FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2025

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Summary of carrying amounts of each class of financial instruments together with its corresponding fair value and the aggregated carrying amount



					12/31/2025
Financial instruments, analyzed by classes and categories			Carrying		Fair value
in € thousand		Category	amount	Fair value	hierarchy
Non-current financial assets
Group14 shares		FVTPL	8,478	8,478	Level 3
XJ Harbour price protection cap derivative		FVTPL	7,713	7,713	Level 3
Other loans and investments		AC	3	n/a	n/a
Other non-current financial assets		AC	9	n/a	n/a

Current financial assets
Trade receivables and other receivables
Trade receivables		AC	28,865	n/a	n/a
Receivables from equity method investees		AC	4,435	n/a	n/a
Other receivables		AC	353	n/a	n/a
Other current assets
Restricted cash		AC	0	n/a	n/a
Cash and cash equivalents		AC	1,574	n/a	n/a

Non-current financial liabilities
Loans from banks		FLAC	1,191	—	n/a
Black forest term loan facility		FLAC	574	—	n/a
XJ Harbour price protection derivative		FVTPL	9,459	9,459	Level 3
Loans from other third parties		FLAC	2,200	—	n/a
Loans from shareholders		FLAC	21,000	—	n/a
Loans from other related parties		FLAC	11,000	—	n/a
Warrants		FVTPL	26,094	26,094	Level 1

Current financial liabilities
Loans from banks		FLAC	1,232	n/a	n/a
Black forest term loan facility		FVTPL	5,290	5,290	Level 3
XJ Harbour Set-off agreement		FLAC	64,267	64,267	n/a
Loans from other third parties		FLAC	3,114	n/a	n/a
Loans from shareholders		FLAC	4,611	n/a	n/a
Loans from other related parties		FLAC	8,634	n/a	n/a
Trade and related party payables		FLAC	38,071	n/a	n/a



				Carrying
Thereof aggregated by categories		Category		amount
Financial assets measured at amortized cost		AC		35,286
Financial assets measured at fair value		FVTPL		16,191
Financial liabilities measured at fair value		FVTPL		40,843
Financial liabilities measured at amortized cost		FLAC		155,893



					12/31/2024
Financial instruments, analyzed by classes and categories			Carrying		Fair value
in € thousand		Category	amount	Fair value	hierarchy
Non-current financial assets
Financial assets
Other loans and other investments		AC	66	66	n/a
Other non-current financial assets		AC	69	n/a	n/a

Current financial assets
Trade receivables and other receivables
Trade receivables		AC	24,704	n/a	n/a
Receivables from equity investees		AC	4,207	n/a	n/a
Receivables from shareholder		AC	4,711	n/a	n/a
Other receivables		AC	4,599	n/a	n/a
Other current assets
Restricted cash		AC	59	n/a	n/a
Other		AC	5,243	n/a	n/a
Cash and cash equivalents		AC	3,791	n/a	n/a

Non-current liabilities
Non-current borrowings
Loans from other third parties		FLAC	2,000	2,130	n/a
Loans from shareholders		FLAC	21,000	22,365	n/a
Loans from other related parties		FLAC	14,000	15	n/a
Other non-current financial liabilities
Warrants		FVTPL	5,053	5,053	Level 1

Current liabilities
Current borrowings
Loans from banks		FLAC	2,219	n/a	n/a
Loans from other third parties		FLAC	26,547	n/a	n/a
Loans from shareholders		FLAC	8,694	n/a	n/a
Loans from other related parties		FLAC	2,973	n/a	n/a
Trade payables and other liabilities		FLAC	28,179	n/a	n/a



				Carrying
Thereof aggregated by categories		Category		amount
Financial assets measured at amortized cost		AC		42,212
Financial liabilities measured at fair value		FVTPL		5,053
Financial liabilities measured at amortized cost		FLAC		105,612

Summary of increase in historical volatility of the interest rates would have on the fair values of the embedded derivatives



