Equity totals EUR 294,092 thousand (280,289), representing an increase of EUR 13,803 thousand compared to the previous year. The equity ratio stood at 65.6 % (65.0), remaining well above the industry average. The slight increase compared to the previous year is attributable to the rise in equity resulting from the positive consolidated net income.

The increase in provisions for post-employment benefits contributed significantly to the rise in long-term provisions by EUR 305 thousand, bringing the total to EUR 5,042 thousand. This growth is largely due to the contributions of our Swiss subsidiaries. After a decrease was recorded in the prior year due to adjusted actuarial assumptions, a corresponding increase occurred again in fiscal year 2025.

Long-term financial liabilities increased from EUR 30,930 thousand to EUR 33,245 thousand during the reporting year. The increase can primarily be explained by the strategic increase in long-term loans to hedge interest rates and to reduce short-term bank liabilities. In fiscal year 2025, Uzin Utz North America, Inc. took out a long-term fixed-rate loan in the amount of USD 10,000 thousand and reduced the previously existing variable-rate bridge financing accordingly. Additionally, Uzin Utz SE has entered into fixed-rate loans amounting to EUR 10,000 thousand, of which EUR 5,000 thousand have been disbursed as of the reporting date. The remaining amount will be disbursed in fiscal year 2026.

Long-term lease liabilities decreased from EUR 7,181 thousand to EUR 6,134 thousand. This decrease is largely due to long-term lease agreements entered into in previous years by Uzin Utz North America, Inc. and INTR. In fiscal year 2025, B.V. was neither extended nor replaced by successor agreements. Due to the scheduled expiration of these agreements, the portion of the remaining term reported in long-term lease liabilities decreased accordingly.

The current provisions have increased from EUR 17,244 thousand to EUR 17,741 thousand. The increase is primarily attributable to Uzin Utz Nederland B.V., which set aside higher provisions for personnel-related expenses—particularly for bonuses—at year-end due to the positive earnings trend.

Current financial liabilities decreased by EUR 1,793 thousand, from EUR 38,449 thousand to EUR 36,656 thousand, primarily due to refinancing into long-term financial liabilities. Consequently, we utilized existing credit lines from our primary banking institutions to a lesser extent than in the prior year.

Current lease liabilities decreased slightly during the reporting year, from EUR 4,645 thousand to EUR 4,240 thousand. This decline is attributable to a large number of expiring lease agreements, which are scheduled to end by mid-2026 and will only be replaced by new agreements thereafter.

Current income tax liabilities increased by EUR 225 thousand to EUR 1,494 thousand (1,269). This increase is primarily attributable to codex GmbH & Co. KG and is mainly due to the fact that, as of the balance sheet date, liabilities for the prior fiscal year were included in addition to the current tax liabilities for fiscal year 2025, as the tax assessment for 2024 had not yet been finalized.

The fundamental principle and primary objective of our liquidity management is to ensure sufficient liquidity at all times. This requirement was once again met in 2025. As of December 31, 2025, the Group's total credit volume amounted to EUR 69,901 thousand, compared with EUR 69,379 thousand in the previous year. Of this amount, approximately EUR 36,656 thousand (38,449) had a remaining term of up to one year, EUR 27,788 thousand (23,810) had a remaining term of between one and five years, and EUR 5,457 thousand (7,120) had a remaining term of more than five years.

Liquidity was always ensured, and credit lines were never fully utilized at any time. As of the balance sheet date, approximately 17.8 % (20.7) of the Group-wide credit lines had been utilized, amounting to EUR 25,790 thousand (28,380).