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"f-423": { "value": "1. Corporate Information, Basis of Presentation and Statement of ComplianceCorporate Information QIAGEN N.V. is a public limited liability company (naamloze vennootschap) under Dutch law with a registered office at Hulsterweg 82, 5912 PL Venlo, The Netherlands. QIAGEN N.V., a Netherlands holding company, and subsidiaries (we, our or the Company) is a global leader in Sample to Insight solutions, that enable customers to extract and analyze molecular information from samples containing the building blocks of life. Our Sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies prepare these biomolecules for analysis, while bioinformatics support the interpretation of complex data to deliver actionable insights. Automation solutions integrate these steps into streamlined, cost-effective workflows. We serve more than 500,000 customers worldwide in the Life Sciences (academia, pharmaceutical research and development and industrial applications, such as forensics) and molecular diagnostics (clinical healthcare). As of December\u00a031, 2025, we employed approximately 5,700 people in more than 35 locations worldwide. Our Common Shares are listed for trading on the Frankfurt Stock Exchange, Prime Standard Segment, under the symbol QIA and on the New York Stock Exchange (NYSE) under the symbol QGEN.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "QIAGEN N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "Hulsterweg 82, 5912 PL Venlo, The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Basis of Presentation and Statement of Compliance
The accompanying consolidated financial statements were prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (EU-IFRS) and all amounts are presented in U.S. dollars rounded to the
nearest thousand, unless otherwise indicated. The consolidated financial statements have been prepared on a historical
cost basis, except for derivative financial instruments, contingent consideration and financial assets that have been
measured at fair value. The financial statements of the Company have been prepared on the basis of the going concern
assumption. The consolidated financial statements also comply with the financial reporting requirements included in Part 9
of Book 2 of the Dutch Civil Code, as far as applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Basis of Presentation and Statement of Compliance
The accompanying consolidated financial statements were prepared in accordance with International Financial Reporting
Standards as adopted by the European Union (EU-IFRS) and all amounts are presented in U.S. dollars rounded to the
nearest thousand, unless otherwise indicated. The consolidated financial statements have been prepared on a historical
cost basis, except for derivative financial instruments, contingent consideration and financial assets that have been
measured at fair value. The financial statements of the Company have been prepared on the basis of the going concern
assumption. The consolidated financial statements also comply with the financial reporting requirements included in Part 9
of Book 2 of the Dutch Civil Code, as far as applicable.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
We undertake acquisitions to complement our own internal product development activities. In December 2025, we
acquired Parse Biosciences, Inc. a privately held, leading provider of scalable, instrument-free solutions for single-cell
research located in Seattle, Washington. In May 2025, we acquired GNX Data Systems Ltd. (doing business as Genoox).
Genoox, a privately held company founded in 2014 and headquartered in Tel Aviv, Israel, provides AI-powered software
that enables clinical labs to scale and accelerate the processing of complex genetic tests. At the acquisition date, all the
assets acquired and liabilities assumed were recorded at their respective fair values and our consolidated results of
operations include the operating results from the acquired company from the acquisition date. The acquisition was not
significant to the overall consolidated financial statements.
5. Acquisitions
We undertake acquisitions to complement our own internal product development activities. Our acquisitions have
historically been made at prices above the fair value of the acquired net assets, resulting in goodwill, due to expectations
of synergies of combining the businesses. These synergies include use of our existing infrastructure, such as our sales force,
business service centers, distribution channels and customer relations, to expand sales of an acquired business' products;
use of the infrastructure of the acquired businesses to cost-effectively expand sales of our products; and elimination of
duplicative facilities, functions and staffing. For acquisitions which have been accounted for as business combinations, the
acquired companies' results have been included in the accompanying consolidated income statements from their respective
dates of acquisition.
2025 Business Combinations
Parse Biosciences, Inc.
On December 2, 2025, we acquired 100% of the shares of Parse Biosciences, Inc. (Parse). Parse, a leading provider of
scalable, chemistry-based single-cell solutions was founded in 2018 in Seattle, Washington. Its proprietary Evercode\u2122
platform enables instrument-free, high-throughput RNA workflows with unmatched flexibility and ease of use. The company
also offers the cloud-based Trailmaker\u2122 software suite for intuitive data analysis and GigaLab, a service platform capable
of processing large-scale projects. Parse serves more than 3,000 customers in over 40 countries.\u00a0
The cash consideration totaled $229.1 million. Of this amount, $33.0 million was retained in an escrow account as of
December\u00a031, 2025 which is available to cover working capital adjustments and claims for breach of any representations,
warranties or indemnities. The acquisition included contingent consideration which is recorded as part of the purchase
price based on the acquisition date fair value. Under the purchase agreement, potential contingent payments through
2027 total $55.0 million, of which the fair value of $13.4 million was recorded as purchase price. The fair value was
initially estimated using a Monte Carlo option pricing model with inputs based on the business plan and historical
peer\u2011group data and subsequently measured using a probability\u2011weighted discounted cash flow model applying a
weighted\u2011average cost of capital of 11.4% to 11.8%.
We incurred $4.5 million acquisition related costs to effect the business combination during the year ended December\u00a031,
2025 which is included in restructuring, acquisition, integration and other, net.
The allocation of the purchase price is preliminary and not yet finalized. The preliminary allocation of the purchase price is
based upon preliminary estimates which used information that was available to management at the time the consolidated
financial statements were prepared and these estimates and assumptions are subject to change within the measurement
period, up to one year from the acquisition date. Accordingly, the allocation may change. We continue to gather
information about the fair value of all assets and liabilities, including intangible assets acquired, and the related deferred
taxes.
The preliminary purchase price allocation for Parse Biosciences, Inc. as of December 2, 2025 is as follows:
(in thousands)
As of December
2, 2025
Purchase Price:
Cash consideration
$229,147
Fair value of contingent consideration
13,400
$242,547
Preliminary Allocation:
Cash
$4,552
Accounts receivable
3,540
Inventories
6,057
Prepaid expenses and other current assets
2,011
Accounts payable
(947)
Accruals and other current liabilities
(6,900)
Other long-term liabilities
(11,303)
Fixed and other long-term assets
16,124
Developed technology
60,700
Trade name
2,200
Customer base
38,100
Other intellectual property
19
Goodwill
139,828
Deferred tax asset
14,375
Deferred tax liability on fair value of identifiable intangible assets acquired
(25,809)
$242,547
The weighted average amortization period for the acquired intangibles is 14.8 years. The goodwill acquired is not
deductible for tax purposes.
At the acquisition date, all the assets acquired and liabilities assumed were recorded at their respective fair values and our
consolidated results of operations include the operating results from the acquired company from the acquisition date.
Revenue and earnings in the reporting period since the acquisition date have not been significant. The acquisition did not
have a material impact to net sales, net income or earnings per common share and therefore no pro forma information has
been provided herein.
GNX Data Systems Ltd.
On May 23, 2025, we acquired 100% of the shares of GNX Data Systems Ltd. (doing business as Genoox), a privately
held company based in Tel Aviv, Israel. Genoox provides a cloud-based AI platform that connects clinicians, genetic
counselors, and healthcare organizations, allowing them to extract actionable insights from genomic data. The cash
consideration paid, net of cash acquired was $66.6 million. The acquisition included contingent consideration totaling
$10.0 million, which is recorded as part of the purchase price based on the acquisition date fair value of $4.6 million
using a probability-weighted analysis of the future milestones applying a discount rate of 11.4%. Potential contingent
payments are due through 2026.
The acquisition is not significant to the overall consolidated financial statements. At the acquisition date, all the assets
acquired and liabilities assumed were recorded at their respective fair values and our consolidated results of operations
include the operating results from the acquired company from the acquisition date. As of December\u00a031, 2025, the
allocation of the purchase price was preliminary as we continue to gather information about the fair value of all assets and
liabilities, including intangible assets acquired, and the related deferred taxes. As of December\u00a031, 2025 and based on
preliminary values, the intangible assets other than goodwill and goodwill acquired, totaled $33.5 million and $48.1
million, respectively. The acquisition did not have a material impact to net sales, net income or earnings per common share
and therefore no pro forma information has been provided herein.
Contingent Consideration Commitments
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
The consolidated financial statements of QIAGEN for the year ended December\u00a031, 2025 were authorized for issue in
accordance with a unanimous resolution of the Supervisory Board on April 29, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
1.1 Revision of Previously Issued Financial Statements
During 2025, we identified two matters affecting our previously issued consolidated financial statements as of and for the
year ended December 31, 2024. The first matter relates to the classification of $444.4 million of debt and $8.9 million of
derivative liability related to the embedded conversion option that had previously been reported as non-current as of
December 31, 2024 and should have been classified as current under IFRS due to the December 17, 2025 bondholder
put date with respect to the $500.0 million aggregate principal amount of 0.000% Senior Unsecured Convertible Notes
due 2027. The second matter relates to the accounting for the embedded conversion feature in our 2.500% Convertible
Notes due 2031 issued on September 10, 2024. Under IFRS, the embedded conversion feature is required to be
separated from the host debt instrument and accounted for separately at inception. In the previously issued consolidated
financial statements as of and for the year ended December 31, 2024, the required initial bifurcation of the embedded
conversion feature was omitted and the derivative liability was incorrectly recorded with a debit to profit or loss.
Accordingly, the accompanying consolidated financial statements as of and for the year ended December 31, 2024 have
been restated to correct the errors.
The errors have been corrected by restating each of the affected financial statement line items for the prior periods as
follows:
December 31,
2024
(in thousands, except per share data)
Impact
Impact on Balance Sheet (increase/(decrease))
Current financial debts
$444,351
Derivative financial instruments
$8,883
Total current liabilities
$453,234
Non-current financial debts
($541,638)
Derivative financial instruments
($8,883)
Total non-current liabilities
($550,521)
Net impact on equity
$97,287
Impact on Income Statement (increase in profit)
Other financial results
$97,287
Net income
$97,287
Impact on basic and diluted earnings per share (increase in EPS)
Basic earnings per common share
$0.44
Diluted earnings per common share
$0.43
The change did not have an impact on operating, investing and financing cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
1.1 Revision of Previously Issued Financial Statements
During 2025, we identified two matters affecting our previously issued consolidated financial statements as of and for the
year ended December 31, 2024. The first matter relates to the classification of $444.4 million of debt and $8.9 million of
derivative liability related to the embedded conversion option that had previously been reported as non-current as of
December 31, 2024 and should have been classified as current under IFRS due to the December 17, 2025 bondholder
put date with respect to the $500.0 million aggregate principal amount of 0.000% Senior Unsecured Convertible Notes
due 2027. The second matter relates to the accounting for the embedded conversion feature in our 2.500% Convertible
Notes due 2031 issued on September 10, 2024. Under IFRS, the embedded conversion feature is required to be
separated from the host debt instrument and accounted for separately at inception. In the previously issued consolidated
financial statements as of and for the year ended December 31, 2024, the required initial bifurcation of the embedded
conversion feature was omitted and the derivative liability was incorrectly recorded with a debit to profit or loss.
Accordingly, the accompanying consolidated financial statements as of and for the year ended December 31, 2024 have
been restated to correct the errors.
The errors have been corrected by restating each of the affected financial statement line items for the prior periods as
follows:
December 31,
2024
(in thousands, except per share data)
Impact
Impact on Balance Sheet (increase/(decrease))
Current financial debts
$444,351
Derivative financial instruments
$8,883
Total current liabilities
$453,234
Non-current financial debts
($541,638)
Derivative financial instruments
($8,883)
Total non-current liabilities
($550,521)
Net impact on equity
$97,287
Impact on Income Statement (increase in profit)
Other financial results
$97,287
Net income
$97,287
Impact on basic and diluted earnings per share (increase in EPS)
Basic earnings per common share
$0.44
Diluted earnings per common share
$0.43
The change did not have an impact on operating, investing and financing cash flows.
2. Effects of New Accounting Policies and Disclosures
New Accounting Standards and Interpretations Adopted
For 2025, there were no new standards or interpretations that were adopted which have a material impact to the
consolidated financial statements.
New Accounting Standards and Interpretations Issued but Not Yet Adopted
IFRS 18, Presentation and Disclosure in Financial Statements, replaces IAS 1 and introduces new requirements for the
presentation of specified categories and subtotals in the statement of profit or loss, disclosures of management-defined
performance measures in the notes, and enhanced principles for aggregation and disaggregation. IFRS 18 is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier application permitted, and is to be applied
retrospectively subject to specific transition provisions. The related amendments to IAS 7 and IAS 33, as well as revisions to
IAS 8 and IFRS 7, become effective upon adoption of IFRS 18. The Company is currently evaluating the impact of IFRS 18
and the related amendments and expects a material impact on the presentation and disclosures in its consolidated financial
statements.
The amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, address matters identified
during the post-implementation review of the classification and measurement requirements of IFRS 9 and are effective for
annual reporting periods beginning on or after January 1, 2026. The Company does not expect the amendments to have a
material impact on its consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
2. Effects of New Accounting Policies and Disclosures
New Accounting Standards and Interpretations Adopted
For 2025, there were no new standards or interpretations that were adopted which have a material impact to the
consolidated financial statements.
New Accounting Standards and Interpretations Issued but Not Yet Adopted
IFRS 18, Presentation and Disclosure in Financial Statements, replaces IAS 1 and introduces new requirements for the
presentation of specified categories and subtotals in the statement of profit or loss, disclosures of management-defined
performance measures in the notes, and enhanced principles for aggregation and disaggregation. IFRS 18 is effective for
annual reporting periods beginning on or after January 1, 2027, with earlier application permitted, and is to be applied
retrospectively subject to specific transition provisions. The related amendments to IAS 7 and IAS 33, as well as revisions to
IAS 8 and IFRS 7, become effective upon adoption of IFRS 18. The Company is currently evaluating the impact of IFRS 18
and the related amendments and expects a material impact on the presentation and disclosures in its consolidated financial
statements.
The amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, address matters identified
during the post-implementation review of the classification and measurement requirements of IFRS 9 and are effective for
annual reporting periods beginning on or after January 1, 2026. The Company does not expect the amendments to have a
material impact on its consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
3. Summary of Significant Accounting Policies, Estimates and Judgments
Significant Accounting Policies
3.1\u00a0 Consolidation Principles
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
December\u00a031, 2025 and for the year then ended.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and
continue to be consolidated until the date that such control ceases. An entity is controlled when the Company has power
over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those
returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into
account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the
relevant activities of the entity are to be taken. Entities consolidated by the Company are referred to as \"subsidiaries.\" The
financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. All intra-Company balances, income and expenses, unrealized gains and losses and dividends
resulting from intra-Company transactions are eliminated in full.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the
noncontrolling interest. Total comprehensive income is attributed to the owners of the parent and to the noncontrolling
interest even if this results in a deficit balance.
A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction.
If the Company loses control over a subsidiary, it derecognizes the assets (including goodwill) and liabilities of the
subsidiary, the carrying amount of any noncontrolling interest, the cumulative translation differences, recorded in equity,
recognizes the fair value of the consideration received, recognizes the fair value of any investment retained, any surplus or
deficit in profit or loss and reclassifies the parent's share of components previously recognized in other comprehensive
income to profit or loss.
3.2\u00a0 Business Combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any noncontrolling
interest in the acquiree. The Company measures the noncontrolling interest in the acquiree at fair value. Acquisition related
costs incurred are expensed.
When the Company acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions
as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be
recognized either in profit or loss or as a change to other comprehensive income. If the contingent consideration is
classified as equity, it shall not be remeasured until it is finally settled within equity.
Goodwill is initially measured at cost being the excess of the consideration transferred and the amount recognized for
noncontrolling interest over the Company's net identifiable assets acquired and liabilities assumed. If this consideration is
lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as profit.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the
Company's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or
loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the
operation disposed of and the portion of the cash-generating unit retained.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit.
3.3\u00a0 Equity Accounted Investments
Investments in entities in which the Company has significant influence, generally participations of 20% or more of the
voting power, but over which it does not exercise management control are accounted for using the equity method. The
Company's interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those
entities in which the company has significant influence but no control or joint control. A joint venture is an arrangement in
which the company has joint control, whereby the company has rights to the net assets of the arrangement, rather than
rights to its assets and obligations for its liabilities.
Under the equity method, the investment is carried in the balance sheet at cost plus post acquisition changes in the
Company's share of net assets of the associate.
After application of the equity method, the Company determines whether it is necessary to recognize an additional
impairment loss on the Company's investment. The Company determines at each reporting date whether there is any
objective evidence that the investment is impaired. If this is the case the Company calculates the amount of impairment as
the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in the
income statement.
Upon loss of significant influence over the associate, the Company measures and recognizes any retaining investment at its
fair value.
3.4\u00a0 Foreign Currency Translation
The Company's presentation currency is the U.S. dollar (US$) which is also the parent company's functional currency. The
majority of our subsidiaries' functional currencies are the local currency of the respective country. Balance sheets prepared
in the functional currencies are translated to the presentation currency at exchange rates in effect at the end of the
accounting period except for shareholders' equity accounts, which are translated at rates in effect when these balances
were originally recorded. Revenue and expense accounts are translated at a weighted average of exchange rates during
the period. The cumulative effect of translation is included in shareholders' equity. On disposal of a subsidiary, such
translation differences are recognized in the income statement as part of the gain or loss on sale.
Foreign currency transactions involving monetary assets and liabilities denominated in a currency other than the functional
currency of the entity are translated using the exchange rate prevailing at the dates of the transactions and are
subsequently valued at the closing rates at each period end. The foreign currency gains or losses on hedging instruments
used to offset currency risk associated with the translation of the foreign operations are deferred in other comprehensive
income, to the extent that the hedge is effective. Foreign currency transaction gains and losses realized until settlement are
included in the income statement, except for those related to intercompany transactions of a long-term investment nature
which represent in substance part of the reporting entity's net investment in a foreign entity; such gains and losses are
included in the cumulative foreign currency translation adjustments component of shareholders' equity. Included in other
financial results in the accompanying consolidated income statements is a net loss on foreign currency transactions of
$5.5\u00a0million and a net loss on foreign currency transaction of $2.7\u00a0million for the years ended December\u00a031, 2025 and
2024, respectively.
The exchange rates of key currencies affecting the Company were as follows:
(USD equivalent for one)
Closing rate as at December 31,
Annual average rate
2025
2024
2025
2024
Euro (EUR)
1.1750
1.0389
1.1296
1.0821
Pound Sterling (GBP)
1.3466
1.2529
1.3179
1.2782
Swiss Franc (CHF)
1.2615
1.1038
1.2059
1.1362
Japanese Yen (JPY)
0.0064
0.0064
0.0067
0.0066
Chinese Yuan (CNY)
0.1428
0.1370
0.1391
0.1390
Beginning January 1, 2022, the results of our subsidiary in T\u00fcrkiye are reported under hyperinflationary accounting in
accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (IAS 29).
Under IAS 29, to reflect changes in purchasing power using a general price index, the carrying amounts of non-monetary
assets and liabilities, shareholders\u2019 equity, and comprehensive income of our subsidiary in T\u00fcrkiye were restated in terms of
a measuring unit current at the balance sheet date. No restatement is required for monetary assets and liabilities because
they represent money held, to be received, or to be paid.
3.5\u00a0 Revenue Recognition
We recognize revenue when control of promised goods or services transfers to our customers in an amount that reflects the
consideration that is expected to be received in exchange for those goods or services. We enter into contracts that can
include various combinations of products and services, which are generally distinct and accounted for as separate
performance obligations. The transaction price is allocated to performance obligations based on their relative stand-alone
selling prices. The majority of our sales revenue is recognized when products are shipped to the customers at which point
control transfers. Refer to Note 4 \"Revenue\" for additional details.
Shipping and handling costs charged to customers are recorded as revenue in the period that the related product sale
revenue is recorded. Associated costs of shipping and handling are included in sales and marketing expenses. For the
years ended December\u00a031, 2025 and 2024, shipping and handling costs totaled $31.8 million and $33.4 million,
respectively.
3.6\u00a0 Operating Expenses
Advertising Costs
The costs of advertising are expensed as incurred when the services are performed and are included as a component of
sales and marketing expense. Advertising costs for the years ended December\u00a031, 2025 and 2024 were $8.7 million and
$9.6 million, respectively.
General and Administrative
General and administrative expenses primarily represent personnel costs and expenses associated with administrative
infrastructure, including continued investments across the organization in information technology improvements and cyber
security.
Restructuring, Acquisition, Integration and Other
We incur indirect acquisition and business integration costs in connection with business combinations. These costs
represent incremental costs that we believe would not have been incurred absent the business combinations. Major
components of these costs include consulting and related fees incurred to integrate or restructure the acquired operations,
payroll and related costs for employees remaining with the Company on a transitional basis and public relations,
advertising and media costs for re-branding of the combined organization.
As part of our restructuring activities, we incur expenses that qualify constructive obligations under IAS 37 arising from a
restructuring program including severance and employee costs as well as contract and other costs, primarily contract
termination costs, as well as inventory write-offs and other implementation costs primarily related to consulting fees.
Personnel related costs primarily relate to cash severance and other termination benefits. We also incur expenses that are
an integral component of, and are directly attributable to, our restructuring activities which do not qualify as constructive
obligation under IAS 37, which consist of asset-related costs such as intangible asset impairments and other asset related
write-offs. Termination benefits are recorded when communicated to employees and the Company can no longer withdraw
the offer of those benefits. Other benefits which require future service and are associated with non-recurring benefits are
recognized ratably over the future service period. Other assets are impaired or written-off if the carrying value exceeds the
fair value. All other costs are recognized as incurred. Facility closure and other costs are recorded when the liability is
incurred. The specific restructuring measures and associated estimated costs are based on management's best business
judgment under the existing circumstances at the time the estimates are made. If future events require changes to these
estimates, such adjustments will be reflected in the period of the revised estimate. See Note 6 \"Restructuring\" for the
details.
Research and Development
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an
intangible asset when the Company can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale.
\u2022 Its intention to complete and its ability to use or sell the asset.
\u2022 How the asset will generate probable future economic benefits.
\u2022 The availability of resources to complete the asset and to use or sell the intangible asset.
\u2022 The ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development is complete and the asset is available for use. It is amortized on a
straight-line basis over the period of expected future benefit (between three and five years). Amortization is recorded in
cost of sales. During the period of development, the asset is tested for impairment annually.
3.7\u00a0 Government Grants
We recognize government grants when there is reasonable assurance that all conditions will be complied with and the
grant will be received. Our government grants generally represent subsidies for specified activities and are therefore
recognized when earned as a reduction of the expenses recorded for the activity that the grants are intended to
compensate. Thus, when the grant relates to research and development expense, the grant is recognized over the same
period that the related costs are incurred. Otherwise, amounts received under government grants are recorded as liabilities
in the balance sheet. When the grant relates to an asset, the value of the grant is deducted from the carrying amount of the
asset and recognized over the same period that the related asset is depreciated or amortized.
