v3.25.4
Consolidated Statement of Cash Flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net profit/(loss) for the year € (228,034) € (378,084) € (481,447)
Reversal of finance income (113,999) (25,609) (43,857)
Reversal of finance expenses 206,687 100,027 44,065
Reversal of (gain)/loss on disposal of property, plant and equipment 0 (91) 5
Reversal of income taxes 15,383 4,843 7,303
Adjustments for non-cash items:      
Non-cash consideration relating to revenue (5,630) (27,069) (2,354)
Share of (profit)/loss of associates (16,308) 20,060 18,395
Share-based payment 116,171 95,512 66,660
Depreciation 17,206 17,247 18,428
Impairment of property, plant and equipment 5,283 0 7,834
Amortization 490 467 483
Changes in working capital:      
Inventories (5,920) (86,678) (78,258)
Receivables 15,588 (118,607) (32,773)
Prepayments (6,051) 10,392 (11,413)
Contract liabilities 131 (1,197) (7,080)
Trade payables, accrued expenses and other liabilities (10,373) 26,965 3,551
Provisions 77,585 61,968 26,187
Cash flows generated from/(used in) operations 68,209 (299,854) (464,271)
Finance income received 15,302 14,374 17,048
Finance expenses paid (22,935) (15,205) (15,672)
Income taxes received/(paid) (6,679) (5,512) (4,466)
Cash flows from/(used in) operating activities 53,897 (306,197) (467,361)
Investing activities      
Proceeds from disposal of property, plant and equipment 0 950 51
Acquisition of intangible assets and property, plant and equipment (8,485) (1,427) (2,442)
Settlement of marketable securities 0 7,353 288,865
Cash flows from/(used in) investing activities (8,485) 6,876 286,474
Financing activities      
Repayment of borrowings (21,958) (11,365) (10,438)
Net proceeds from borrowings 0 134,158 136,256
Proceeds from exercise of warrants 87,078 30,514 10,286
Proceeds from follow-on public offering 0 309,913 0
Costs of follow-on public offering 0 (19,291) 0
Acquisitions of treasury shares, net of transactions costs (17,396) 0 0
Payment of withholding taxes under stock incentive programs (11,396) 0 (1,812)
Cash flows from/(used in) financing activities 36,328 443,929 134,292
Increase/(decrease) in cash and cash equivalents 81,740 144,608 (46,595)
Cash and cash equivalents at January 1 559,543 392,164 444,767
Effect of exchange rate changes on balances held in foreign currencies (25,242) 22,771 (6,008)
Cash and cash equivalents at December 31 € 616,041 € 559,543 € 392,164