11 Intangible assets

As of the balance sheet date, the Group had entered into commitments totaling EUR 1,545 thousand (1,783) for the year 2026 in connection with software projects that had already commenced. These commitments relate primarily to software projects at Uzin Utz SE. Commitments totaling EUR 470 thousand (436) were entered into for the year 2027 and EUR 528 thousand for the years 2028 to 2029 (EUR 193 thousand for the years 2027 to 2029). 
 

Goodwill

The goodwill of EUR 30,349 thousand (30,315) acquired in business combinations was allocated to the following cash-generating units for impairment testing, which are generally based on the following legal structures:

The table illustrates the net amounts of goodwill. The goodwill balance as of December 31, 2024, corresponds to the opening balance of goodwill for the 2025 fiscal year.

The increase in the carrying amount of goodwill at Uzin Utz Schweiz AG by EUR 34 thousand (a decrease of 53 in the prior year) to EUR 3,246 thousand (3,212) resulted from the translation of the reported carrying amount at the closing rate. The change was recognized in other comprehensive income.
 

12 Property, plant and equipment

The total capital expenditures for the reporting year amounted to EUR 14,849 thousand (12,259). Investments were primarily made in the expansion of plant and machinery at the production companies' locations in Ulm (Uzin Utz SE), Würzburg (Pallmann GmbH), the U.S. (Uzin Utz North America, Inc.), Ilsfeld (Uzin Utz Tools GmbH & Co. KG), and Switzerland (Uzin Utz Schweiz AG).

As of December 31, 2025, the carrying amounts of the properties encumbered by mortgages securing financial liabilities amounted to EUR 5,300 thousand (8,638).

As of the balance sheet date, commitments totaling EUR 3,061 thousand (3,710) had been entered into for 2026 in connection with investment projects already underway involving the purchase of property, plant, and equipment. These commitments primarily relate to investments in various property, plant, and equipment of Uzin Utz SE, Pallmann GmbH, Uzin Utz Nederland B.V., and codex GmbH & Co. KG and Uzin Utz Tools GmbH & Co. KG. For the 2027 financial year, the Uzin Utz Group has budgeted EUR 44 thousand, and for the 2028 financial year, this amount is set at EUR 44 thousand (for the 2026 financial year, EUR 159 thousand; for the 2027–2029 financial years, EUR 161 thousand).

13 Rights of use

Right-of-use assets for leases are divided into the following four categories:

• Land and buildings
• Technical equipment and machinery
• Other equipment, factory and office equipment
• Cars and trucks

The carrying amounts of the respective categories at the beginning of the year, at the end of the year and the change in carrying amounts during the financial year are shown in the following table.

14 Non-current financial assets

The "Other non-current financial assets" include shares in unconsolidated subsidiaries, equity investments, long-term investments, and other loans, amounting to a total of EUR 282 thousand (381). At this time, there are no plans to sell these financial assets.

For more information on financial instruments, please refer to the "Other Information" section of the consolidated financial statements.

15 Investment Properties

According to IAS 40, certain assets are designated as investment properties and are assessed at fair value.

There is an undeveloped plot of land at the Sifloor AG (Switzerland) site. The valuation is based on observable market data in the form of a standard land value provided by the local administrative authority. According to the data provided by the local administrative authority, the standard land value recorded a significant increase. As a result, a revaluation of EUR 304 thousand was recognized, which is included in income from investment property.

Additionally, there is an undeveloped plot of land at the Uzin Utz Tools GmbH & Co. KG site (Germany). The valuation is based on observable data in the form of a standard land value published by the relevant local administrative authority. The reported value remains consistent with the prior year's figures.

Uzin Utz Immobilienverwaltungs GmbH (Germany) offers leasing solutions for parking spaces, portions of office buildings, and a warehouse. For the leased portions of the properties, valuation is based on observable data in the form of a standard land value, which is available through the publicly accessible standard land value information system of the Baden-Württemberg Appraisal Committees. For the leased buildings, fair value was determined by a recognized appraisal. Due to the increase in the standard land value, a revaluation of EUR 33 thousand was recognized. This revaluation is included in the income from investment property.

Unrealized changes in the fair value of investment properties are reported in the statement of comprehensive income under the line item „Income from investment property“.