In 2025, we received government grants in the amount of $2.2 million (2024: $0.4 million), of which $1.5 million was
offset against the carrying amount of assets, $0.6 million and $0.1 million of income was included to offset general and
administrative expense and research and development expense, respectively, in the accompanying consolidated income
statement. We do not carry any liabilities related to government grants.
3.8\u00a0 Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that takes a substantial period
of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets (qualifying asset)
when such borrowing costs are significant and are recognized using the effective interest rate method. All other borrowing
costs are expensed in the period they occur.
3.9\u00a0 Post-Employment Benefits
The Company operates a number of defined benefit and defined contribution plans. For defined benefit plans, the
Company provides for benefits payable to their employees on retirement by charging current service costs to income. The
defined benefit liability comprises the present value of the defined benefit obligation less past service cost and actuarial
gains and losses not yet recognized and less the fair value of plan assets out of which the obligations are to be settled
directly. The Company's contributions to the defined contribution pension plans are charged to the income statement in the
year to which they relate. Refer to Note 23 \"Employee Benefits and Personnel Costs\" for more details.
3.10\u00a0 Share-Based Payments
The Company has a stock option plan, which is described in detail under Note 22 \"Share-Based Payments.\" A
compensation charge is calculated at the date the options are granted. This charge is recognized over the stock option's
vesting period. When the option is exercised, the proceeds received net of any transaction costs are credited to share
capital and share premium.
3.11\u00a0 Taxation
Taxes reported in the consolidated income statements include current and deferred income taxes.
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities and are presented net within tax jurisdictions where permitted. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company
operates and generates taxable income.
Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and decreases tax assets or increases tax liabilities where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date. A deferred tax asset is recognized for deductible temporary differences and unused tax losses (tax credits)
carried forward, to the extent that it is probable that future taxable profits will be available.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are
recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
Income tax exposure
Uncertainties exist with respect to the interpretation of complex tax regulations (including Pillar Two regulations) changes in
tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships
and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results
and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and
expense already recorded.
The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax
authorities of the respective counties in which it operates. The amount of such provisions is based on various factors, such
as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the
responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the
conditions prevailing in the respective Company's domicile.
3.12\u00a0 Financial Instruments - Recognition and Initial Measurement
The Company's financial assets include cash and short-term deposits, trade accounts receivable, loan and other
receivables, quoted and unquoted financial instruments, and derivative financial instruments. The Company's financial
liabilities include trade and other payables, loans and borrowings, and derivative financial instruments.
Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets
and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially
measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly
attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at
the transaction price.
3.13\u00a0 Financial Instruments - Classification and Subsequent Measurement
Financial assets
On initial recognition, a financial asset is classified as measured at: amortized costs; fair value through other
comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model
for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as an
FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present
subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This
includes all derivative financial assets (see Note 26). On initial recognition, the Company may irrevocably designate a
financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as measured at FVTPL
if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise (IFRS 9, para 4.1.5). As
of December 31, 2025, we have not made this election.
Financial assets - Business model assessment
The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed and information is provided to management. The
information considered includes:
\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether
management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile,
matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or
realizing cash flows through the sale of the assets;
\u2022 how the performance of the portfolio is evaluated and reported to the Company\u2019s management;
\u2022 the risks that affect the performance of the business model (and the financial assets held within that business model) and
how those risks are managed;
\u2022 how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected; and
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for
this purpose, consistent with the Company\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are
measured at FVTPL.
Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment,
the Company considers:
\u2022 contingent events that would change the amount or timing of cash flows;
\u2022 terms that may adjust the contractual coupon rate, including variable-rate features;
\u2022 prepayment and extension features; and
\u2022 terms that limit the Company\u2019s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount
substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include
reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that
substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include
reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Financial assets - Classification, subsequent measurement and gains and losses
Financial assets at
FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments.
Financial assets at
amortized cost
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is
reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in
profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at
FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method,
foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are
recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at
FVOCI
These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized
in OCI and are never reclassified to profit or loss.
At December\u00a031, 2025, all unquoted equity securities held as non-current financial assets and current and non-current
derivative financial instruments are measured at FVTPL. All other financial assets are measured at amortized cost.
The Company does not hold any debt or equity investments at FVOCI as of December\u00a031, 2025.
Financial liabilities - Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL
are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other
financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and
foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in
profit or loss.
At December\u00a031, 2025, current and non-current derivative financial instruments are measured at FVTPL, with additional
disclosures in Note 25 \"Fair Value Measurements.\" All other financial liabilities are measured at amortized cost.
See Note 26 for financial liabilities designated as hedging instruments.
3.14\u00a0 Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire,
or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Company enters into transactions whereby it transfers assets recognized in its balance sheet, but retains either all or
substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not
derecognized.
Financial liabilities
The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The
Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration
paid (including any non\u2011cash assets transferred or liabilities assumed) is recognized in profit or loss.
3.15\u00a0 Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when,
the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net
basis or to realize the asset and settle the liability simultaneously.
3.16\u00a0 Derivative Financial Instruments and Hedge Accounting
The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are generally recognized in profit or loss.
At inception of designated hedging relationships, the Company documents the risk management objective and strategy for
undertaking the hedge. The Company also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected
to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value
of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined
on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative
is recognized immediately in profit or loss.
The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange
contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve
within equity.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the
amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the
non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve
is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect
profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the
hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging
instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the
translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign
exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in
OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.
(in thousands)
\u00a0
2025
2024
Cash at bank and on hand
\u00a0
$136,157
$92,175
Money market funds
647,809
399,917
Short-term bank deposits
54,653
170,933
Cash and cash equivalents
\u00a0
$838,619
$663,025
3.18\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable value. The moving average method of valuation is used. The
cost of work in process and finished goods includes raw materials, direct labor and production overhead expenditure
based upon normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of
business less the cost of completion and distribution expenses. At December\u00a031, 2025 and 2024, no inventory was
recorded at net realizable value. Provisions are established for slow-moving and obsolete inventory. No inventory is
pledged as collateral as of December\u00a031, 2025.
(in thousands)
\u00a0
2025
2024
Raw materials
\u00a0
$54,163
$52,770
Work in process
\u00a0
78,419
72,675
Finished goods
\u00a0
169,775
153,637
Total inventories, net
\u00a0
$302,357
$279,082
Included in inventories as of December\u00a031, 2025, are $36.5 million (2024: $65.5 million) of inventory valuation
allowances. The movement in inventory valuation allowances was recorded under cost of sales. For the years ended
December\u00a031, 2025 and 2024, cost of sales included cost of inventory sold of $322.8 million and $299.6 million,
respectively.
Inventory impairment totaling $11.3 million in 2025 and $93.5 million in 2024 were recognized in connection with the
discontinuation of NeuMoDx, further discussed in Note 6 \"Restructuring.\"
3.19\u00a0 Property, Plant and Equipment
Property, plant and equipment are stated at cost of acquisition or construction cost less accumulated depreciation and
accumulated impairment in value. Depreciation is computed using the straight-line method over the following estimated
useful lives of the assets:
Buildings and leasehold improvements
up to 60 years
Machinery and equipment
3-15 years
Furniture and office equipment
3-10 years
Land is not depreciated. Construction costs include borrowing costs and operating expenses that are directly attributable to
items of property, plant and equipment capitalized during construction. Subsequent expenditure on an item of property,
plant and equipment is capitalized at cost only when it is probable that future economic benefits associated with the item
will flow to the Company and the cost of the item can be measured reliably. Repair and maintenance costs are expensed
as incurred. Gains and losses on disposal or retirement of items of property, plant and equipment are determined by
comparing the proceeds received with the carrying amounts and are included in the consolidated income statements. The
asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each
financial year end.
3.20\u00a0 Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Company as a lessee
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available
for use by the company. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on
a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
\u2022 fixed payments, including in-substance fixed payments, less any lease incentives received;
\u2022 variable lease payments that are based on an index or a rate;
\u2022 amounts expected to be payable to the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
lessee's incremental borrowing rate at the lease commencement date is used, which is based on an assessment of interest
rates the company would have to pay to borrow funds, including the consideration of factors such as the nature of the asset
and location, collateral, market terms and conditions, as applicable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
Each lease payment is allocated between the liability and finance charges. The interest element of the finance cost is
recognized in the income statement over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. In addition, the carrying amount of lease liabilities is remeasured if there
is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of the lease liability;
\u2022 any lease payments made at or before the commencement date less any lease incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
The company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised. The company applies judgment in evaluating whether it is reasonably
certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to
exercise the renewal.
The company leases various items of real estate, vehicles and other equipment. Rental contracts are typically made for
fixed periods but may have extension or termination options.
Company as a lessor
When the company acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating
lease. Leases in which the company does not transfer substantially all the risks and rewards incidental to ownership of an
asset are classified as operating leases. The company recognizes lease payments received under operating leases as
income on a straight-line basis over the lease terms in the Income Statement.
3.21\u00a0 Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is its fair value as at the date of acquisition. Expenditure on acquired technology rights, patents,
trademarks and licenses are capitalized as intangible assets when it is probable that future economic benefits will flow to
the Company and the cost can be measured reliably. Following initial recognition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses.
Through business combinations, the Company may acquire a variety of intangible assets which either will be or are
amortized based on the nature and use of the assets. Amortization expense related to developed technology and patent
and license rights acquired in a business combination is included in cost of sales. Amortization of trademarks and customer
base acquired in a business combination is recorded in sales and marketing expense. For intangible assets not acquired in
business combinations, amortization expense is recorded within cost of sales, research and development, or sales and
marketing line items based on the nature and use of the asset.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life
are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate,
and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is
recognized in the income statement in the expense category consistent with the function of the intangible asset.
Developed technology, patents and license rights, computer software, development costs and other intellectual properties
are amortized on a straight-line basis over their estimated useful lives as follows:
Developed technology, patents and license rights
5-15 years
Computer software
3-20 years
Development costs
3-5 years
Other intellectual properties
5-15 years
3.22\u00a0 Impairment
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt
investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation
of the original effective interest rate.
ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely
to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When
determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the company's historical experience and informed
credit assessment and including forward-looking information, such as forecast economic conditions.
The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring
expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the
Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances
considering the market information on a country specific basis, and other forward looking information. Trade receivables
are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy).
Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or the Company's assets. Where the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
Impairment losses are recognized in the income statement in those expense categories consistent with the function of the
impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.
3.23\u00a0 Provisions
Provisions are recognized by the Company when a present legal or constructive obligation exists as a result of past events,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate of the amount of the obligation can be made. Where the effect of the time value of money is material, the
amount of a provision is the present value of the expenditures expected to be required to settle the obligation. Where
discounting is used, the increase in the provision due to the passage of time is recognized as a financing cost.
The Company provides warranties on products against defects in materials and workmanship for a period of one year. A
provision for estimated future warranty costs is recorded in cost of sales at the time product revenue is recognized. Product
warranty obligations are included in other current liabilities in the balance sheet. Additionally, we typically provide limited
warranties with respect to our services. Refer to Note 14 \"Provisions\" for changes in the carrying amount of the warranty
provision for 2025.
Acquisition related provisions are costs recognized separately from the purchase price of a business combination. These
costs primarily relate to personnel and consulting costs to effect the business combination and subsequent integration. Refer
to Note 14 \"Provisions\" for changes in the carrying amount of the acquisition related provision for 2025.
3.24\u00a0 Reportable Segment
We determined that we operate as one reportable segment. Our chief operating decision maker (CODM)\u00a0makes decisions
based on the Company as a whole. In addition, we have a common basis of organization and types of products and
services which derive revenues and consistent product margins. Accordingly, we operate and make decisions as one cash-
generating unit.
3.25\u00a0 Statement of Cash Flows
The statement of cash flows provides an explanation of the changes in cash and cash equivalents. It is prepared on the
basis of a comparison of the balance sheet as of January 1 and December 31 using the indirect method. Investing and
financing transactions that do not require the use of cash or cash equivalents have been excluded from the cash flow
statement.
Significant Accounting Estimates and Judgments
The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next year are described below.
Purchase Price Allocation
The purchase price allocation for acquisitions requires extensive use of accounting estimates and judgments to allocate the
purchase price to the identifiable tangible and intangible assets acquired, including in-process research and development,
and liabilities assumed based on their respective fair values. An acquisition may include contingent consideration as part
of the purchase price. Contingent consideration is accounted for at fair value at the acquisition date with subsequent
changes to the fair value being recognized in earnings. Additionally, we must determine whether an acquired entity is
considered to be a business or a set of net assets, because a portion of the purchase price can only be allocated to
goodwill in a business combination.
We have made several acquisitions in recent years. The purchase prices for the acquisitions were allocated to tangible and
intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. We
engaged an independent third-party valuation firm to assist us in determining the estimated fair values of in-process
research and development and identifiable intangible assets. Such a valuation requires significant estimates and
assumptions, including but not limited to determining the timing and estimated costs to complete the in-process projects,
projecting regulatory approvals, estimating future cash flows, and developing appropriate discount rates. We believe the
estimated fair values of contingent consideration and assets acquired and liabilities assumed are based on reasonable
assumptions. However, the fair value estimates for the purchase price allocations may change during the allowable
allocation period, which is up to one year from the acquisition dates, if additional information becomes available.
Fair Value Measurements
We have categorized our assets and liabilities that are measured at fair value, based on the priority of the inputs to the
valuation techniques, in a three-level fair value hierarchy: Level\u00a01 - using quoted prices in active markets for identical assets
or liabilities; Level 2 - using observable inputs other than quoted prices; and Level 3 \u2013 using unobservable inputs.\u00a0We
primarily apply the market approach for recurring fair value measurements, maximize our use of observable inputs and
minimize our use of unobservable inputs.\u00a0We utilize the mid-point price between bid and ask prices for valuing the
majority of our assets and liabilities measured and reported at fair value.\u00a0In addition to using market data, we make
assumptions in valuing assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the
valuation technique.
Certain of our derivative instruments, which are classified in Level 2 of the fair value hierarchy, are valued using industry-
standard models that consider various inputs, including time value, volatility factors, and current market and contractual
prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are
observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are
supported by observable prices at which transactions are executed in the marketplace.
Certain of our acquisitions involve contingent consideration, the payment of which is contingent on the occurrence of future
events. Contingent consideration is classified in Level 3 of the fair value hierarchy and is initially recognized at fair value
as a cost of the acquisition. After the acquisition, the contingent consideration liability is remeasured each reporting period.
The fair value of contingent consideration is measured predominantly on unobservable inputs such as assumptions about
the likelihood of achieving specified milestone criteria, projections of future financial performance, assumed discount rates
and assumed weightings applied to potential scenarios in deriving a probability weighted fair value. Significant judgment
is used in developing these estimates and assumptions both at the acquisition date and in subsequent periods. If actual
events differ from management's estimates, or to the extent these estimates are adjusted in the future, our financial
condition or results of operations could be affected in the period of any change.
For other fair value measurements, we generally use an income approach to measure fair value when there is not a market
observable price for an identical or similar asset or liability.\u00a0This approach utilizes management\u2019s best assumptions
regarding expectations of projected cash flows, and discounts the expected cash flows using a commensurate risk-adjusted
discount rate.
Impairment of Goodwill and Intangible Assets
Assets are tested or reviewed for impairment in accordance with the accounting policy stated under Note 3.22
\"Impairment.\"
In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October\u00a01,
2025). We performed our goodwill impairment testing on a single cash-generating unit basis which is consistent with our
reporting structure. In testing for potential impairment, we measured the recoverable amount of the cash-generating unit
based upon discounted future operating cash flows using a discount rate reflecting our estimated average cost of funds.
Differences in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact
on the determination of impairment amounts. In estimating future cash flows, we used our internal five-year projections. Our
projections were based on recent sales data for existing products, planned timing of new product launches, and customer
commitments related to new and existing products. We performed a series of sensitivity analyses on our calculation by
varying key inputs individually including a decrease in projected future cash flows and growth rates and an increase in the
weighted average cost of capital to a +/-10% threshold and found no material impact on the value of goodwill. We
concluded that no impairment existed at October 1, 2025 or through December\u00a031, 2025.
Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-
generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of
the resulting estimates are subject to uncertainty, and as additional information becomes known, we may change our
estimates.
Development Costs
Development costs are capitalized in accordance with the accounting policy stated under research and development in
Note 3.6 \"Operating Expenses\" above. Assessing whether the development costs qualify for capitalization requires
management to make assumptions regarding the expected future cash generation of the assets, discount rates to be
applied and the expected period of benefits. Periodically, and at least annually, management assesses whether there are
indications that projects may be impaired and if impairment indicators exist, management reviews the carrying amount of
the projects and performs a test for impairment.
Income Taxes
The Company is subject to income taxes in numerous jurisdictions that require estimates to be made based on
interpretations of laws or regulations. Various internal and external factors, such as changes in tax laws, regulations and
rates, changing interpretations of existing tax laws or regulations, future level of research and development spending and
changes in overall levels of pre-tax income may have favorable or unfavorable effects on the income tax and deferred tax
provisions in the period in which such determination is made.
Deferred tax assets are recognized in accordance with the accounting policy stated in Note 3.11 \"Taxation.\" Deferred tax
assets are recognized for net operating loss carry-forwards to the extent that it is probable that taxable profit will be
available against which the losses can be utilized. Significant management judgment is required to determine the amount
of deferred tax assets that can be recognized based upon the likely timing and level of future taxable profits.
Share-Based Payments - Restricted Stock Units and Performance Stock Units
Restricted stock units and performance stock units represent rights to receive Common Shares at a future date. The fair
market value is determined based on the number of stock units granted and the fair market value of our shares on the grant
date. The fair market value at the time of the grant, less an estimate for pre-vesting forfeitures, is recognized in expense
over the vesting period. We grant performance-based stock units subject to performance periods of one-year up to three
years. Thus the estimates of performance achieved during the performance period may be subject to significant changes
from period to period as the performance is completed.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
3.1\u00a0 Consolidation Principles
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
December\u00a031, 2025 and for the year then ended.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and
continue to be consolidated until the date that such control ceases. An entity is controlled when the Company has power
over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those
returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into
account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the
relevant activities of the entity are to be taken. Entities consolidated by the Company are referred to as \"subsidiaries.\" The
financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. All intra-Company balances, income and expenses, unrealized gains and losses and dividends
resulting from intra-Company transactions are eliminated in full.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the
noncontrolling interest. Total comprehensive income is attributed to the owners of the parent and to the noncontrolling
interest even if this results in a deficit balance.
A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction.
If the Company loses control over a subsidiary, it derecognizes the assets (including goodwill) and liabilities of the
subsidiary, the carrying amount of any noncontrolling interest, the cumulative translation differences, recorded in equity,
recognizes the fair value of the consideration received, recognizes the fair value of any investment retained, any surplus or
deficit in profit or loss and reclassifies the parent's share of components previously recognized in other comprehensive
income to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
3.1\u00a0 Consolidation Principles
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at
December\u00a031, 2025 and for the year then ended.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and
continue to be consolidated until the date that such control ceases. An entity is controlled when the Company has power
over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those
returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into
account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the
relevant activities of the entity are to be taken. Entities consolidated by the Company are referred to as \"subsidiaries.\" The
financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent
accounting policies. All intra-Company balances, income and expenses, unrealized gains and losses and dividends
resulting from intra-Company transactions are eliminated in full.
Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the
noncontrolling interest. Total comprehensive income is attributed to the owners of the parent and to the noncontrolling
interest even if this results in a deficit balance.
A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction.
If the Company loses control over a subsidiary, it derecognizes the assets (including goodwill) and liabilities of the
subsidiary, the carrying amount of any noncontrolling interest, the cumulative translation differences, recorded in equity,
recognizes the fair value of the consideration received, recognizes the fair value of any investment retained, any surplus or
deficit in profit or loss and reclassifies the parent's share of components previously recognized in other comprehensive
income to profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
3.2\u00a0 Business Combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any noncontrolling
interest in the acquiree. The Company measures the noncontrolling interest in the acquiree at fair value. Acquisition related
costs incurred are expensed.
When the Company acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions
as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be
recognized either in profit or loss or as a change to other comprehensive income. If the contingent consideration is
classified as equity, it shall not be remeasured until it is finally settled within equity.
Goodwill is initially measured at cost being the excess of the consideration transferred and the amount recognized for
noncontrolling interest over the Company's net identifiable assets acquired and liabilities assumed. If this consideration is
lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as profit.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the
Company's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or
loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the
operation disposed of and the portion of the cash-generating unit retained.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit.
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
3.2\u00a0 Business Combinations and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any noncontrolling
interest in the acquiree. The Company measures the noncontrolling interest in the acquiree at fair value. Acquisition related
costs incurred are expensed.
When the Company acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions
as at the acquisition date.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be
recognized either in profit or loss or as a change to other comprehensive income. If the contingent consideration is
classified as equity, it shall not be remeasured until it is finally settled within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
3.2\u00a0 Business Combinations and Goodwill
Goodwill is initially measured at cost being the excess of the consideration transferred and the amount recognized for
noncontrolling interest over the Company's net identifiable assets acquired and liabilities assumed. If this consideration is
lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as profit.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the
Company's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or
loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the
operation disposed of and the portion of the cash-generating unit retained.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit.
3.21\u00a0 Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is its fair value as at the date of acquisition. Expenditure on acquired technology rights, patents,
trademarks and licenses are capitalized as intangible assets when it is probable that future economic benefits will flow to
the Company and the cost can be measured reliably. Following initial recognition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses.
Through business combinations, the Company may acquire a variety of intangible assets which either will be or are
amortized based on the nature and use of the assets. Amortization expense related to developed technology and patent
and license rights acquired in a business combination is included in cost of sales. Amortization of trademarks and customer
base acquired in a business combination is recorded in sales and marketing expense. For intangible assets not acquired in
business combinations, amortization expense is recorded within cost of sales, research and development, or sales and
marketing line items based on the nature and use of the asset.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life
are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate,
and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is
recognized in the income statement in the expense category consistent with the function of the intangible asset.
Developed technology, patents and license rights, computer software, development costs and other intellectual properties
are amortized on a straight-line basis over their estimated useful lives as follows:
Developed technology, patents and license rights
5-15 years
Computer software
3-20 years
Development costs
3-5 years
Other intellectual properties
5-15 years
3.22\u00a0 Impairment
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
3.2\u00a0 Business Combinations and Goodwill
Goodwill is initially measured at cost being the excess of the consideration transferred and the amount recognized for
noncontrolling interest over the Company's net identifiable assets acquired and liabilities assumed. If this consideration is
lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as profit.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the
Company's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or
liabilities of the acquiree are assigned to those units.
Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or
loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the
operation disposed of and the portion of the cash-generating unit retained.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit.
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
3.3\u00a0 Equity Accounted Investments
Investments in entities in which the Company has significant influence, generally participations of 20% or more of the
voting power, but over which it does not exercise management control are accounted for using the equity method. The
Company's interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those
entities in which the company has significant influence but no control or joint control. A joint venture is an arrangement in
which the company has joint control, whereby the company has rights to the net assets of the arrangement, rather than
rights to its assets and obligations for its liabilities.
Under the equity method, the investment is carried in the balance sheet at cost plus post acquisition changes in the
Company's share of net assets of the associate.
After application of the equity method, the Company determines whether it is necessary to recognize an additional
impairment loss on the Company's investment. The Company determines at each reporting date whether there is any
objective evidence that the investment is impaired. If this is the case the Company calculates the amount of impairment as
the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in the
income statement.
Upon loss of significant influence over the associate, the Company measures and recognizes any retaining investment at its
fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
3.3\u00a0 Equity Accounted Investments
Investments in entities in which the Company has significant influence, generally participations of 20% or more of the
voting power, but over which it does not exercise management control are accounted for using the equity method. The
Company's interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those
entities in which the company has significant influence but no control or joint control. A joint venture is an arrangement in
which the company has joint control, whereby the company has rights to the net assets of the arrangement, rather than
rights to its assets and obligations for its liabilities.
Under the equity method, the investment is carried in the balance sheet at cost plus post acquisition changes in the
Company's share of net assets of the associate.
After application of the equity method, the Company determines whether it is necessary to recognize an additional
impairment loss on the Company's investment. The Company determines at each reporting date whether there is any
objective evidence that the investment is impaired. If this is the case the Company calculates the amount of impairment as
the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in the
income statement.
Upon loss of significant influence over the associate, the Company measures and recognizes any retaining investment at its
fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
3.3\u00a0 Equity Accounted Investments
Investments in entities in which the Company has significant influence, generally participations of 20% or more of the
voting power, but over which it does not exercise management control are accounted for using the equity method. The
Company's interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those
entities in which the company has significant influence but no control or joint control. A joint venture is an arrangement in
which the company has joint control, whereby the company has rights to the net assets of the arrangement, rather than
rights to its assets and obligations for its liabilities.
Under the equity method, the investment is carried in the balance sheet at cost plus post acquisition changes in the
Company's share of net assets of the associate.
After application of the equity method, the Company determines whether it is necessary to recognize an additional
impairment loss on the Company's investment. The Company determines at each reporting date whether there is any
objective evidence that the investment is impaired. If this is the case the Company calculates the amount of impairment as
the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
3.4\u00a0 Foreign Currency Translation
The Company's presentation currency is the U.S. dollar (US$) which is also the parent company's functional currency. The
majority of our subsidiaries' functional currencies are the local currency of the respective country. Balance sheets prepared
in the functional currencies are translated to the presentation currency at exchange rates in effect at the end of the
accounting period except for shareholders' equity accounts, which are translated at rates in effect when these balances
were originally recorded. Revenue and expense accounts are translated at a weighted average of exchange rates during
the period. The cumulative effect of translation is included in shareholders' equity. On disposal of a subsidiary, such
translation differences are recognized in the income statement as part of the gain or loss on sale.
Foreign currency transactions involving monetary assets and liabilities denominated in a currency other than the functional
currency of the entity are translated using the exchange rate prevailing at the dates of the transactions and are
subsequently valued at the closing rates at each period end. The foreign currency gains or losses on hedging instruments
used to offset currency risk associated with the translation of the foreign operations are deferred in other comprehensive
income, to the extent that the hedge is effective. Foreign currency transaction gains and losses realized until settlement are
included in the income statement, except for those related to intercompany transactions of a long-term investment nature
which represent in substance part of the reporting entity's net investment in a foreign entity; such gains and losses are
included in the cumulative foreign currency translation adjustments component of shareholders' equity. Included in other
financial results in the accompanying consolidated income statements is a net loss on foreign currency transactions of
$5.5\u00a0million and a net loss on foreign currency transaction of $2.7\u00a0million for the years ended December\u00a031, 2025 and
2024, respectively.
The exchange rates of key currencies affecting the Company were as follows:
(USD equivalent for one)
Closing rate as at December 31,
Annual average rate
2025
2024
2025
2024
Euro (EUR)
1.1750
1.0389
1.1296
1.0821
Pound Sterling (GBP)
1.3466
1.2529
1.3179
1.2782
Swiss Franc (CHF)
1.2615
1.1038
1.2059
1.1362
Japanese Yen (JPY)
0.0064
0.0064
0.0067
0.0066
Chinese Yuan (CNY)
0.1428
0.1370
0.1391
0.1390
Beginning January 1, 2022, the results of our subsidiary in T\u00fcrkiye are reported under hyperinflationary accounting in
accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (IAS 29).
Under IAS 29, to reflect changes in purchasing power using a general price index, the carrying amounts of non-monetary
assets and liabilities, shareholders\u2019 equity, and comprehensive income of our subsidiary in T\u00fcrkiye were restated in terms of
a measuring unit current at the balance sheet date. No restatement is required for monetary assets and liabilities because
they represent money held, to be received, or to be paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
3.4\u00a0 Foreign Currency Translation
The Company's presentation currency is the U.S. dollar (US$) which is also the parent company's functional currency. The
majority of our subsidiaries' functional currencies are the local currency of the respective country. Balance sheets prepared
in the functional currencies are translated to the presentation currency at exchange rates in effect at the end of the
accounting period except for shareholders' equity accounts, which are translated at rates in effect when these balances
were originally recorded.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Beginning January 1, 2022, the results of our subsidiary in T\u00fcrkiye are reported under hyperinflationary accounting in
accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (IAS 29).
Under IAS 29, to reflect changes in purchasing power using a general price index, the carrying amounts of non-monetary
assets and liabilities, shareholders\u2019 equity, and comprehensive income of our subsidiary in T\u00fcrkiye were restated in terms of
a measuring unit current at the balance sheet date. No restatement is required for monetary assets and liabilities because
they represent money held, to be received, or to be paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
3.5\u00a0 Revenue Recognition
We recognize revenue when control of promised goods or services transfers to our customers in an amount that reflects the
consideration that is expected to be received in exchange for those goods or services. We enter into contracts that can
include various combinations of products and services, which are generally distinct and accounted for as separate
performance obligations. The transaction price is allocated to performance obligations based on their relative stand-alone
selling prices. The majority of our sales revenue is recognized when products are shipped to the customers at which point
control transfers. Refer to Note 4 \"Revenue\" for additional details.
Shipping and handling costs charged to customers are recorded as revenue in the period that the related product sale
revenue is recorded. Associated costs of shipping and handling are included in sales and marketing expenses. For the
years ended December\u00a031, 2025 and 2024, shipping and handling costs totaled $31.8 million and $33.4 million,
respectively.
Nature of Goods and Services
Our revenues are reported net of sales and value added taxes, estimated rebates and returns and mainly come from
consumable and instrumentation product sales, with a smaller portion from services, intellectual property, and technology
sales. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that
reflects the consideration we expect to receive in exchange for those products or services. From time to time, we enter into
contracts that can include various combinations of products and services, which are generally distinct and accounted for as
separate performance obligations. The transaction price is allocated to performance obligations based on their relative
stand-alone selling prices.
We offer warranties on our products. Certain of our warranties are assurance-type in nature and do not cover anything
beyond ensuring that the product is functioning as intended. Based on the guidance in IFRS 15, assurance-type warranties
do not represent separate performance obligations. The Company also sells separately-priced service contracts which
qualify as service-type warranties and represent separate performance obligations.
We sell our products and services both directly to customers and through distributors generally under agreements with
payment terms typically less than 90 days and, in most cases, not exceeding one year and therefore, contracts do not
contain a significant financing component.
Consumable and Related Revenues
Consumable Products: In the last three years, revenue from consumable product sales has accounted for between
78-79% of our net sales and revenue is recognized when performance obligations under the terms of a contract with a
customer are satisfied. The majority of our contracts have either a single performance obligation to transfer a single
consumable product or multiple performance obligations to transfer multiple products concurrently. Accordingly, we
recognize revenue when control of the products has transferred to the customer, which is generally at the time of shipment
of products as this is when title and risk of loss have been transferred. In addition, invoicing typically occurs at this time so
this is when we have a present right to payment. Revenue is measured as the amount of consideration we expect to receive
in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price.
Related Revenues: Revenues from related products include software-as-a-service (SaaS), licenses, intellectual property
and patent sales, royalties and milestone payments and, over the last three years, has accounted for between 10-11% of
our net sales.
SaaS arrangements: Revenue from SaaS arrangements, which allow customers to use hosted software over the contract
period without taking possession of the software, is recognized over the duration of the agreement unless the terms of the
agreement indicate that revenue should be recognized in a different pattern, for example, based on usage.
Licenses: Licenses for on-site software, which allow customers to use the software as it exists when made available, are sold
as perpetual licenses or term licenses. Revenue from on-site licenses is recognized at the later of when the software is made
available to the customer or the beginning of the license term. When a portion of the transaction price is allocated to a
performance obligation to provide support and/or updates, revenue is recognized as the updates/support are provided,
generally over the life of the license. Revenues from research collaborations include payments for technology transfer and
access rights. Royalties from licensees of intellectual property are based on sales of licensed products and revenues are
recognized at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of
the royalty has been allocated has been satisfied (or partially satisfied).\u00a0
Milestone Payments: At the inception of each companion diagnostic co-development arrangement that includes
development milestone payments, which represent variable consideration, we evaluate whether the milestones are highly
probable of being reached and estimate the amount to be included in the transaction price using the most likely amount
method.\u00a0If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is
included in the transaction price.\u00a0Milestone payments that are not within our control, such as milestones which are
achieved through regulatory approvals, are considered to be constrained and excluded from the transaction price until the
required approvals are received.\u00a0Revenue is recognized following the input method as this is considered to best depict the
timing of the transfer of control. This involves measuring actual hours incurred to date as a proportion of the total budgeted
hours of the project. At the end of each subsequent reporting period, the proportion of completion is trued-up. We also re-
evaluate the probability of achievement of development milestones and any related constraint on a periodic basis and, if
necessary, adjust our estimate of the overall transaction price.\u00a0Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenues and earnings in the period of adjustment.
Instruments
Revenue from instrumentation includes the instrumentation equipment, installation, training and other instrumentation
services, such as extended warranty services or product maintenance contracts and, over the last three years, has
accounted for between 10-12% of net sales. Revenue from instrumentation equipment is recognized when the customer
obtains control of the instrument, which is predominantly at the time of delivery or upon customer acceptance, where
applicable. Service revenue is recognized over the term of the service period as the customers benefit from the service
throughout the service period. Revenue related to services performed on a time-and-materials basis is recognized when
performed.
Contract Estimates
The majority of our revenue is derived from (i) contracts with an original expected length of one year or less and (ii)
contracts for which we recognize revenue at the amount in which we have the right to invoice as product is delivered. We
have elected, as a practical expedient, not to disclose the value of remaining performance obligations associated with
these types of contracts.
However, we have certain companion diagnostic co-development contracts to provide research and development activities
in which our performance obligations extend over multiple years. As of December\u00a031, 2025, we have $115.9 million of
remaining performance obligations for which the transaction price is not constrained related to these contracts which we
expect to recognize over approximately 50% over the next 12 to 18 months.
Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue
pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized
as invoiced and contracts with variable consideration related to undelivered performance obligations, is not material.
Contract Balances
The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled
receivables (contract assets), and customer advances and deposits (contract liabilities) in the consolidated balance sheet.
Contract assets as of December\u00a031, 2025 and 2024 totaled $10.2 million and $14.5 million, respectively, and are
included in other current assets in the accompanying consolidated balance sheets and relate to the companion diagnostic
co-development contracts discussed above.
Contract liabilities primarily relate to non-cancellable advances or deposits received from customers before revenue is
recognized and are primarily related to instrument service and software-as-a-service (SaaS) arrangements. As of
December\u00a031, 2025 and 2024, contract liabilities totaled $95.5 million and $88.8 million , respectively, of which $79.4
million and $70.8 million, respectively, is included in other current liabilities and $16.1 million and $18.0 million,
respectively, is included in other non-current liabilities. During the years ended December\u00a031, 2025 and 2024, we
satisfied the associated performance obligations and recognized revenue of $75.8 million and $75.5 million, respectively,
related to advance customer payments previously received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
3.6\u00a0 Operating Expenses
Advertising Costs
The costs of advertising are expensed as incurred when the services are performed and are included as a component of
sales and marketing expense. Advertising costs for the years ended December\u00a031, 2025 and 2024 were $8.7 million and
$9.6 million, respectively.
General and Administrative
General and administrative expenses primarily represent personnel costs and expenses associated with administrative
infrastructure, including continued investments across the organization in information technology improvements and cyber
security.
Restructuring, Acquisition, Integration and Other
We incur indirect acquisition and business integration costs in connection with business combinations. These costs
represent incremental costs that we believe would not have been incurred absent the business combinations. Major
components of these costs include consulting and related fees incurred to integrate or restructure the acquired operations,
payroll and related costs for employees remaining with the Company on a transitional basis and public relations,
advertising and media costs for re-branding of the combined organization.
As part of our restructuring activities, we incur expenses that qualify constructive obligations under IAS 37 arising from a
restructuring program including severance and employee costs as well as contract and other costs, primarily contract
termination costs, as well as inventory write-offs and other implementation costs primarily related to consulting fees.
Personnel related costs primarily relate to cash severance and other termination benefits. We also incur expenses that are
an integral component of, and are directly attributable to, our restructuring activities which do not qualify as constructive
obligation under IAS 37, which consist of asset-related costs such as intangible asset impairments and other asset related
write-offs. Termination benefits are recorded when communicated to employees and the Company can no longer withdraw
the offer of those benefits. Other benefits which require future service and are associated with non-recurring benefits are
recognized ratably over the future service period. Other assets are impaired or written-off if the carrying value exceeds the
fair value. All other costs are recognized as incurred. Facility closure and other costs are recorded when the liability is
incurred. The specific restructuring measures and associated estimated costs are based on management's best business
judgment under the existing circumstances at the time the estimates are made. If future events require changes to these
estimates, such adjustments will be reflected in the period of the revised estimate. See Note 6 \"Restructuring\" for the
details.
Research and Development
Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an
intangible asset when the Company can demonstrate:
\u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale.
\u2022 Its intention to complete and its ability to use or sell the asset.
\u2022 How the asset will generate probable future economic benefits.
\u2022 The availability of resources to complete the asset and to use or sell the intangible asset.
\u2022 The ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be
carried at cost less any accumulated amortization and accumulated impairment losses.
Amortization of the asset begins when development is complete and the asset is available for use. It is amortized on a
straight-line basis over the period of expected future benefit (between three and five years). Amortization is recorded in
cost of sales. During the period of development, the asset is tested for impairment annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Restructuring, Acquisition, Integration and Other
We incur indirect acquisition and business integration costs in connection with business combinations. These costs
represent incremental costs that we believe would not have been incurred absent the business combinations. Major
components of these costs include consulting and related fees incurred to integrate or restructure the acquired operations,
payroll and related costs for employees remaining with the Company on a transitional basis and public relations,
advertising and media costs for re-branding of the combined organization.
As part of our restructuring activities, we incur expenses that qualify constructive obligations under IAS 37 arising from a
restructuring program including severance and employee costs as well as contract and other costs, primarily contract
termination costs, as well as inventory write-offs and other implementation costs primarily related to consulting fees.
Personnel related costs primarily relate to cash severance and other termination benefits. We also incur expenses that are
an integral component of, and are directly attributable to, our restructuring activities which do not qualify as constructive
obligation under IAS 37, which consist of asset-related costs such as intangible asset impairments and other asset related
write-offs. Termination benefits are recorded when communicated to employees and the Company can no longer withdraw
the offer of those benefits. Other benefits which require future service and are associated with non-recurring benefits are
recognized ratably over the future service period. Other assets are impaired or written-off if the carrying value exceeds the
fair value. All other costs are recognized as incurred. Facility closure and other costs are recorded when the liability is
incurred. The specific restructuring measures and associated estimated costs are based on management's best business
judgment under the existing circumstances at the time the estimates are made. If future events require changes to these
estimates, such adjustments will be reflected in the period of the revised estimate. See Note 6 \"Restructuring\" for the
details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
3.7\u00a0 Government Grants
We recognize government grants when there is reasonable assurance that all conditions will be complied with and the
grant will be received. Our government grants generally represent subsidies for specified activities and are therefore
recognized when earned as a reduction of the expenses recorded for the activity that the grants are intended to
compensate. Thus, when the grant relates to research and development expense, the grant is recognized over the same
period that the related costs are incurred. Otherwise, amounts received under government grants are recorded as liabilities
in the balance sheet. When the grant relates to an asset, the value of the grant is deducted from the carrying amount of the
asset and recognized over the same period that the related asset is depreciated or amortized.
In 2025, we received government grants in the amount of $2.2 million (2024: $0.4 million), of which $1.5 million was
offset against the carrying amount of assets, $0.6 million and $0.1 million of income was included to offset general and
administrative expense and research and development expense, respectively, in the accompanying consolidated income
statement. We do not carry any liabilities related to government grants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
3.7\u00a0 Government Grants
We recognize government grants when there is reasonable assurance that all conditions will be complied with and the
grant will be received. Our government grants generally represent subsidies for specified activities and are therefore
recognized when earned as a reduction of the expenses recorded for the activity that the grants are intended to
compensate. Thus, when the grant relates to research and development expense, the grant is recognized over the same
period that the related costs are incurred. Otherwise, amounts received under government grants are recorded as liabilities
in the balance sheet. When the grant relates to an asset, the value of the grant is deducted from the carrying amount of the
asset and recognized over the same period that the related asset is depreciated or amortized.
In 2025, we received government grants in the amount of $2.2 million (2024: $0.4 million), of which $1.5 million was
offset against the carrying amount of assets, $0.6 million and $0.1 million of income was included to offset general and
administrative expense and research and development expense, respectively, in the accompanying consolidated income
statement. We do not carry any liabilities related to government grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
3.8\u00a0 Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that takes a substantial period
of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets (qualifying asset)
when such borrowing costs are significant and are recognized using the effective interest rate method. All other borrowing
costs are expensed in the period they occur.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
3.9\u00a0 Post-Employment Benefits
The Company operates a number of defined benefit and defined contribution plans. For defined benefit plans, the
Company provides for benefits payable to their employees on retirement by charging current service costs to income. The
defined benefit liability comprises the present value of the defined benefit obligation less past service cost and actuarial
gains and losses not yet recognized and less the fair value of plan assets out of which the obligations are to be settled
directly. The Company's contributions to the defined contribution pension plans are charged to the income statement in the
year to which they relate. Refer to Note 23 \"Employee Benefits and Personnel Costs\" for more details.
3.10\u00a0 Share-Based Payments
The Company has a stock option plan, which is described in detail under Note 22 \"Share-Based Payments.\" A
compensation charge is calculated at the date the options are granted. This charge is recognized over the stock option's
vesting period. When the option is exercised, the proceeds received net of any transaction costs are credited to share
capital and share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
3.9\u00a0 Post-Employment Benefits
The Company operates a number of defined benefit and defined contribution plans. For defined benefit plans, the
Company provides for benefits payable to their employees on retirement by charging current service costs to income. The
defined benefit liability comprises the present value of the defined benefit obligation less past service cost and actuarial
gains and losses not yet recognized and less the fair value of plan assets out of which the obligations are to be settled
directly. The Company's contributions to the defined contribution pension plans are charged to the income statement in the
year to which they relate. Refer to Note 23 \"Employee Benefits and Personnel Costs\" for more details.
3.23\u00a0 Provisions
Provisions are recognized by the Company when a present legal or constructive obligation exists as a result of past events,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate of the amount of the obligation can be made. Where the effect of the time value of money is material, the
amount of a provision is the present value of the expenditures expected to be required to settle the obligation. Where
discounting is used, the increase in the provision due to the passage of time is recognized as a financing cost.
The Company provides warranties on products against defects in materials and workmanship for a period of one year. A
provision for estimated future warranty costs is recorded in cost of sales at the time product revenue is recognized. Product
warranty obligations are included in other current liabilities in the balance sheet. Additionally, we typically provide limited
warranties with respect to our services. Refer to Note 14 \"Provisions\" for changes in the carrying amount of the warranty
provision for 2025.
Acquisition related provisions are costs recognized separately from the purchase price of a business combination. These
costs primarily relate to personnel and consulting costs to effect the business combination and subsequent integration. Refer
to Note 14 \"Provisions\" for changes in the carrying amount of the acquisition related provision for 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
3.10\u00a0 Share-Based Payments
The Company has a stock option plan, which is described in detail under Note 22 \"Share-Based Payments.\" A
compensation charge is calculated at the date the options are granted. This charge is recognized over the stock option's
vesting period. When the option is exercised, the proceeds received net of any transaction costs are credited to share
capital and share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
3.11\u00a0 Taxation
Taxes reported in the consolidated income statements include current and deferred income taxes.
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities and are presented net within tax jurisdictions where permitted. The tax rates and tax laws used to compute the
amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company
operates and generates taxable income.
Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and decreases tax assets or increases tax liabilities where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date. A deferred tax asset is recognized for deductible temporary differences and unused tax losses (tax credits)
carried forward, to the extent that it is probable that future taxable profits will be available.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are
recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
Income tax exposure
Uncertainties exist with respect to the interpretation of complex tax regulations (including Pillar Two regulations) changes in
tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships
and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results
and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and
expense already recorded.
The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax
authorities of the respective counties in which it operates. The amount of such provisions is based on various factors, such
as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the
responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the
conditions prevailing in the respective Company's domicile.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Deferred tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date. A deferred tax asset is recognized for deductible temporary differences and unused tax losses (tax credits)
carried forward, to the extent that it is probable that future taxable profits will be available.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are
recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
3.12\u00a0 Financial Instruments - Recognition and Initial Measurement
The Company's financial assets include cash and short-term deposits, trade accounts receivable, loan and other
receivables, quoted and unquoted financial instruments, and derivative financial instruments. The Company's financial
liabilities include trade and other payables, loans and borrowings, and derivative financial instruments.
Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets
and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially
measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly
attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at
the transaction price.
