The impairment of loans reflects the write-down to the lower net realisable value which is anticipated to be recovered. In the consolidated profit and loss account this amount is included in Cost of work.

At year-end 2025, deferred tax assets comprise EUR 7.2 million (EUR 1.5 million) related to taxable temporary differences, EUR 28.3 million (EUR 34.7 million) for tax loss carryforwards and EUR 12.8 million (EUR 12.4 million) for withholding tax credits. These assets are recognised based on the probability of reversal within a five-year forecasting horizon. Of the deferred tax assets position, EUR 10.4 million (EUR 14.6 million) is expected to be settled within one year.

In addition to the recognised amounts, the Group has approximately EUR 73 million in tax losses and EUR 8 million in credits (EUR 65 million and EUR 0 million, respectively) for which no deferred tax asset has been recorded. Recognition is contingent upon future taxable profits; currently, it is not deemed probable that sufficient profits will be generated within the five-year outlook to utilise these positions. Of these unrecognised amounts, EUR 70 million (EUR 60 million) can be carried forward indefinitely. EUR 2 million (EUR 2 million) has an expiration period of 4 to 10 years and EUR 1 million (EUR 3 million) has an expiration period of 1 to 3 years.

Other financial fixed assets concern trapped cash, which is not at the Group’s free disposal within 12 months. Management has evaluated the recoverability of the amount and the expected timing of its release. Due to local banking restrictions, the recoverable amount has been measured at present value. The resulting discounting effect has been recognised in the consolidated profit and loss account under interest expense. Management has assessed potential indicators of impairment and concluded that the present value measurement appropriately reflects the recoverable amount as at the reporting date.