">172 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,593)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax credit/withholding tax/other adjustments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">553 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effect of change in applicable tax rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(34)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(160)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(244)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(25)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax of prior years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(119)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">98 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Minimum income tax</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INCOME TAX BENEFIT/(EXPENSE)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,073)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(761)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,800)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Effective income tax rate</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> -114119000 -11486000 -98629000 -26212000 -2953000 -23400000 1517000 3630000 190000 4417000 3391000 1902000 24977000 3896000 23360000 -246000 -172000 1593000 -258000 -168000 -553000 12000 34000 160000 7000 -244000 -25000 93000 -119000 98000 1000 0 2000 1073000 761000 2800000 0 0 0 227600000 201400000 899600000 843600000 308300000 307300000 576500000 516000000.0 11600000 9200000 900000 800000 2300000 0 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The gross movement on the deferred income tax account was as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BEGINNING OF THE YEAR</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,943 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(836)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">536 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(294)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income statement charge / (credit)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(664)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,953 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,695)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">END OF THE YEAR</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,943 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> -5443000 -2954000 -4943000 836000 -536000 294000 -664000 1953000 -1695000 -3943000 -5443000 -2954000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The deferred tax assets and liabilities are allocable to the various balance sheet items as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX ASSET FROM</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax losses carried forward</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">212,876 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">200,153 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">207,858 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Fixed assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,339 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,444 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,765 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,567 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,325 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,388 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,824 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,909 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,722 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,793 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,564 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,501 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">861 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">318 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">217 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Non-recognition of deferred tax assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(227,620)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(201,356)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(204,529)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL DEFERRED TAX ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,639 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,357 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,921 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX LIABILITY FROM</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Fixed assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,522)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,963)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,364)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,793)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,517)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,157)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other items</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,382)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,435)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,446)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL DEFERRED TAX LIABILITY</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,697)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(13,915)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,967)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DEFERRED TAX, NET</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,943 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,443 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,954 </span></td><td style="background-color:#3673b9;border-top:0.5pt solid #ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 212876000 200153000 207858000 1339000 1444000 1765000 3567000 7325000 4388000 20824000 9909000 4722000 1793000 1564000 1501000 861000 318000 217000 227620000 201356000 204529000 13639000 19357000 15921000 4522000 6963000 6364000 3793000 5517000 5157000 1382000 1435000 1446000 9697000 13915000 12967000 -3943000 -5443000 -2954000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.11 Earnings (Losses) per share</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Basic</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Basic earnings (losses) per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of outstanding shares during the year, excluding shares purchased by the Company and held as treasury shares (see Notes 5.22 and 5.23).</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Net profit (loss) from continuing operations attributable to equity holders of the Company</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Weighted average number of outstanding shares</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,179,263 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">145,705,876 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,624,381 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE </span><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-style:italic;font-weight:700;line-height:120%">(€ PER SHARE)</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.68)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.08)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.73)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Diluted</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Diluted earnings per share are calculated by adjusting the weighted average number of ordinary outstanding shares to assume conversion of all dilutive potential ordinary shares. The Company has share options as dilutive potential ordinary shares. For the share options, a calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company’s shares) based on the monetary value </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of the subscription rights attached to outstanding share options. The number of shares calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Profit used to determine diluted earnings per share</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Weighted average number of outstanding shares for diluted earnings (losses) per share </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,179,263 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">145,705,876 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,624,381 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.68)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.08)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.73)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.22pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.27pt;vertical-align:baseline">(1)    </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">Potentially dilutive securities (</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%">2025</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">: 4,704,464 share options; 2024: 1,627,520 share options, 2023: 2,861,904) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported.</span></div> <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Net profit (loss) from continuing operations attributable to equity holders of the Company</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Weighted average number of outstanding shares</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,179,263 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">145,705,876 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,624,381 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">BASIC EARNINGS (LOSSES) FROM CONTINUING OPERATIONS PER SHARE </span><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-style:italic;font-weight:700;line-height:120%">(€ PER SHARE)</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.68)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.08)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.73)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Profit used to determine diluted earnings per share</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Weighted average number of outstanding shares for diluted earnings (losses) per share </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,179,263 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">145,705,876 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,624,381 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DILUTED EARNINGS/(LOSSES) FROM CONTINUING OPERATIONS PER SHARE (€ PER SHARE)</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.68)</span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.08)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(0.73)</span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:12pt;margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.22pt;font-style:italic;font-weight:400;line-height:120%;position:relative;top:-2.27pt;vertical-align:baseline">(1)    </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">Potentially dilutive securities (</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%">2025</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">: 4,704,464 share options; 2024: 1,627,520 share options, 2023: 2,861,904) have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported.</span></div> -115192000 -12247000 -101429000 168179263 145705876 138624381 -0.68 -0.08 -0.73 -115192000 -12247000 -101429000 168179263 145705876 138624381 -0.68 -0.08 -0.73 4704464 1627520 2861904 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.12 Intangible assets</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Computer software</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, which is generally between <span style="-sec-ix-hidden:f-1178">three</span> to six years.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquired research and development technology and projects</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Acquired research and development technology projects are capitalized. In case of a purchase with variable payments for an intangible asset, Valneva applies the cost accumulation method. Each component of the agreement such as up-front payments, development milestone payments, and sales milestone payment are considered and assessed separately to determine if they meet the capitalization criteria. Valneva chooses to apply the cost accumulation approach for the capitalization of variable or contingent payments and does not estimate and record a liability at the acquisition date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Development costs</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research expenses are recognized as expenses when incurred. Development expenses incurred on clinical projects (related to the design and testing of new or significantly improved products) are recognized as intangible assets when the following criteria have been fulfilled:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">it is technically feasible to complete the intangible asset so that it will be available for use or sale;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">management intends to complete the intangible asset and to utilize or sell it;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">there is an ability to utilize or sell the intangible asset;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">it can be demonstrated how the intangible asset will generate probable future economic benefits;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">the expenditure attributable to the intangible asset during its development can be reliably measured.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 - 15 years. In 2025 and 2024, no development costs were capitalized. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Software                        3 - 6 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Acquired R&amp;D technology and projects         1 - 24 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Development costs                1 - 15 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of 24 years (with a remaining useful life period of 7 years) which is based on estimated period where Valneva benefits from the patent.</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:33.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Acquired R&amp;D technology and projects</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Development costs</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets in the course of construction</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">61 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">61 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(82)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,685)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(137)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,904)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(58)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(64)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">186 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,206 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,349 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,861 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,012 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,313 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,187 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated amortization and impairment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,676)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(61,806)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,356)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(73,838)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">186 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,206 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,349 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:33.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Acquired R&amp;D technology and projects</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Development costs</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets in the course of construction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">255 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,073 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,239 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,567 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,579 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(126)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,687)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(145)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,958)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">71 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,823 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,349 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,345 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,516 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated amortization and impairment</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,618)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(59,400)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,240)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(71,258)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, significant intangible assets with finite useful lives (included in acquired R&amp;D technology and projects as well as in development costs) consist primarily of the already commercialized vaccine against Japanese encephalitis (IXIARO) with acquisition costs amounting to €78.8 million (December 31, 2024: €79.1 million) and a net book value of €19.4 million (December 31, 2024: €22.3 million). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2024, acquired research and development increased by €2.5 million when the Group entered into a strategic partnership with LimmaTech Biologics to accelerate the development of the world’s most clinically advanced Shigella vaccine candidate.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For impairment tests, please see Note 5.15.</span></div> <div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Computer software</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and implement the specific software. These costs are amortized on a straight-line basis over their estimated useful lives, which is generally between <span style="-sec-ix-hidden:f-1178">three</span> to six years.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Costs associated with developing or maintaining computer software programs are recognized as expenses when they were incurred.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The costs of computer software subject to a software as a service agreement (SaaS) are recognized as expenses when they are incurred.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquired research and development technology and projects</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Acquired research and development technology projects are capitalized. In case of a purchase with variable payments for an intangible asset, Valneva applies the cost accumulation method. Each component of the agreement such as up-front payments, development milestone payments, and sales milestone payment are considered and assessed separately to determine if they meet the capitalization criteria. Valneva chooses to apply the cost accumulation approach for the capitalization of variable or contingent payments and does not estimate and record a liability at the acquisition date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Amortization of the intangible asset over its useful life starts when the product has been fully developed and is ready for use. These costs are amortized on a straight-line basis over their useful lives. This useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods of 24 years, which is based on the patent life and technological replacement of a newer vaccine generation. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Development costs</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Research expenses are recognized as expenses when incurred. Development expenses incurred on clinical projects (related to the design and testing of new or significantly improved products) are recognized as intangible assets when the following criteria have been fulfilled:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">it is technically feasible to complete the intangible asset so that it will be available for use or sale;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">management intends to complete the intangible asset and to utilize or sell it;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">there is an ability to utilize or sell the intangible asset;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">it can be demonstrated how the intangible asset will generate probable future economic benefits;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">adequate technical, financial, and/or other resources to complete the development and to utilize or sell the intangible asset are available; and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">the expenditure attributable to the intangible asset during its development can be reliably measured.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other development expenditures that do not meet these criteria are recognized as expenses when they are incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life, generally 10 - 15 years. In 2025 and 2024, no development costs were capitalized. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Amortization of intangible assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Software                        3 - 6 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Acquired R&amp;D technology and projects         1 - 24 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">Development costs                1 - 15 years</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The useful life is determined on a case-by-case basis according to the nature and characteristics of the items included under this heading. The main current acquired research and development technology project is amortized over periods </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of 24 years (with a remaining useful life period of 7 years) which is based on estimated period where Valneva benefits from the patent.</span></div> P6Y P24Y P10Y P15Y P3Y P6Y P1Y P24Y P1Y P15Y P24Y P7Y <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:33.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Acquired R&amp;D technology and projects</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Development costs</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets in the course of construction</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">61 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">61 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(82)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,685)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(137)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,904)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(58)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(64)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">186 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,206 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,349 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,861 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,012 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,313 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,187 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated amortization and impairment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,676)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(61,806)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,356)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(73,838)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">186 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,206 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,349 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:33.805%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.579%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Acquired R&amp;D technology and projects</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Development costs</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Intangible assets in the course of construction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">255 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,073 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,239 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,567 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,500 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,579 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(126)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,687)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(145)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,958)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">71 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,823 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,349 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,345 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">96,516 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated amortization and impairment</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,618)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(59,400)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,240)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(71,258)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">205 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,948 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,104 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,258 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 205000 23948000 1104000 0 25258000 61000 0 0 0 61000 82000 2685000 137000 0 2904000 3000 0 0 0 3000 4000 -58000 -10000 0 -64000 186000 21206000 957000 0 22349000 5861000 83012000 7313000 0 96187000 -5676000 -61806000 -6356000 0 -73838000 186000 21206000 957000 0 22349000 255000 24073000 1239000 0 25567000 79000 2500000 0 0 2579000 126000 2687000 145000 0 2958000 0 0 0 0 0 -2000 62000 11000 0 71000 205000 23948000 1104000 0 25258000 5823000 83349000 7345000 0 96516000 -5618000 -59400000 -6240000 0 -71258000 205000 23948000 1104000 0 25258000 78800000 79100000 19400000 22300000 2500000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.13 Leases (right of use assets)</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between <span style="-sec-ix-hidden:f-1292">one</span> and six years. At the commencement date, it was not reasonably certain that these early termination options were to be exercised, so they were not included in the valuation of the lease liabilities and right of use assets. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency, and start date of the lease and is determined based on a series of inputs including: the risk-free rate </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 1.046% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493% and 3.401% were determined.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group does not have residual value guarantees in the rental contracts.