Financial instruments (Tables)

6 Months Ended

Jun. 30, 2026

Financial instruments

Schedule of carrying amount and fair value of financial instruments

Carrying amount and fair value of financial instruments

in € K


June 30, 2026		Carrying amount										Fair value
		Amortized						Not
		cost		FVPL		FVOCI		classified		Total		Level 1		Level 2		Level 3

Cash and cash equivalents		951,310		109,941		—		—		1,061,251		109,941		—		—
Trade accounts and other receivables from unrelated parties		3,186,023		—		—		95,333		3,281,356		—		—		—
Accounts receivable from related parties		29,569		—		—		—		29,569		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		7,029		7,029		—		7,029		—
Derivatives - not designated as hedging instruments		—		9,731		—		—		9,731		—		9,731		—
Derivatives embedded in vPPAs		—		1,213		—		—		1,213		—		—		1,213
Equity investments		—		31,967		62,364		—		94,331		12,707		64,365		17,259
Debt securities		—		81,106		376,696		—		457,802		457,802		—		—
Other financial assets⁽¹⁾		313,042		109,260		—		91,222		513,524		—		—		109,260
Other current and non-current assets		313,042		233,277		439,060		98,251		1,083,630		—		—		—
Financial assets		4,479,944		343,218		439,060		193,584		5,455,806		—		—		—

Accounts payable to unrelated parties		799,865		—		—		—		799,865		—		—		—
Accounts payable to related parties		81,352		—		—		—		81,352		—		—		—
Short-term debt		464,648		—		—		—		464,648		—		—		—
Long-term debt		7,101,262		—		—		—		7,101,262		6,380,373		428,006		—
Lease liabilities		—		—		—		3,397,435		3,397,435		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		23,677		23,677		—		23,677		—
Derivatives - not designated as hedging instruments		—		48,812		—		—		48,812		—		48,812		—
Derivatives embedded in vPPAs		—		13,553		—		—		13,553		—		—		13,553
Variable payments outstanding for acquisitions		—		6,670		—		—		6,670		—		—		6,670
Put option liabilities		—		—		—		868,198		868,198		—		—		868,198
Other financial liabilities⁽²⁾		1,582,674		—		—		—		1,582,674		—		—		—
Other current and non-current liabilities		1,582,674		69,035		—		891,875		2,543,584		—		—		—
Financial liabilities		10,029,801		69,035		—		4,289,310		14,388,146		—		—		—

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 June 30, 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., vendor and supplier rebates, lease receivables, deposits, guarantees, and securities, notes receivables 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., 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 June 30, 2026 other financial liabilities primarily include liabilities for shares yet to be repurchased under the Company’s share buyback program, receivable credit balances and goods and services received. As of 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		23,918		(23,859)		(865)		865		337		(384)
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		5,620		10,867
Gain (loss) recognized in profit or loss ⁽¹⁾		(16,312)		11,308
Foreign currency translation and other changes		85		1,486
Ending balance at June 30, and December 31,		(12,340)		(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		3,283		3,229		5,128		—		2,002		1,507		32,307		7,808
Decrease		—		—		(31,281)		—		—		(4,581)		(341,992)		(22,855)
Gain / loss recognized in profit or loss ⁽²⁾		(295)		—		—		6,858		(14,487)		(928)		—		(13,460)
Gain / loss recognized in equity		—		—		76,050		—		—		—		(54,964)		—
Foreign currency translation and other changes		500		179		25,258		3,248		(2,898)		(669)		(141,425)		(14,603)
Ending balance at June 30, and December 31,		17,259		6,670		868,198		109,260		13,771		3,262		793,043		99,154

(1)	As of June 30, 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.

(2)	Includes realized and unrealized gains / losses.