31.12.2025		Fair value of embedded		Effect on financial
in € thousand		derivatives		result
Change in Share Price
+10 percentage points		11.460		1.031
-10 percentage points		9.434		(995)
Change in Share volatility
+10 percentage points		10.846		417
-10 percentage points		9.946		(483)
Change in Credit Spread
+10 percentage points		10.390		(39)
-10 percentage points		10.468		39

Schedule of fair value level 3 reconciliation assets



				XJ Harbour price
				protection cap
In € thousand		Group14 shares		derivative		Total
12/31/2024		—		—		—
Addition		6,234		10,808		17,042
Changes from fair value remeasurement		2,244		(3,095)		(851)
12/31/2025		8,478		7,713		16,191

Schedule of fair value level 3 reconciliation liabilities



		Black forest –		Black forest – embedded		XJ Harbour – embedded
In € thousand		warrants		derivatives		derivative		Total
12/31/2024		—		—				—
Addition		3,418		1,904		12,964		18,286
Changes from fair value remeasurement		(1,644)		(317)		(3,505)		(5,466)
12/31/2025		1,775		1,587		9,459		12,820

Summary of net gains or losses for each of the financial instrument measurement categories differentiated by the respective sources



2025		Subsequent measurement
in € thousand		Interest		Fair value		Total
Financial assets - AC		66		n/a		66
Financial liabilities - FLAC		(11,402)				(11,402)
Financial assets and liabilities - FVTPL		—		(28,076)		(28,076)
Total		(2,886)		(28,076)		(39,413)



2024		Subsequent measurement
in € thousand		Interest		Fair value		Total
Financial assets - AC		860		n/a		860
Financial liabilities - FLAC		(4,863)		n/a		(4,863)
Financial assets and liabilities - FVTPL		—		1,028		1,028
Total		(4,003)		1,028		(2,975)

Summary of allowances for ECL determined for the different classes of financial assets developed



		Trade receivables –		Trade receivables –
in € thousand		not credit impaired		credit impaired
Closing Balance 31/12/2023		(137)		(569)
Additions		—		—
Utilization		14		193
Reversal		—		—
Closing Balance 31/12/2024		(123)		(376)
Additions		(196)		(99)
Utilization		—		—
Reversal		—		—
Closing Balance 31/12/2025		(319)		(475)

Summary of the gross carrying amounts by credit-risk rating classes for the several types of financial assets that are not measured at FVTPL



Gross Carrying Amounts by Rating Class				12/31/2025
in € thousand		Stage 1	Stage 2	Stage 3
General approach
Cash and cash equivalents
AAA to BBB (Investment grade)		1,574	—	—
Receivables from shareholders
BBB- to CCC (Below investment grade)		—	—	—
Simplified approach
Trade receivables and other receivables
Current (not past due)		—	14,538	—
1-30 days past due		—	434	—
31-60 days past due		—	550	—
61-90 days past due		—	177	—
More than 90 days past due		—	1,924	—
credit-impaired		—	—	11,459
Total		1,574	17,622	11,459



Gross Carrying Amounts by Rating Class				12/31/2024
in € thousand		Stage 1	Stage 2	Stage 3
General approach
Cash and cash equivalents
AAA to BBB (Investment grade)		3,791	—	—
Receivables from shareholders
BBB- to CCC (Below investment grade)		—	4,711	—
Simplified approach
Trade receivables and other receivables
Current (not past due)		—	9,829	—
1-30 days past due		—	919	—
31-60 days past due		—	294	—
61-90 days past due		—	60	—
More than 90 days past due		—	2,822	—
credit-impaired		—	—	5,473
Total		3,791	18,635	5,473

Summary of reconciliation of changes in liabilities arising from financing activities



				Lease
In € thousand		Loans		liabilities		Total
Balance at January 1, 2025		77,433		9,694		87,127
Cash flow from financing activities (excluding changes from restricted cash)		4,962		(2,098)		2,864
Proceeds from loans		7,572		—		7,572
Repayments of loans		(2,296)		—		(2,296)
Principal elements of lease payment		—		(1,513)		(1,513)
Interest paid		(314)		(585)		(899)
Other changes		(28,838)		954		(27,884)
Foreign currency effects		(1,172)		(94)		(2,916)
New leases		—		461		461
Accrued interest				586		3,363
Derecognition XJ share purchase liability		(22,666)				(22,666)
Loan forgiveness		(5,000)		—		(5,000)
Balance at December 31, 2025		53,556		8,550		62,106



