Financial instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial instruments

Schedule of carrying amount and fair value of financial instruments

Carrying amount and fair value of financial instruments

in € K


March 31, 2026		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		970,527		268,618		—		—		1,239,145		268,618		—		—
Trade accounts and other receivables from unrelated parties		3,427,088		—		—		92,318		3,519,406		—		—		—
Accounts receivable from related parties		29,498		—		—		—		29,498		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		10,847		10,847		—		10,847		—
Derivatives - not designated as hedging instruments		—		19,073		—		—		19,073		—		19,073		—
Derivatives embedded in Virtual Power Purchase Agreements (vPPAs)		—		3,896		—		—		3,896		—		—		3,896
Equity investments		—		27,578		58,595		—		86,173		9,860		60,596		15,717
Debt securities		—		77,146		340,611		—		417,757		417,757		—		—
Other financial assets⁽¹⁾		282,159		104,797		—		88,415		475,371		—		—		104,797
Other current and non-current assets		282,159		232,490		399,206		99,262		1,013,117		—		—		—
Financial assets		4,709,272		501,108		399,206		191,580		5,801,166		—		—		—

Accounts payable to unrelated parties		754,542		—		—		—		754,542		—		—		—
Accounts payable to related parties		119,584		—		—		—		119,584		—		—		—
Short-term debt		120,969		—		—		—		120,969		—		—		—
Long-term debt		7,416,042		—		—		—		7,416,042		6,712,141		356,375		—
Lease liabilities		—		—		—		3,492,396		3,492,396		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		18,640		18,640		—		18,640		—
Derivatives - not designated as hedging instruments		—		43,079		—		—		43,079		—		43,079		—
Derivatives embedded in vPPAs		—		5,543		—		—		5,543		—		—		5,543
Variable payments outstanding for acquisitions		—		5,503		—		—		5,503		—		—		5,503
Put option liabilities		—		—		—		834,095		834,095		—		—		834,095
Other financial liabilities⁽²⁾		1,112,210		—		—		—		1,112,210		—		—		—
Other current and non-current liabilities		1,112,210		54,125		—		852,735		2,019,070		—		—		—
Financial liabilities		9,523,347		54,125		—		4,345,131		13,922,603		—		—		—

Carrying amount and fair value of financial instruments

in € K


December 31, 2025		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

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

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

(1)

As of March 31, 2026 other financial assets primarily include receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S., lease receivables, notes receivables, deposits, guarantees, and securities, vendor and supplier rebates as well as receivables related to consent agreement on certain pharmaceuticals. As of December 31, 2025 other financial assets primarily include receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S., vendor and supplier rebates, lease receivables, notes receivable, receivables related to consent agreement on certain pharmaceuticals as well as deposits, guarantees, and securities.

(2)	As of March 31, 2026 and December 31, 2025, other financial liabilities primarily include receivable credit balances and goods and services received.

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

Sensitivities of derivatives embedded in vPPAs to changes in unobservable inputs

in € K


		Change in expected electricity prices				Change in expected production volumes				Change in expected interest rates
		10% increase		10% decrease		10% increase		10% decrease		1% increase		1% decrease
2026		25,318		(25,264)		(165)		165		(213)		225
2025		24,356		(24,305)		155		(155)		(183)		196

Schedule of reconciliation of level 3 financial instruments

Reconciliation of derivatives embedded in vPPAs

in € K

		2026		2025

		Derivatives embedded in the vPPAs - (Liabilities)/Assets
Beginning balance at January 1,		(1,733)		(25,394)
Settlements		2,660		10,867
Gain (loss) recognized in profit or loss ⁽¹⁾		(2,673)		11,308
Foreign currency translation and other changes		99		1,486
Ending balance at March 31, and December 31,		(1,647)		(1,733)

(1)Includes realized and unrealized gains / losses.

Reconciliation from beginning to ending balance of level 3 financial instruments

in € K


		2026								2025
				Variable				Other				Variable				Other
				payments				financial				payments				financial
				outstanding				assets				outstanding				assets
		Equity		for		Put option		measured at		Equity		for		Put option		measured at
		investments		acquisitions		liabilities		FVPL ⁽¹⁾		investments		acquisitions		liabilities		FVPL ⁽¹⁾

Beginning balance at January 1,		13,771		3,262		793,043		99,154		29,154		7,933		1,299,117		142,264
Increase		2,439		2,219		2,865		—		2,002		1,507		32,307		7,808
Decrease		—		(87)		(6,696)		—		—		(4,581)		(341,992)		(22,855)
Gain / loss recognized in profit or loss⁽²⁾		(824)		—		—		3,418		(14,487)		(928)		—		(13,460)
Gain / loss recognized in equity		—		—		27,659		—		—		—		(54,964)		—
Foreign currency translation and other changes		331		109		17,224		2,225		(2,898)		(669)		(141,425)		(14,603)
Ending balance at March 31, and December 31,		15,717		5,503		834,095		104,797		13,771		3,262		793,043		99,154

(1)	As of March 31, 2026 and December 31, 2025, other financial assets measured at FVPL consist mainly of receivables related to a royalty stream that the Company is entitled to base on sales made by Humacyte, Inc. in the U.S.

(2)	Includes realized and unrealized gains / losses.