​

​

December 31,

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

(Euro, in thousands)

Adjustment for non-cash transactions

​

​

​

​

​

​

​

​

​

Amortization, depreciation and impairment on intangible assets and property, plant and equipment

​

€

55,875

​

€

45,499

​

€

43,642

Share-based compensation expenses

​

​

23,999

​

​

19,886

​

​

56,718

Increase/decrease (-) in retirement benefit obligations

​

​

(2,352)

​

​

(524)

​

​

11

Unrealized exchange losses/gains (-) and non-cash other financial result

​

​

43,836

​

​

(23,858)

​

​

19,908

Discounting effect of non-current deferred income

​

​

—

​

​

(227)

​

​

(645)

Discounting effect of other non-current liabilities

​

​

1,183

​

​

(395)

​

​

(318)

Discounting effect of contingent consideration receivable

​

​

(2,676)

​

​

(4,002)

​

​

—

Fair value re-measurement of warrants

​

​

—

​

​

(4)

​

​

(18)

Net change in fair value of current financial investments

​

​

51,911

​

​

(49,984)

​

​

(22,690)

Fair value adjustment financial assets held at fair value through profit or loss

​

​

(1,175)

​

​

—

​

​

390

Fair value adjustment contingent consideration receivable

​

​

(11,887)

​

​

(931)

​

​

—

Fair value adjustment contingent consideration payable

​

​

(21,760)

​

​

—

​

​

—

Impairment loss (addition/reversal (-)) on trade receivables

​

​

(9,643)

​

​

9,643

​

​

—

Other non-cash expenses

​

​

(151)

​

​

(12)

​

​

2,292

Total adjustment for non-cash transactions

​

€

127,160

​

€

(4,909)

​

€

99,291

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjustment for items to disclose separately under operating cash flow

​

​

​

​

​

​

​

​

​

Interest expense

​

€

1,034

​

€

912

​

€

1,867

Interest income

​

​

(46,339)

​

​

(89,378)

​

​

(79,319)

Income taxes

​

​

(18,138)

​

​

(1,705)

​

​

11,689

Cash used for other liabilities related to the disposal of subsidiaries

​

​

—

​

​

527

​

​

—

Total adjustment for items to disclose separately under operating cash flow

​

€

(63,443)

​

€

(89,644)

​

€

(65,763)

​

​

​

​

​

​

​

​

​

​

Adjustment for items to disclose under investing and financing cash flows

​

​

​

​

​

​

​

​

​

Gain on disposal of subsidiaries

​

€

(1,085)

​

€

(52,488)

​

€

—

Gain (-)/loss on sale of fixed assets

​

​

27

​

​

8

​

​

(1,091)

Proceeds from settlement of hedging instrument

​

​

(22,745)

​

​

—

​

​

—

Investment income related to financial investments

​

​

(33,645)

​

​

(23,759)

​

​

(15,597)

Cash used for other liabilities related to the disposal of subsidiaries

​

​

15,194

​

​

—

​

​

—

Total adjustment for items to disclose separately under investing and financing cash flow

​

€

(42,254)

​

€

(76,239)

​

€

(16,688)

​

​

​

​

​

​

​

​

​

​

Change in working capital other than deferred income

​

​

​

​

​

​

​

​

​

Increase (-)/ decrease in inventories

​

€

28,851

​

€

23,039

​

€

(24,076)

Increase (-)/ decrease in receivables

​

​

86,588

​

​

(31,055)

​

​

(39,114)

Increase/decrease (-) in liabilities

​

​

33,813

​

​

(53,429)

​

​

31,817

Total change in working capital other than deferred income

​

€

149,252

​

€

(61,445)

​

€

(31,373)