				Lease
In € thousand		Loans		liabilities		Total
Balance at January 1, 2024		48,244		10,886		59,130
Cash flow from financing activities (excluding changes from restricted cash)		6,173		(2,184)		3,989
Proceeds from loans		3,145		—		3,145
Proceeds from Reorganization		14,443		—		14,443
Repayments of loans		(264)		—		(264)
Principal elements of lease payment		—		(1,543)		(1,543)
Interest paid		(212)		(641)		(853)
Transaction with (minority) shareholder		(10,939)		—		(10,939)
Other changes		23,016		993		24,009
Foreign currency effects		—		32		32
New leases		—		306		306
Accrued interest		21,988		655		22,644
Fair value measurement		1,028		—		1,028
Balance at December 31, 2024		77,433		9,694		87,127

Liquidity Risk

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Summary of undiscounted cash outflows of financial liabilities



										12/31/2025
		Cash outflows within								Total cash
in € thousand		≤ 1 year		> 1 ≤ 2 years		> 2 ≤ 5 years		> 5 years		flows
Lease liabilities		1,902		1,452		3,733		3,600		10,688
Borrowings (including embedded derivatives)
Loans from banks		1,232		1,191		—		—		2,423
Loans from other third parties		3,114		5,234		—		—		8,348
Loans from shareholders		4,611		21,651		—		—		26,261
Loans from other related parties		8,634		11,341		—		—		19,975
Trade payables and other liabilities		28,179		—		—		—		28,179

On April 24, 2026 SCHMID entered into separate subscription, set‑off and debt assumption agreements with Anette Schmid, Christian Schmid, Christine Schmid and Schmid Grundstücke GmbH & Co. KG, all of whom are shareholders or related parties of the Company. Under these arrangements, existing financial liabilities with an aggregate amount of €30.8 million (Loans from shareholders: €21.9 million; Loans from related parties: €6.5 million; Loans from other third parties: €2.4 million) are intended to be settled through the issuance of new ordinary shares of the Company (see note 28. Events after the reporting period).



										12/31/2024
		Cash outflows within								Total cash
in € thousand		≤ 1 year		> 1 ≤ 2 years		> 2 ≤ 5 years		> 5 years		flows
Lease liabilities		2,108		1,928		4,081		6,014		14,131
Borrowings (including embedded derivatives)
Loans from banks		—		—		—		—		—
Loans from other third parties		727		2,063		—		—		2,790
Loans from shareholders		9,216		21,661		—		—		30,877
Loans from other related parties		24,971		14,394		—		—		39,365
Trade payables and other liabilities		28,179		—		—		—		28,179

Foreign Currency Risk

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Summary of net exposure



functional currency entity		12/31/2025							12/31/2024
		EUR		CNY		USD		HKD	EUR		CNY		USD		HKD
EUR				3,657		(62,449)		439			27,201		2,685		(55)
CNY		23,164				(1,335)		(236)	13,120				(1,262)		(2,071)
USD		(2,302)		(105)				—	(876)		(969)				—
TWD		1,404		1		53		—	1,262		(28)		61		269
HKD		(2,851)		(3,344)		(267)			(6,887)		(17,794)		(585)
KRW		(2,541)		33		(134)		—	(2,658)		1,009		(154)		—

Summary of impact on profit or loss before tax due to reasonably possible change in each material currency



in € thousand		12/31/2025				12/31/2024
		+10%		-10%		+10%	-10%
CNY/EUR		1,773		(2,167)		867	(1,059)
USD/EUR		5,468		(6,683)		(315)	384

Interest Rate Risk

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Summary of impact on profit or loss before tax due to reasonably possible change in each material currency



		Impact to P/L
in € thousand		(income (+)/ expense (-))
12/31/2025
Change in interest rate +1%		(388)
Change in interest rate -1%		388
12/31/2024
Change in interest rate +1%		(378)
Change in interest rate -1%		378