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.13.1 Development of right-of-use assets</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total assets</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,932 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">300 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,232 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">78 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">280 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">369 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,725)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(186)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,919)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">58 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(71)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(26)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(97)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">916 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">916 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,193 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">365 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,558 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total assets</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,141 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,392 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">199 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">237 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,788)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(135)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,923)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">980 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">980 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,404 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,404 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,246)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,258)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(596)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(599)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,932 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">300 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,232 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, right of use assets decreased from €19.2 million to €18.6 million, mainly due to amortizations. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest remaining active lease contract is for the building in Solna, Sweden, which has a book value of €14.8 million as at December 31, 2025 (December 31, 2024: €15.2 million).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For details on lease liabilities, see Note 5.27. For details on the impairment testing, see Note 5.15. </span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.13.2 Other amounts recognized in the consolidated income statement</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Expense relating to short-term leases and leases of low-value assets as well as expenses relating to termination of lease contracts have not been material in 2025 and 2024. There have been no substantive revaluations recognized to the income statement in 2025 and 2024.</span></div><div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.27 Lease liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default. </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPENING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,969 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">369 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">237 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,399 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(27)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,100)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,504)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,425)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">796 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">813 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,450 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(952)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">CLOSING NET BOOK VALUE</span></div></td><td colspan="2" style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">28,082</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">28,941</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2025, lease liabilities decreased by €0.9 million, mainly due to redemption of lease liabilities in Sweden. In the fourth quarter of 2025, the Group remeasured the lease liability to reflect changes in index-linked lease payments in Sweden.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of non-current lease liabilities is as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1-3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,572 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,203 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3-5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,414 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,083 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,357 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,147 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,343 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,432 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,739 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,508 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s lease liabilities are denominated in the following currencies:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">891 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,078 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,466 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,870 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">725 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">992 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group leases various premises, equipment, and vehicles. Rental contracts are typically made for fixed periods ranging from a few months to five years. The rental contracts for the premises in Sweden (10 and 15 years) include a significantly longer fixed period. Generally, the rental contracts do not include an option for early termination or prolongation of the rental period. The rental contracts for the premises in Sweden include options to terminate the agreements earlier. The notice periods in these contracts are between <span style="-sec-ix-hidden:f-1292">one</span> and six years. At the commencement date, it was not reasonably certain that these early termination options were to be exercised, so they were not included in the valuation of the lease liabilities and right of use assets. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group uses its incremental borrowing rate. The incremental borrowing rate depends on the term, currency, and start date of the lease and is determined based on a series of inputs including: the risk-free rate </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields, and an entity-specific adjustment when the risk profile of the entity that enters into the lease is different than that of the Group and the lease does not benefit from a guarantee from the Group. Valneva uses incremental borrowing rates between 1.046% and 7.000%, depending on the currency and the remaining term until maturity. For the rental contracts for the premises in Sweden interest rates of 2.493% and 3.401% were determined.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. This includes also the major contracts for the premises in Sweden, which contain variable payments based on inflation rates or on published interest rates.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets (below €10,000) are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less and for which there is no option for the lessee to prolong the contract to more than 12 months or there is no reasonable certainty that such an option will be exercised. Low-value assets comprise mainly IT equipment and small items of office furniture.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group does not have residual value guarantees in the rental contracts.</span></div> P5Y P10Y P15Y P6Y 0.01046 0.07000 0.02493 0.03401 10000 <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total assets</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,932 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">300 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,232 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">78 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">280 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">369 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,725)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(186)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,919)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">58 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(71)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(26)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(97)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">916 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">916 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,193 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">365 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,558 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.585%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.481%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total assets</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,141 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">251 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,392 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">38 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">199 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">237 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amortization</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,788)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(135)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,923)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">980 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">980 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,404 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,404 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,246)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,258)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(596)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(599)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,932 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">300 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,232 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 18932000 0 300000 19232000 12000 78000 280000 369000 1725000 8000 186000 1919000 0 0 0 0 58000 0 -2000 56000 0 71000 26000 97000 916000 2000 -2000 916000 18193000 0 365000 18558000 20141000 0 251000 20392000 38000 0 199000 237000 1788000 0 135000 1923000 980000 0 0 980000 1404000 0 0 1404000 1246000 0 12000 1258000 -596000 0 -3000 -599000 18932000 0 300000 19232000 19200000 18600000 14800000 15200000 0 0 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.14 Property, plant and equipment</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Buildings, leasehold improvements            5 - 40 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Machinery, laboratory equipment            1 - 15 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Furniture, fittings and office equipment        4 - 10 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Hardware                    3 - 5 years</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8).</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.459%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Computer hardware</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Assets in the course of construction</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,897 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,489 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">317 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,526)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,232 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,736)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,548)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(477)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(166)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,927)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge/reversal</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,904 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(629)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disposals</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,077)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(611)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,711)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,296)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,262)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93,369 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,778 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">966 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">328 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,474 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">147,409 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75,889 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,570 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,465 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">229,365 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated depreciation and impairment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(54,040)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52,111)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,604)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,137)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(109,891)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93,369 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,778 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">966 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">328 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,474 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.459%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Computer hardware</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Assets in the course of construction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99,100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,761 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,053 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">560 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,724 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">136,198 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,356 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,720 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">569 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(292)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,421 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,828)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,248)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(467)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14,705)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge/reversal</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">322 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">322 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disposals</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(102)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(800)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(932)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,151 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">302 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">86 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,579 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">151,034 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">74,445 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,542 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,512 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">234,051 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated depreciation and impairment</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(46,357)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(45,389)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,386)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,035)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(95,167)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The additions in 2025 were primarily from the manufacturing and laboratory equipment, for the sites in Austria and Sweden as well as from the Almeida facility in Livingston, in 2024 the additions were primarily related to the Almeida facility in Livingston.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The depreciation charges for the fiscal year were conducted in accordance with standard practices, and present a slight increase in 2025 compared to 2024, reflecting the investment patterns of prior years.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">From the total of €22.6 million (2024: €19.6 million) of depreciation, amortization and impairment expenses, €17.3 million (2024: €12.0 million) were charged to cost of goods and services, €3.9 million (2024: €6.3 million) were charged to research and development expenses, €0.5 million (2024: €0.7 million) were charged to marketing and distribution expenses and €0.4 million (2024: €0.4 million) were charged to general and administrative expenses. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-current operating assets by region</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Non-current operating assets for this purpose consist of intangible assets, right of use assets and property, plant and equipment. The main non-current operating assets are allocated to sites where production and research and development activities take place. Sales activities by distribution sites do not require major non-current operating assets. Revenues by region (see Note 5.5) are structured according to the location of the final customer. In some countries there are customers, but no assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">United Kingdom</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">75,914 </span></div></td><td style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">93,309 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Austria</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">44,983 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">48,533 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Nordics</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,741 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">36,264 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">France</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,106 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4,350 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">United States</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">506 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">781 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Canada</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">130 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">138 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">160,380 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">183,373 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Nordics includes Finland, Denmark, Norway and Sweden and Rest of World includes India, Israel, Australia, Peru, Japan, Brazil and New </span></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">Zealand.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Property, plant and equipment mainly comprise a manufacturing facility and leasehold improvements in rented office and laboratory space. All Property, plant and equipment are stated at historical cost less depreciation and less impairment losses when necessary. Historical cost includes expenditure that is directly attributable to the acquisition of the items.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and that the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they incur.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Property, plant and equipment include machinery, for which validation is required to bring the asset to its working condition. The costs of such validation activities are capitalized together with the cost of the asset. Validation costs beyond the normal validation costs, which are usually required to bring an asset to its working condition, are expensed immediately. The usual validation costs are capitalized on the asset and depreciated over the remaining life of the asset or the shorter period until the next validation is usually required.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Depreciation of assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives, as follows:</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Buildings, leasehold improvements            5 - 40 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Machinery, laboratory equipment            1 - 15 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Furniture, fittings and office equipment        4 - 10 years</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">▪</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:9pt">Hardware                    3 - 5 years</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">An asset’s carrying amount is immediately written down to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the income statement “other income and expenses, net” (see Note 5.8).</span></div> P5Y P40Y P1Y P15Y P4Y P10Y P3Y P5Y <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.459%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Computer hardware</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Assets in the course of construction</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,897 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,489 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">317 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,526)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,232 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation charge</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,736)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,548)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(477)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(166)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,927)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge/reversal</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,904 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(629)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,258 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disposals</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,077)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(611)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,711)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,296)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,262)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93,369 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,778 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">966 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">328 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,474 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2025</span></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="background-color:#ebebeb;padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">147,409 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75,889 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,570 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,465 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">229,365 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated depreciation and impairment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(54,040)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52,111)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,604)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,137)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(109,891)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">93,369 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,778 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">966 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">328 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">119,474 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.459%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.225%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Land, buildings and leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Manufacturing and laboratory equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Computer hardware</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Furniture, fittings and other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Assets in the course of construction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">YEAR ENDED DECEMBER 31, 2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Opening net book value</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">99,100 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,761 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,053 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">560 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,724 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">136,198 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,356 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,720 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">569 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(292)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,421 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation charge</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,828)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,248)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(467)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14,705)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Impairment charge/reversal</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">322 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">322 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Disposals</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(102)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(800)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(932)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,151 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">302 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">86 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,579 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt;margin-top:9pt"></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">AS AT DECEMBER 31, 2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cost</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">151,034 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">74,445 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,542 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,512 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">234,051 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accumulated depreciation and impairment</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(46,357)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(45,389)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,386)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,035)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(95,167)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CLOSING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">104,678 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">29,056 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,155 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">477 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,518 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,883 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 104678000 29056000 1155000 477000 3518000 138883000 1897000 2489000 317000 56000 -2526000 2232000 9736000 6548000 477000 166000 0 16927000 -1904000 629000 0 16000 0 -1258000 2077000 611000 19000 4000 0 2711000 -3296000 22000 -10000 -19000 41000 -3262000 93369000 23778000 966000 328000 1032000 119474000 147409000 75889000 3570000 1465000 1032000 229365000 -54040000 -52111000 -2604000 -1137000 0 -109891000 93369000 23778000 966000 328000 1032000 119474000 99100000 31761000 1053000 560000 3724000 136198000 10356000 3720000 569000 68000 -292000 14421000 7828000 6248000 467000 161000 0 14705000 0 -322000 0 0 0 -322000 102000 800000 20000 11000 0 932000 3151000 302000 20000 21000 86000 3579000 104678000 29056000 1155000 477000 3518000 138883000 151034000 74445000 3542000 1512000 3518000 234051000 -46357000 -45389000 -2386000 -1035000 0 -95167000 104678000 29056000 1155000 477000 3518000 138883000 22600000 19600000 17300000 12000000.0 3900000 6300000 500000 700000 400000 400000 75914000 93309000 44983000 48533000 35741000 36264000 3106000 4350000 506000 781000 130000 138000 160380000 183373000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.15 Impairment testing </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Following the completion of the transfer of manufacturing activities for both IXIARO and IXCHIQ into the Almeida facility in Scotland, a re-assessment of Valneva’s CGUs was performed, resulting in a combination of these two products into one CGU.