3.13\u00a0 Financial Instruments - Classification and Subsequent Measurement
Financial assets
On initial recognition, a financial asset is classified as measured at: amortized costs; fair value through other
comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model
for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as an
FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present
subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This
includes all derivative financial assets (see Note 26). On initial recognition, the Company may irrevocably designate a
financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as measured at FVTPL
if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise (IFRS 9, para 4.1.5). As
of December 31, 2025, we have not made this election.
Financial assets - Business model assessment
The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed and information is provided to management. The
information considered includes:
\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether
management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile,
matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or
realizing cash flows through the sale of the assets;
\u2022 how the performance of the portfolio is evaluated and reported to the Company\u2019s management;
\u2022 the risks that affect the performance of the business model (and the financial assets held within that business model) and
how those risks are managed;
\u2022 how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected; and
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for
this purpose, consistent with the Company\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are
measured at FVTPL.
Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment,
the Company considers:
\u2022 contingent events that would change the amount or timing of cash flows;
\u2022 terms that may adjust the contractual coupon rate, including variable-rate features;
\u2022 prepayment and extension features; and
\u2022 terms that limit the Company\u2019s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount
substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include
reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that
substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include
reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Financial assets - Classification, subsequent measurement and gains and losses
Financial assets at
FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments.
Financial assets at
amortized cost
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is
reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in
profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at
FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method,
foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are
recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at
FVOCI
These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized
in OCI and are never reclassified to profit or loss.
At December\u00a031, 2025, all unquoted equity securities held as non-current financial assets and current and non-current
derivative financial instruments are measured at FVTPL. All other financial assets are measured at amortized cost.
The Company does not hold any debt or equity investments at FVOCI as of December\u00a031, 2025.
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire,
or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Company enters into transactions whereby it transfers assets recognized in its balance sheet, but retains either all or
substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not
derecognized.
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.
(in thousands)
\u00a0
2025
2024
Cash at bank and on hand
\u00a0
$136,157
$92,175
Money market funds
647,809
399,917
Short-term bank deposits
54,653
170,933
Cash and cash equivalents
\u00a0
$838,619
$663,025
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt
investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation
of the original effective interest rate.
ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely
to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When
determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the company's historical experience and informed
credit assessment and including forward-looking information, such as forecast economic conditions.
The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring
expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the
Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances
considering the market information on a country specific basis, and other forward looking information. Trade receivables
are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
3.12\u00a0 Financial Instruments - Recognition and Initial Measurement
The Company's financial assets include cash and short-term deposits, trade accounts receivable, loan and other
receivables, quoted and unquoted financial instruments, and derivative financial instruments. The Company's financial
liabilities include trade and other payables, loans and borrowings, and derivative financial instruments.
Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets
and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially
measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly
attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at
the transaction price.
3.13\u00a0 Financial Instruments - Classification and Subsequent Measurement
Financial assets
On initial recognition, a financial asset is classified as measured at: amortized costs; fair value through other
comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL).
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model
for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change in the business model.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as an
FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling
financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present
subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This
includes all derivative financial assets (see Note 26). On initial recognition, the Company may irrevocably designate a
financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as measured at FVTPL
if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise (IFRS 9, para 4.1.5). As
of December 31, 2025, we have not made this election.
Financial assets - Business model assessment
The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio
level because this best reflects the way the business is managed and information is provided to management. The
information considered includes:
\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether
management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile,
matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or
realizing cash flows through the sale of the assets;
\u2022 how the performance of the portfolio is evaluated and reported to the Company\u2019s management;
\u2022 the risks that affect the performance of the business model (and the financial assets held within that business model) and
how those risks are managed;
\u2022 how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected; and
\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and
expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for
this purpose, consistent with the Company\u2019s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are
measured at FVTPL.
Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition.
\u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount
outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the
contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could
change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment,
the Company considers:
\u2022 contingent events that would change the amount or timing of cash flows;
\u2022 terms that may adjust the contractual coupon rate, including variable-rate features;
\u2022 prepayment and extension features; and
\u2022 terms that limit the Company\u2019s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount
substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include
reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that
substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include
reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the
prepayment feature is insignificant at initial recognition.
Financial assets - Classification, subsequent measurement and gains and losses
Financial assets at
FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend
income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments.
Financial assets at
amortized cost
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is
reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in
profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at
FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method,
foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are
recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at
FVOCI
These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized
in OCI and are never reclassified to profit or loss.
At December\u00a031, 2025, all unquoted equity securities held as non-current financial assets and current and non-current
derivative financial instruments are measured at FVTPL. All other financial assets are measured at amortized cost.
The Company does not hold any debt or equity investments at FVOCI as of December\u00a031, 2025.
Financial liabilities - Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL
are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other
financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and
foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in
profit or loss.
At December\u00a031, 2025, current and non-current derivative financial instruments are measured at FVTPL, with additional
disclosures in Note 25 \"Fair Value Measurements.\" All other financial liabilities are measured at amortized cost.
See Note 26 for financial liabilities designated as hedging instruments.
3.14\u00a0 Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire,
or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Company enters into transactions whereby it transfers assets recognized in its balance sheet, but retains either all or
substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not
derecognized.
Financial liabilities
The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The
Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration
paid (including any non\u2011cash assets transferred or liabilities assumed) is recognized in profit or loss.
3.15\u00a0 Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when,
the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net
basis or to realize the asset and settle the liability simultaneously.
3.16\u00a0 Derivative Financial Instruments and Hedge Accounting
The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are generally recognized in profit or loss.
At inception of designated hedging relationships, the Company documents the risk management objective and strategy for
undertaking the hedge. The Company also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected
to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value
of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined
on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative
is recognized immediately in profit or loss.
The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange
contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve
within equity.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the
amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the
non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve
is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect
profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the
hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging
instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the
translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign
exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in
OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.
(in thousands)
\u00a0
2025
2024
Cash at bank and on hand
\u00a0
$136,157
$92,175
Money market funds
647,809
399,917
Short-term bank deposits
54,653
170,933
Cash and cash equivalents
\u00a0
$838,619
$663,025
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt
investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation
of the original effective interest rate.
ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely
to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When
determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the company's historical experience and informed
credit assessment and including forward-looking information, such as forecast economic conditions.
The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring
expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the
Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances
considering the market information on a country specific basis, and other forward looking information. Trade receivables
are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
3.12\u00a0 Financial Instruments - Recognition and Initial Measurement
The Company's financial assets include cash and short-term deposits, trade accounts receivable, loan and other
receivables, quoted and unquoted financial instruments, and derivative financial instruments. The Company's financial
liabilities include trade and other payables, loans and borrowings, and derivative financial instruments.
Financial liabilities - Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is
classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL
are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other
financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and
foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in
profit or loss.
At December\u00a031, 2025, current and non-current derivative financial instruments are measured at FVTPL, with additional
disclosures in Note 25 \"Fair Value Measurements.\" All other financial liabilities are measured at amortized cost.
Financial liabilities
The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The
Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration
paid (including any non\u2011cash assets transferred or liabilities assumed) is recognized in profit or loss.
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
3.14\u00a0 Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire,
or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Company enters into transactions whereby it transfers assets recognized in its balance sheet, but retains either all or
substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not
derecognized.
Financial liabilities
The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The
Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration
paid (including any non\u2011cash assets transferred or liabilities assumed) is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
3.15\u00a0 Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when,
the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net
basis or to realize the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
3.16\u00a0 Derivative Financial Instruments and Hedge Accounting
The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are generally recognized in profit or loss.
At inception of designated hedging relationships, the Company documents the risk management objective and strategy for
undertaking the hedge. The Company also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected
to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value
of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined
on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative
is recognized immediately in profit or loss.
The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange
contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve
within equity.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the
amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the
non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve
is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect
profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the
hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging
instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the
translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign
exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in
OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
3.16\u00a0 Derivative Financial Instruments and Hedge Accounting
The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are generally recognized in profit or loss.
At inception of designated hedging relationships, the Company documents the risk management objective and strategy for
undertaking the hedge. The Company also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected
to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value
of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined
on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative
is recognized immediately in profit or loss.
The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange
contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve
within equity.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the
amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the
non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve
is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect
profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the
hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging
instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the
translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign
exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in
OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
3.16\u00a0 Derivative Financial Instruments and Hedge Accounting
The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value,
and changes therein are generally recognized in profit or loss.
At inception of designated hedging relationships, the Company documents the risk management objective and strategy for
undertaking the hedge. The Company also documents the economic relationship between the hedged item and the
hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected
to offset each other.
Cash flow hedges
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the
derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value
of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined
on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative
is recognized immediately in profit or loss.
The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange
contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve
within equity.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the
amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the
non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve
is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect
profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is
exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the
hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.
Net investment hedges
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging
instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the
translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign
exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in
OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.
(in thousands)
\u00a0
2025
2024
Cash at bank and on hand
\u00a0
$136,157
$92,175
Money market funds
647,809
399,917
Short-term bank deposits
54,653
170,933
Cash and cash equivalents
\u00a0
$838,619
$663,025
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.
(in thousands)
\u00a0
2025
2024
Cash at bank and on hand
\u00a0
$136,157
$92,175
Money market funds
647,809
399,917
Short-term bank deposits
54,653
170,933
Cash and cash equivalents
\u00a0
$838,619
$663,025
7. Financial Assets
(in thousands)
2025
2024
Current financial assets:
Unquoted debt securities
$259,913
$489,437
Total current financial assets
259,913
\u00a0
489,437
Non-current financial assets:
Unquoted equity securities
5,752
\u00a0
4,283
Total non-current financial assets
5,752
\u00a0
4,283
Total financial assets
$265,665
\u00a0
$493,720
At December\u00a031, 2025 and 2024 , we held unquoted debt securities of $259.9 million and $489.4 million , respectively.
Unquoted Debt Securities
The unquoted debt securities are highly liquid deposits and fixed-income securities consisting of money market deposits and
commercial paper due from financial and nonfinancial institutions. These instruments are classified as current assets in the
accompanying balance sheet as they have an original maturity of less than one year.
Money market deposits are interest-bearing deposit accounts, valued at amortized cost with interest income accrued as
earned. Interest income is determined using the effective interest rate method.
Investments in commercial paper, a marketable debt security, are financial assets accounted for at amortized cost. Interest
income is calculated and accrued using the effective interest method.
(in thousands)
2025
2024
Balance at beginning of year
$489,437
$389,698
Unquoted debt securities acquired
369,014
685,915
Unquoted debt securities redeemed
(597,057)
(584,979)
Gain on sales of unquoted debt securities
(968)
70
Interest redeemed
(2,057)
(3,277)
Additions from accrued interest
710
4,085
Foreign currency translation adjustment
834
(2,075)
Balance at end of year
$259,913
$489,437
Unquoted Equity Securities
At December\u00a031, 2025 and 2024, we had investments in non-publicly traded companies that do not have readily
determinable fair values with carrying amounts that totaled $5.8 million and $4.3 million, respectively. These investments
are required to be accounted for at fair value through profit and loss unless the investment is not held for trading, and the
holder elects at initial recognition to account for it at fair value through other comprehensive income. As this election has
not been made, these investments are accounted for at fair value through profit and loss in other financial results.
There was no observable fair value change in these unquoted equity investments during 2025. All other changes in these
investments for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$4,283
$4,435
Negative fair value movement
\u2014
(250)
Cash investments in equity securities, net
929
342
Foreign currency translation adjustments
540
(244)
Balance at end of year
$5,752
$4,283
In 2024, an investment value declined following an observable change in price of the underlying investment. The decline
in fair value was recorded to other financial results in the accompanying consolidated income statement.
We made additional investments of $0.9 million and $0.3 million in unquoted equity securities for the years ended
December\u00a031, 2025 and 2024, respectively.
8. Trade Accounts Receivable
We sell our products worldwide through sales subsidiaries and distributors. There is no concentration of credit risk with
respect to trade accounts receivable as we have a large number of internationally dispersed customers. Trade accounts
receivable are non-interest bearing and mostly have payment terms of 30 to 90 days. Notes receivable are non-interest
bearing and mostly have payment terms of up to 180 days. For 2025 and 2024, no single customer represented more
than ten percent of trade accounts receivable or consolidated net sales.
(in thousands)
2025
2024
Trade accounts receivable
$409,067
$364,187
Notes receivable
13,079
3,317
Allowance for doubtful accounts
(19,538)
(18,226)
Total trade accounts receivable, net
$402,608
$349,278
The changes in the allowance for doubtful accounts are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$18,226
$17,296
Additions charged to expense
1,143
4,204
Deductions from allowance (1)
(633)
(2,148)
Currency translation adjustments and other
802
(1,126)
Balance at end of year
$19,538
$18,226
(1)Write-offs for which an allowance was previously provided.
16. Financial Debts
At December\u00a031, 2025 and 2024 , total non-current financial debts, net of debt issuance costs of $12.8 million and $7.9
million, respectively, consist of the following:
(in thousands)
2025
2024
0.000% Senior Unsecured Convertible Notes due 2027
$23,189
$444,351
2.500% Senior Unsecured Convertible Notes due 2031
397,967
397,134
2.000% Senior Unsecured Convertible Notes due 2032
631,866
\u2014
German Private Placement (2017 Schuldschein)
17,032
15,050
German Private Placement (2022 Schuldschein)
373,748
383,675
Total financial debts
1,443,802
1,240,210
Less: Current portion of financial debts
\u2014
497,832(1)
Total non-current financial debts
$1,443,802
$742,378(1)
Total amount secured
$\u2014
$\u2014
Unused lines of credit for short-term financing
$485,275
$429,066
(1) The December 31, 2024 balances for the current portion and long-term portion of debt have been revised to correct the classification of certain
amounts. See Note 1.
The notes are all unsecured obligations that rank pari passu. Interest expense on non-current debt was $33.6 million and
$42.6 million for the years ended December\u00a031, 2025 and 2024, respectively. Refer to Note 27 \"Capital Management\"
for a schedule of the changes in total current and non-current financial debts during 2025.
Repayments of non-current debts for the years ended December\u00a031, 2025 and 2024 consisted of:
(in thousands)
2025
2024
German Private Placement (2022 Schuldschein)
$60,167
$\u2014
German Private Placement (2017 Schuldschein)
\u2014
101,536
0.000% Senior Unsecured Cash Convertible Notes due 2027
474,000
\u2014
1.000% Senior Unsecured Cash Convertible Notes due 2024
\u2014
500,000
Total repayment of non-current debt
$534,167
$601,536
The principal amount, carrying amount and fair values of non-current debt instruments as of December\u00a031, 2025 and
2024 are summarized below.
2025
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair value
Amount
Leveling
Convertible Notes due 2027
$23,189
$\u2014
$23,189
$23,844
Level 1
Convertible Notes due 2031 (1)
402,713
(4,746)
397,967
520,570
Level 1
Convertible Notes due 2032 (1)
639,472
(7,606)
631,866
762,600
Level 1
German Private Placement (2017 Schuldschein)
17,039
(7)
17,032
16,692
Level 2
German Private Placement (2022 Schuldschein)
374,234
(486)
373,748
366,130
Level 2
$1,456,647
($12,845)
$1,443,802
$1,689,836
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million and 2032 Notes $110.5\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
2024
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair Value
Amount
Leveling
Convertible Notes due 2027 (1)
445,949
(1,598)
444,351
475,835
Level 1
Convertible Notes due 2031 (1)
402,713
(5,579)
397,134
511,150
Level 1
German Private Placement (2017 Schuldschein)
15,069
(19)
15,050
14,560
Level 2
German Private Placement (2022 Schuldschein)
384,393
(718)
383,675
380,180
Level 2
$1,248,124
($7,914)
$1,240,210
$1,381,725
(1)The initial fair value liability of the embedded conversion options for the 2027 Notes was $54.1\u00a0million and for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2025 and future interest
as of December\u00a031, 2025 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2026
$\u2014
$11,296
$27,229
$38,525
2027
147,680
134,258
50,418
184,676
2028
\u2014
8,053
27,229
35,282
2029
164,328
170,093
27,229
197,322
2030
\u2014
3,152
27,229
30,381
Thereafter
1,131,794
114,524
1,063,267
1,177,791
$1,443,802
$441,376
$1,222,601
$1,663,977
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2024 and future interest
as of December\u00a031, 2024 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2025(2)
$497,832
$65,029
$456,712
$521,741
2026
\u2014
10,658
12,361
23,019
2027(2)
109,978
119,218
12,361
131,579
2028
\u2014
7,649
12,361
20,010
2029
145,189
150,586
12,361
162,947
Thereafter (1)
487,211
104,064
418,044
522,108
$1,240,210
$457,204
$924,200
$1,381,404
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying
value of the Convertible Notes as discussed further below.
(2) Future 2025 and 2027 contractual cash obligations have been revised to correct the classification for the 2027 Notes repaid to bondholders in
December 17, 2025. See Note 1.
Interest expense for the years ended December\u00a031, 2025 and 2024 related to the 2032 Notes, 2031 Notes, 2027 Notes
and the cash convertible notes was comprised of the following:
(in\u00a0thousands)\u00a0
2025
2024
Coupon interest
$18,104
$8,604
Amortization of original issuance discount
\u2014
16,075
Amortization of debt issuance costs
2,798
1,690
Total interest expense related to the convertible notes
$20,902
$26,369
Convertible Notes due 2032
On September 4, 2025, we issued 2.0% cash convertible notes in an aggregate principal amount of $750.0 million with
a maturity date of September 4, 2032 (2032 Notes). The 2032 Notes carry interest of 2.0% per annum payable semi-
annually in arrears. The net proceeds of the 2032 Notes totaled $742.0 million, after debt issuance costs of $8.0 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2032 Notes resulting in an effective
interest rate of the 2032 Notes of 2.16%. Judgment is required to estimate the expected maturity as the 2032 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2032 Notes was $110.5 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2032 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,094.3562 shares per $200,000 principal amount of notes (which represented an initial conversion price of $64.6338
per share, or 11.6 million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note
18 \"Equity,\" the adjusted conversion rate became 3,091.0563 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $64.7028. At conversion, we will settle the 2032 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2032 Notes may be redeemed at the option of each noteholder at their principal amount on September 4, 2030 or in
connection with a change of control or delisting event.
The 2032 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after October\u00a015, 2025 through March\u00a03,
2032:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 4, 2032
and ending on the 45th business day prior to September\u00a04, 2032.
No contingent conversion conditions were triggered for the 2032 Notes as of December\u00a031, 2025.
Convertible Notes due 2031
On September\u00a010, 2024, we issued 2.500% convertible notes in an aggregate principal amount of $500.0 million with a
maturity date of September 10, 2031 (2031 Notes). The 2031 Notes carry interest of 2.50% per annum payable semi-
annually in arrears. The net proceeds of the 2031 Notes totaled $494.2 million, after debt issuance costs of $5.8 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2031 Notes resulting in an effective
interest rate of the 2031 Notes of 2.68%. Judgment is required to estimate the expected maturity as the 2031 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2031 Notes was $97.3 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2031 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,124.3702 shares per $200,000 principal amount of notes (which represents an initial conversion price of $64.0129
per share or 7.8\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 3,136.9055 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $63.7571. At conversion, we will settle the 2031 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2031 Notes may be redeemed at the option of each noteholder at their principal amount on September 10, 2029 or
in connection with a change of control or delisting event.
The 2031 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price, in the following circumstances beginning after October\u00a021, 2024 through March\u00a09,
2031:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 10, 2031
and ending on the 45th business day prior to September\u00a010, 2031.
No contingent conversion conditions were triggered for the 2031 Notes as of December\u00a031, 2025.
Convertible Notes due 2027
On December 17, 2020, we issued zero coupon convertible notes in an aggregate principal amount of $500.0\u00a0million
with a maturity date of December 17, 2027 (2027 Notes). The 2027 Notes carry no coupon interest. The net proceeds of
the 2027 Notes totaled $497.6\u00a0million, after payment of debt issuance costs of $3.7\u00a0million. On the December 17, 2025
put date, $474.0\u00a0million of the 2027 Notes was repaid at the election of the bondholders, after which the remaining
$23.2\u00a0million was reclassified to long-term debt. All debt issue costs were amortized to the put date. In 2025, the effective
interest rate of the 2027 Notes is 1.65%, which is imputed based on the amortization of the fair value of the embedded
conversion option over the remaining term of the 2027 Notes.
Because the Convertible Notes contain an embedded conversion option, we have determined that the embedded
conversion option is a derivative financial instrument, which is required to be separated from the Convertible Notes and
accounted for separately as a derivative liability, with changes in fair value reported in our consolidated income statements
until the conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options
for the 2027 Notes was $54.1\u00a0million which simultaneously reduced the carrying value of the Convertible Notes. For
further discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk
Factors and Use of Derivative Financial Instruments.\"
The 2027 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
2,477.65 shares per $200,000 principal amount of notes (which represented an initial conversion price of $80.7218 per
share, or 6.2\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 2,485.1914 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $80.4767. At conversion, we will settle the 2027 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The notes may be redeemed in connection with a change of control or delisting event (as further described in the 2027
Notes).
The 2027 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after January 27, 2021 through June 16,
2027:
\u2022 if the last reported sale price of our common shares for at least 20-consecutive trading days during a period of 30-
consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than
or equal to 130% of the conversion price on each applicable trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control, as defined in the agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be occurs during the period of 10 days, including
the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived.
The noteholders may convert their notes at any time, without condition, on or after June 17, 2027 until the 45th business
day prior to December 17, 2027.
No contingent conversion conditions were triggered for the 2027 Notes as of December\u00a031, 2025 or December\u00a031,
2024.
Cash Convertible Notes 2024
In November 2024, we repaid at maturity $500.0 million of Cash Convertible Senior Notes (2024 Notes) that had been
issued on November 13, 2018 with net proceeds of $468.9 million after payment of the net cost of the Call Spread
Overlay and transaction costs.
Cash Convertible Notes Call Spread Overlay
Concurrent with the issuance of the cash convertible notes, we entered into privately negotiated hedge transactions (Call
Options) with, and issued warrants to purchase shares of our common stock (Warrants) to, certain financial institutions. We
refer to the Call Options and Warrants collectively as the \u201cCall Spread Overlay.\u201d The Call Options were intended to offset
any cash payments payable by us in excess of the principal amount due upon any conversion of the cash convertible
notes. The Call Options and Warrants are derivative financial instruments and are discussed further in Note 26 \"Financial
Risk Factors and Use of Derivative Financial Instruments.\"
Aside from the initial payment of a premium, we will not be required to make any cash payments under the Call Options,
and will be entitled to receive an amount of cash, generally equal to the amount by which the market price per share of our
common shares exceeds the exercise price of the Call Options during the relevant valuation period. The exercise price
under the Call Options is initially equal to the conversion price of the cash convertible notes.