The following table provides details and information regarding the fair value hierarchies (in accordance with IFRS 13) of the Group's investment properties as of December 31, 2025, as well as for the prior year:

16 Investments accounted for using the equity method

The carrying amounts of the equity-accounted investments in artiso solutions GmbH, P.T. Uzin Utz Indonesia, and FP Floor Protector GmbH (effective January 2026: Metrinova GmbH) for the financial year are as follows:

The following table shows the balance sheet of the equity-accounted investment artiso solutions GmbH:

The following table shows the balance sheet for the equity-accounted investment P.T. Uzin Utz Indonesia:

The following table shows the balance sheet for the FP Floor Protector GmbH investment, which is valued at equity:

17 Deferred taxes

Deferred taxes are recognized in accordance with the „temporary concept“ set forth in IAS 12 „Income Taxes“. Deferred taxes are calculated using the tax rates that are in effect or are highly likely to be in effect at the expected timing of realization, based on the tax laws of the respective countries. As of December 31, 2025, the items include deferred tax assets of EUR 10,444 thousand (10,468) and deferred tax liabilities of EUR 13,711 thousand (13,842). As of December 31, 2025, deferred tax assets were recognized on tax loss carryforwards in the amount of EUR 3,268 thousand (3,611). Tax loss carryforwards for which no deferred taxes were recognized amount to EUR 568 thousand (337). Of this amount, EUR 568 thousand can be offset for more than five years, and EUR 568 thousand is fully vested.

In the financial year, changes in right-of-use assets and the corresponding liabilities under IFRS 16 resulted in a deferred tax difference recognized in expense, amounting to income of EUR 115 thousand (104). This is reported in the income statement under the item "Income taxes" and is recognized in the section „9 Taxes on income“ under the item „Deferred taxes – from timing differences“.

Deferred taxes related to investments in subsidiaries were not recognized in accordance with IAS 12.81(f), as the Group determines the subsidiaries' dividend policy. The Group is therefore able to control the reversal of temporary differences. The Management Board does not anticipate any reversals in the near future.

If deferred tax assets are recognized in respect of tax loss carryforwards, it is assumed that these tax reduction opportunities will be utilized against taxable income in the coming years, which is considered likely based on the companies' projections.

The balance of deferred tax assets and liabilities is allocated to the following items:

The carrying amounts of deferred tax assets were written down when it was no longer expected that the tax benefits they represented would be realized. 
 

18 Trade receivables and other assets

Other assets include forward foreign exchange contracts.

Trade receivables do not accrue interest and have an average collection period of 29 days (27) across the Group. As of the reporting date, there were no significant receivables from affiliated, non-consolidated companies.

19 Inventories

Inventories include value adjustments in the amount of EUR 4,163 thousand (4,716). Unscheduled depreciation and discounts totaling EUR 105 thousand (609) were recognized in profit or loss.

In accordance with generally accepted accounting principles, expenses related to inventory incurred in the course of business operations, consisting of cost of materials and changes in inventory, were recognized as an expense during the year in the amount of EUR 212,010 thousand (198,159).

Framework and maintenance agreements have been executed with suppliers, primarily to secure favorable purchase prices for the future. These contracts entail obligations of EUR 6,097 thousand (4,583) for 2026 and EUR 165 thousand for 2027 (EUR 459 thousand for 2026).

20 Cash and cash equivalents

Cash and cash equivalents are stated at face value. Foreign currency holdings are valued at the exchange rate that was in effect on the balance sheet date.

Cash and cash equivalents include checks totaling EUR 1,393 thousand (1,316), cash on hand totaling EUR 196 thousand (212), and bank balances totaling EUR 43,352 thousand (42,789).

Within the Uzin Utz Group, larger bank balances are generally held at financial institutions with an "investment-grade" credit rating.

21 Equity

Subscribed capital

As of December 31, 2025, the share capital of Uzin Utz SE is EUR 15,133 thousand, divided into 5,044,319 no-par bearer shares (common shares) with a par value of EUR 3 each. As of January 1, 2025, the number of shares outstanding remained unchanged. All shares issued through December 31, 2025, are fully paid-in. Each share entitles the holder to an equal dividend entitlement.

Authorized capital

The Management Board is authorized, subject to the approval of the Supervisory Board, to increase the company's share capital on one or more occasions by up to a total of EUR 3,000 thousand through the issuance of up to a total of 1,000,000 new voting, no-par bearer common shares (no-par value shares) with a notional share in the share capital of EUR 3 per share ("Authorized Capital I"). Capital increases may be executed in exchange for cash and/or non-cash contributions.

The Management Board is authorized, subject to the approval of the Supervisory Board, to increase the Company's share capital on one occasion or—in installments—in several installments, by up to a total of EUR 4,000 thousand through the issuance of new, voting, no-par value bearer shares with a notional amount of EUR 3 per share ("Authorized Capital II"). Capital increases may be executed in exchange for cash and/or non-cash contributions.

Please refer to the management report for more information regarding the authorized capital increase and possible exclusions of subscription rights, as outlined in Section 315a of the German Commercial Code (HGB).