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">An assessment of impairment indicators performed for the year ended December 31, 2025 resulted in impairment indicators identified for the IXIARO / IXCHIQ CGU and no impairment indicators for DUKORAL and Shigella CGU’s. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">No material impairment reversal was booked in the years ended December 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IXIARO</span><span style="background-color:#ffffff;color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> / IXCHIQ</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the first three quarters of 2025 IXIARO and IXCHIQ were considered separate CGUs. The completion of transfer activities for IXCHIQ into the new Almeida manufacturing facility in Scotland in the fourth quarter of 2025 triggered a re-assessment of the company’s CGUs resulting in a combination of the previously separate CGU’s into one combined CGU IXIARO / IXCHIQ.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following the identification of </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">impairment indicators </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">for the combined IXIARO / IXCHIQ CGU, related to changes in the utilization of the Group’s manufacturing assets as well as the termination of the drug substance supply agreement with</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Serum Institute of India (SII)</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, an impairment test was performed as at December 31, 2025. </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Existing uncertainties were considered by assigning probabilities to different IXCHIQ revenue scenarios prepared. Th</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">e impairment testing did not result in any impairment requirement as the recoverable amount for the CGU was considerably higher than the carrying value of its assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Further, the impairment test for the CGUs of IXIARO and IXCHIQ, which were for 2024 treated as separate CGUs, did</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> not result in any impairment for the year ended December 31, 2024. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">DUKORAL</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following an increase in the risk-free rate that constituted an indicator of impairment, the Group conducted an impairment assessment of the DUKORAL CGU as at September 30, 2025. The analysis concluded that the CGU’s recoverable amount exceeded the carrying amount of the underlying assets, and accordingly no impairment charge was recognised.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, no further impairment indicators arose during the remainder of the reporting period; consequently, no additional impairment testing was required at year-end.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The impairment testing on DUKORAL for the year ended December 31, 2024 did not result in any impairment charges.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shigella</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">An assessment of impairment indicators was performed for the year ended December 31, 2025 resulting in no impairment indicators identified. An annual impairment test was performed, which did not result in any impairment requirements as the value in use for the CGU was considerably higher than the book value of its assets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">Sensitivity to changes in assumptions</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The net present value calculations are based upon assumptions regarding market size, expected sales volumes resulting in sales value expectations, expected royalty income or expected milestone payments. The net present value calculations are most sensitive to the following assumptions:</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Gotham Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">–</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.12pt">discount rate</span></div><div style="margin-bottom:3pt;padding-left:22.68pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Gotham Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">–</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:7.12pt">reduction of expected revenues</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows these parameters and their sensitivity to the overall result in case of described changes: </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:26.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.368%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand (except ratios)</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Shigella</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO / IXCHIQ</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">WEIGHTED AVERAGE COST OF CAPITAL (WACC)</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7.44 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8.12 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8.79 </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BREAK-EVEN WACC</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9.32 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">16.59 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21.14 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27.04 </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IMPAIRMENT IF WACC INCREASES BY 1%</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of December 31, 2025, the value in use of the DUKORAL and IXIARO/IXCHIQ CGUs would equal their carrying amount if the product revenues decrease by 1.50% and 13.00% respectively, compared to the Group’s projections assuming all costs to remain unchanged..</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At the end of each reporting period Valneva assesses whether there is any indication that an asset may be impaired. Indicators for the necessity of an impairment test are, among others, actual or expected declines in sales or margins and significant changes in the economic environment with an adverse effect on Valneva’s business. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less selling costs and value in use. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units or CGUs). The cash-generating units correspond with the specific vaccine products and vaccine candidates. Non-financial assets, other than </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">goodwill, that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Following the completion of the transfer of manufacturing activities for both IXIARO and IXCHIQ into the Almeida facility in Scotland, a re-assessment of Valneva’s CGUs was performed, resulting in a combination of these two products into one CGU.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">An assessment of impairment indicators performed for the year ended December 31, 2025 resulted in impairment indicators identified for the IXIARO / IXCHIQ CGU and no impairment indicators for DUKORAL and Shigella CGU’s. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">No material impairment reversal was booked in the years ended December 31, 2025 and December 31, 2024.</span></div> 2 0 0 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows these parameters and their sensitivity to the overall result in case of described changes: </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:26.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.368%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand (except ratios)</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">DUKORAL</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXCHIQ</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Shigella</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IXIARO / IXCHIQ</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">WEIGHTED AVERAGE COST OF CAPITAL (WACC)</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7.44 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8.12 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8.79 </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BREAK-EVEN WACC</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">9.32 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">16.59 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">21.14 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27.04 </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">IMPAIRMENT IF WACC INCREASES BY 1%</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%"> (in € thousand)</span></div></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt"><span style="color:#626262;font-family:'Gotham Medium',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NO</span></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div> 0 0.0744 0 0.1300 0.0812 0 0 0.0879 0 0 0 0.0932 0 0.1659 0.2114 0 0 0.2704 0 0 0.01 0 0 0 0 0 0 -0.0150 -0.1300 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.16 Financial instruments</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.16.1 Financial instruments by category</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group has materially only short-term assets and all of the financial instruments are categorized as assets at amortized costs. Financial instruments can be found in the following positions within the assets:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCIAL INSTRUMENTS IN ASSETS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade receivables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27,813 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,205 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other assets </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">356 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,256 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash and cash equivalents</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">109,650 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">168,271 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">TOTAL ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">137,819 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">204,731 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">(1)    Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCIAL INSTRUMENTS IN LIABILITIES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Borrowings</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">179,167 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">187,373 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade payables and accruals</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24,540 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,522 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12,642 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13,107 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Lease liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28,082 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28,941 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Refund liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">17,498 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26,141 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">79 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">TOTAL LIABILITIES </span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">261,936 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">291,163 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">    </span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.</span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(2)    Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.16.2 Fair value measurements</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025 and December 31, 2024, the Group did not have assets and liabilities measured through profit and loss. In both periods, the Group also did not subscribe to any foreign currency options nor foreign currency forwards. Due to the short-term nature of its financial instruments fair valuation has no effect on the financial position.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.16.3 Foreign currency sensitivity analysis</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table details the Group’s sensitivity of financial instruments to a 10% increase and decrease in currency units against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year-end for a 10% change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations within the Group where the denomination of the loan is in a currency other than the currency of the lender or the borrower. A positive number below indicates an increase in pre-tax profit or a reduction in pre-tax loss.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">USD/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(15,084)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,973)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">USD/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,435 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,745 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GBP/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,549 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,525 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GBP/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,782)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,420)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,919)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,725)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,234 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,998 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CAD/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,344 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,178 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CAD/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,309)</span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,884)</span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The effect in the USD/EUR relationship is mostly due to borrowings denominated in USD while the cash and working capital is predominantly on a EUR basis. The Group has not used any hedging instruments to reduce the impact of foreign exchange rate changes.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.16.4 Credit quality of financial assets</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">in € thousand</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES</span></td><td colspan="3" style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from governmental institutions (AAA-country)</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">377 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from governmental institutions (AA-country)</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,025 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5,202 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from counterparties with credit rating A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13,203 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,184 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,128 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26,744 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets from counterparties with credit rating A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets from counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">80 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">75 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,205 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">356 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,256 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">356 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,256 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties with external credit rating or rating AA</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5,342 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8,921 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties with external credit rating or rating A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">104,308 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">156,135 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,214 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,271 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The rating information refers to long-term credit ratings as published by Standard &amp; Poor’s or another rating organization (equivalent to the Standard &amp; Poor’s rating).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maximum exposure to credit risk at the reporting date is the fair value of the financial assets.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.16.5 Impairment of financial assets</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Trade receivables</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">According to IFRS 9.5.5.15, the simplified approach (measuring the loss allowance at an amount equal to lifetime expected credit losses) has to be used for trade receivables, which do not contain a significant financing component. This is the case for the Group, as all trade receivables are short-term with a maturity lasting less than 12 months.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Loss allowances have to be established for each trade receivable based on the expected credit losses. Accordingly, at the end of each reporting period, trade receivables were adjusted through a loss allowance in accordance with the revised expected outcome.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">According to IFRS 9.5.5.17, default probabilities should be determined on the basis of historical data but must be adjusted on the balance sheet date on the basis of up-to-date information and forward looking information. The analysis of the historical data and forward looking information showed as at December 31, 2025 and December 31, 2024 that losses incurred were immaterial, taking further into account the limited number of customers as well as credit checks </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">mentioned in Note 5.2.5. Therefore, loss allowance was considered immaterial as at December 31, 2025 and December 31, 2024.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other assets and cash and cash equivalents</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Historically, no losses have been incurred on other assets measured at amortized costs and on cash and cash equivalents. As at December 31, 2025 and December 31, 2024, the expected credit loss was calculated using the cumulative expected default rate based on the counterparties’ ratings and was immaterial.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value at each balance sheet date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The valuation techniques utilized for measuring the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair value of instruments that are quoted in active markets are determined using the quoted prices where they represent those at which regularly and recently occurring transactions take place. Furthermore, the Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are not available.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group has materially only short-term assets and all of the financial instruments are categorized as assets at amortized costs. Financial instruments can be found in the following positions within the assets:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCIAL INSTRUMENTS IN ASSETS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade receivables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">27,813 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,205 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other assets </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">356 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,256 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash and cash equivalents</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">109,650 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">168,271 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">TOTAL ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">137,819 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">204,731 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:125%">(1)    Prepayments and tax receivables and other non-financial assets are excluded from the other assets balance, as this analysis is required only for financial instruments.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Group has only financial instruments which are categorized as liabilities at amortized costs. Financial instruments can be found in the following positions within the liabilities:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">FINANCIAL INSTRUMENTS IN LIABILITIES</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Borrowings</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">179,167 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">187,373 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade payables and accruals</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">24,540 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">35,522 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Tax and employee-related liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">12,642 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13,107 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Lease liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28,082 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">28,941 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Refund liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">17,498 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26,141 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other liabilities</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">79 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">TOTAL LIABILITIES </span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">261,936 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">291,163 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">    </span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(1)    Social security and other tax payables are excluded from the tax and employee-related liabilities balance, as this analysis is required only for financial instruments.</span></div><div style="margin-top:1pt;padding-left:14.17pt;text-align:justify;text-indent:-14.17pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:120%">(2)    Deferred income is excluded from the other liabilities balance, as this analysis is required only for financial instruments.</span></div> 27813000 35205000 356000 1256000 109650000 168271000 137819000 204731000 179167000 187373000 24540000 35522000 12642000 13107000 28082000 28941000 17498000 26141000 7000 79000 261936000 291163000 0.10 0.10 0.10 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">With all other variables held constant, the impact from changes in exchange rates on the pre-tax result would be as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">USD/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(15,084)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(16,973)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">USD/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,435 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,745 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GBP/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,549 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,525 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GBP/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,782)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,420)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,919)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,725)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,234 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,998 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CAD/EUR +10%</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,344 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,178 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CAD/EUR -10%</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(5,309)</span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,884)</span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> -15084000 -16973000 18435000 20745000 5549000 8525000 -6782000 -10420000 -5919000 -5725000 7234000 6998000 4344000 3178000 -5309000 -3884000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The credit quality of financial assets that are not impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates as follows:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">in € thousand</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;margin-top:9pt;text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES</span></td><td colspan="3" style="background-color:#EBEBEB;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from governmental institutions (AAA-country)</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">377 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from governmental institutions (AA-country)</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,025 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5,202 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from counterparties with credit rating A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">13,203 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,184 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Receivables from counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">7,128 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">26,744 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets from counterparties with credit rating A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Contract assets from counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">80 </span></div></td><td style="background-color:#EBEBEB;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">75 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,205 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">356 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,256 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">356 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,256 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties with external credit rating or rating AA</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">5,342 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">8,921 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties with external credit rating or rating A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">104,308 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">156,135 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Counterparties without external credit rating or rating below A</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">3,214 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,271 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 377000 0 7025000 5202000 13203000 3184000 7128000 26744000 0 0 80000 75000 27813000 35205000 356000 1256000 356000 1256000 5342000 8921000 104308000 156135000 0 3214000 109650000 168271000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.17 Inventories</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs, and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual cost of manufacture and the value of inventory. Costs arising from idle capacity or abnormally low production levels are not included in inventory and are recognized in profit or loss as cost of goods in the period incurred. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories.