Financial instruments (Tables)

9 Months Ended

Sep. 30, 2026

Financial instruments

Schedule of carrying amount and fair value of financial instruments

Carrying amount and fair value of financial instruments

in € K



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

Cash and cash equivalents		873,433		225,681		—		—		1,099,114		225,681		—		—
Trade accounts and other receivables from unrelated parties		3,129,360		—		—		104,331		3,233,691		—		—		—
Accounts receivable from related parties		34,692		—		—		—		34,692		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		4,225		4,225		—		4,225		—
Derivatives - not designated as hedging instruments		—		13,391		—		—		13,391		—		13,391		—
Equity investments		—		24,063		57,643		—		81,706		3,344		57,023		21,339
Debt securities		—		80,553		354,219		—		434,772		434,772		—		—
Other financial assets⁽¹⁾		329,669		109,819		—		98,316		537,804		—		4,588		105,231
Other current and non-current assets		329,669		227,826		411,862		102,541		1,071,898		—		—		—
Financial assets		4,367,154		453,507		411,862		206,872		5,439,395		—		—		—

Accounts payable to unrelated parties		759,491		—		—		—		759,491		—		—		—
Accounts payable to related parties		151,665		—		—		—		151,665		—		—		—
Short-term debt		349,574		—		—		—		349,574		—		—		—
Long-term debt		7,187,405		—		—		—		7,187,405		6,267,760		500,619		—
Lease liabilities		—		—		—		3,349,510		3,349,510		—		—		—
Derivatives - cash flow hedging instruments		—		—		—		29,344		29,344		—		29,344		—
Derivatives - not designated as hedging instruments		—		52,617		—		—		52,617		—		52,617		—
Derivatives embedded in vPPAs		—		7,171		—		—		7,171		—		—		7,171
Variable payments outstanding for acquisitions		—		8,240		—		—		8,240		—		—		8,240
Put option liabilities		—		—		—		902,418		902,418		—		—		902,418
Other financial liabilities⁽²⁾		1,370,514		—		—		—		1,370,514		—		—		—
Other current and non-current liabilities		1,370,514		68,028		—		931,762		2,370,304		—		—		—
Financial liabilities		9,818,649		68,028		—		4,281,272		14,167,949		—		—		—

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 September 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., 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 September 30, 2026 other financial liabilities primarily include receivable credit balances, goods and services received and liabilities for shares yet to be repurchased under the Company’s share buyback program. 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		22,851		(22,743)		(717)		717		335		(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



		Derivatives embedded in the vPPAs -
		(Liabilities)/Assets
		2026		2025
Beginning balance at January 1,		(1,733)		(25,394)
Settlements		8,465		10,867
Gain (loss) recognized in profit or loss ⁽¹⁾		(13,900)		11,308
Foreign currency translation and other changes		(3)		1,486
Ending balance at September 30, and December 31,		(7,171)		(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		4,162		—		1,585		—		2,002		1,507		32,307		7,808
Decrease		—		—		(36,446)		—		—		(4,581)		(341,992)		(22,855)
Gain / loss recognized in profit or loss ⁽²⁾		2,771		4,758		—		2,584		(14,487)		(928)		—		(13,460)
Gain / loss recognized in equity		—		—		115,751		—		—		—		(54,964)		—
Foreign currency translation and other changes		635		220		28,485		3,493		(2,898)		(669)		(141,425)		(14,603)
Ending balance at September 30, and December 31,		21,339		8,240		902,418		105,231		13,771		3,262		793,043		99,154

(1)	As of September 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.