The Call Options related to the 2024 Notes expired unexercised in November 2024.
The Warrants that were issued with our cash convertible notes, could have a dilutive effect to the extent that the price of
our common stock exceeds the applicable strike price of the Warrants. For each Warrant that is exercised, we will deliver
to the holder a number of shares of our common stock equal to the amount by which the settlement price exceeds the
exercise price, plus cash in lieu of any fractional shares. We will not receive any proceeds if the Warrants are exercised.
All Warrants related to the 2024 Notes expired unexercised in November 2024 upon maturity.
German Private Placement (2017 Schuldschein)
In 2017, we completed a German private placement bond (2017 Schuldschein) which was issued in several tranches
totaling $331.1 million due in various periods through 2027. In the first half of 2021, we repaid $41.1\u00a0million for two
tranches that matured. In October 2022, we repaid $153.0 million for the four tranches that matured. The euro tranches
are designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as
described in Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method,
the change in the carrying value of the euro-denominated tranches attributed to the net investment hedge as of
December\u00a031, 2025 totaled $0.9\u00a0million of unrealized gain and is recorded in equity. We paid $1.2 million in debt
issuance costs which are being amortized through interest expense over the lifetime of the notes.
A following table shows the last remaining tranche of the 2017 Schuldschein as of December\u00a031, 2025 and 2024:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac31.0 million
Floating EURIBOR + 0.7%
June 2027
$17,032
$15,050
German Private Placement (2022 Schuldschein)
In July and August 2022, we completed another German private placement bond (2022 Schuldschein) which was issued
in several tranches totaling \u20ac370.0\u00a0million due in various periods through 2035. In July 2025, we repaid $60.2 million
for the \u20ac51.5\u00a0million tranche that matured. The 2022 Schuldschein consists of euro-denominated tranches which have
either a fixed or floating rate. All tranches except for the \u20ac70.0\u00a0million fixed 3.04% tranche due August 2035 are ESG-
linked wherein the interest rate is subject to adjustment of +/- 0.025% if our ESG rating changes. The euro tranches are
designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as described in
Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method, the change in
the carrying value of the euro-denominated tranches attributed to the net investment hedge as of December\u00a031, 2025
totaled $53.3 million of unrealized loss and is recorded in equity. We paid $1.2 million in debt issuance costs which are
being amortized through interest expense using the effective interest method over the lifetime of the notes.
A summary of the tranches is as follows:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac51.5 million
Floating 6M EURIBOR + 0.55%
July 2025
$\u2014
$53,481
\u20ac62.0 million
Fixed 2.741%
July 2027
72,814
64,323
\u20ac29.5 million
Floating 6M EURIBOR + 0.70%
July 2027
34,645
30,605
\u20ac37.0 million
Fixed 3.044%
July 2029
43,430
38,371
\u20ac103.0 million
Floating 6M EURIBOR + 0.85%
July 2029
120,898
106,818
\u20ac9.5 million
Fixed 3.386%
July 2032
11,146
9,849
\u20ac7.5 million
Floating 6M EURIBOR + 1.0%
July 2032
8,800
7,776
\u20ac70.0 million
Fixed 3.04%
August 2035
82,015
72,452
$373,748
$383,675
Revolving Credit Facility
Our credit facilities available and undrawn at December\u00a031, 2025 total \u20ac413.0 million (approximately $485.3 million).
This includes a \u20ac400.0 million syndicated ESG-linked revolving credit facility expiring December 2030 (with one
additional annual extension option) and two other lines of credit amounting to \u20ac13.0 million with no expiration date. The
\u20ac400.0 million facility can be utilized in euro and bears interest of 0.550% to 1.500% above EURIBOR, offered with
interest periods of one, three or six months. The commitment fee is calculated based on 35% of the applicable margin.
Commitment fees of $0.9 million and $0.8 million were paid for years ended December\u00a031, 2025 and 2024,
respectively. The revolving facility agreement contains certain non-financial covenants including, but not limited to,
restrictions on the encumbrance of assets. We were in compliance with these covenants at December\u00a031, 2025. The
revolving credit facilities are for general corporate purposes and no amounts were utilized at December\u00a031, 2025. Of the
\u20ac13.0 million facilities, \u20ac8.2 million is used for bank guarantees and letters of credit as December\u00a031, 2025.
25. Fair Value Measurements
Assets and liabilities are measured at fair value according to a three-tier fair value hierarchy which prioritizes the inputs
used in measuring fair value as follows:
\u2022 Level 1.Observable inputs, such as quoted prices in active markets;
\u2022 Level 2.Inputs, other than the quoted price in active markets, that are observable either directly or indirectly; and
\u2022 Level 3.Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its
own assumptions.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2025 . It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$190,810
$647,809
$838,619
$647,809
$\u2014
$\u2014
$647,809
Trade accounts receivable
\u2014
402,608
\u2014
402,608
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
259,913
\u2014
259,913
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
5,752
5,752
\u2014
\u2014
5,752
5,752
Foreign exchange forwards and options
\u2014
\u2014
2,448
2,448
\u2014
2,448
\u2014
2,448
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
$\u2014
$853,331
$656,009
$1,509,340
$647,809
$2,448
$5,752
$656,009
Liabilities:
Lease liabilities (1)
$\u2014
($159,055)
$\u2014
($159,055)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(72,656)
\u2014
(72,656)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(1,978)
(1,978)
\u2014
(1,978)
\u2014
(1,978)
Interest rate contracts - cash flow hedge
(22,363)
\u2014
\u2014
(22,363)
\u2014
(22,363)
\u2014
(22,363)
Warrants and embedded conversion option
\u2014
\u2014
(131,613)
(131,613)
\u2014
(131,613)
\u2014
(131,613)
Contingent consideration
\u2014
\u2014
(22,753)
(22,753)
\u2014
\u2014
(22,753)
(22,753)
Total financial liabilities
($22,363)
($231,711)
($156,344)
($410,418)
$\u2014
($155,954)
($22,753)
($178,707)
(1)Separate disclosure of fair value of lease liabilities is not required.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2024. It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$263,108
$399,917
$663,025
$399,917
$\u2014
$\u2014
$399,917
Trade accounts receivable
\u2014
349,278
\u2014
349,278
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
489,437
\u2014
489,437
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
4,283
4,283
\u2014
\u2014
4,283
4,283
Foreign exchange forwards and options
\u2014
\u2014
5,761
5,761
\u2014
5,761
\u2014
5,761
Interest rate contracts - cash flow hedge
14,340
\u2014
6,677
21,017
\u2014
21,017
\u2014
21,017
Total financial assets
$14,340
$1,101,823
$416,638
$1,532,801
$399,917
$26,778
$4,283
$430,978
Liabilities:
Lease liabilities (1)
$\u2014
($120,993)
$\u2014
($120,993)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(83,272)
\u2014
(83,272)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(13,752)
(13,752)
\u2014
(13,752)
\u2014
(13,752)
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Warrants and embedded conversion option
\u2014
\u2014
(89,609)
(89,609)
\u2014
(89,609)
\u2014
(89,609)
Contingent consideration
\u2014
\u2014
(20,650)
(20,650)
\u2014
\u2014
(20,650)
(20,650)
Total financial liabilities
$\u2014
($204,265)
($124,011)
($328,276)
$\u2014
($103,361)
($20,650)
($124,011)
(1)Separate disclosure of fair value of lease liabilities is not required.
Our assets and liabilities measured at fair value on a recurring basis consist of certain cash equivalents, which are
classified as Level 1 of the fair value hierarchy; derivative contracts used to hedge currency and interest rate risk, and
derivative contracts to protect part of the net investments in foreign operations against adverse changes in the exchange
rate between the euro and functional currency of the U.S. dollar, which are classified in Level 2 of the fair value hierarchy;
contingent consideration accruals which are classified in Level 3 of the fair value hierarchy; and unquoted equity securities
remeasured during the years ended December\u00a031, 2025 and 2024 classified within Level 3 in the fair value hierarchy.
There were no transfers between levels for the year ended December\u00a031, 2025.
In determining fair value for Level 2 instruments, we apply a market approach, using quoted active market prices relevant
to the particular instrument under valuation, giving consideration to the credit risk of both the respective counterparty to the
contract and the Company. To determine our credit risk, we estimated our credit rating by benchmarking the price of
outstanding debt to publicly-available comparable data from rated companies. Using the estimated rating, our credit risk
was quantified by reference to publicly-traded debt with a corresponding rating. The Level 2 derivative financial
instruments include the Call Options asset, the Warrants liability and the embedded conversion option liability. See Note
16 \"Financial Debts\" and Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments\" for further
information. The derivatives are not actively traded and are valued based on an option pricing model that uses observable
market data for inputs. Significant market data inputs used to determine fair values included our common share price, the
risk-free interest rate, and the implied volatility of our common shares. The Call Options asset and the embedded cash
conversion option liability were designed with the intent that changes in their fair values would substantially offset, with
limited net impact to our earnings. Therefore, the sensitivity of changes in the unobservable inputs to the option pricing
model for such instruments is substantially mitigated.
Our Level 3 instruments include unquoted equity security investments which are initially recognized at transaction cost and
subsequently measured at fair value. Where there is no active market, fair value is established based on any observable
price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are
determined primarily based on a market approach as of the transaction date. Refer to Note 7 \"Financial Assets\" for the
change in unquoted equity securities with Level 3 inputs during the years ended December\u00a031, 2025 and 2024.
Our Level 3 instruments also include contingent consideration liabilities. We value contingent consideration liabilities using
unobservable inputs, applying the income approach, such as the discounted cash flow technique, or the probability-
weighted scenario method. Contingent consideration arrangements obligate us to pay the sellers of an acquired entity if
specified future events occur or conditions are met such as the achievement of technological or revenue milestones. We use
various key assumptions, such as the probability of achievement of the milestones (0% to 100%) and the discount rate
(between 11.4% and 11.8%), to represent the non-performing risk factors and time value when applying the income
approach. We regularly review the fair value of the contingent consideration, and reflect any change in the accrual in the
consolidated income statements in the line items commensurate with the underlying nature of milestone arrangements.
The fair value of contingent liabilities is based on internal forecasts and the weighted average cost of capital derived from
market data, which are considered Level 3 inputs. The following table summarizes the activity for the years ended
December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
($20,650)
($18,359)
Additions from acquisitions
(18,003)
\u2014
Changes in fair value
4,100
(2,291)
Payments
11,800
\u2014
Balance at end of year
($22,753)
($20,650)
As of December\u00a031, 2025 and 2024, $16.2 million and $20.7 million, respectively, was accrued for contingent
consideration and is included in other current liabilities in the accompanying consolidated balance sheets and $6.6 million
is included in other non-current liabilities in the accompanying balance sheet as of December\u00a031, 2025.
The estimated fair value of non-current financial debts, as disclosed in Note 16 \"Financial Debts\" was based on current
interest rates for similar types of borrowings. The estimated fair values may not represent actual values of the financial
instruments that could be realized as of the balance sheet date or that will be realized in the future.
The fair values of the financial instruments are presented in Note 16 \"Financial Debts\" and were determined as follows:
Convertible Notes: Fair value is based on an estimation using available over-the-counter market information on the
Convertible Notes due in 2027, 2031 and 2032.
German Private Placement: Fair value is based on an estimation using changes in the euro swap rates.
There were no adjustments in the years ended December\u00a031, 2025 and 2024 for nonfinancial assets or liabilities required
to be measured at fair value on a nonrecurring basis.
26. Financial Risk Factors and Use of Derivative Financial Instruments
26.1.Financial Risks
Our risk management approach embodies the key elements of a sound risk management system including (1) active
Supervisory Board and senior management involvement; (2) adequate policies and procedures; (3) adequate risk
management, monitoring and information systems; and (4) comprehensive internal controls. Refer to the detail discussion
under the header Risk Management within the Management Report included in this annual report.
Market risk
Our market risk relates primarily to interest rate exposures on cash, short-term investments and borrowings, and foreign
currency exposures. Financial risk is centrally managed and is regulated by internal guidelines which require a continuous
internal risk analysis. The overall objective of our risk management is to reduce the potential negative earnings effects from
changes in interest and foreign exchange rates. Exposures are managed through operational methods and financial
instruments relating to interest rate and foreign exchange risks. In the ordinary course of business, we use derivative
instruments, including swaps, forwards and/or options, to manage potential losses from foreign currency exposures and
interest rates. The principal objective of such derivative instruments is to minimize the risks and/or costs associated with
global financial and operating activities. We do not utilize derivative or other financial instruments for trading or other
speculative purposes. All derivatives are recognized as either assets or liabilities in the balance sheet and are measured at
fair value with any change in fair value recognized in earnings in the period of change, unless the derivative qualifies as
an effective hedge that offsets certain exposures. In determining fair value, we consider both the counterparty credit risk
and our own creditworthiness, to the extent that the derivatives are not covered by collateral agreements with respective
counterparties.
Foreign currency exchange rates
As a global enterprise, we are subject to risks associated with fluctuations in foreign currencies with regard to our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions as
well as future cash flows resulting from anticipated transactions including intra-group transactions. We manage our
balance sheet exposure on a group-wide basis primarily using foreign exchange forward contracts, options and cross-
currency swaps. Foreign currency transactions for the year ended December\u00a031, 2025 resulted in a net loss of
$5.5\u00a0million and a net loss of $2.7\u00a0million for the year ended December\u00a031, 2024. These amounts are included in other
financial results in the accompanying consolidated income statements.
A significant portion of our revenues and expenses are earned and incurred in currencies other than the U.S. dollar. The
euro is the most significant such currency, with others including the British pound, Chinese renminbi, Japanese yen, and
Swiss franc. Fluctuations in the value of the currencies in which we conduct our business relative to the U.S. dollar have
caused and will continue to cause U.S. dollar translations of such currencies to vary from one period to another. Due to the
number of currencies involved, the constantly changing currency exposures, and the potential substantial volatility of
currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In
general terms, depreciation of the U.S. dollar against our other foreign currencies will increase reported net sales.
However, this effect is, at least partially, offset by the fact that we also incur substantial expenses in foreign currencies.
We have significant production and manufacturing facilities located in Germany and intercompany sales of inventory also
expose us to foreign currency exchange rate risk. Intercompany sales of inventory are generally denominated in the local
currency of the subsidiary purchasing the inventory in order to centralize foreign currency risk with the manufacturing
subsidiary. We use an in-house bank approach to net and settle intercompany payables and receivables as well as
intercompany foreign exchange swaps and forward contracts in order to centralize the foreign exchange rate risk to the
extent possible. We have entered in the past and may enter in the future into foreign exchange derivatives including
forwards, swaps and options to manage the remaining foreign exchange exposure.
For the presentation of market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes of
relevant risk variables on profit or loss and shareholders' equity. Currency risks as defined by IFRS 7 arise on account of
financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature;
differences resulting from the translation of financial statements into the Company's presentation currency are not taken into
consideration. Relevant risk variables are generally all non-functional currencies in which QIAGEN has financial
instruments.
QIAGEN is exposed to currency risks from financial derivatives. If each of the respective currency pairs for which the
Company has financial derivatives in place, which do not qualify for hedge accounting in accordance with IFRS 9, varied
from the rates used for the preparation of the consolidated financial statements, this would have had an effect on the net
income of the Company. Any effect would have been almost fully off-set by corresponding valuation adjustments in the
positions, which economically had been hedged by these financial derivatives. Accordingly, the net effect of such variance
in currency rates would not have been material.
If, at December\u00a031, 2025, the U.S. dollar had gained or lost 10% against all identified major currencies, the estimated
effect on the fair value of the financial derivatives would have been as follows:
\u00a0
As of December 31, 2025
As of December 31, 2024
(in thousands)
10% higher
10% lower
10% higher
10% lower
Currency
\u00a0
\u00a0
\u00a0
\u00a0
Euro (EUR)
$7,124
($7,120)
$13,871
($13,871)
Australian Dollar (AUD)
538
(538)
1,038
(1,038)
Swedish Krona (SEK)
\u2014
\u2014
(91)
111
Japanese Yen (JPY)
(362)
408
(169)
206
Canadian Dollar (CAD)
425
(519)
284
(347)
Singapore Dollar (SGD)
35
(43)
(799)
977
Swiss Franc (CHF)
2,838
(3,469)
5,971
(7,320)
Pound Sterling (GBP)
3,332
(3,329)
533
(533)
South Korean Won (KRW)
\u2014
\u2014
210
(257)
Chinese Yuan (CNY)
(422)
533
(5,095)
6,237
Norwegian Krone (NOK)
180
(219)
191
(234)
Polish Zloty (PLN)
(8)
9
(706)
863
Thai Baht (THB)
1,572
(1,916)
1,505
(1,839)
Indian Rupee (INR)
147
(189)
26
(31)
Danish Krone (DKK)
429
(525)
304
(372)
Total
$15,828
($16,917)
$17,073
($17,448)
Interest rates
The Company is exposed to interest rate risk by floating rate financial debt and floating rate financial assets. This exposure
is managed by varying the proportion of fixed and floating rate debt, while all non-derivative financial assets pay interest
on floating rates. Net financial income earned on the Company's net financial assets is generally affected by changes in
the level of interest rates, principally the euro and the U.S. dollar interest rate.
At December\u00a031, 2025, we had $838.6 million in cash and cash equivalents (2024: $663.0 million). Interest income
earned on our cash investments is affected by changes in the relative levels of market interest rates. We only invest in high-
grade investment instruments. A hypothetical adverse 10% movement in market interest rates would have impacted our
financial statements by approximately $3.9 million.
Borrowings against lines of credit are at variable interest rates. We had no amounts outstanding against our lines of credit
at December\u00a031, 2025 and 2024. A hypothetical adverse 10% movement in market interest rates would not have
materially impacted our financial statements.
At December\u00a031, 2025, we had total debt of $1.4 billion (2024: $1.2 billion), of which of which $164.3 million is
floating interest rate debt (2024: $198.7 million). A hypothetical adverse 10% movement in market interest rates would not
have materially impacted our financial statements.
Liquidity risk
To date, we have funded our business primarily through internally generated funds, debt and the private and public sales
of equity. Our primary use of cash has been to support continuing operations and our investing activities including capital
expenditure requirements and acquisitions. As of December\u00a031, 2025 and 2024, we had cash and cash equivalents of
$838.6 million and $663.0 million, respectively. We also had current financial assets of $259.9 million and $489.4
million, respectively. Cash and cash equivalents are primarily held in euros and U.S. dollars, other than those cash
balances maintained in the local currency of subsidiaries to meet local working capital needs. As of December\u00a031, 2025
and 2024, we had working capital of $1.5 billion and $1.0 billion, respectively.
We have a \u20ac400.0 million syndicated revolving credit facility expiring with a contractual life until December 2030 (with
one additional annual extension option), of which no amounts were utilized at December\u00a031, 2025. We have two other
lines of credit amounting to \u20ac13.0 million with no expiration date, none of which were utilized as of December\u00a031, 2025.
We also have repayment obligations of $1.4 billion of long-term financial debt (2024: $1.2 billion) as of December\u00a031,
2025.
As of December\u00a031, 2025, our future contractual cash obligations are as follows:
Contractual Obligations
(in thousands)
Payments Due by Period
Total
2026
2027
2028
2029
2030
Thereafter
Financial debt (1)
$1,663,977
$38,525
$184,676
$35,282
$197,322
$30,381
$1,177,791
Lease obligations
183,952
34,804
30,631
24,587
17,407
10,889
65,634
Purchase obligations
148,733
78,587
42,675
22,500
3,465
1,506
\u2014
Trade and other accounts payable
72,656
72,656
\u2014
\u2014
\u2014
\u2014
\u2014
License and royalty payments
18,525
1,933
1,986
1,844
1,852
1,881
9,029
Total contractual cash obligations
$2,087,843
$226,505
$259,968
$84,213
$220,046
$44,657
$1,252,454
(1)Amounts include required principal, stated at current carrying values, and interest payments. As described elsewhere in this Note 16, certain of our
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.
We believe that funds from operations, existing cash and cash equivalents, together with the proceeds from our public and
private sales of equity, and availability of financing facilities, will be sufficient to fund our planned operations and
expansion during the coming year. However, any global economic downturn may have a greater impact on our business
than currently expected, and we may experience a decrease in the sales of our products, which could impact our ability to
generate cash. If our future cash flows from operations and other capital resources are not adequate to fund our liquidity
needs, we may be required to obtain additional debt or equity financing or to reduce or delay our capital expenditures,
acquisitions or research and development projects. If we could not obtain financing on a timely basis or at satisfactory
terms, or implement timely reductions in our expenditures, our business could be adversely affected.
Credit risk
Financial instruments that potentially subject us to concentrations of credit risk are cash and cash equivalents, financial
assets, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents and financial assets
by dealing with highly rated financial institutions, and investing in a broad and diverse range of financial instruments.
We have established guidelines related to credit quality and maturities of investments intended to maintain safety and
liquidity. Concentration of credit risk with respect to accounts receivable is limited due to a large and diverse customer
base, which is dispersed over different geographic areas. Allowances are maintained for potential credit losses and such
losses have historically been within expected ranges. There were no significant concentrations of credit risk during the
reporting period. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the
balance sheet.
Credit risk is managed on a Company basis, except for credit risk relating to accounts receivable balances. Each local
entity is responsible for managing and analyzing the credit risk for each of their new customers before standard payment
and delivery terms and conditions are offered. Further discussion of the allowance for doubtful accounts can be found in
Note 8 \"Trade Accounts Receivable.\"
Counterparty risk
The financial instruments used in managing our foreign currency, equity and interest rate exposures have an element of risk
in that the counterparties may be unable to meet the terms of the agreements. To the extent that derivatives are not subject
to mutual collateralization agreements, we attempt to minimize this risk by limiting the counterparties to a diverse group of
highly rated international financial institutions. The carrying values of our financial instruments incorporate the non-
performance risk by using market pricing for credit risk. However, we have no reason to believe that any counterparties
will default on their obligations and therefore do not expect to record any losses as a result of counterparty default. To
minimize our exposure with any single counterparty, we have entered into master agreements with all derivatives trading
counterparties that require collateralization of the net market value of outstanding positions.