</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,848 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,086 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,095 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">36,832 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,206 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,493 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">545 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,762 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,693 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89,173 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: write-down provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(44,462)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(35,510)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INVENTORIES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">50,232 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53,663 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As of December 31, 2025, the increase in gross amounts of inventories before write-down primarily related to an increase in the work in progress and finished goods, namely for, IXCHIQ and DUKORAL. The increase was partially offset by a decrease in raw materials and purchased goods from third parties. The total write-down provision on inventory amounted to €44.5 million as of December 31, 2025 (December 31, 2024: €35.5 million). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">All raw materials and work in progress related to COVID-19 vaccine, VLA2001, that could not be repurposed and used for other products were written down during prior years. No change was recorded relating to the write-down provision of COVID-19 vaccine, in 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Write-down provisions related to the inventory categories as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,855 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,728 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,478 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,600 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,089 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">591 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">591 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL WRITE-DOWN PROVISION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,462 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,510 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, €17.2 million in write-down provisions were attributable to raw-material related to the </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">VLA2001</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> COVID vaccine (December 31, 2024: €17.2 million).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the remaining write-down provision of €23.2 million in raw materials and work in progress is based on factors including sales volumes and market demand, related to Valneva's commercialized vaccine </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ (December 31, 2024: €17.2 million).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the write-down provision for finished goods for Valneva's commercialized vaccines </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXIARO IXCHIQ</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> and </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">DUKORAL</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> vaccines based on sales expectations and shelf life of the products amounted to €4.1 million (December 31, 2024: €0.6 million). The increase is primarily driven by the </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> write-down following the FDA license suspension, as well as the write down of </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">IXCHIQ</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> inventory with a remaining shelf life of less than six months.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The provision for third-party products decreased from €0.6 million at December 31, 2024 to zero at December 31, 2025, mainly due to the decrease of the quantity linked to the Company’s decision to discontinue sale of these products.</span></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IXCHIQ </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The increase in the inventory write-down as of December 31, 2025 primarily relates to IXCHIQ. The termination of the license agreement with Serum Institute of India (SII) led to a reassessment of the inventory consumption. Furthermore the suspension of the license in the United States during 2025 resulted in lower sales and reduced expected short-term demand. Accordingly, the Group recorded a write-down based on revised forecast market demand and sales </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">expectations, taking into account the volume of work in progress, estimated dose yield, current shelf life, potential shelf-life extension by 12 months through the freezing process, expected orders from Butantan and other partners, and forecast sales over the next five years. These forecasts incorporate a significant expected increase in annual sales volumes compared to 2025. Any further write-downs relating to IXCHIQ will depend on future forecast developments and market conditions. </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">IXCHIQ related inventory only</span></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">in € thousand</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Raw materials</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,392 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,509 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Work in progress</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,351 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,918 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Finished goods</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,558 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,746 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,301 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,173 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Less: write-down provision</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,557)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,148)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INVENTORIES IXCHIQ</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,744 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,024 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Inventories are stated at the lower of cost and net realizable value. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs, and related production overheads (based on normal operating capacity) at standard costs. The variances between the actual costs and the standard costs are calculated monthly and allocated to the inventory, so there is no difference between actual cost of manufacture and the value of inventory. Costs arising from idle capacity or abnormally low production levels are not included in inventory and are recognized in profit or loss as cost of goods in the period incurred. Inventories exclude borrowing costs. Provisions for batches which fail to meet quality requirements and may not be sold (failed batches) are deducted from the value of inventories.</span></div> <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,848 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,086 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,095 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">36,832 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,206 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,493 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">545 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,762 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">94,693 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">89,173 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: write-down provision</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(44,462)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(35,510)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">INVENTORIES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">50,232 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53,663 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">IXCHIQ related inventory only</span></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">in € thousand</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Raw materials</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,392 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,509 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Work in progress</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,351 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,918 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Finished goods</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,558 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,746 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GROSS AMOUNT OF INVENTORIES BEFORE WRITE-DOWN</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">30,301 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,173 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Less: write-down provision</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,557)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(7,148)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">INVENTORIES IXCHIQ</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,744 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,024 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 25848000 28086000 48095000 36832000 20206000 19493000 545000 4762000 94693000 89173000 44462000 35510000 50232000 53663000 44500000 35500000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Write-down provisions related to the inventory categories as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">18,855 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,728 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Work in progress</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,478 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,600 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,089 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">591 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Purchased goods (third party products)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">40 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">591 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL WRITE-DOWN PROVISION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,462 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,510 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 18855000 21728000 21478000 12600000 4089000 591000 40000 591000 44462000 35510000 17200000 17200000 23200000 17200000 4100000 600000 600000 0 3392000 3509000 23351000 11918000 3558000 1746000 0 0 30301000 17173000 21557000 7148000 8744000 10024000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.18 Trade receivables</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:115%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,785 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,182 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: loss allowance of receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,205 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2025 and 2024, no material impairment losses were recognized. As at December 31, 2025, the amount of trade receivables and contract assets past due (which is defined as being more than 30 days late) reached €1.5 million (December 31, 2024: €2.0 million). As at December 31, 2025, trade receivables past due included €0.8 million from a distributor in Canada and an amount of €0.5 million from a distributor in France. As of December 31, 2024, an amount of €1.1 million came from a distributor in Canada and an amount of €0.3 million referred to a customer in Austria. Both were settled in the course of 2025 and led to the decrease in the outstanding amount.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, trade receivables included €27.8 million (December 31, 2024: €35.2 million) of receivables from contracts with customers. The decrease by €7.4 million compared to December 31, 2024 is primarily due to the timing of sales and improved cash collections.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables are initially recognized at fair value. The carrying amount of trade receivables is reduced through an allowance for doubtful account. When a trade receivable is considered uncollectible, it is written off against this allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade receivables include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Trade receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,785 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,182 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">80 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: loss allowance of receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(52)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TRADE RECEIVABLES, NET</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">27,813 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,205 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 27785000 35182000 80000 75000 52000 52000 27813000 35205000 1500000 2000000.0 800000 500000 1100000 300000 27800000 35200000 -7400000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.19 Other assets</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other assets include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">R&amp;D tax credit receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,804 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,208 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advance payments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">311 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">399 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,417 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,686 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,392 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,878 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,710 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consumables and supplies on stock</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">417 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">767 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous current assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER NON-FINANCIAL ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">42,080 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,659 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deposits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">181 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">198 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous financial assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,058 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER FINANCIAL ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">356 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,256 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">42,436 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49,915 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,590 </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">34,846 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41,874 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Due to the short term nature of the financial instruments included in other assets, their carrying amount is considered to be the same as their fair value. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The “R&amp;D tax credit receivables” mainly relate to the research and development tax credit in Austria, and France. The decrease is due to a €5.1 million payment received for the Scottish R&amp;D tax credit in March 2025. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2024 the miscellaneous financial assets mainly related to the grant awarded by Scottish Enterprise for which the payment was received in 2025. For more information see Note 5.8.1.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other assets include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:3pt;text-align:center"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Year ended December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">R&amp;D tax credit receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,804 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,208 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Advance payments</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">311 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">399 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Tax receivables</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,417 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,686 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Prepaid expenses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,392 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,878 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,710 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,710 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Consumables and supplies on stock</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">417 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">767 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous current assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER NON-FINANCIAL ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">42,080 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,659 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deposits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">181 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">198 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous financial assets</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,058 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER FINANCIAL ASSETS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">356 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,256 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER ASSETS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">42,436 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49,915 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,590 </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">34,846 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41,874 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 28804000 31208000 311000 399000 3417000 3686000 5392000 8878000 3710000 3710000 417000 767000 28000 11000 42080000 48659000 181000 198000 176000 1058000 356000 1256000 42436000 49915000 7590000 8041000 34846000 41874000 5100000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.20 Cash and cash equivalents</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term investments with a maximum maturity of three months that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash in hand</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash at bank</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,269 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,271 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div>As at December 31, 2025, and December 31, 2024, the Group had no restricted cash. In 2025, the decrease in cash and cash equivalents was due to usage for operative activities. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Cash includes cash at bank, cash in hand, and deposits held at call with banks. Cash equivalents include short-term bank deposits and medium-term investments with a maximum maturity of three months that can be assigned or sold on very short notice and are subject to insignificant risk of changes in value in response to fluctuations in interest rates.</span></div> <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash in hand</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Cash at bank</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,269 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH AND CASH EQUIVALENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">109,650 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">168,271 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 0 1000 109650000 168269000 109650000 168271000 0 0 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.21 Assets classified as held for sale</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025 and December 31, 2024, no assets were classified as held for sale and no transactions involving the reclassification of assets into this category occurred during the current financial year. This status reflects the fact that all assets continue to be used in the Group’s operations and that, at the date of preparation of the financial statements, no disposal is anticipated that would meet the criteria for reclassification as held for sale.</span></div> <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.22 Equity</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.22.1 Share capital and share premium</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The ordinary shares and convertible preferred shares are classified as equity. </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Ordinary shares issued (€0.15 par value per share)</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,539,745</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,521,524</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL SHARES ISSUED</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,539,745</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,521,524</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less Treasury shares</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(124,322)</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(124,322)</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING SHARES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the development of the number of outstanding shares:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673B9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,787,820</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Share-based compensation exercises </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,684,889 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">609,382 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Capital Increase </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,333,332 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,000,000 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company has issued stock options to employees under various employee stock option plans (ESOPs) established in the last 10 years. For details, please refer to Note 5.23.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During 2025 the Company increased its capital by a total of 9,333,332 new ordinary shares having a nominal value of €0.15 each. 7,666,666 of the new ordinary shares were issued at a price of €2.74 and an additional 1,666,666 ordinary shares at a price of €3.86. Aggregate gross proceeds of the capital increase, before deducting underwriting commissions and expenses payable by the Company, were €27.4 million. The €1.2 million transaction costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax resulting in a net proceeds of €26.2 million.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Conditional and authorized capital </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the Company had 16,002,496 (December 31, 2024: 14,003,064) shares of conditional capital in connection with (see Note 5.23):</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">the possible exercise of existing stock options; and</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">the possible final grant of existing Free Ordinary Shares.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company’s shareholders set limits on the maximum aggregate amount of capital increases that may be carried out pursuant to specific resolutions presented to shareholders at the Company’s annual Combined General Meeting. At this meeting on June 25, 2025, shareholders approved these limits in resolution 34, which specifies that the maximum aggregate amount of capital increases that may be carried out, with immediate effect or in the future under resolutions 26, 27, 28, 29, 32 and 33 may not exceed €5,018,145, and, for capital increases authorized by resolution 25, €5,175,000. This maximum aggregate amount will be added the additional nominal amount of shares or securities to be issued in accordance with applicable legal or regulatory provisions and, if applicable, with contractual provisions providing for other forms of adjustment, in order to preserve the rights of the holders of securities or other rights giving immediate and/or future access to the capital of the Company.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.22.2 Other reserves</span></div><div style="margin-bottom:10pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.264%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.333%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.439%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">520 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">520 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,527 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,527 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31, 2025</span></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,563)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,224 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,318 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.264%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.333%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.439%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2024</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,871)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,301 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,088 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial gains</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,395 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,395 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31, 2024</span></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the other regulated reserves of €52.82 million (December 31, 2024: €52.82 million) fully relate to a non-distributable mandatory legal reserve from the merger with Intercell AG. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company did not obtain a dividend from its subsidiaries or pay a dividend to its shareholders in 2025 and 2024.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The ordinary shares and convertible preferred shares are classified as equity. </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Ordinary shares issued (€0.15 par value per share)</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,539,745</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,521,524</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL SHARES ISSUED</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,539,745</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,521,524</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less Treasury shares</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(124,322)</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(124,322)</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING SHARES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the development of the number of outstanding shares:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">Number of shares</span></div></td><td colspan="3" style="background-color:#3673B9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">138,787,820</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Share-based compensation exercises </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,684,889 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">609,382 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> Capital Increase </span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,333,332 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,000,000 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,415,423 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">162,397,202 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 0.15 173539745 162521524 173539745 162521524 124322 124322 173415423 162397202 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, if any, from the proceeds.