13 » Long-Term Financial Assets

Long-term financial assets primarily include an 8.33% investment in FC Bayern München AG (2024: 8.33%) of € 93 million (2024: € 91 million). This investment is classified as fair value through profit or loss and is recorded at fair value. This equity security does not have a quoted market price in an active market. Therefore, existing contractual arrangements are used in order to calculate the fair value as at December 31, 2025 and 2024.

Other equity investments include minority shareholdings. There is currently no intention to sell these shares. Other minority shareholdings include an decrease of the fair value in an amount of € 62 million in 2025 (2024: € 1 million increase).

The line item ‘Other investments’ comprises investments that are mainly invested in insurance products, which are measured at fair value, and securities for long-term variable compensation components. The increase in ‘Other investments’ results from the investment in securities for variable compensation components. This increase was partly offset by a reduction in fair value in an amount of € 50 million in 2025 (2024: € 29 million increase), which results from the stock price development.