19 Interest Expenses
Interest Expenses
in € million | 2024 | 2025 | |||
Interest expense from | 830.6 | 818.0 | |||
Swaps (current interest expense for the period) | -45.6 | 1.2 | |||
Effects from the valuation of non-derivative | -3.3 | 14.4 | |||
Effects from the valuation of | 66.5 | -75.8 | |||
Capitalization of interest on borrowed capital | -0.6 | -7.1 | |||
Prepayment penalties and commitment interest | 9.1 | 8.6 | |||
Interest expenses from partial redemptions and | – | 57.2 | |||
Interest accretion to provisions | 17.4 | 19.0 | |||
Interest from leases | 20.6 | 21.1 | |||
Other financial expenses | 13.9 | 23.7 | |||
908.6 | 880.3 | ||||
The reduction in interest expenses is due primarily to subsequent measurement of the option component of the convertible bond issued in May 2025. The obligation from the conversion option fell by € 64.3 million in the course of the reporting year.
The interest effect from the partial buyback of bonds had the opposite effect.
A reconciliation of net interest to net interest to be classified in accordance with IFRS 9 is shown in the following table:
Reconciliation of Net Interest to be Classified in Accordance with IFRS 9
in € million | 2024 | 2025 | |||
Interest income | 87.9 | 129.7 | |||
Interest expense | -908.6 | -880.3 | |||
Net interest | -820.7 | -750.6 | |||
Less: | |||||
Net interest from provisions for pensions | 15.7 | 17.4 | |||
Net interest from other provisions | 0.9 | 1.1 | |||
Net interest from leases | 20.6 | 21.1 | |||
Net interest to be classified | -783.5 | -711.0 | |||
The net interest classified pursuant to IFRS 9 is as follows:
Net Interest Classified Pursuant to IFRS 9
in € million | 2024 | 2025 | |||
Financial assets measured at (amortized) cost | 87.1 | 129.3 | |||
Derivatives measured at FV through P&L | -20.8 | 74.6 | |||
Financial liabilities measured at (amortized) cost | -849.8 | -914.9 | |||
Classification of net interest | -783.5 | -711.0 | |||