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">When the Company purchases its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes, if any) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects is included in equity attributable to the Company’s equity holders.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The profit or loss for the year is fully included in net result, while other comprehensive income solely affects retained earnings and other reserves.</span></div> 162397202 138787820 1684889 609382 9333332 23000000 173415423 162397202 9333332 0.15 7666666 2.74 1666666 3.86 27400000 1200000 26200000 16002496 14003064 5018145 5175000 <div style="margin-bottom:10pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.264%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.333%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.439%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2025</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">520 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">520 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial losses</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">68 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,527 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,527 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31, 2025</span></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,563)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,224 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83,318 </span></td><td style="background-color:#1e4179;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.264%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.333%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.439%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other regulated reserves</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other comprehensive income</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Treasury shares</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Capital from Share-based compensation </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other revenue reserves </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1, 2024</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,871)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,301 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">65,088 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Currency translation differences</span></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Defined benefit plan actuarial gains</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,395 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,395 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31, 2024</span></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52,820 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,151)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(645)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,696 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,517)</span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">73,203 </span></td><td style="background-color:#3673b9;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 52820000 -3151000 -645000 33696000 -9517000 73203000 0 520000 0 0 0 520000 0 68000 0 0 0 68000 0 0 0 9527000 0 9527000 52820000 -2563000 -645000 43224000 -9517000 83318000 52820000 -1871000 -645000 24301000 -9517000 65088000 0 -1329000 0 0 0 -1329000 0 49000 0 0 0 49000 0 0 0 9395000 0 9395000 52820000 -3151000 -645000 33696000 -9517000 73203000 52820000 52820000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.23 Share-based compensation</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Stock option plans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,054 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,894 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,152 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares program</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,501 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,514 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Phantom shares</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(685)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(390)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SHARE-BASED COMPENSATION EXPENSE /(INCOME)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.23.1 Stock option plans </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Beginning in 2013, the Company granted stock options to employees and management pursuant to nine successive plans.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Stock options granted from 2013 to 2017 are exercisable in two equal portions after being held for <span style="-sec-ix-hidden:f-1860">two</span> and for four years (the vesting periods), while stock options granted from 2019 onwards are exercisable in three equal portions after being held for one year, two years and three years. Stock options granted in 2019 are subject to performance conditions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">All options expire no later than ten years after being granted. Stock options are not transferable or negotiable and unvested options lapse without compensation upon termination of employment with the Group (forfeiture). Stock options granted from 2013 onwards vest with the effectiveness of the takeover of more than 50% of the outstanding </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">voting rights of the Group. As this change of control event was considered remote, it has not been considered in the determination of the vesting period.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows: </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.774%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.436%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#3673b9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of shares available</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average exercise price (in € per share)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of shares available</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average exercise price</span><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%"> (in € per share)</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.44 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,550,802 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,550,802 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.02 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,857,360 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,857,360 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.49 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,957,716 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,957,716 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expired</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(43,655)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(43,655)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">N/A</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,433,292)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,433,292)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.14 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,036,473)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,036,473)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.47 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,326,252)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,326,252)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.86 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">N/A</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,526,206</span></td><td colspan="3" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,526,206</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.44 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercisable at year end</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,950,015</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,950,015</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.79</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,766,957</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,766,957</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.61</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2025 1,326,252 employee stock options were exercised of which 2,250 were granted from ESOP 2016, 293,956 from ESOP 2017, 589,016 from ESOP 2019 and 441,030 from ESOP 2024). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">No employee stock options were exercised in 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Stock options outstanding at the end of the period have the following expiry dates and exercise prices:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.440%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.770%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr style="height:30pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercise price (in € per share)</span></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options as at December 31, (presentation as number of convertible shares)</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Expiry date</span></td><td colspan="3" style="background-color:#3673b9;border-top:1pt solid #3673B9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #3673B9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,655</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.71 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,500</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,500</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2027</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.85 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">202,375</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">551,475</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2029</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.05 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">892,400</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,596,166</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2032</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6.47 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,040,211</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,339,974</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2033</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.25 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,633,205</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,005,809</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2034</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,991,655</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,920,466</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2035</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,757,860</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">OUTSTANDING AT YEAR END</span></div></td><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">11,526,206</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">12,472,045</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">During 2025, 1,857,360 stock options were granted (2024: 4,957,716). The weighted average grant </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">date f</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">air value of options granted during 2025 was €1.57 (2024: €1.84</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">).</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> The fair value of the granted options was determined using the Black Scholes valuation model.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The significant inputs into the models were: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:80.032%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.768%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">As at Jul 7, 2025</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected volatility </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">(%)</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">, based on historical volatility</span></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75.65 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected vesting period</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%"> (term in years)</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.50 – 6.50</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Risk-free interest rate </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">(%)</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1.78% – 1.91%</span></div></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.23.2 Free ordinary shares</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2025, the Board of Directors approved a grant of 3,537,321 free ordinary shares to members of the Executive Committee and senior management. These awards are subject to specified performance conditions, in addition to the applicable service conditions.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2024, the Company granted 991,643 free ordinary shares to the Executive Committee and senior management, subject solely to service conditions, with no associated performance conditions. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">These free share plans are designed to align management interests with those of shareholders and to provide a long-term incentive program for the Company’s senior leadership.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The number of free ordinary shares granted was as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of free ordinary shares granted</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Executive Committee</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,045,739</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">572,793</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Senior Leadership Group</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,491,582</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">418,850</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">FREE ORDINARY SHARES GRANTED</span></div></td><td colspan="3" style="background-color:#1E4179;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">3,537,321</span></div></td><td colspan="3" style="background-color:#3673B9;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">991,643</span></div></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of free shares</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,368,630 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,537,321 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">991,643 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(188,663)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(265,872)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(358,637)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(609,382)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,475,040</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares subject to performance conditions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,401,001 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares not subject to performance conditions</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,074,039 </span></td><td style="background-color:#ebebeb;border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019 </span></td><td style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Subject to the applicable vesting conditions — service conditions for plans prior to 2025, and both service and performance conditions for the 2025 plan — the free shares granted to a participant will vest and be definitively delivered in three tranches.</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Each tranche will amount to one third of the total individual allocation. If one third is not a whole number, the number of free shares will be rounded down for the first two tranches and rounded up for the third tranche.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The first tranche for the performance based free shares granted in 2025 will vest on July 7, 2027, and the second and the third tranches will vest on July 7, 2028. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following the vesting of the free shares, no compulsory holding period will apply to the vested shares. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The expense recognized for the free ordinary share plans is measured as the number of shares expected to vest multiplied by the grant-date fair value of those shares. For all plans issued prior to 2025, the grant-date fair value is determined using the grant-date share price. For the 2025 performance free shares plan, which includes market-based performance conditions, the grant-date fair value is determined using a Monte Carlo valuation model.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The 2025 and 2024 plans further provide for accelerated vesting of the free shares in the event of a Change of Control (as defined in the applicable terms &amp; conditions) occurring no earlier than two years after the grant date. For the 2024 plan it is October 22, 2026, and for the 2025 performance free shares plan it is July 7, 2027. As management considered the chance of a Change of Control remote at the grant date, this was not included in the determination of the vesting period. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In addition, the plans provide for the possibility to remain entitled to a prorated number of shares, for any unvested tranche, in case of retirement of a beneficiary before complete vesting. Finally, the terms and conditions applicable to the free share plans state that if a Change of Control takes place before the specified date and section III of Article L. 225-197-1 of the French Commercial Code does not apply, the plan will be canceled and the Company will indemnify the participants for the loss of unvested free shares, subject however to all required shareholder approvals where corporate officers are concerned. The gross amount of this indemnity will be calculated as though such free shares had been vested upon the Change of Control. The conditions and limitations set forth in the applicable terms and conditions of the plan will apply to this calculation, mutatis mutandis.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In accordance with the decisions of the Board of Directors of June 25, 2024 and July 7, 2025, and by application of section II (5</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">th</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> paragraph) of Article L. 225-197-1 of the French Commercial Code when applicable, the beneficiaries that are corporate officers, </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> the CEO (</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Directeur Général</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">) and the Associate Managing Officers (</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Directeurs Généraux Délégués</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">), and each of the other members of the Executive Committee should keep not less than </span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">20% </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">of the vested free shares of each tranche until termination of both their Executive Committee membership and (as applicable) their corporate office.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.23.3 Phantom shares</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">No new phantom shares were granted in 2025 or i</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">n 2024.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In 2017, 2019 and 2020, phantom share plans were issued for employees who are U.S. citizens, with the same conditions as the stock option and free ordinary share programs (see Note 5.23.1 and 5.23.2) but which will not be settled in equity, but in cash. Therefore, it is considered as a cash settled plan. The liability for the phantom shares is measured (initially and at the end of each reporting period until settled) at the fair value of the share options rights, by applying an option pricing model taking into account the terms and conditions on which the phantom rights were granted and the extent to which the employees have rendered services to date. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In accordance with the foregoing, changes in the outstanding phantom sh</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">ares are as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of phantom shares</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">410,500 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161,000)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(29,500)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(210,000)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amount of the liability relating to the phantom shares as at December 31, 2025 was €0.0 million (December 31, 2024: €0.0 million). The fair values of the granted options were determined on the balance sheet dates using the Black Scholes valuation model. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercise price </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">(in € per share) </span></div></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of phantom shares as at December 31</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Expiry date</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2027</span></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.85 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,250 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2029</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.05 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,250 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The significant inputs into the models were:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected volatility (in %)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41.18 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53.47 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected vesting period (term in years)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #6D6D6D;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:1pt solid #6D6D6D;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Risk-free interest rate (in %)</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:1pt solid #6D6D6D;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.00 </span></td><td style="background-color:#ebebeb;border-bottom:1pt solid #6D6D6D;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.31 </span></div></td><td style="border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Stock option plans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,054 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,894 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,152 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares program</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,473 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,501 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,514 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Phantom shares</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(685)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(390)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SHARE-BASED COMPENSATION EXPENSE /(INCOME)</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,571 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,710 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,276 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 7054000 7894000 5152000 2473000 1501000 1514000 44000 -685000 -390000 9571000 8710000 6276000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The fair value of such share-based compensation is recognized as an expense for employee services received in exchange for the grant of the options. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Annually, the Group revises its estimates of the number of options that are expected to become exercisable. It recognizes the impact of the revision of original estimates, if any, in the income statement and makes a corresponding adjustment to equity.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The proceeds received net of any directly attributable transaction costs are credited to nominal capital (nominal value) and share premium (amount exceeding nominal value) when the options are exercised.