17. Deferred income tax

Deferred income tax assets and liabilities developed as follows in the fiscal year:

The cumulative effects from the recognition of deferred tax liabilities from cash flow hedges recognized in other reserves as of December 31, 2025 amount to EUR 738 thousand (Dec 31, 2024: EUR 880 thousand). The cumulative effects recognized in retained earnings from the recognition of deferred tax liabilities from pension revaluations amount to EUR 96 thousand (Dec 31, 2024: EUR 508 thousand).

Deferred income tax assets and liabilities (excluding offsetting within individual tax jurisdictions) are as follows:

Deferred income tax assets are recognized for all deductible temporary differences between the carrying amounts of assets and liabilities in the Consolidated Statement of Financial Position and their tax bases to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. In the current fiscal year, deductible temporary differences for which a deferred income tax asset was recognized in previous years had to be partially written down due to insufficient taxable future earnings.

The Group posted tax losses in some subsidiaries in 2025 and in previous years. In total, the recognized deferred income tax assets on temporary differences and tax loss carryforwards for subsidiaries that have incurred tax losses in the current or previous fiscal year amount to EUR 2,758 thousand (2024: EUR 3,398 thousand). The deferred tax assets mainly relate to loss carryforwards which can be carried forward indefinitely and have not expired.

The reduction in deferred income tax assets in the item “Borrowings” compared with the previous year is primarily due to exchange rate movements in foreign currency liabilities.

The reduction in deferred income tax liabilities in the item “Other assets” compared with the previous year mainly resulted from exchange rate movements in foreign currency receivables.

The increase in deferred income tax liabilities in the item “Borrowings” compared with the previous year mainly resulted from exchange rate movements in foreign currency receivables.

Deferred tax assets are recognized for tax loss carryforwards to the extent that it is probable that the tax assets will be realized in the foreseeable future. The usability of tax loss carryforwards over time is as follows:

The tax loss carryforwards as of December 31, 2025 amounted to EUR 247,915 thousand (12/31/2024: EUR 176,200 thousand). Of this amount, EUR 114,504 thousand is attributable to German corporation tax loss carryforwards (12/31/2024: EUR 74,699 thousand) and EUR 105,355 thousand to German trade tax loss carryforwards (12/31/2024: 67,473).

The usability over time of unrecognized tax loss carryforwards is as follows:

The tax loss carryforwards for which no deferred income tax assets were recognized as of December 31, 2025 amounted to EUR 206,417 thousand (Dec 31, 2024: EUR 136,121 thousand). Of this amount, EUR 104,849 thousand is attributable to German corporation tax loss carryforwards (Dec 31, 2024: EUR 63,923 thousand) and EUR 95,701 thousand to German trade tax loss carryforwards (Dec 31, 2024: EUR 56,696 thousand).

The interest carried forward for tax purposes as of December 31, 2025 amounted to EUR 36,089 thousand (Dec 31, 2024: EUR 25,546 thousand). No deferred income tax assets were recognized on the tax interest carryforwards, as they are not expected to be realized in the foreseeable future.

Tax liabilities may arise in connection with shares in subsidiaries. These tax liabilities were recognized in fiscal year 2025 to the extent that the Group can determine the dividend policy of the subsidiaries. The Group can therefore control the reversal of temporary differences in connection with investments in subsidiaries.

Deferred tax liabilities of EUR 292 thousand (Dec. 31, 2024: EUR 0 thousand) were recognized for planned dividend distributions as of December 31, 2025.