v3.26.1
Consolidated statement of cash flows - EUR (€)
€ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) € (103,517) € (196,078) € (83,913)
Income tax expense 16,751 2,102 3,320
Depreciation and amortization 99,476 101,618 92,979
Impairment of tangible and intangible assets 797 12,195 5,011
Equity settled share based payment transaction 3,778 5,035 9,630
Financial income and expenses 10,018 9,264 2,475
Share of loss (profit) and reevaluation of at-equity investments 1,085 4,312 20,752
(Gain) loss on investment in financial instruments reevaluation (2,141) 39,546 9,143
Other non cash items [1] 18,969 23,702 (114)
(Gain) loss on sale of investment of affiliated companies 3,750 8,648  
(Gain) loss on sale of at-equity investments (12,125)    
Changes in inventories (9,562) (2,687) (1,604)
Changes in trade accounts receivable (28,729) (40,742) 73,260
Changes in trade accounts payable (7,304) (49,750) 19,024
Other changes in working capital [2] (15,209) 24,972 (100,624)
Taxes received (paid), net of refunds [3] 14,781 76,083 (12,902)
Net cash provided by (used in) operating activities (9,179) 18,220 36,439
Cash flows from investing activities      
Interest received 4,114 5,647 10,365
Purchase of property, plant and equipment (72,542) (117,468) (213,321)
Proceeds from sale of property, plant and equipment 214 2,000 530
Purchase of intangible assets and additions to capitalized development expenditures (10,080) (14,769) (2,677)
Investments to acquire subsidiaries     2,088
Proceeds from the disposal of affiliated companies 222,333 (11,503)  
Investments to acquire associate companies, other non-current investments and convertibles (13,969) (15,083) (23,644)
Proceeds from the disposal of associated companies, other non-current investments and convertibles 8,499 69,370 1,396
Purchase of current investments   (29,388) (48,391)
Proceeds from sale of current investments 31,968 35,667 260,363
Dividends received 1,053    
Proceeds from Government Grants   4,341  
Net cash provided by (used in) investing activities 171,591 (71,187) (13,291)
Cash flows from financing activities      
Interest paid (5,425) (5,920) (12,853)
Proceeds from loans 43,961 900 219,923
Transaction costs related to loans (1,464) (3,795)  
Proceeds from the exercise of share options 225 368 219
Repayments of loans (49,740) (128,849) (112,880)
Purchase of treasury shares (1,548)    
Repayments of lease liabilities (23,639) (24,124) (22,446)
Net cash provided by (used in) financing activities (37,630) (161,421) 71,963
Net increase (decrease) in Cash and cash equivalents 124,782 (214,388) 95,110
Cash and cash equivalents at January 1 306,387 [4] 510,909 [4] 415,155
Effects of revaluation and of movements in exchange rates on cash held (12,652) 9,866 644
Cash and cash equivalents at December 31 [4] € 418,517 € 306,387 € 510,909
[1] Includes derivative revaluations, inventory write-offs, allowances for doubtful accounts, and unrealized foreign exchange movements.
[2] Other components of working capital include Contract assets and liabilities, Prepaid expenses and other current assets, Provisions and Deferred income
[3] incl. €17,175k (2024: €62,233k, 2023: €12,609k) of R&D tax credits received
[4] incl. €16,731k (2024: €12,931k; 2023: €11,819k) of restricted cash