</span></div> 9 2 P4Y 3 P1Y P2Y P3Y P10Y 0.50 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows: </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:28.774%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.434%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.436%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#3673b9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of shares available</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average exercise price (in € per share)</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#3673B9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of shares available</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average exercise price</span><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%"> (in € per share)</span></div></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.44 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,550,802 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,550,802 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.02 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,857,360 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,857,360 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.49 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,957,716 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,957,716 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expired</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(43,655)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(43,655)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">N/A</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,433,292)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,433,292)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.14 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,036,473)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,036,473)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.47 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,326,252)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,326,252)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.86 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">N/A</span></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,526,206</span></td><td colspan="3" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">11,526,206</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,472,045</span></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.44 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercisable at year end</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,950,015</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,950,015</span></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.79</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,766,957</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,766,957</span></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4.61</span></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In accordance with the foregoing, changes in the outstanding phantom sh</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">ares are as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of phantom shares</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">410,500 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161,000)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(29,500)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(210,000)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 12472045 12472045 3.44 8550802 8550802 5.02 1857360 1857360 2.49 4957716 4957716 2.62 43655 43655 3.92 0 0 1433292 1433292 4.14 1036473 1036473 4.47 1326252 1326252 2.86 0 0 11526206 11526206 3.92 12472045 12472045 3.44 5950015 5950015 4.79 4766957 4766957 4.61 1326252 2250 293956 589016 441030 0 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Stock options outstanding at the end of the period have the following expiry dates and exercise prices:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.440%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.770%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr style="height:30pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercise price (in € per share)</span></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of options as at December 31, (presentation as number of convertible shares)</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Expiry date</span></td><td colspan="3" style="background-color:#3673b9;border-top:1pt solid #3673B9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:1pt solid #3673B9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.92 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43,655</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2026</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.71 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">8,500</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,500</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2027</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.85 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">202,375</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">551,475</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2029</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.05 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">892,400</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,596,166</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2032</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6.47 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,040,211</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,339,974</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2033</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.25 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,633,205</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,005,809</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2034</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.62 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,991,655</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,920,466</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2035</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.49 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,757,860</span></div></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">—</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">OUTSTANDING AT YEAR END</span></div></td><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">11,526,206</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:700;line-height:120%">12,472,045</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercise price </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:120%">(in € per share) </span></div></td><td colspan="6" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Number of phantom shares as at December 31</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Expiry date</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2027</span></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.85 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,250 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2029</span></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.05 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,250 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,000 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,500 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div> 3.92 0 43655 2.71 8500 14500 2.85 202375 551475 3.05 892400 1596166 6.47 2040211 2339974 5.25 2633205 3005809 2.62 3991655 4920466 2.49 1757860 0 11526206 12472045 1857360 4957716 1.57 1.84 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The significant inputs into the models were: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:80.032%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.768%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">As at Jul 7, 2025</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected volatility </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">(%)</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">, based on historical volatility</span></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">75.65 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected vesting period</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%"> (term in years)</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5.50 – 6.50</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Risk-free interest rate </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-style:italic;font-weight:400;line-height:120%">(%)</span></div></td><td colspan="3" style="border-bottom:1pt solid #3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1.78% – 1.91%</span></div></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The significant inputs into the models were:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected volatility (in %)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41.18 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53.47 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Expected vesting period (term in years)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #6D6D6D;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:1pt solid #6D6D6D;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Risk-free interest rate (in %)</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:1pt solid #6D6D6D;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.00 </span></td><td style="background-color:#ebebeb;border-bottom:1pt solid #6D6D6D;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></td><td colspan="2" style="border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.31 </span></div></td><td style="border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td></tr></table></div> 0.7565 5.5 6.5 0.0178 0.0191 3537321 991643 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The number of free ordinary shares granted was as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of free ordinary shares granted</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Executive Committee</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,045,739</span></div></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">572,793</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Senior Leadership Group</span></div></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,491,582</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">418,850</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">FREE ORDINARY SHARES GRANTED</span></div></td><td colspan="3" style="background-color:#1E4179;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">3,537,321</span></div></td><td colspan="3" style="background-color:#3673B9;border-bottom:1pt solid #000000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">991,643</span></div></td><td colspan="3" style="display:none"></td></tr></table></div> 2045739 572793 1491582 418850 3537321 991643 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">Number of free shares</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,368,630 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Granted</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,537,321 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">991,643 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Forfeited</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(188,663)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(265,872)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exercised</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(358,637)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(609,382)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OUTSTANDING AT YEAR END</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,475,040</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares subject to performance conditions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,401,001 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Free ordinary shares not subject to performance conditions</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,074,039 </span></td><td style="background-color:#ebebeb;border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,485,019 </span></td><td style="border-bottom:0.25pt solid #6d6d6d;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div> 1485019 1368630 3537321 991643 188663 265872 358637 609382 4475040 1485019 3401001 0 1074039 1485019 3 2 0.20 0 0 39500 410500 0 0 0 161000 29500 210000 10000 39500 0.0 0.0 2.85 0 6250 3.05 10000 33250 10000 39500 0.4118 0.5347 0 0 0.0200 0.0231 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.24 Borrowings</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings of the Group at period-end include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT </span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">166,521 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT </span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the carrying amount of bank borrowings and other loans was €179.2 million. Of this, €173.4 million related to the Pharmakon Loan Agreement. Other borrowings related to financing of research and development expenses included the CIR (research and development tax credit in France) of €3.1 million (December 31, 2024: €3.5 million) and the CEPI grant in the amount of €2.6 million (December 31, 2024: €3.0 million), which relates to advance payments that are expected to be paid back in the future.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of the borrowings is as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1 and 3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,715 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">132,489 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3 and 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">131,953 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">33,349 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">594 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">683 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT BORROWINGS</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">166,521 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current borrowings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s borrowings are denominated in the following currencies:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,540 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in USD</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,022 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">183,833 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.24.1 Principal loan</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On October 6, 2025, Valneva announced a new non-dilutive debt facility of up to $500.0 million with funds managed by Pharmakon Advisors, LP. This new loan supersedes and fully replaces the previous D&amp;O Loan Agreement. The transaction is accounted for as a separate, new financing arrangement and does not meet the criteria for a modification of the existing agreement in accordance with IFRS. The initial $215.0 million tranche was used to fully repay Valneva Austria’s existing debt with D&amp;O including related fees and expenses, while the remaining $285.0 million may be drawn later for future business development opportunities subject to mutual agreement between the parties. The new facility extends Valneva’s debt maturity from Q1 2026 to Q4 2030, lowers its interest rate, and enhances financial flexibility. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, no further tranches have been drawn. The book value of the loan amounts to $203.8 million (€173.4 million). The interest-only period on the initial tranche lasts until the fourth quarter of 2030, and the loan will mature in October 2030. The interest rate on the initial tranche is 9.00%, translating into an effective interest rate of 10.84% as of December 31, 2025. Transaction costs amounting to $11.8 million (€10.1 million) have been deducted from the loan proceeds received in October 2025.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Similar to the D&amp;O Loan Agreement, the loan with Pharmakon is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by Valneva SE and certain of its subsidiaries, There are no financial covenants attached to the Pharmakon Loan Agreement. The previous D&amp;O Loan Agreement included liquidity and revenue-based covenants</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;text-decoration:line-through">,</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> which the Group complied with throughout the period. The Pharmakon Loan Agreement contains only customary affirmative and restrictive covenants.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2024, a total of $200.0 million was drawn under the D&amp;O Loan Agreement. The book value of the loan amounted to €180.8 million. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Pharmakon Loan Agreement is included in the balance sheet item “Borrowings”. The Pharmakon Loan Agreement and the previous D&amp;O Loan Agreement, which the Pharmakon Loan superseded and fully replaced during the fourth quarter of 2025, developed as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">167,520 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">182,979 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(944)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Principal repayment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(170,213)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,403 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,530 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,558)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(18,978)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,916)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,713 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(156,710)</span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161,420)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,697 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,421 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.24.2 Borrowings and other loans secured</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, €176.6 million (December 31, 2024: €184.4 million) of the outstanding borrowings and other loans were guaranteed, secured, or pledged. These borrowings and other loans related to financing of research and development expenses, fixed assets and CIR (R&amp;D tax credit in France) have various conditions (interest rates) and terms (maturities).</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.24.3 Fair value of borrowings and other loans</span></div>The fair value of the borrowings and other loans are calculated by discounting the contractual cash flows with interest rates derived from relevant bond yields and swap rates and adjusted for any further potential risk and liquidity risks related to the nature of each loan. The relevant bond yields were determined by an internal analysis based on Moody’s RiskCalc corporate rating methodology. As at December 31, 2025, and December 31, 2024, the resulting calculations revealed no material difference between the carrying amount and the fair value. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are initially recognized at fair value if determinable, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Borrowings of the Group at period-end include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT </span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">161,261 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">166,521 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT </span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings and other loans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,905 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20,852 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 161261000 166521000 17905000 20852000 179167000 187373000 179200000 173400000 3100000 3500000 2600000 3000000.0 28715000 132489000 131953000 33349000 594000 683000 161261000 166521000 17905000 20852000 179167000 187373000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s borrowings are denominated in the following currencies:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,144 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,540 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Borrowings denominated in USD</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,022 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">183,833 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL BORROWINGS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">179,167 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 3144000 3540000 176022000 183833000 179167000 187373000 500000000.0 215000000.0 285000000.0 203800000 173400000 0.0900 0.1084 11800000 10100000 200000000.0 180800000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The Pharmakon Loan Agreement is included in the balance sheet item “Borrowings”. The Pharmakon Loan Agreement and the previous D&amp;O Loan Agreement, which the Pharmakon Loan superseded and fully replaced during the fourth quarter of 2025, developed as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">167,520 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">182,979 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(944)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Principal repayment</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(170,213)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,403 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,530 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,558)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(18,978)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(20,916)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,713 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">173,407 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">180,841 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less: non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(156,710)</span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(161,420)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,697 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,421 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 180841000 167520000 182979000 0 -10130000 -944000 170213000 0 28403000 22530000 17558000 18978000 -20916000 10713000 173407000 180841000 156710000 161420000 16697000 19421000 176600000 184400000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.25 Trade payables and accruals</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade payables and accruals include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,074 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,639 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,466 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,883 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div>The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. All trade payables and accruals are current. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Trade payables and accruals include the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade payables</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,074 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,639 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,466 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,883 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">24,540 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">35,522 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 9074000 12639000 15466000 22883000 24540000 35522000 0 0 24540000 35522000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.26 Tax and employee-related liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Liabilities for tax and employee-related liabilities are generally measured at amortized costs. Liabilities related to employees comprise mainly accruals for bonuses and unconsumed vacations. The line social security and other taxes consists of amounts owed to tax authorities and social security institutions. </span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee-related liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security and other taxes</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,913 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,350 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,555 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,458 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,555 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,458 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employee-related liabilities</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">12,642 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,107 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security and other taxes</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,913 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,350 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT DECEMBER 31</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,555 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,458 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,555 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,458 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 12642000 13107000 6913000 6350000 19555000 19458000 0 0 19555000 19458000 <div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OPENING NET BOOK VALUE</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">31,969 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Additions</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">369 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">237 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluation due to variable payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">56 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,399 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Termination of contracts</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(27)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,100)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Lease payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,504)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,425)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expenses</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">796 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">813 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,450 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(952)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">CLOSING NET BOOK VALUE</span></div></td><td colspan="2" style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">28,082</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">28,941</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div> 28941000 31969000 369000 237000 56000 1399000 27000 1100000 3504000 3425000 796000 813000 1450000 -952000 28082000 28941000 -900000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The maturity of non-current lease liabilities is as follows:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 1-3 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,572 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,203 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Between 3-5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,414 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,083 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Over 5 years</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">14,357 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">16,147 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">NON-CURRENT LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">25,343 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,432 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current lease liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,739 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,508 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 5572000 5203000 5414000 5083000 14357000 16147000 25343000 26432000 2739000 2508000 28082000 28941000 <div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The carrying amounts of the Group’s lease liabilities are denominated in the following currencies:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">EUR</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">891 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,078 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">SEK</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,466 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,870 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">725 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">992 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL LEASE LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,082 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,941 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 891000 1078000 26466000 26870000 725000 992000 28082000 28941000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.28 Contract liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A contract liability has to be recognized when the customer has already provided the consideration or part of the consideration before an entity has fulfilled its performance obligation (agreed goods or services which should be delivered or provided) resulting from the “contract”. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of contract liabilities is presented in the table below:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,697 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Revenue recognition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,320)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(462)</span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Redemption</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,777)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Addition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">720 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,500 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, contract liability of €0.4 million related to upfront payments for analytical support and drug substance manufacturing on ongoing contracts. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, revenue of €2.5 million was recognized in connection with the license and technology transfer performance obligation under the master collaboration and license agreement with Serum Institute of India (SII) regarding IXCHIQ. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2024, the redemption in the amount of €4.8 million mainly related to the DoD distribution agreement for which the obligation to replace vaccine doses was fulfilled in 2024. An upfront payment of €2.5 millionwas shown under additions and refered to the master collaboration and license agreement with Serum Institute of India (SII) regarding IXCHIQ.