Fair values
The fair values of financial assets and financial liabilities are determined in accordance with the accounting policies stated
under Note 3.12 \"Financial Instruments \u2013 Recognition and Initial Measurement\" and Note 3.13 \"Financial Instruments \u2013
Classification and Subsequent Measurement.\"
Equity prices
The Warrants issued as part of the Call Spread Overlay related to the 2024 Notes, and the embedded conversion options
on 2027 Notes, 2031 Notes and 2032 Notes, discussed in Note 16 \"Financial Debts\" and Note 26.2 \"Use of Derivative
Financial Instruments\" expose us to income statement volatility due to changes in our own equity price. All Warrants related
to the 2024 Notes expired unexercised. Changes in the embedded conversion option are recognized in other financial
results. Assuming a hypothetical 10% increase or decrease in equity prices at December\u00a031, 2025, the estimated effect
would have been approximately $45.0 million loss or $38.6 million gain, respectively (2024: $26.7 million loss or $23.1
million gain).
Commodities
We have exposure to price risk related to anticipated purchases of certain commodities used as raw materials in our
business. A change in commodity prices may alter the gross margin, but due to the limited exposure to any single raw
material, a price change is unlikely to have a material unforeseen impact on earnings.
26.2Use of Derivative Financial Instruments
Derivatives and Hedging
Objective and Strategy
In the ordinary course of business, we use derivative instruments, including swaps, forwards and/or options, to manage
potential losses from foreign currency exposures and interest bearing assets or liabilities. The principal objective of such
derivative instruments is to minimize the risks and/or costs associated with our global financial and operating activities.
We do not utilize derivative or other financial instruments for trading or other speculative purposes. We recognize all
derivatives as either assets or liabilities on the balance sheet on a gross basis, measure those instruments at fair value and
recognize the change in fair value in earnings in the period of change, unless the derivative qualifies as an effective hedge
that offsets certain exposures. We have agreed with almost all of our counterparties with whom we had entered into cross-
currency swaps, interest rate swaps or foreign exchange contracts, to enter into bilateral collateralization contracts under
which we will receive or provide cash collateral, as the case may be, for the net position with each of these counterparties.
As of December\u00a031, 2025, cash collateral positions consisted of $0.7 million recorded in other current liabilities and
$22.5 million recorded in other current assets. As of December\u00a031, 2024, we had cash collateral positions consisting of
$16.8 million recorded in other current liabilities and $3.2 million recorded in other current assets in the accompanying
consolidated balance sheet.
Non-Derivative Hedging Instrument
Net Investment Hedge
We are party to a foreign currency non-derivative hedging instrument that is designated and qualifies as a net investment
hedge. The objective of the hedge is to protect part of the net investment in foreign operations against adverse changes in
the exchange rate between the euro and the U.S. dollar. The non-derivative hedging instrument is the German private
corporate bond (2017 Schuldschein) which was issued in 2017 in both U.S. dollars and euros for a total of $331.1
million as described in Note 16 \"Financial Debts.\" Since then, all but one of the tranches was paid as described in Note
16\u00a0 and as of December\u00a031, 2025, \u20ac14.5 million remains designated as a hedging instrument against a portion of our
euro net investments in our foreign operations. In July 2022, we issued an additional \u20ac370.0 million German private
corporate bond (2022 Schuldschein) as described in Note 16, and it is designated in its entirety as the hedging instrument
against a portion of our euro net investments in our foreign operations. As further discussed in Note 16 \"Financial Debts.\"
\u20ac51.5\u00a0million of the 2022 Schuldschein matured and repaid in July 2025 and as a result, \u20ac318.5\u00a0million remained
designated as hedging instrument as of December\u00a031, 2025. The relative changes in both the hedged item and hedging
instrument are calculated by applying the change in spot rate between two assessment dates against the respective
notional amount. The effective portion of the hedge is recorded in the cumulative translation adjustment account within
accumulated other comprehensive loss. Based on the spot rate method, the unrealized loss recorded in equity as of
December\u00a031, 2025 and 2024 is $54.2 million and $10.7 million, respectively. Since we are using the debt as the
hedging instrument, which is also remeasured based on the spot rate method, there is no hedge ineffectiveness related to
the net investment hedge as of December\u00a031, 2025 and 2024.
Derivatives Designated as Hedging Instruments
Cash Flow Hedges
As of December\u00a031, 2025 and 2024, we held derivative instruments that are designated and qualify as cash flow hedges,
where the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive loss
and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains
and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment
of effectiveness are recognized in current earnings. To date, we have not recorded any hedge ineffectiveness related to
any cash flow hedges in earnings. Based on their valuation as of December\u00a031, 2025, we expect approximately $7.8
million of derivative gains included in accumulated other comprehensive loss will be reclassified into income during the
next 12 months. The cash flows derived from derivatives are classified in the consolidated statements of cash flows in the
same category as the hedged item.
We use interest rate derivative contracts to align our portfolio of interest bearing assets and liabilities with our risk
management objectives. Since 2015, we have been a party to five cross currency interest rate swaps through 2025 for a
total notional amount of \u20ac180.0 million which qualify for hedge accounting as cash flow hedges. In September 2022, we
entered into five new cross currency interest rate swaps through 2025 for a total notional amount of CHF 542.0 million
which qualify for hedge accounting as cashflow hedges. In November 2024, we settled these cross-currency interest rate
swaps and as a result, reclassified $5.4 million of derivative losses included in accumulated other comprehensive loss to
income in other financial results in the accompanying consolidated income statement.
As of December\u00a031, 2024, we determined that no ineffectiveness exists related to these swaps. The interest receivables of
$1.7 million were recorded in other current assets in the accompanying consolidated balance sheet as of December\u00a031,
2024.
Derivatives Not Designated as Hedging Instruments
Call Options and Warrants
Prior to 2024, we entered into Call Options which, along with the sale of the Warrants, represented the Call Spread
Overlay entered into in connection with the 2024 cash convertible notes (2024 Notes). In these transactions, the Call
Options were intended to address the equity price risk inherent in the cash conversion feature by offsetting cash payments
in excess of the principal amount due upon any conversion of the 2024 Notes. Accordingly, the derivative is presented as
either current or long-term based upon the classification of the related debt. The 2024 Notes were repaid at maturity in
November 2024 and the Call Options expired unexercised.
Aside from the initial payment of premiums for the Call Options, we were not required to make any cash payments under
the Call Options. We were, however, entitled to receive an amount of cash generally equal to the amount by which the
market price per share of our common stock exceeded the exercise price of the Call Options during the relevant valuation
period. The exercise price under the Call Options was equal to the conversion price of the 2024 Notes.
The Call Options and Warrants, for which our common stock is the underlying security, are derivative assets and liabilities,
respectively, that require mark-to-market accounting treatment. These derivatives are measured and reported at fair value
on a recurring basis, within Level 2 of the fair value hierarchy. The change in fair value of these instruments is recognized
immediately in our consolidated income statements in other financial results.
Cash Convertible Notes Embedded Cash Conversion Option
The embedded cash conversion option within the Cash Convertible Notes due 2024 discussed in Note 16 \"Financial
Debts\" was required to be separated from the cash convertible notes and accounted for separately as a derivative liability,
with changes in fair value reported in our consolidated income statements in other financial results until the cash conversion
option settled or expired. The embedded cash conversion option was measured and reported at fair value on a recurring
basis within Level 2 of the fair value hierarchy.
Because the terms of the cash convertible notes' embedded cash conversion option were substantially similar to those of the
Call Options, discussed above, we expected the effect on earnings from these two derivative instruments to mostly offset
each other. In November 2024, the Cash Convertible Notes due 2024 were repaid at maturity, and the related Call
Options expired unexercised as described in Note 16, resulting in a $1.4\u00a0million gain recognized in other financial results
in the accompanying consolidated income statement.
Convertible Notes Embedded Conversion Option
The embedded conversion option within the Convertible Notes due 2027, 2031 and 2032 discussed in Note 16
\"Financial Debts\" was required to be separated from the convertible notes and accounted for separately as a derivative
liability, with changes in fair value reported in our consolidated income statements in other financial results until the
conversion option transaction settles or expires. The embedded conversion option was measured and reported at fair value
on a recurring basis within Level 2 of the fair value hierarchy.
Foreign Currency Derivatives
As a globally active enterprise, we are subject to risks associated with fluctuations in foreign currencies in our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions
including intercompany items. We manage balance sheet exposure on a group-wide basis using foreign exchange forward
contracts, foreign exchange options and cross-currency swaps.
We are party to various foreign exchange forward, option and swap arrangements which had an aggregate notional
value of $488.5 million at December\u00a031, 2025, which expire at various dates through October 2026. At December\u00a031,
2024, these arrangements had an aggregate notional value of $645.7 million, which expired at various dates through July
2025. The transactions have been entered into to offset the effects from short-term balance sheet exposure to foreign
currency exchange risk. Changes in the fair value of these arrangements have been recognized in other financial results in
the accompanying consolidated income statement.
Interest Rate Derivatives
In November 2024, we entered into eight new cross-currency interest rate swaps with various maturities through 2026 for
a total notional amount of CHF 280.0 million that are not designated as hedges. In May 2025, two of the eight cross-
currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and subsequently, we entered into
two new cross-currency interest rate swaps through 2028 for a notional amount of CHF\u00a070.0\u00a0million. In November 2025,
two of the eight cross-currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and
subsequently, we entered into two new cross-currency interest rate swaps through 2027 for a notional amount of
CHF\u00a070.0\u00a0million. Changes in the fair value of these arrangements have been recognized in other financial results in the
accompanying consolidated income statement. As of December\u00a031, 2025 and December\u00a031, 2024, interest receivables of
$1.1 million and $1.4 million, respectively, are recorded in other current assets in the accompanying consolidated
balance sheets.
Fair Values of Derivative Instruments
The following table summarizes the fair value amounts of derivative instruments reported in the consolidated balance sheets
as of December\u00a031, 2025 and 2024:
\u00a0
2025
2024
(in thousands)
Current
Asset
Non-current
Asset
Current
Asset
Non-current
Asset
Assets:
Derivative instruments designated as hedges
Interest rate contracts - cash flow hedge (1)
$\u2014
$\u2014
$14,340
$\u2014
Total derivative instruments designated as hedges
\u2014
\u2014
14,340
\u2014
Undesignated derivative instruments
Foreign exchange forwards and options
2,448
\u2014
5,761
\u2014
Interest rate contracts - cash flow hedge (1)
\u2014
\u2014
3,503
3,174
Total undesignated derivative instruments
2,448
\u2014
9,264
3,174
Total derivative assets
$2,448
$\u2014
$23,604
$3,174
(in thousands)
2025
2024
Current
Liability
Non-current
Liability
Current
Liability
Non-current
Liability
Liabilities:
Undesignated derivative instruments
Embedded conversion option
\u2014
(131,613)
(8,883) (2)
(80,726) (2)
Foreign exchange forwards and options
(1,978)
\u2014
(13,752)
\u2014
Interest rate contracts - cash flow hedge(1)
(18,194)
(4,169)
\u2014
\u2014
Total undesignated derivative instruments
(20,172)
(135,782)
($22,635)(2)
($80,726)(2)
Total derivative liabilities
($20,172)
($135,782)
($22,635)(2)
($80,726)(2)
(1)The fair value amounts for the interest rate contracts do not include accrued interest.
(2) The December 31, 2024 balances for the current portion and non-current portion of derivative liability for embedded conversion option revised to
correct the classification. See Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
3.17\u00a0 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments
that are short-term and highly liquid with an original maturity of less than three months at the date of purchase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
3.18\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable value. The moving average method of valuation is used. The
cost of work in process and finished goods includes raw materials, direct labor and production overhead expenditure
based upon normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of
business less the cost of completion and distribution expenses. At December\u00a031, 2025 and 2024, no inventory was
recorded at net realizable value. Provisions are established for slow-moving and obsolete inventory. No inventory is
pledged as collateral as of December\u00a031, 2025.
(in thousands)
\u00a0
2025
2024
Raw materials
\u00a0
$54,163
$52,770
Work in process
\u00a0
78,419
72,675
Finished goods
\u00a0
169,775
153,637
Total inventories, net
\u00a0
$302,357
$279,082
Included in inventories as of December\u00a031, 2025, are $36.5 million (2024: $65.5 million) of inventory valuation
allowances. The movement in inventory valuation allowances was recorded under cost of sales. For the years ended
December\u00a031, 2025 and 2024, cost of sales included cost of inventory sold of $322.8 million and $299.6 million,
respectively.
Inventory impairment totaling $11.3 million in 2025 and $93.5 million in 2024 were recognized in connection with the
discontinuation of NeuMoDx, further discussed in Note 6 \"Restructuring.\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
3.18\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable value. The moving average method of valuation is used. The
cost of work in process and finished goods includes raw materials, direct labor and production overhead expenditure
based upon normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of
business less the cost of completion and distribution expenses. At December\u00a031, 2025 and 2024, no inventory was
recorded at net realizable value. Provisions are established for slow-moving and obsolete inventory. No inventory is
pledged as collateral as of December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
3.19\u00a0 Property, Plant and Equipment
Property, plant and equipment are stated at cost of acquisition or construction cost less accumulated depreciation and
accumulated impairment in value. Depreciation is computed using the straight-line method over the following estimated
useful lives of the assets:
Buildings and leasehold improvements
up to 60 years
Machinery and equipment
3-15 years
Furniture and office equipment
3-10 years
Land is not depreciated. Construction costs include borrowing costs and operating expenses that are directly attributable to
items of property, plant and equipment capitalized during construction. Subsequent expenditure on an item of property,
plant and equipment is capitalized at cost only when it is probable that future economic benefits associated with the item
will flow to the Company and the cost of the item can be measured reliably. Repair and maintenance costs are expensed
as incurred. Gains and losses on disposal or retirement of items of property, plant and equipment are determined by
comparing the proceeds received with the carrying amounts and are included in the consolidated income statements. The
asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each
financial year end.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Property, plant and equipment are stated at cost of acquisition or construction cost less accumulated depreciation and
accumulated impairment in value. Depreciation is computed using the straight-line method over the following estimated
useful lives of the assets:
Buildings and leasehold improvements
up to 60 years
Machinery and equipment
3-15 years
Furniture and office equipment
3-10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
3.20\u00a0 Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Company as a lessee
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available
for use by the company. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on
a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
\u2022 fixed payments, including in-substance fixed payments, less any lease incentives received;
\u2022 variable lease payments that are based on an index or a rate;
\u2022 amounts expected to be payable to the lessee under residual value guarantees;
\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
lessee's incremental borrowing rate at the lease commencement date is used, which is based on an assessment of interest
rates the company would have to pay to borrow funds, including the consideration of factors such as the nature of the asset
and location, collateral, market terms and conditions, as applicable. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
Each lease payment is allocated between the liability and finance charges. The interest element of the finance cost is
recognized in the income statement over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. In addition, the carrying amount of lease liabilities is remeasured if there
is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of the lease liability;
\u2022 any lease payments made at or before the commencement date less any lease incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
The company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised. The company applies judgment in evaluating whether it is reasonably
certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to
exercise the renewal.
The company leases various items of real estate, vehicles and other equipment. Rental contracts are typically made for
fixed periods but may have extension or termination options.
Company as a lessor
When the company acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating
lease. Leases in which the company does not transfer substantially all the risks and rewards incidental to ownership of an
asset are classified as operating leases. The company recognizes lease payments received under operating leases as
income on a straight-line basis over the lease terms in the Income Statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
3.21\u00a0 Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is its fair value as at the date of acquisition. Expenditure on acquired technology rights, patents,
trademarks and licenses are capitalized as intangible assets when it is probable that future economic benefits will flow to
the Company and the cost can be measured reliably. Following initial recognition, intangible assets are carried at cost less
any accumulated amortization and any accumulated impairment losses.
Through business combinations, the Company may acquire a variety of intangible assets which either will be or are
amortized based on the nature and use of the assets. Amortization expense related to developed technology and patent
and license rights acquired in a business combination is included in cost of sales. Amortization of trademarks and customer
base acquired in a business combination is recorded in sales and marketing expense. For intangible assets not acquired in
business combinations, amortization expense is recorded within cost of sales, research and development, or sales and
marketing line items based on the nature and use of the asset.
The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are
amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible
asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life
are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate,
and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is
recognized in the income statement in the expense category consistent with the function of the intangible asset.
Developed technology, patents and license rights, computer software, development costs and other intellectual properties
are amortized on a straight-line basis over their estimated useful lives as follows:
Developed technology, patents and license rights
5-15 years
Computer software
3-20 years
Development costs
3-5 years
Other intellectual properties
5-15 years
3.22\u00a0 Impairment
Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or the Company's assets. Where the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
Impairment losses are recognized in the income statement in those expense categories consistent with the function of the
impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
3.22\u00a0 Impairment
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt
investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation
of the original effective interest rate.
ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely
to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When
determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the company's historical experience and informed
credit assessment and including forward-looking information, such as forecast economic conditions.
The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring
expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the
Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances
considering the market information on a country specific basis, and other forward looking information. Trade receivables
are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy).
Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or the Company's assets. Where the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
Impairment losses are recognized in the income statement in those expense categories consistent with the function of the
impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
3.22\u00a0 Impairment
Impairment of financial assets
The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt
investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation
of the original effective interest rate.
ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely
to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When
determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company
considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes
both quantitative and qualitative information and analysis, based on the company's historical experience and informed
credit assessment and including forward-looking information, such as forecast economic conditions.
The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring
expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the
Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances
considering the market information on a country specific basis, and other forward looking information. Trade receivables
are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Impairment of non-financial assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value
less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or the Company's assets. Where the carrying amount of an
asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable
amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
Impairment losses are recognized in the income statement in those expense categories consistent with the function of the
impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that
previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the
Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last
impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its
recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.
Goodwill
Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We
assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately
upon an indicator of possible impairment.
Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their
carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future
periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
3.24\u00a0 Reportable Segment
We determined that we operate as one reportable segment. Our chief operating decision maker (CODM)\u00a0makes decisions
based on the Company as a whole. In addition, we have a common basis of organization and types of products and
services which derive revenues and consistent product margins. Accordingly, we operate and make decisions as one cash-
generating unit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
3.25\u00a0 Statement of Cash Flows
The statement of cash flows provides an explanation of the changes in cash and cash equivalents. It is prepared on the
basis of a comparison of the balance sheet as of January 1 and December 31 using the indirect method. Investing and
financing transactions that do not require the use of cash or cash equivalents have been excluded from the cash flow
statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Significant Accounting Estimates and Judgments
The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next year are described below.
Purchase Price Allocation
The purchase price allocation for acquisitions requires extensive use of accounting estimates and judgments to allocate the
purchase price to the identifiable tangible and intangible assets acquired, including in-process research and development,
and liabilities assumed based on their respective fair values. An acquisition may include contingent consideration as part
of the purchase price. Contingent consideration is accounted for at fair value at the acquisition date with subsequent
changes to the fair value being recognized in earnings. Additionally, we must determine whether an acquired entity is
considered to be a business or a set of net assets, because a portion of the purchase price can only be allocated to
goodwill in a business combination.
We have made several acquisitions in recent years. The purchase prices for the acquisitions were allocated to tangible and
intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. We
engaged an independent third-party valuation firm to assist us in determining the estimated fair values of in-process
research and development and identifiable intangible assets. Such a valuation requires significant estimates and
assumptions, including but not limited to determining the timing and estimated costs to complete the in-process projects,
projecting regulatory approvals, estimating future cash flows, and developing appropriate discount rates. We believe the
estimated fair values of contingent consideration and assets acquired and liabilities assumed are based on reasonable
assumptions. However, the fair value estimates for the purchase price allocations may change during the allowable
allocation period, which is up to one year from the acquisition dates, if additional information becomes available.
Fair Value Measurements
We have categorized our assets and liabilities that are measured at fair value, based on the priority of the inputs to the
valuation techniques, in a three-level fair value hierarchy: Level\u00a01 - using quoted prices in active markets for identical assets
or liabilities; Level 2 - using observable inputs other than quoted prices; and Level 3 \u2013 using unobservable inputs.\u00a0We
primarily apply the market approach for recurring fair value measurements, maximize our use of observable inputs and
minimize our use of unobservable inputs.\u00a0We utilize the mid-point price between bid and ask prices for valuing the
majority of our assets and liabilities measured and reported at fair value.\u00a0In addition to using market data, we make
assumptions in valuing assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the
valuation technique.
Certain of our derivative instruments, which are classified in Level 2 of the fair value hierarchy, are valued using industry-
standard models that consider various inputs, including time value, volatility factors, and current market and contractual
prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are
observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are
supported by observable prices at which transactions are executed in the marketplace.
Certain of our acquisitions involve contingent consideration, the payment of which is contingent on the occurrence of future
events. Contingent consideration is classified in Level 3 of the fair value hierarchy and is initially recognized at fair value
as a cost of the acquisition. After the acquisition, the contingent consideration liability is remeasured each reporting period.
The fair value of contingent consideration is measured predominantly on unobservable inputs such as assumptions about
the likelihood of achieving specified milestone criteria, projections of future financial performance, assumed discount rates
and assumed weightings applied to potential scenarios in deriving a probability weighted fair value. Significant judgment
is used in developing these estimates and assumptions both at the acquisition date and in subsequent periods. If actual
events differ from management's estimates, or to the extent these estimates are adjusted in the future, our financial
condition or results of operations could be affected in the period of any change.
For other fair value measurements, we generally use an income approach to measure fair value when there is not a market
observable price for an identical or similar asset or liability.\u00a0This approach utilizes management\u2019s best assumptions
regarding expectations of projected cash flows, and discounts the expected cash flows using a commensurate risk-adjusted
discount rate.
Impairment of Goodwill and Intangible Assets
Assets are tested or reviewed for impairment in accordance with the accounting policy stated under Note 3.22
\"Impairment.\"
In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October\u00a01,
2025). We performed our goodwill impairment testing on a single cash-generating unit basis which is consistent with our
reporting structure. In testing for potential impairment, we measured the recoverable amount of the cash-generating unit
based upon discounted future operating cash flows using a discount rate reflecting our estimated average cost of funds.
Differences in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact
on the determination of impairment amounts. In estimating future cash flows, we used our internal five-year projections. Our
projections were based on recent sales data for existing products, planned timing of new product launches, and customer
commitments related to new and existing products. We performed a series of sensitivity analyses on our calculation by
varying key inputs individually including a decrease in projected future cash flows and growth rates and an increase in the
weighted average cost of capital to a +/-10% threshold and found no material impact on the value of goodwill. We
concluded that no impairment existed at October 1, 2025 or through December\u00a031, 2025.
Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-
generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of
the resulting estimates are subject to uncertainty, and as additional information becomes known, we may change our
estimates.
