(Trade) working capital (inventories plus receivables minus payables, in each case mainly trade receivables and trade payables) amounted to EUR 173.6 million as of March 31, 2026, and was therefore 3.8% higher than at the end of 2025 (Dec 31, 2025: EUR 167.2 million).
The significantly higher inventory of trade receivables (March 31, 2026: EUR 146.2 million; Dec. 31, 2025: EUR 127.4 million) increased (trade) working capital; the inventory of trade payables increased in the opposite direction as of March 31, 2026 (March 31, 2026: EUR 118.4 million; Dec. 31, 2025: EUR 105.0 million) and offset the increase in receivables.
Inventories (March 31, 2026: EUR 145.8 million; Dec. 31, 2025: EUR 144.8 million) were at a comparable level.
Compared with the previous year’s reporting date (March 31) 2025: EUR 248.6 million), (trade) working capital fell by 30.2%. This is mainly due to the disposal of the discontinued operation.
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.