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of contract liabilities is presented in the table below:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,697 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Revenue recognition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,320)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(462)</span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Redemption</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,777)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Addition</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">720 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,500 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate differences</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">53 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT CLOSING DATE</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,010 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 3010000 5697000 3320000 462000 0 4777000 720000 2500000 21000 53000 432000 3010000 0 0 432000 3010000 400000 2500000 4800000 2500000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.29 Refund liabilities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">A refund liability has to be recognized when the customer has already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of refund liabilities during the period is presented below:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,941 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,649 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,013 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(979)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other releases</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,117)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(18,922)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,985)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense capitalized</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">193 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">360 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,383)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,728 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">26,141</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,684)</span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,491)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,650 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, from the total refund liability of €17.5 million, an amount of €9.0 million - current portion only- (December 31, 2024: €18.6 million) is connected to the Collaboration and License Agreement with Pfizer. In the year ended December 31, 2025, additions of €3.5 million arose from the Pfizer Collaboration and License Agreement </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(December 31, 2024: €2.6 million). In 2025, the recognized revenue of €10.0 million (December 31, 2024: nil) and other releases of €0.9 million (December 31, 2024: €18.9 million) were recorded in connection to the Collaboration and License Agreement with Pfizer as well.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Refund liabilities of €6.7 million (of which €6.7 million is non-current) (December 31, 2024: €6.5 million, of which €6.5 million was non-current) relate to the expected payment in 2027 to GlaxoSmithKline (GSK) due to the termination of the strategic alliance agreement (SAA) in 2019. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The remaining amount of €1.8 million is mainly due to statistical return provision and rebates as at December 31, 2025  (December 31, 2024: €1.1 million).</span></div> A refund liability has to be recognized when the customer has already provided a consideration which is expected to be refunded partially or totally. It is measured at the amount the Company has an obligation to repay or amounts which did not meet the criteria for revenue recognition in the past, but there are no remaining goods and services to be provided in future. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Development of refund liabilities during the period is presented below:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">26,141 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">39,941 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Additions</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,649 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,013 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(979)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other releases</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,117)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(18,922)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revenue recognition</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,985)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense capitalized</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">193 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">360 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,383)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,728 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,498 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">26,141</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,684)</span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,491)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,814 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,650 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 26141000 39941000 4649000 4013000 0 979000 1117000 18922000 9985000 0 193000 360000 -2383000 1728000 17498000 26141000 6684000 6491000 10814000 19650000 17500000 9000000.0 18600000 3500000 2600000 10000000.0 0 900000 18900000 6700000 6700000 6500000 6500000 1800000 1100000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.30 Provisions</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.30.1 Provisions for employee commitments</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employer contribution costs on share-based compensation plans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,497 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">81 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Phantom shares</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Retirement termination benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">171 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Leaving indemnities and restructurings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,671 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">964 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,346 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">1,561</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">697 </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">546 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,649 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,015 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On September 16, 2025, Valneva’s employee representatives and Valneva’s teams based in Nantes were informed of the proposed closure of the Nantes site. In accordance with its legal obligations, Valneva initiated an information and consultation process with the Company’s local work council to reorganize its activities. In the year ended December 31, 2025 the provision for leaving indemnities and restructuring mainly relates to the proposed closure of the Nantes site. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Share-based provisions</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2025: €3.72 (December 31, 2024: €2.16). The increase in these provisions as at December 31, 2025 is mainly due to the share price movement. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Retirement termination benefits</span></div><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Some Group companies provide retirement termination benefits to their retirees.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For defined benefit plans, retirement costs are determined once a year:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">From December 31, 2021 onward, under the new calculation method proposed by the IFRS IC and according to the updated recommendation of the ANC n 2013-02 as at December 31, 2021: under this method, when the plan provides for the payment of an indemnity to the employee, if he or she is present at the date of retirement, the amount of which depends on seniority and is capped at a certain years of service, the commitment must be calculated solely on the basis of the years of service prior to the retirement date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The final obligation is then discounted. These calculations mainly use the following assumptions:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">a discount rate;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">a salary increase rate;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">an employee turnover rate.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assumptions used</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Discount rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.90 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.40 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salary increase rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.50 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Turnover rate</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0%-21.35%</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0%-21.35%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">46.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43.00%-47.00%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average remaining lifespan of employees (in years)</span></div></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17</span></div></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in defined benefit obligation</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Present value of obligation development:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">459 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current service cost</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">128 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Past service cost due to curtailment</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(404)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Actuarial losses/(gains)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(68)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(49)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">171 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The proposed closure of the Nantes site leads to a significant reduction of the defined benefit obligation.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.30.2 Other provisions</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Non-current</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">694 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,010 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,671 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROVISIONS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,705 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,671 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The position mostly comprises €5.2 million from a provision for expected legal and settlement costs under a court proceeding related to the Intercell AG/Vivalis SA merger (December 31, 2024: €5.2 million) For further information on this court proceeding, please see Note 5.33. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Additionally to cover employee non-related cost related to the closure of the Nantes side, a restructuring provision of €0.4 million (December 31, 2024: nil) was recorded in 2025.</span></div>In the year ended December 31, 2025 the non-current provision relates to an onerous lease agreement <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Employer contribution costs on share-based compensation plans</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,497 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">81 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Phantom shares</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Retirement termination benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">171 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Leaving indemnities and restructurings</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,671 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">964 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,346 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">1,561</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></div></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">697 </span></div></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">546 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,649 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,015 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 1497000 81000 7000 1000 171000 515000 4671000 964000 6346000 1561000 697000 546000 5649000 1015000 <div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Share-based provisions</span></div>Employer contribution costs on share-based compensation plans and phantom shares are calculated at the balance sheet date using the share price of Valneva as at December 31, 2025: €3.72 (December 31, 2024: €2.16).<div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Retirement termination benefits</span></div><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Some Group companies provide retirement termination benefits to their retirees.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For defined benefit plans, retirement costs are determined once a year:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">From December 31, 2021 onward, under the new calculation method proposed by the IFRS IC and according to the updated recommendation of the ANC n 2013-02 as at December 31, 2021: under this method, when the plan provides for the payment of an indemnity to the employee, if he or she is present at the date of retirement, the amount of which depends on seniority and is capped at a certain years of service, the commitment must be calculated solely on the basis of the years of service prior to the retirement date.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The final obligation is then discounted. These calculations mainly use the following assumptions:</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">a discount rate;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">a salary increase rate;</span></div><div style="margin-bottom:3pt;padding-left:11.34pt;text-align:justify;text-indent:-11.34pt"><span style="color:#000000;font-family:'Lato Black',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:6.71pt">an employee turnover rate.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">For basic schemes and defined contribution plans, the Group recognizes the contributions as expenses when payable, as it has no obligations over and above the amount of contributions paid.</span></div> 3.72 2.16 <div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assumptions used</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Discount rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.90 </span></div></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3.40 </span></div></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salary increase rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2.50 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Turnover rate</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0%-21.35%</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">0%-21.35%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Social security rate</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">46.00 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">%</span></div></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">43.00%-47.00%</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Average remaining lifespan of employees (in years)</span></div></td><td colspan="3" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:3pt;text-align:right"><span style="color:#000000;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17</span></div></td><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">20</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 0.0390 0.0340 0.0200 0.0250 0 0.2135 0 0.2135 0.4600 0.4300 0.4700 P17Y P20Y <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Present value of obligation development:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">459 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current service cost</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">128 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Past service cost due to curtailment</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(404)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Actuarial losses/(gains)</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(68)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(49)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT CLOSING DATE</span></div></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">171 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">515 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 515000 459000 128000 105000 -404000 0 68000 49000 171000 515000 <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Non-current</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">694 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Current</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,010 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,671 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROVISIONS</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,705 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,671 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><br/></span></div> 694000 0 6010000 5671000 6705000 5671000 5200000 5200000 400000 0 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.31 Other liabilities </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deferred income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,794 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,028 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other financial liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">134 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,935 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,198 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(246)</span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(46)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,689 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,152 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div>As at December 31, 2025 the other liabilities increased due to a received resilience grant of €0.9 million from the European Union. In both 2025 and 2024 other liabilities mainly comprised deferred income related to the second agreement signed with CEPI. <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Deferred income</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,794 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,028 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other financial liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">79 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Miscellaneous liabilities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">134 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">91 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER LIABILITIES</span></td><td colspan="2" style="background-color:#1e4179;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,935 </span></td><td style="background-color:#1e4179;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,198 </span></td><td style="background-color:#3673B9;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Less non-current portion</span></td><td colspan="2" style="background-color:#ebebeb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(246)</span></td><td style="background-color:#ebebeb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(46)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CURRENT PORTION</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,689 </span></td><td style="background-color:#ebebeb;border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,152 </span></td><td style="border-bottom:0.75pt solid #3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 5794000 5028000 7000 79000 134000 91000 5935000 5198000 246000 46000 5689000 5152000 900000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.32 Cash flow information</span><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%"> </span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.32.1 Cash generated from operations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the adjustments to reconcile net loss to net cash generated from operations:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) FOR THE PERIOD</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain from sale of Priority Review Voucher, net</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(90,833)</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,750 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,586 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,584 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Write-off / impairment fixed assets/intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">895 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(731)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,533 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,975 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,111 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax expense/(income)</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,073 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">761 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,800 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal of property, plant, equipment and intangible assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(266)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal held for sale</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">580 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Gain)/loss from MMF investments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(841)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Provision for employer contribution costs on share-based compensation plans</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,408 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,594)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,659)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-cash (income)/expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,697)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">895 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(804)</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,803)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,362)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,210)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41,898 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,984 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,325 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,649 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,979 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,984 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">446 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">449 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(192)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Long term refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,136 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current liabilities and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">877 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(629)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(430)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,323 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(180)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">514 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,803)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,165)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other receivables</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,326 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,707 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,855)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,600)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,793)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,471)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,774)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14,183)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(112,689)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other payables and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,455)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,321)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,398)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total changes in working capital</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,471)</span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,394)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(145,578)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH GENERATED/(USED) IN OPERATIONS</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(50,691)</span></td><td style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(65,674)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(201,509)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.32.2 Reconciliation of liabilities arising from financing activities</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Liabilities arising from financing activities are those for which cash flows were (or future cash flows will be) classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. The below table illustrates the development of borrowings. For development of lease liabilities see Note 5.27. </span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,847 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,015 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">910 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(944)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Repayments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(171,632)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,734)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluations</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(209)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(385)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,695 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,862 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,682)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19,156)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,265)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,974 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT DECEMBER 31</span></div></td><td colspan="2" style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">179,167</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">187,373</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The following table shows the adjustments to reconcile net loss to net cash generated from operations:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROFIT/(LOSS) FOR THE PERIOD</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(115,192)</span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12,247)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(101,429)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Gain from sale of Priority Review Voucher, net</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(90,833)</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Depreciation and amortization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">21,750 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">19,586 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">17,584 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Write-off / impairment fixed assets/intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">895 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(731)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based compensation expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,533 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,975 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,111 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Income tax expense/(income)</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,073 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">761 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,800 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal of property, plant, equipment and intangible assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">432 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(266)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(12)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Profit)/loss from disposal held for sale</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">580 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(Gain)/loss from MMF