Development Costs
Development costs are capitalized in accordance with the accounting policy stated under research and development in
Note 3.6 \"Operating Expenses\" above. Assessing whether the development costs qualify for capitalization requires
management to make assumptions regarding the expected future cash generation of the assets, discount rates to be
applied and the expected period of benefits. Periodically, and at least annually, management assesses whether there are
indications that projects may be impaired and if impairment indicators exist, management reviews the carrying amount of
the projects and performs a test for impairment.
Income Taxes
The Company is subject to income taxes in numerous jurisdictions that require estimates to be made based on
interpretations of laws or regulations. Various internal and external factors, such as changes in tax laws, regulations and
rates, changing interpretations of existing tax laws or regulations, future level of research and development spending and
changes in overall levels of pre-tax income may have favorable or unfavorable effects on the income tax and deferred tax
provisions in the period in which such determination is made.
Deferred tax assets are recognized in accordance with the accounting policy stated in Note 3.11 \"Taxation.\" Deferred tax
assets are recognized for net operating loss carry-forwards to the extent that it is probable that taxable profit will be
available against which the losses can be utilized. Significant management judgment is required to determine the amount
of deferred tax assets that can be recognized based upon the likely timing and level of future taxable profits.
Share-Based Payments - Restricted Stock Units and Performance Stock Units
Restricted stock units and performance stock units represent rights to receive Common Shares at a future date. The fair
market value is determined based on the number of stock units granted and the fair market value of our shares on the grant
date. The fair market value at the time of the grant, less an estimate for pre-vesting forfeitures, is recognized in expense
over the vesting period. We grant performance-based stock units subject to performance periods of one-year up to three
years. Thus the estimates of performance achieved during the performance period may be subject to significant changes
from period to period as the performance is completed.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "Significant Accounting Estimates and JudgmentsThe preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are described below. Purchase Price AllocationThe purchase price allocation for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the identifiable tangible and intangible assets acquired, including in-process research and development, and liabilities assumed based on their respective fair values. An acquisition may include contingent consideration as part of the purchase price. Contingent consideration is accounted for at fair value at the acquisition date with subsequent changes to the fair value being recognized in earnings. Additionally, we must determine whether an acquired entity is considered to be a business or a set of net assets, because a portion of the purchase price can only be allocated to goodwill in a business combination. We have made several acquisitions in recent years. The purchase prices for the acquisitions were allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. We engaged an independent third-party valuation firm to assist us in determining the estimated fair values of in-process research and development and identifiable intangible assets. Such a valuation requires significant estimates and assumptions, including but not limited to determining the timing and estimated costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows, and developing appropriate discount rates. We believe the estimated fair values of contingent consideration and assets acquired and liabilities assumed are based on reasonable assumptions. However, the fair value estimates for the purchase price allocations may change during the allowable allocation period, which is up to one year from the acquisition dates, if additional information becomes available.Fair Value MeasurementsWe have categorized our assets and liabilities that are measured at fair value, based on the priority of the inputs to the valuation techniques, in a three-level fair value hierarchy: Level\u00a01 - using quoted prices in active markets for identical assets or liabilities; Level 2 - using observable inputs other than quoted prices; and Level 3 \u2013 using unobservable inputs.\u00a0We primarily apply the market approach for recurring fair value measurements, maximize our use of observable inputs and minimize our use of unobservable inputs.\u00a0We utilize the mid-point price between bid and ask prices for valuing the majority of our assets and liabilities measured and reported at fair value.\u00a0In addition to using market data, we make assumptions in valuing assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation technique.Certain of our derivative instruments, which are classified in Level 2 of the fair value hierarchy, are valued using industry-standard models that consider various inputs, including time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace.Certain of our acquisitions involve contingent consideration, the payment of which is contingent on the occurrence of future events. Contingent consideration is classified in Level 3 of the fair value hierarchy and is initially recognized at fair value as a cost of the acquisition. After the acquisition, the contingent consideration liability is remeasured each reporting period. The fair value of contingent consideration is measured predominantly on unobservable inputs such as assumptions about the likelihood of achieving specified milestone criteria, projections of future financial performance, assumed discount rates and assumed weightings applied to potential scenarios in deriving a probability weighted fair value. Significant judgment is used in developing these estimates and assumptions both at the acquisition date and in subsequent periods. If actual events differ from management's estimates, or to the extent these estimates are adjusted in the future, our financial condition or results of operations could be affected in the period of any change. For other fair value measurements, we generally use an income approach to measure fair value when there is not a market observable price for an identical or similar asset or liability.\u00a0This approach utilizes management\u2019s best assumptions regarding expectations of projected cash flows, and discounts the expected cash flows using a commensurate risk-adjusted discount rate.Impairment of Goodwill and Intangible AssetsAssets are tested or reviewed for impairment in accordance with the accounting policy stated under Note 3.22 \"Impairment.\"In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October\u00a01, 2025). We performed our goodwill impairment testing on a single cash-generating unit basis which is consistent with our reporting structure. In testing for potential impairment, we measured the recoverable amount of the cash-generating unit based upon discounted future operating cash flows using a discount rate reflecting our estimated average cost of funds. Differences in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact on the determination of impairment amounts. In estimating future cash flows, we used our internal five-year projections. Our projections were based on recent sales data for existing products, planned timing of new product launches, and customer commitments related to new and existing products. We performed a series of sensitivity analyses on our calculation by varying key inputs individually including a decrease in projected future cash flows and growth rates and an increase in the weighted average cost of capital to a +/-10% threshold and found no material impact on the value of goodwill. We concluded that no impairment existed at October 1, 2025 or through December\u00a031, 2025.Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of the resulting estimates are subject to uncertainty, and as additional information becomes known, we may change our estimates.Development CostsDevelopment costs are capitalized in accordance with the accounting policy stated under research and development in Note 3.6 \"Operating Expenses\" above. Assessing whether the development costs qualify for capitalization requires management to make assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Periodically, and at least annually, management assesses whether there are indications that projects may be impaired and if impairment indicators exist, management reviews the carrying amount of the projects and performs a test for impairment.Income Taxes The Company is subject to income taxes in numerous jurisdictions that require estimates to be made based on interpretations of laws or regulations. Various internal and external factors, such as changes in tax laws, regulations and rates, changing interpretations of existing tax laws or regulations, future level of research and development spending and changes in overall levels of pre-tax income may have favorable or unfavorable effects on the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets are recognized in accordance with the accounting policy stated in Note 3.11 \"Taxation.\" Deferred tax assets are recognized for net operating loss carry-forwards to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based upon the likely timing and level of future taxable profits.Share-Based Payments - Restricted Stock Units and Performance Stock UnitsRestricted stock units and performance stock units represent rights to receive Common Shares at a future date. The fair market value is determined based on the number of stock units granted and the fair market value of our shares on the grant date. The fair market value at the time of the grant, less an estimate for pre-vesting forfeitures, is recognized in expense over the vesting period. We grant performance-based stock units subject to performance periods of one-year up to three years. Thus the estimates of performance achieved during the performance period may be subject to significant changes from period to period as the performance is completed.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "Revenue
Nature of Goods and Services
Our revenues are reported net of sales and value added taxes, estimated rebates and returns and mainly come from
consumable and instrumentation product sales, with a smaller portion from services, intellectual property, and technology
sales. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that
reflects the consideration we expect to receive in exchange for those products or services. From time to time, we enter into
contracts that can include various combinations of products and services, which are generally distinct and accounted for as
separate performance obligations. The transaction price is allocated to performance obligations based on their relative
stand-alone selling prices.
We offer warranties on our products. Certain of our warranties are assurance-type in nature and do not cover anything
beyond ensuring that the product is functioning as intended. Based on the guidance in IFRS 15, assurance-type warranties
do not represent separate performance obligations. The Company also sells separately-priced service contracts which
qualify as service-type warranties and represent separate performance obligations.
We sell our products and services both directly to customers and through distributors generally under agreements with
payment terms typically less than 90 days and, in most cases, not exceeding one year and therefore, contracts do not
contain a significant financing component.
Consumable and Related Revenues
Consumable Products: In the last three years, revenue from consumable product sales has accounted for between
78-79% of our net sales and revenue is recognized when performance obligations under the terms of a contract with a
customer are satisfied. The majority of our contracts have either a single performance obligation to transfer a single
consumable product or multiple performance obligations to transfer multiple products concurrently. Accordingly, we
recognize revenue when control of the products has transferred to the customer, which is generally at the time of shipment
of products as this is when title and risk of loss have been transferred. In addition, invoicing typically occurs at this time so
this is when we have a present right to payment. Revenue is measured as the amount of consideration we expect to receive
in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price.
Related Revenues: Revenues from related products include software-as-a-service (SaaS), licenses, intellectual property
and patent sales, royalties and milestone payments and, over the last three years, has accounted for between 10-11% of
our net sales.
SaaS arrangements: Revenue from SaaS arrangements, which allow customers to use hosted software over the contract
period without taking possession of the software, is recognized over the duration of the agreement unless the terms of the
agreement indicate that revenue should be recognized in a different pattern, for example, based on usage.
Licenses: Licenses for on-site software, which allow customers to use the software as it exists when made available, are sold
as perpetual licenses or term licenses. Revenue from on-site licenses is recognized at the later of when the software is made
available to the customer or the beginning of the license term. When a portion of the transaction price is allocated to a
performance obligation to provide support and/or updates, revenue is recognized as the updates/support are provided,
generally over the life of the license. Revenues from research collaborations include payments for technology transfer and
access rights. Royalties from licensees of intellectual property are based on sales of licensed products and revenues are
recognized at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of
the royalty has been allocated has been satisfied (or partially satisfied).\u00a0
Milestone Payments: At the inception of each companion diagnostic co-development arrangement that includes
development milestone payments, which represent variable consideration, we evaluate whether the milestones are highly
probable of being reached and estimate the amount to be included in the transaction price using the most likely amount
method.\u00a0If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is
included in the transaction price.\u00a0Milestone payments that are not within our control, such as milestones which are
achieved through regulatory approvals, are considered to be constrained and excluded from the transaction price until the
required approvals are received.\u00a0Revenue is recognized following the input method as this is considered to best depict the
timing of the transfer of control. This involves measuring actual hours incurred to date as a proportion of the total budgeted
hours of the project. At the end of each subsequent reporting period, the proportion of completion is trued-up. We also re-
evaluate the probability of achievement of development milestones and any related constraint on a periodic basis and, if
necessary, adjust our estimate of the overall transaction price.\u00a0Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenues and earnings in the period of adjustment.
Instruments
Revenue from instrumentation includes the instrumentation equipment, installation, training and other instrumentation
services, such as extended warranty services or product maintenance contracts and, over the last three years, has
accounted for between 10-12% of net sales. Revenue from instrumentation equipment is recognized when the customer
obtains control of the instrument, which is predominantly at the time of delivery or upon customer acceptance, where
applicable. Service revenue is recognized over the term of the service period as the customers benefit from the service
throughout the service period. Revenue related to services performed on a time-and-materials basis is recognized when
performed.
Contract Estimates
The majority of our revenue is derived from (i) contracts with an original expected length of one year or less and (ii)
contracts for which we recognize revenue at the amount in which we have the right to invoice as product is delivered. We
have elected, as a practical expedient, not to disclose the value of remaining performance obligations associated with
these types of contracts.
However, we have certain companion diagnostic co-development contracts to provide research and development activities
in which our performance obligations extend over multiple years. As of December\u00a031, 2025, we have $115.9 million of
remaining performance obligations for which the transaction price is not constrained related to these contracts which we
expect to recognize over approximately 50% over the next 12 to 18 months.
Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue
pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized
as invoiced and contracts with variable consideration related to undelivered performance obligations, is not material.
Contract Balances
The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled
receivables (contract assets), and customer advances and deposits (contract liabilities) in the consolidated balance sheet.
Contract assets as of December\u00a031, 2025 and 2024 totaled $10.2 million and $14.5 million, respectively, and are
included in other current assets in the accompanying consolidated balance sheets and relate to the companion diagnostic
co-development contracts discussed above.
Contract liabilities primarily relate to non-cancellable advances or deposits received from customers before revenue is
recognized and are primarily related to instrument service and software-as-a-service (SaaS) arrangements. As of
December\u00a031, 2025 and 2024, contract liabilities totaled $95.5 million and $88.8 million , respectively, of which $79.4
million and $70.8 million, respectively, is included in other current liabilities and $16.1 million and $18.0 million,
respectively, is included in other non-current liabilities. During the years ended December\u00a031, 2025 and 2024, we
satisfied the associated performance obligations and recognized revenue of $75.8 million and $75.5 million, respectively,
related to advance customer payments previously received.
Disaggregation of Revenue
We disaggregate our revenue based on product type and product group as shown below for the years ended
December\u00a031, 2025 and 2024:
Product type (in thousands)
2025
2024
Consumables and related revenues
$1,876,424
$1,760,239
Instruments
213,575
217,975
Total net sales
$2,089,999
$1,978,214
Product group (in thousands)
2025
2024
Sample technologies
$661,265
$642,031
Diagnostic solutions
803,080
748,888
PCR/Nucleic acid amplification
308,992
300,468
Genomics/NGS
241,775
233,608
Other
74,887
53,219
Total net sales
$2,089,999
$1,978,214
Refer to Note 21 \"Reportable Segment\" for disclosure of revenue by geographic region.
Geographical Information
Net sales are attributed to countries based on the location of the customer. Our primary manufacturing facilities are located
in Germany, China, and the United States and supply products to customers as well as QIAGEN subsidiaries in other
countries. The intercompany portions of such net sales are excluded to derive consolidated net sales. No single customer
represents more than ten percent of consolidated net sales. Our country of domicile is the Netherlands, which reported net
sales of $23.7 million and $20.9 million for the years ended 2025 and 2024 , respectively, and these amounts are
included in the line item Europe, Middle East and Africa as shown in the table below.
\u00a0
(in thousands)
2025
2024
Americas:
United States
$998,448
$942,009
Other Americas
88,065
89,557
Total Americas
1,086,513
1,031,566
Europe, Middle East and Africa
712,759
648,494
Asia Pacific, Japan\u00a0and Rest of World
290,727
298,154
Total net sales
$2,089,999
$1,978,214
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "Revenue
Nature of Goods and Services
Our revenues are reported net of sales and value added taxes, estimated rebates and returns and mainly come from
consumable and instrumentation product sales, with a smaller portion from services, intellectual property, and technology
sales. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that
reflects the consideration we expect to receive in exchange for those products or services. From time to time, we enter into
contracts that can include various combinations of products and services, which are generally distinct and accounted for as
separate performance obligations. The transaction price is allocated to performance obligations based on their relative
stand-alone selling prices.
We offer warranties on our products. Certain of our warranties are assurance-type in nature and do not cover anything
beyond ensuring that the product is functioning as intended. Based on the guidance in IFRS 15, assurance-type warranties
do not represent separate performance obligations. The Company also sells separately-priced service contracts which
qualify as service-type warranties and represent separate performance obligations.
We sell our products and services both directly to customers and through distributors generally under agreements with
payment terms typically less than 90 days and, in most cases, not exceeding one year and therefore, contracts do not
contain a significant financing component.
Consumable and Related Revenues
Consumable Products: In the last three years, revenue from consumable product sales has accounted for between
78-79% of our net sales and revenue is recognized when performance obligations under the terms of a contract with a
customer are satisfied. The majority of our contracts have either a single performance obligation to transfer a single
consumable product or multiple performance obligations to transfer multiple products concurrently. Accordingly, we
recognize revenue when control of the products has transferred to the customer, which is generally at the time of shipment
of products as this is when title and risk of loss have been transferred. In addition, invoicing typically occurs at this time so
this is when we have a present right to payment. Revenue is measured as the amount of consideration we expect to receive
in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price.
Related Revenues: Revenues from related products include software-as-a-service (SaaS), licenses, intellectual property
and patent sales, royalties and milestone payments and, over the last three years, has accounted for between 10-11% of
our net sales.
SaaS arrangements: Revenue from SaaS arrangements, which allow customers to use hosted software over the contract
period without taking possession of the software, is recognized over the duration of the agreement unless the terms of the
agreement indicate that revenue should be recognized in a different pattern, for example, based on usage.
Licenses: Licenses for on-site software, which allow customers to use the software as it exists when made available, are sold
as perpetual licenses or term licenses. Revenue from on-site licenses is recognized at the later of when the software is made
available to the customer or the beginning of the license term. When a portion of the transaction price is allocated to a
performance obligation to provide support and/or updates, revenue is recognized as the updates/support are provided,
generally over the life of the license. Revenues from research collaborations include payments for technology transfer and
access rights. Royalties from licensees of intellectual property are based on sales of licensed products and revenues are
recognized at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of
the royalty has been allocated has been satisfied (or partially satisfied).\u00a0
Milestone Payments: At the inception of each companion diagnostic co-development arrangement that includes
development milestone payments, which represent variable consideration, we evaluate whether the milestones are highly
probable of being reached and estimate the amount to be included in the transaction price using the most likely amount
method.\u00a0If it is highly probable that a significant revenue reversal would not occur, the associated milestone value is
included in the transaction price.\u00a0Milestone payments that are not within our control, such as milestones which are
achieved through regulatory approvals, are considered to be constrained and excluded from the transaction price until the
required approvals are received.\u00a0Revenue is recognized following the input method as this is considered to best depict the
timing of the transfer of control. This involves measuring actual hours incurred to date as a proportion of the total budgeted
hours of the project. At the end of each subsequent reporting period, the proportion of completion is trued-up. We also re-
evaluate the probability of achievement of development milestones and any related constraint on a periodic basis and, if
necessary, adjust our estimate of the overall transaction price.\u00a0Any such adjustments are recorded on a cumulative catch-up
basis, which would affect revenues and earnings in the period of adjustment.
Instruments
Revenue from instrumentation includes the instrumentation equipment, installation, training and other instrumentation
services, such as extended warranty services or product maintenance contracts and, over the last three years, has
accounted for between 10-12% of net sales. Revenue from instrumentation equipment is recognized when the customer
obtains control of the instrument, which is predominantly at the time of delivery or upon customer acceptance, where
applicable. Service revenue is recognized over the term of the service period as the customers benefit from the service
throughout the service period. Revenue related to services performed on a time-and-materials basis is recognized when
performed.
Contract Estimates
The majority of our revenue is derived from (i) contracts with an original expected length of one year or less and (ii)
contracts for which we recognize revenue at the amount in which we have the right to invoice as product is delivered. We
have elected, as a practical expedient, not to disclose the value of remaining performance obligations associated with
these types of contracts.
However, we have certain companion diagnostic co-development contracts to provide research and development activities
in which our performance obligations extend over multiple years. As of December\u00a031, 2025, we have $115.9 million of
remaining performance obligations for which the transaction price is not constrained related to these contracts which we
expect to recognize over approximately 50% over the next 12 to 18 months.
Revenue expected to be recognized in any future year related to remaining performance obligations, excluding revenue
pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized
as invoiced and contracts with variable consideration related to undelivered performance obligations, is not material.
Contract Balances
The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled
receivables (contract assets), and customer advances and deposits (contract liabilities) in the consolidated balance sheet.
Contract assets as of December\u00a031, 2025 and 2024 totaled $10.2 million and $14.5 million, respectively, and are
included in other current assets in the accompanying consolidated balance sheets and relate to the companion diagnostic
co-development contracts discussed above.
Contract liabilities primarily relate to non-cancellable advances or deposits received from customers before revenue is
recognized and are primarily related to instrument service and software-as-a-service (SaaS) arrangements. As of
December\u00a031, 2025 and 2024, contract liabilities totaled $95.5 million and $88.8 million , respectively, of which $79.4
million and $70.8 million, respectively, is included in other current liabilities and $16.1 million and $18.0 million,
respectively, is included in other non-current liabilities. During the years ended December\u00a031, 2025 and 2024, we
satisfied the associated performance obligations and recognized revenue of $75.8 million and $75.5 million, respectively,
related to advance customer payments previously received.
Disaggregation of Revenue
We disaggregate our revenue based on product type and product group as shown below for the years ended
December\u00a031, 2025 and 2024:
Product type (in thousands)
2025
2024
Consumables and related revenues
$1,876,424
$1,760,239
Instruments
213,575
217,975
Total net sales
$2,089,999
$1,978,214
Product group (in thousands)
2025
2024
Sample technologies
$661,265
$642,031
Diagnostic solutions
803,080
748,888
PCR/Nucleic acid amplification
308,992
300,468
Genomics/NGS
241,775
233,608
Other
74,887
53,219
Total net sales
$2,089,999
$1,978,214
Refer to Note 21 \"Reportable Segment\" for disclosure of revenue by geographic region.
Geographical Information
Net sales are attributed to countries based on the location of the customer. Our primary manufacturing facilities are located
in Germany, China, and the United States and supply products to customers as well as QIAGEN subsidiaries in other
countries. The intercompany portions of such net sales are excluded to derive consolidated net sales. No single customer
represents more than ten percent of consolidated net sales. Our country of domicile is the Netherlands, which reported net
sales of $23.7 million and $20.9 million for the years ended 2025 and 2024 , respectively, and these amounts are
included in the line item Europe, Middle East and Africa as shown in the table below.
\u00a0
(in thousands)
2025
2024
Americas:
United States
$998,448
$942,009
Other Americas
88,065
89,557
Total Americas
1,086,513
1,031,566
Europe, Middle East and Africa
712,759
648,494
Asia Pacific, Japan\u00a0and Rest of World
290,727
298,154
Total net sales
$2,089,999
$1,978,214
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Contract Balances
The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled
receivables (contract assets), and customer advances and deposits (contract liabilities) in the consolidated balance sheet.
Contract assets as of December\u00a031, 2025 and 2024 totaled $10.2 million and $14.5 million, respectively, and are
included in other current assets in the accompanying consolidated balance sheets and relate to the companion diagnostic
co-development contracts discussed above.
Contract liabilities primarily relate to non-cancellable advances or deposits received from customers before revenue is
recognized and are primarily related to instrument service and software-as-a-service (SaaS) arrangements. As of
December\u00a031, 2025 and 2024, contract liabilities totaled $95.5 million and $88.8 million , respectively, of which $79.4
million and $70.8 million, respectively, is included in other current liabilities and $16.1 million and $18.0 million,
respectively, is included in other non-current liabilities. During the years ended December\u00a031, 2025 and 2024, we
satisfied the associated performance obligations and recognized revenue of $75.8 million and $75.5 million, respectively,
related to advance customer payments previously received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
6. Restructuring
2025 Restructuring
In the fourth quarter of 2025, management approved restructuring activities as an extension of the efficiency program
implemented in 2024, with the objective of further enhancing operational performance. The restructuring plan principally
entails the elimination or relocation of certain positions, including consolidation of specific functions to lower cost locations. \u00a0
Total costs, including consulting and advisory costs, are estimated to be approximately $60.0 million, of which
approximately $35.6 million is expected to be incurred in 2026. We expect to identify further actions.