Capital reserve

Capital reserves encompass premiums received from the issuance of shares and proceeds from the sale of treasury shares. These amounts are reduced by the amounts required for capital increases funded from the company's own resources, as well as the costs associated with such capital increases. Consequently, the company's consolidated capital reserves total EUR 26,962 thousand (26,962).

Capital management

The Uzin Utz Group's capital management strategy is focused on maintaining a robust equity base, ensuring the financial stability of the business and safeguarding its continued operations. This objective is pursued, in part, through the monitoring of the equity ratio, which stood at 65.6 % (65.0) as of December 31, 2025.

Revenue reserve

Retained earnings include the following items:

• The retained Group profits
• Conversion effects from the first-time application of IFRS/IAS recognized directly in equity
• Conversion effects from the retrospective application of standards recognized directly in equity

Other reserves

Other reserves include the following items:

• Changes in equity due to consolidation and exchange rate effects
• Actuarial gains/losses recognized directly in equity (from pension obligations)
• Changes in equity from income from financial instruments recognized directly in equity

In the consolidated financial statements, the assets and liabilities of foreign subsidiaries as of the beginning and end of the year are translated into euros using the exchange rates prevailing on those dates. Expenses and revenues are translated using monthly average exchange rates. The components of equity are translated using historical exchange rates as of the dates on which they were recognized as additions to the Group's equity. The movement in this item is presented in the statement of changes in consolidated equity.

Treasury shares

According to International Accounting Standard (IAS) 32, treasury shares are to be recognized as an adjustment to equity and measured at cost.

The Annual General Meeting of Uzin Utz SE has authorized the company, effective as of May 19, 2025, to acquire treasury shares up to a total of 10 % of the share capital existing at the time of the resolution, for purposes other than trading in treasury shares, until May 12, 2030, provided that the acquired shares, together with other treasury shares held by the company or attributable to it, may not at any time represent more than 10% of the share capital. The authorization may be exercised by the company in whole or in part; if exercised in part, the authorization may be utilized on multiple occasions. The acquisition may only take place through the stock exchange or by means of a public tender offer addressed to all shareholders.

No treasury shares are held as at December 31, 2025.

Non-controlling interests

Non-controlling interests are presented in the "Development of group equity".

22 Provisions

Non-current provisions can be broken down into pension provisions, non-current provisions for anniversaries and other non-current provisions. Other non-current obligations include obligations from inherited liabilities.

With the exception of the provisions for pensions, non-current long-service awards and legacy burdens, the provisions have expected remaining terms of up to one year and are therefore reported as current provisions.

Provisions for warranties are recognized for statutory, contractually agreed and de facto warranty obligations for products.

The payment of provisions for personnel and other provisions is uncertain in terms of amount and timing, which primarily consist of obligations arising from inherited liabilities.

The following table summarizes the changes in all provisions.

The other provisions, which are not listed individually, were mainly formed for obligations from legacy burdens, outstanding bonus credits and provisions for anticipated losses.

The provisions in the personnel area were mainly formed for vacation arrears, similar obligations, flexitime credits, bonuses and profit-sharing bonuses.

Some German companies allocate a fixed annual demographic amount in accordance with the chemical industry's "Collective Agreement on Working Life and Demography". In 2025, this amounted to 750 euros per employee (750). The funds from the demography funds are used to finance so-called value accounts for participating employees. The value accounts enable, among other things, an early transition to retirement or time off for a sabbatical, for example. This results in provisions amounting to EUR 8,010 thousand (4,978) and reimbursement claims of the same amount against the insurance company with which the assets are invested. The deviation from the previous year is due to the fact that the amount in the previous year only relates to the provisions of Uzin Utz SE.

Provisions for post-employment benefits

In the Uzin Utz Group, the pension obligations originate from Uzin Utz SE, Germany, Uzin Utz Tools GmbH & Co. KG, Germany, Uzin Utz France SAS, France, and the Swiss companies Uzin Utz Schweiz AG and Sifloor AG.

Pension plans

a) Defined contribution plans

The German companies have a defined contribution plan. The expenses for this are shown in chapter 4 "Personnel expenses/employees" under "thereof for retirement benefits".

b) Performance-oriented plans

Entitled persons of the Uzin Utz Group are granted pension payments when they reach retirement age, which is between 65 and 67 years. The amount of the payments of the defined benefit plans is based on the remuneration payments to the employees, taking into account salary and pension increases, life expectancy and the probability of leaving the company. As at December 31, 2025, the number of active members was 136 and the number of pensioners was 18.