investments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(841)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Provision for employer contribution costs on share-based compensation plans</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,408 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,594)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(1,659)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-cash (income)/expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,697)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">895 </span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(804)</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,803)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,362)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,210)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">41,898 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,984 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">23,325 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total adjustments to reconcile profit/(loss) for the period to cash generated from/(used in) operations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">64,649 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">48,979 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">44,984 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES (EXCLUDING THE EFFECTS OF ACQUISITION AND CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">446 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">449 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(192)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Long term refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,136 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other non-current liabilities and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">877 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(629)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(430)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">TOTAL CHANGES IN NON-CURRENT OPERATING ASSETS AND LIABILITIES</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,323 </span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(180)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">514 </span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CHANGES IN WORKING CAPITAL (EXCLUDING THE EFFECTS OF ACQUISITION AND EXCHANGE RATE DIFFERENCES ON CONSOLIDATION):</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Inventory</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,032 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(6,803)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(9,165)</span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other receivables</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">13,326 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">15,707 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,855)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Contract liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,600)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(2,793)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,471)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Refund liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(8,774)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(14,183)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(112,689)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Trade and other payables and provisions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(4,455)</span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,321)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,398)</span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Total changes in working capital</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(1,471)</span></td><td style="background-color:#ebebeb;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(11,394)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(145,578)</span></td><td style="border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">CASH GENERATED/(USED) IN OPERATIONS</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(50,691)</span></td><td style="background-color:#1e4179;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(65,674)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(201,509)</span></td><td style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> -115192000 -12247000 -101429000 0 90833000 0 21750000 19586000 17584000 895000 0 -731000 9533000 7975000 5111000 1073000 761000 2800000 -432000 266000 12000 0 0 -580000 841000 0 0 1408000 -1594000 -1659000 -9697000 895000 -804000 1803000 2362000 1210000 41898000 23984000 23325000 64649000 48979000 44984000 446000 449000 -192000 0 0 1136000 877000 -629000 -430000 1323000 -180000 514000 1032000 -6803000 -9165000 13326000 15707000 -2855000 -2600000 -2793000 -3471000 -8774000 -14183000 -112689000 -4455000 -3321000 -17398000 1471000 11394000 145578000 -50691000 -65674000 -201509000 <div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"><div style="margin-bottom:3pt"></div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">in € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BALANCE AS AT JANUARY 1</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">187,373 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">176,847 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Proceeds of issue</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">184,015 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">910 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Transaction costs</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(10,130)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(944)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Repayments</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(171,632)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(3,734)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Revaluations</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(209)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(385)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Accrued interest</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">28,695 </span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">22,862 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Payment of interest</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(17,682)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(19,156)</span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Exchange rate difference</span></div></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">(21,265)</span></div></td><td style="background-color:#ebebeb;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">10,974 </span></div></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:3pt"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">BALANCE AS AT DECEMBER 31</span></div></td><td colspan="2" style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">179,167</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#1E4179;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="2" style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">187,373</span><span style="color:#FFFFFF;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></div></td><td style="background-color:#3673B9;border-bottom:0.25pt solid #000;border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><div style="margin-bottom:3pt;text-align:right"></div></td><td colspan="3" style="display:none"></td></tr></table></div> 187373000 176847000 184015000 910000 10130000 944000 171632000 3734000 -209000 -385000 28695000 22862000 17682000 19156000 -21265000 10974000 179167000 187373000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.33 Commitments and contingencies</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, there were €1.0 million of capital expenditure contracted, mainly related to manufacturing site in Sweden for equipments (December 31, 2024: €3.5 million). The contracts in 2024 were all related to the finalization of the Almeida building in Scotland, the new manufacturing facility and production site for IXIARO and IXCHIQ, and to manufacturing equipment in Sweden for DUKORAL production site.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, there were €33.2 million (December 31, 2024: €39.3 million) related to R&amp;D collaboration agreements. These commitments include milestone payments depending on successful clinical development or meeting specific revenue targets. The amount disclosed represents the maximum that would be paid if all milestones achieved.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.33.1 Other commitments, pledges and guarantees</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The other commitments mainly relate to royalty payments and consist of:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,255 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,025 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER COMMITMENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,255 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,025 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The pledges consist of:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Pledges on bank accounts</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105,758 </span></td><td style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">164,546 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GUARANTEES AND PLEDGES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105,758 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">164,546 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">As at December 31, 2025, the stated pledges on cash at banks originate from the requirements of the Pharmakon Loan Agreement, whereas at December 31, 2024, they stem from the requirements of the D&amp;O Loan Agreement. Similar to the D&amp;O loan, the Pharmakon loan is secured by substantially all of Valneva’s assets, including its intellectual property, and is guaranteed by the Company and certain of its subsidiaries. For more information about this loan agreement, please refer to Note 5.24.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.33.2 Contingencies and litigations</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following the merger between the companies Vivalis SA and Intercell AG in 2013, certain former Intercell shareholders initiated legal proceedings before the Commercial Court of Vienna to request a revision of either the cash compensation paid to departing shareholders or the exchange ratio between Intercell and Valneva shares used in the merger.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In October 2021, Valneva received an opinion from a court-appointed expert regarding the exchange ratio. The expert confirmed the calculation used previously, but also recommended the calculation of safety margins. Additionally, the expert addressed the cash compensation paid to departing shareholders and recommended an increase in such compensation. The expert provided a supplemental opinion in April 2022, and the judicial committee in charge of the proceedings gave its opinion to the Commercial Court of Vienna in April 2023. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On December 1, 2025, Valneva was informed that the Vienna Commercial Court had confirmed that 1) the exchange ratio was adequate, meaning no additional compensation is required in connection with the conversion of Intercell shares, 2) shareholders are entitled to an additional cash compensation of EUR3.52 plus interest per share (in line with the </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Company’s expectations) and 3) the Court’s decision on costs is reserved until final conclusion of the proceedings. On January 16, 2026, the Commercial Court informed the Company of two appeals of this initial decision. The first appeal was filed by the common representative of the plaintiffs and challenges the exchange ratio. The second appeal was filed by two shareholders and challenges both the exchange ratio and the amount of cash compensation. The Company has submitted a response to these appeals and is now awaiting further information from the Commercial Court. Valneva is not obligated to make any payments to litigants until a final judgment is available.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The final outcome will depend on the court’s position on specific legal points and the Court has not made a final decision yet. The Company therefore has decided to retain the original provision of €5.2 million, which assessed the probability of several scenarios, to cover the potential amounts due and legal costs (December 31, 2024: €5.2 million).</span></div> 1000000.0 3500000 33200000 39300000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The other commitments mainly relate to royalty payments and consist of:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Royalties</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,255 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,025 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">OTHER COMMITMENTS</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,255 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">6,025 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 4255000 6025000 4255000 6025000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The pledges consist of:</span></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%"> in € thousand </span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Pledges on bank accounts</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105,758 </span></td><td style="background-color:#ebebeb;border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">164,546 </span></td><td style="border-top:1pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">GUARANTEES AND PLEDGES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">105,758 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">164,546 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="display:none"></td></tr></table></div> 105758000 164546000 105758000 164546000 3.52 2 2 5200000 5200000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.34 Related-party transactions</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, there were no changes to related parties, whereas some changes occurred in 2024. As the business evolved, management reassessed the contract with Groupe Grimaud La Corbière SAS in the previous year, Sevremoine (France) and its affiliate Vital Meat SAS. It was determined that they are no longer considered as related parties. Bpifrance, Maisons-Alfort (France) continues to be considered as related party due to its significant influence through material transactions and through a membership in the Company’s Board of Directors until June 25, 2025. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Additionally, there have been some changes in the key management personnel during the year. Since the transition to a one-tier governance model, in December 2023, the key management consists of the Board of Directors as well as the Executive Committee while until December 2023, it included the Management Board and the Supervisory Board.</span></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.34.1 Rendering of services</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:115%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Transactions with related parties are carried out similar to those of the market:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision of services:</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Operating activities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">391 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">260 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Financing activities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">194 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">76 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROVISION OF SERVICES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">585 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">335 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Services provided by Valneva to Groupe Grimaud La Corbière SAS, a shareholder of Valneva, were considered related party transactions until December 31, 2024 and consist of services within a collaboration and research license agreement and of the provision of premises and equipment and sale of patents and cells shown in the operating activity line.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">From June 2022 onward, Bpifrance qualifies as a related party since it is a shareholder of Valneva with significant influence through its membership of the Company's Board of Directors. Valneva has borrowed amounts amounting to 80% of French Tax Authorities receivables relating to Research Tax Credits for 2022 and 2023 and 2024 from Bpifrance. The total amount borrowed from Bpifrance is €3.1 million. A commitment fee of 0.5% as well as interest at the EURIBOR one-month average rate of the previous month (the rate mentioned is a variable rate deducted at nil percent if it were to be negative) plus 1.7% p.a. is applicable to these borrowed amounts (see table above). </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The borrowings related to the Research Tax Credits outstanding: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant date</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2022</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">1,198</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2023</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">910 </span></td><td style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">November 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 13pt 2px 1pt;text-align:justify;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2024</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,036 </span></td><td style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 2025</span></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:10pt;margin-top:9pt"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:11pt;font-weight:400;line-height:115%">5.34.2 Key management compensation</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salaries and other short-term employee benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,359 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,624 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,439 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other long-term benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based payments (expense of the year)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,765 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,128 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,145 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">KEY MANAGEMENT COMPENSATION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,213 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,835 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,636 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">In the year ended December 31, 2025, the aggregate compensation of the members of the Company’s Executive Committee (former Management Board) amounted to €8.7 million (2024: €7.4 million, 2023: €5.2 million) and represents primarily salaries and share-based payments. The increase in ‘Salaries and other short-term employee benefits’ relates to additional two Executive Committee members. ‘Share-based payments’ increased due to the new free ordinary shares</span><span style="background-color:#ffffff;color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> granted during </span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2025.</span></div>The presented key management compensation includes that of the Board of Directors in the amount of €0.5 million for the year ended December 31, 2025 (2024: €0.5 million; 2023: €0.5 million). <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Transactions with related parties are carried out similar to those of the market:</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.5pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Provision of services:</span></td><td colspan="3" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Operating activities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">391 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">260 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Financing activities</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">194 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">76 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">PROVISION OF SERVICES</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">141 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">585 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">335 </span></td><td style="background-color:#3673b9;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 0 391000 260000 141000 194000 76000 141000 585000 335000 0.80 3100000 0.005 0 0.017 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The borrowings related to the Research Tax Credits outstanding: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:67.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Grant date</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2022</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:700;line-height:120%">1,198</span><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2023</span></td><td colspan="2" style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">910 </span></td><td style="background-color:#ebebeb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">November 2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 13pt 2px 1pt;text-align:justify;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">BPI payable relating to Research tax credit 2024</span></td><td colspan="2" style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">1,036 </span></td><td style="background-color:#ebebeb;border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #dbdbdb;border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">December 2025</span></td><td colspan="3" style="display:none"></td></tr></table></div> 1198000 910000 1036000 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The aggregate compensation of the key management (including Executive Committee and Board of Directors) was as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:51.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.623%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.624%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:115%">In € thousand</span></td><td colspan="3" style="background-color:#3673b9;border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#3673b9;font-family:'Gotham Medium',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2023</span></td></tr><tr><td colspan="3" style="border-top:0.75pt solid #3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Salaries and other short-term employee benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,359 </span></td><td style="background-color:#ebebeb;border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">4,624 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.75pt solid #3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,439 </span></td><td style="border-top:0.75pt solid #3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Other long-term benefits</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">90 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">83 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">52 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Share-based payments (expense of the year)</span></td><td colspan="2" style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,765 </span></td><td style="background-color:#ebebeb;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">3,128 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">2,145 </span></td><td style="border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="background-color:#3673b9;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">KEY MANAGEMENT COMPENSATION</span></td><td colspan="2" style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">9,213 </span></td><td style="background-color:#1e4179;border-top:0.25pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">7,835 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#3673b9;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#ffffff;font-family:'Gotham Bold',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">5,636 </span></td><td style="background-color:#3673b9;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 5359000 4624000 3439000 90000 83000 52000 3765000 3128000 2145000 9213000 7835000 5636000 8700000 7400000 5200000 2 500000 500000 500000 <div style="margin-bottom:6pt;margin-top:18pt"><span style="color:#000000;font-family:'Gotham Medium',sans-serif;font-size:14pt;font-weight:400;line-height:115%">5.35 Events after the reporting period</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Valneva Provides Update on Chikungunya Vaccine IXCHIQ</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">On January 19, 2026, Valneva SE announced its decision to voluntarily withdraw the Biologics License Application (BLA) and Investigational New Drug (IND) application for its chikungunya vaccine, IXCHIQ, in the United States. This decision followed the suspension of the vaccine license by the U.S. Food and Drug Administration (FDA) in August 2025 and the FDA’s subsequent decision to place the IND on clinical hold pending an investigation into a newly reported foreign serious adverse event.</span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">Lyme VALOR study - Phase 3 data-readout expected in the first half of 2026</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Valneva is awaiting results from the pivotal, placebo-controlled efficacy clinical study, “Vaccine Against Lyme for Outdoor Recreationists (VALOR)” in the first half of 2026, conducted by our partner Pfizer. A positive outcome of the study may lead to potential regulatory approvals and commercialization of VLA15, upon which the Company will be eligible to receive milestone and royalty payments. This increased revenue will allow investments in future R&amp;D projects and may position the Company to become financially self-sustainable. If the primary endpoint of the Phase 3 trial is not met, the Group will be required to undergo restructuring and implement cost-containment measures that would allow the Group to meet its financial obligations for the foreseeable future but would significantly impact its operations and prospects. These restructuring measures would require alignment with Pharmakon to avoid an event of default. The Company cannot guarantee such measures would be sufficient in the long term, and renegotiation of existing debt terms or alternative measures to refinance or repay the debt may be required. </span></div><div style="margin-bottom:3pt;margin-top:6pt"><span style="color:#626262;font-family:'Gotham Bold',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:110%">FDA audit of the Livingston manufacturing site</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#626262;font-family:'Gotham Light',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Following an inspection of our Livingston manufacturing site in February 2026, the FDA informed the Company that it is unable to grant approval of the BLA supplement related to manufacture of IXIARO at the Almeida facility due to outstanding compliance issues associated with the inspection. As a result, Valneva is currently unable to use the Almeida facility to produce doses of IXIARO intended for distribution in the United States. The Almeida facility is approved by EMA and Health Canada. Therefore, IXIARO doses produced at this facility will be sold in these regions while products manufactured at the Manson site will be distributed in the United States. The Company currently does not anticipate material supply constraints in the US market and expects to remediate the observations identified by the FDA in 2026 and potentially restart manufacturing at Manson. Valneva does not expect this event to have a material impact on its cash projection in the foreseeable future.</span></div> Cash flows relating to the interest on the lease liabilities amounted to €0.8 million as at December 31, 2025 (2024: €0.8 million and 2023: €1.2 million)