The defined benefit plans are managed by Mensch & Kuhnert GmbH, Blaustein, and Libera AG, Zurich. Due to the cost-benefit analysis, the pension obligations are calculated independently by the French company. The defined benefit plans are partially reinsured in accordance with the contracts. A potential default risk for the Group results from any insolvency of the insurance company. This is not expected.

The actuarial valuation of the plan assets and the present value of the defined benefit plan was carried out by the managing insurance companies. The present value of the defined benefit plans, the current benefit expense and the past service cost were calculated using the projected unit credit method.

In addition to assumptions on life expectancy - in Germany according to the Heubeck 2018 G mortality tables - the calculation of pension obligations is based on the following actuarial assumptions:

In accordance with IAS 19.120 (c), actuarial gains and losses are recognized in other comprehensive income.

Interest expense or interest income results from the net interest on the net defined benefit liability or net defined benefit asset.

Past service cost is recognized in profit or loss in the period in which a plan amendment is made.

The breakdown of pension expenses in the statement of comprehensive income of the Uzin Utz Group is as follows: Remeasurements include the following

• the actuarial gains and losses on the defined benefit obligation,
• the difference between the actual return on plan assets and the return implied by the net interest expense, and
• the effects from the limitation of a net asset value (asset ceiling).

Remeasurements are recognized directly in equity through other comprehensive income (OCI).

The present value of the performance-oriented obligation developed as follows:

The fair value of plan assets developed as follows:

Net debt developed as follows:

Major asset categories

Germany

A detailed statement of the fair values of the plan assets for significant asset categories is not provided, as the plan assets in Germany are to be treated as an independent financial instrument from the insurer's perspective.

Other

The assets deposited with Libera AG are held in its collective life portfolio and are invested as follows:

Sensitivity analyses

Uzin Utz Schweiz AG and Sifloor AG

If the discount rate increases (decreases) by 0.5 percentage points, the defined benefit obligation would decrease by 6.6% (increase by 7.5%).

If the expected salary increase is 0.5% higher (lower), the defined benefit obligation would increase by 1.2% (decrease by 1.2%).

If life expectancy for men and women increases (decreases) by one year, the defined benefit obligation would increase by 1.3% (decrease by 1.3%).

Uzin Utz SE and Uzin Utz Tools GmbH & Co. KG

If the discount rate increases (decreases) by 0.5 percentage points, the defined benefit obligation would decrease by 3.2% (increase by 3.4%).

If the expected salary increase is 0.5 percentage points higher (lower), the defined benefit obligation would increase by 3.3% (decrease by 3.2%).

If life expectancy for men and women increases (decreases) by one year, the defined benefit obligation would increase by 5.4 % (decrease by 7.3 %).

Uzin Utz France SAS

If the discount rate increases (decreases) by 0.5 percentage points, the defined benefit obligation would decrease by 5.5% (increase by 5.9%).

If the expected salary increase is 0.5% higher (lower), the defined benefit obligation would increase by 0.5% (decrease by 0.5%).

If life expectancy for men and women increases (decreases) by one year, the defined benefit obligation would increase by 0.4% (decrease by 0.3%).

The effects of the strategic investment policy with regard to the return and risk profile are not analyzed due to the external management of the pension assets.

The above sensitivity analyses are unlikely to be representative of the actual change in the defined benefit obligation due to the unlikelihood that deviations from the assumptions made will occur in isolation, as the assumptions are partly interrelated.

The term of the defined benefit obligation as of December 31, 2025 is between 7.1 and 14.3 years.

For the coming financial year, the Group expects to pay an amount of EUR 830 thousand into the defined benefit plan.

23 Liabilities

The composition including maturities are shown in the table below.

Financial liabilities

Current and non-current financial liabilities to banks amount to EUR 69,901 thousand (69,379) and are secured by land charges in the amount of EUR 5,300 thousand (8,638).

Financial liabilities also include liabilities from variable-interest loans amounting to EUR 0 thousand (193), most of which have been replaced by bank credit lines. They also include current account liabilities amounting to EUR 25,790 thousand (28,380), which are mainly utilized by Uzin Utz North America Inc.

The existing credit lines allow further funds to be raised. These were unutilized in the amount of EUR 119,176 thousand (109,462) at the end of the reporting period.

Other current financial liabilities

Other current financial liabilities in the amount of EUR 10,847 thousand (8,947) mainly comprise debtors with credit balances in the amount of EUR 7,186 thousand (6,335).

The amounts are current and non-interest-bearing.

Trade payables

Trade payables increased from EUR 16,061 thousand to EUR 16,931 thousand in the past financial year.

As in the previous year, trade payables have a remaining term of less than one year and do not bear interest.