A summary of the liability, which is recorded in other current liabilities in the accompanying consolidated balance sheet, as
of December\u00a031, 2025 is as follows:
(in thousands)
Employee-related
costs
Exit and
other costs
Total
Costs incurred
$2,121
$3,530
$5,651
Cash payments
(903)
(3,466)
(4,369)
Foreign currency translation adjustment
138
101
239
Liability at December 31, 2025
$1,356
$165
$1,521
The $2.1 million employee-related costs incurred and $3.5 million exit and other costs, which include consulting and
advisory costs, were recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of
income for the year ended December\u00a031, 2025.
Consequent to measures undertaken in the execution of the restructuring program, property, plant, and equipment and
intangible assets totaling $18.7 million, consisting of machinery and equipment, including machinery under construction,
software applications and platforms, as well as leasehold improvements, were abandoned and discontinued from
operational use during the year. Management determined that these assets have no alternative use or salvage value, and
accordingly the assets were written off. $14.2 million of the impairment was recorded in cost of sales, and $4.5 million
was recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of income for the year
ended December\u00a031, 2025.
2024 Efficiency Program
In 2024, we commenced initiatives to improve the overall efficiency and profitability of the Company. One of these
initiatives was a comprehensive review of our product portfolio which resulted in the decision to phase out our NeuMoDx
clinical PCR system considering the market development following the COVID-19 pandemic and changing customer needs
for integrated PCR-based clinical molecular testing systems. Following this decision, we are refocusing resources and efforts
on developing and commercializing other innovative solutions within our portfolio. Overall, the initiatives include activities
to improve global efficiency through targeted measures to reduce hierarchies and drive increased digitalization and
automation for improved resource allocation and profitable growth. This program was completed in 2025.
The exit cost liability is included in other current liabilities in the accompanying consolidated balance sheets as summarized
in the following table:
(in thousands)
Employee-related
costs
Exit and
other\u00a0costs
Total
Costs in 2024
$17,374
$40,583
$57,957
Payments
(7,949)
(29,580)
(37,529)
Foreign currency translation adjustment
(421)
454
33
Liability at December 31, 2024
$9,004
$11,457
$20,461
Costs in 2025
27,968
4,746
32,714
Release of excess accruals
(4,179)
(778)
(4,957)
Payments
(29,323)
(14,445)
(43,768)
Foreign currency translation adjustment
1,686
38
1,724
Liability at December\u00a031, 2025
$5,156
$1,018
$6,174
Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily
terminated and retention bonuses incurred during transition periods. Exit and other costs include contract termination costs,
primarily with suppliers and professional service fees to support the program.
Classification and Type of Charge
(in thousands)
Year Ended
December 31,
2025
Cumulative
charges through
2025
Cost of sales:
Exit and other costs
$670
$24,886
Employee-related costs
4,964
13,168
$5,634
$38,054
Restructuring, acquisition, integration and other, net:
Exit and other costs
$3,298
$19,664
Employee-related costs
18,825
27,995
$22,123
$47,659
Total costs
$27,757
$85,713
One of the initiatives of the 2024 Efficiency Program was a comprehensive review of our product portfolio which resulted
in the decision to phase out our NeuMoDx clinical PCR system considering the market development following the
COVID-19 pandemic and changing customer needs for integrated PCR-based clinical molecular testing systems, and
refocus resources and efforts on developing and commercializing other innovative solutions within our portfolio. In 2024,
following an impairment test performed, $166.1 million of long-lived assets related to the NeuMoDx asset group were fully
impaired. Outside of the NeuMoDx asset group, in 2024 as a result of actions taken in implementing the efficiency
program, long-lived assets totaling $34.7 million, including property, plant and equipment and intangible assets, were
impaired. Such impairments primarily related to software applications and platforms and related development projects
which were abandoned and ceased to be used during 2024 and determined by management to have no alternative use or
salvage value.
Following these initiatives, in the second half of 2024 we wrote-off a total of $93.5 million inventory. During 2025,
inventory write-offs totaled $11.3 million. Inventory write downs are recorded in cost of sales.
15. Other Current and Non-current Liabilities
Other current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Payroll and related accrued liabilities
$103,851
$85,579
Deferred revenue
(4)
79,423
70,827
Accrued expenses
57,343
51,673
Other liabilities
56,539
66,139
Income tax payable
(17)
39,717
24,946
Current lease liabilities
(13)
28,837
24,335
Accrued contingent consideration and milestone payments
(25)
16,153
20,650
Accrued interest on non-current financial debt
(16)
13,796
10,554
Accrued royalties
(20)
6,113
5,098
Cash collateral liability
(26)
710
16,790
Total other current liabilities
$402,482
$376,591
Other non-current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Accrued expenses
$134,193
$86,464
Non-current lease liabilities
(13)
129,600
96,658
Non-current employee benefit obligations
19,247
16,760
Deferred revenue
(4)
16,074
17,971
Accrued contingent consideration
6,600
\u2014
Other non-current liabilities
$305,714
$217,853
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
6. Restructuring
2025 Restructuring
In the fourth quarter of 2025, management approved restructuring activities as an extension of the efficiency program
implemented in 2024, with the objective of further enhancing operational performance. The restructuring plan principally
entails the elimination or relocation of certain positions, including consolidation of specific functions to lower cost locations. \u00a0
Total costs, including consulting and advisory costs, are estimated to be approximately $60.0 million, of which
approximately $35.6 million is expected to be incurred in 2026. We expect to identify further actions.
A summary of the liability, which is recorded in other current liabilities in the accompanying consolidated balance sheet, as
of December\u00a031, 2025 is as follows:
(in thousands)
Employee-related
costs
Exit and
other costs
Total
Costs incurred
$2,121
$3,530
$5,651
Cash payments
(903)
(3,466)
(4,369)
Foreign currency translation adjustment
138
101
239
Liability at December 31, 2025
$1,356
$165
$1,521
The $2.1 million employee-related costs incurred and $3.5 million exit and other costs, which include consulting and
advisory costs, were recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of
income for the year ended December\u00a031, 2025.
Consequent to measures undertaken in the execution of the restructuring program, property, plant, and equipment and
intangible assets totaling $18.7 million, consisting of machinery and equipment, including machinery under construction,
software applications and platforms, as well as leasehold improvements, were abandoned and discontinued from
operational use during the year. Management determined that these assets have no alternative use or salvage value, and
accordingly the assets were written off. $14.2 million of the impairment was recorded in cost of sales, and $4.5 million
was recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of income for the year
ended December\u00a031, 2025.
2024 Efficiency Program
In 2024, we commenced initiatives to improve the overall efficiency and profitability of the Company. One of these
initiatives was a comprehensive review of our product portfolio which resulted in the decision to phase out our NeuMoDx
clinical PCR system considering the market development following the COVID-19 pandemic and changing customer needs
for integrated PCR-based clinical molecular testing systems. Following this decision, we are refocusing resources and efforts
on developing and commercializing other innovative solutions within our portfolio. Overall, the initiatives include activities
to improve global efficiency through targeted measures to reduce hierarchies and drive increased digitalization and
automation for improved resource allocation and profitable growth. This program was completed in 2025.
The exit cost liability is included in other current liabilities in the accompanying consolidated balance sheets as summarized
in the following table:
(in thousands)
Employee-related
costs
Exit and
other\u00a0costs
Total
Costs in 2024
$17,374
$40,583
$57,957
Payments
(7,949)
(29,580)
(37,529)
Foreign currency translation adjustment
(421)
454
33
Liability at December 31, 2024
$9,004
$11,457
$20,461
Costs in 2025
27,968
4,746
32,714
Release of excess accruals
(4,179)
(778)
(4,957)
Payments
(29,323)
(14,445)
(43,768)
Foreign currency translation adjustment
1,686
38
1,724
Liability at December\u00a031, 2025
$5,156
$1,018
$6,174
Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily
terminated and retention bonuses incurred during transition periods. Exit and other costs include contract termination costs,
primarily with suppliers and professional service fees to support the program.
Classification and Type of Charge
(in thousands)
Year Ended
December 31,
2025
Cumulative
charges through
2025
Cost of sales:
Exit and other costs
$670
$24,886
Employee-related costs
4,964
13,168
$5,634
$38,054
Restructuring, acquisition, integration and other, net:
Exit and other costs
$3,298
$19,664
Employee-related costs
18,825
27,995
$22,123
$47,659
Total costs
$27,757
$85,713
One of the initiatives of the 2024 Efficiency Program was a comprehensive review of our product portfolio which resulted
in the decision to phase out our NeuMoDx clinical PCR system considering the market development following the
COVID-19 pandemic and changing customer needs for integrated PCR-based clinical molecular testing systems, and
refocus resources and efforts on developing and commercializing other innovative solutions within our portfolio. In 2024,
following an impairment test performed, $166.1 million of long-lived assets related to the NeuMoDx asset group were fully
impaired. Outside of the NeuMoDx asset group, in 2024 as a result of actions taken in implementing the efficiency
program, long-lived assets totaling $34.7 million, including property, plant and equipment and intangible assets, were
impaired. Such impairments primarily related to software applications and platforms and related development projects
which were abandoned and ceased to be used during 2024 and determined by management to have no alternative use or
salvage value.
Following these initiatives, in the second half of 2024 we wrote-off a total of $93.5 million inventory. During 2025,
inventory write-offs totaled $11.3 million. Inventory write downs are recorded in cost of sales.
15. Other Current and Non-current Liabilities
Other current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Payroll and related accrued liabilities
$103,851
$85,579
Deferred revenue
(4)
79,423
70,827
Accrued expenses
57,343
51,673
Other liabilities
56,539
66,139
Income tax payable
(17)
39,717
24,946
Current lease liabilities
(13)
28,837
24,335
Accrued contingent consideration and milestone payments
(25)
16,153
20,650
Accrued interest on non-current financial debt
(16)
13,796
10,554
Accrued royalties
(20)
6,113
5,098
Cash collateral liability
(26)
710
16,790
Total other current liabilities
$402,482
$376,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
6. Restructuring
2025 Restructuring
In the fourth quarter of 2025, management approved restructuring activities as an extension of the efficiency program
implemented in 2024, with the objective of further enhancing operational performance. The restructuring plan principally
entails the elimination or relocation of certain positions, including consolidation of specific functions to lower cost locations. \u00a0
Total costs, including consulting and advisory costs, are estimated to be approximately $60.0 million, of which
approximately $35.6 million is expected to be incurred in 2026. We expect to identify further actions.
A summary of the liability, which is recorded in other current liabilities in the accompanying consolidated balance sheet, as
of December\u00a031, 2025 is as follows:
(in thousands)
Employee-related
costs
Exit and
other costs
Total
Costs incurred
$2,121
$3,530
$5,651
Cash payments
(903)
(3,466)
(4,369)
Foreign currency translation adjustment
138
101
239
Liability at December 31, 2025
$1,356
$165
$1,521
The $2.1 million employee-related costs incurred and $3.5 million exit and other costs, which include consulting and
advisory costs, were recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of
income for the year ended December\u00a031, 2025.
Consequent to measures undertaken in the execution of the restructuring program, property, plant, and equipment and
intangible assets totaling $18.7 million, consisting of machinery and equipment, including machinery under construction,
software applications and platforms, as well as leasehold improvements, were abandoned and discontinued from
operational use during the year. Management determined that these assets have no alternative use or salvage value, and
accordingly the assets were written off. $14.2 million of the impairment was recorded in cost of sales, and $4.5 million
was recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of income for the year
ended December\u00a031, 2025.
2024 Efficiency Program
In 2024, we commenced initiatives to improve the overall efficiency and profitability of the Company. One of these
initiatives was a comprehensive review of our product portfolio which resulted in the decision to phase out our NeuMoDx
clinical PCR system considering the market development following the COVID-19 pandemic and changing customer needs
for integrated PCR-based clinical molecular testing systems. Following this decision, we are refocusing resources and efforts
on developing and commercializing other innovative solutions within our portfolio. Overall, the initiatives include activities
to improve global efficiency through targeted measures to reduce hierarchies and drive increased digitalization and
automation for improved resource allocation and profitable growth. This program was completed in 2025.
The exit cost liability is included in other current liabilities in the accompanying consolidated balance sheets as summarized
in the following table:
(in thousands)
Employee-related
costs
Exit and
other\u00a0costs
Total
Costs in 2024
$17,374
$40,583
$57,957
Payments
(7,949)
(29,580)
(37,529)
Foreign currency translation adjustment
(421)
454
33
Liability at December 31, 2024
$9,004
$11,457
$20,461
Costs in 2025
27,968
4,746
32,714
Release of excess accruals
(4,179)
(778)
(4,957)
Payments
(29,323)
(14,445)
(43,768)
Foreign currency translation adjustment
1,686
38
1,724
Liability at December\u00a031, 2025
$5,156
$1,018
$6,174
Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily
terminated and retention bonuses incurred during transition periods. Exit and other costs include contract termination costs,
primarily with suppliers and professional service fees to support the program.
Classification and Type of Charge
(in thousands)
Year Ended
December 31,
2025
Cumulative
charges through
2025
Cost of sales:
Exit and other costs
$670
$24,886
Employee-related costs
4,964
13,168
$5,634
$38,054
Restructuring, acquisition, integration and other, net:
Exit and other costs
$3,298
$19,664
Employee-related costs
18,825
27,995
$22,123
$47,659
Total costs
$27,757
$85,713
One of the initiatives of the 2024 Efficiency Program was a comprehensive review of our product portfolio which resulted
in the decision to phase out our NeuMoDx clinical PCR system considering the market development following the
COVID-19 pandemic and changing customer needs for integrated PCR-based clinical molecular testing systems, and
refocus resources and efforts on developing and commercializing other innovative solutions within our portfolio. In 2024,
following an impairment test performed, $166.1 million of long-lived assets related to the NeuMoDx asset group were fully
impaired. Outside of the NeuMoDx asset group, in 2024 as a result of actions taken in implementing the efficiency
program, long-lived assets totaling $34.7 million, including property, plant and equipment and intangible assets, were
impaired. Such impairments primarily related to software applications and platforms and related development projects
which were abandoned and ceased to be used during 2024 and determined by management to have no alternative use or
salvage value.
Following these initiatives, in the second half of 2024 we wrote-off a total of $93.5 million inventory. During 2025,
inventory write-offs totaled $11.3 million. Inventory write downs are recorded in cost of sales.
15. Other Current and Non-current Liabilities
Other current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Payroll and related accrued liabilities
$103,851
$85,579
Deferred revenue
(4)
79,423
70,827
Accrued expenses
57,343
51,673
Other liabilities
56,539
66,139
Income tax payable
(17)
39,717
24,946
Current lease liabilities
(13)
28,837
24,335
Accrued contingent consideration and milestone payments
(25)
16,153
20,650
Accrued interest on non-current financial debt
(16)
13,796
10,554
Accrued royalties
(20)
6,113
5,098
Cash collateral liability
(26)
710
16,790
Total other current liabilities
$402,482
$376,591
Other non-current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Accrued expenses
$134,193
$86,464
Non-current lease liabilities
(13)
129,600
96,658
Non-current employee benefit obligations
19,247
16,760
Deferred revenue
(4)
16,074
17,971
Accrued contingent consideration
6,600
\u2014
Other non-current liabilities
$305,714
$217,853
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Consequent to measures undertaken in the execution of the restructuring program, property, plant, and equipment and
intangible assets totaling $18.7 million, consisting of machinery and equipment, including machinery under construction,
software applications and platforms, as well as leasehold improvements, were abandoned and discontinued from
operational use during the year. Management determined that these assets have no alternative use or salvage value, and
accordingly the assets were written off. $14.2 million of the impairment was recorded in cost of sales, and $4.5 million
was recorded in restructuring, acquisition, integration and other, net, in the consolidated statement of income for the year
ended December\u00a031, 2025.
One of the initiatives of the 2024 Efficiency Program was a comprehensive review of our product portfolio which resulted
in the decision to phase out our NeuMoDx clinical PCR system considering the market development following the
COVID-19 pandemic and changing customer needs for integrated PCR-based clinical molecular testing systems, and
refocus resources and efforts on developing and commercializing other innovative solutions within our portfolio. In 2024,
following an impairment test performed, $166.1 million of long-lived assets related to the NeuMoDx asset group were fully
impaired. Outside of the NeuMoDx asset group, in 2024 as a result of actions taken in implementing the efficiency
program, long-lived assets totaling $34.7 million, including property, plant and equipment and intangible assets, were
impaired. Such impairments primarily related to software applications and platforms and related development projects
which were abandoned and ceased to be used during 2024 and determined by management to have no alternative use or
salvage value.
Following these initiatives, in the second half of 2024 we wrote-off a total of $93.5 million inventory. During 2025,
inventory write-offs totaled $11.3 million. Inventory write downs are recorded in cost of sales.
Goodwill and Other Intangible Assets
In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October 1,
2025) in accordance with the provisions of IAS 36. No events or changes in circumstances indicated that the acquired
goodwill might be impaired.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit. In testing for potential impairment, we measured the estimated
recoverable amount of the cash-generating unit based upon discounted future operating cash flows using a discount rate
reflecting our estimated average cost of funds.
For impairment testing, the recoverable amount of goodwill allocated to the cash-generating unit (higher of the cash-
generating unit's fair value less selling costs and its value in use) is compared to the carrying amount of the net assets
employed (including goodwill) of the cash-generating unit. Value in use is normally assumed to be higher than the fair
value less selling costs; therefore, fair value less selling costs is only investigated when value in use is lower than the
carrying amount of the cash-generating unit.
Key assumptions used in the value in use calculations
The value in use is calculated based on estimated future cash flow projections expected to result from the use of the cash-
generating unit, discounted using an appropriate long-term pre-tax discount rate. The value in use calculations use cash
flow projections based on financial budgets and models over the projection period (five years) as available for internal
reporting purposes and in accordance with standard valuation practices. The growth rates used are based on industry
growth forecasts for the projected period as well as for the subsequent period (long-term growth rate of 3% in 2025 and
2024). The discount rates used are based on the pre-tax weighted average cost of capital (8.0% in 2025 and 8.1% in
2024) and are verified against external analyst reports.
Sensitivity to changes in assumptions
Changes in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact
on the determination of impairment amounts. In estimating future cash flows, we used our internal budgets. Our budgets
were based on recent sales data for existing products, planned timing of new product launches and customer commitments
related to new and existing products. The calculation of value in use is most sensitive to the discount rates and growth rates
used.
Discount rates reflect management's estimate of the risks profile for the respective valuation object. The growth rates used
are based on industry growth forecasts for the projected period as well as for the subsequent period.
We concluded that no impairment existed. We believe that any reasonably possible change in the key assumptions would
not have an impact on reported goodwill. Even if our estimates of projected future cash flows in respect of discount and
growth rates were too high by 10%, there would be no impact on the reported value of goodwill at December\u00a031, 2025.
Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-
generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of
the resulting estimates are subject to uncertainty and, as additional information becomes known, we may change our
estimates.
In 2024, $97.2 million of amortized intangible assets were also impaired in connection with the discontinuation of
NeuMoDx.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
7. Financial Assets
(in thousands)
2025
2024
Current financial assets:
Unquoted debt securities
$259,913
$489,437
Total current financial assets
259,913
\u00a0
489,437
Non-current financial assets:
Unquoted equity securities
5,752
\u00a0
4,283
Total non-current financial assets
5,752
\u00a0
4,283
Total financial assets
$265,665
\u00a0
$493,720
At December\u00a031, 2025 and 2024 , we held unquoted debt securities of $259.9 million and $489.4 million , respectively.
Unquoted Debt Securities
The unquoted debt securities are highly liquid deposits and fixed-income securities consisting of money market deposits and
commercial paper due from financial and nonfinancial institutions. These instruments are classified as current assets in the
accompanying balance sheet as they have an original maturity of less than one year.
Money market deposits are interest-bearing deposit accounts, valued at amortized cost with interest income accrued as
earned. Interest income is determined using the effective interest rate method.
Investments in commercial paper, a marketable debt security, are financial assets accounted for at amortized cost. Interest
income is calculated and accrued using the effective interest method.
(in thousands)
2025
2024
Balance at beginning of year
$489,437
$389,698
Unquoted debt securities acquired
369,014
685,915
Unquoted debt securities redeemed
(597,057)
(584,979)
Gain on sales of unquoted debt securities
(968)
70
Interest redeemed
(2,057)
(3,277)
Additions from accrued interest
710
4,085
Foreign currency translation adjustment
834
(2,075)
Balance at end of year
$259,913
$489,437
16. Financial Debts
At December\u00a031, 2025 and 2024 , total non-current financial debts, net of debt issuance costs of $12.8 million and $7.9
million, respectively, consist of the following:
(in thousands)
2025
2024
0.000% Senior Unsecured Convertible Notes due 2027
$23,189
$444,351
2.500% Senior Unsecured Convertible Notes due 2031
397,967
397,134
2.000% Senior Unsecured Convertible Notes due 2032
631,866
\u2014
German Private Placement (2017 Schuldschein)
17,032
15,050
German Private Placement (2022 Schuldschein)
373,748
383,675
Total financial debts
1,443,802
1,240,210
Less: Current portion of financial debts
\u2014
497,832(1)
Total non-current financial debts
$1,443,802
$742,378(1)
Total amount secured
$\u2014
$\u2014
Unused lines of credit for short-term financing
$485,275
$429,066
(1) The December 31, 2024 balances for the current portion and long-term portion of debt have been revised to correct the classification of certain
amounts. See Note 1.
The notes are all unsecured obligations that rank pari passu. Interest expense on non-current debt was $33.6 million and
$42.6 million for the years ended December\u00a031, 2025 and 2024, respectively. Refer to Note 27 \"Capital Management\"
for a schedule of the changes in total current and non-current financial debts during 2025.
Repayments of non-current debts for the years ended December\u00a031, 2025 and 2024 consisted of:
(in thousands)
2025
2024
German Private Placement (2022 Schuldschein)
$60,167
$\u2014
German Private Placement (2017 Schuldschein)
\u2014
101,536
0.000% Senior Unsecured Cash Convertible Notes due 2027
474,000
\u2014
1.000% Senior Unsecured Cash Convertible Notes due 2024
\u2014
500,000
Total repayment of non-current debt
$534,167
$601,536
The principal amount, carrying amount and fair values of non-current debt instruments as of December\u00a031, 2025 and
2024 are summarized below.
2025
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair value
Amount
Leveling
Convertible Notes due 2027
$23,189
$\u2014
$23,189
$23,844
Level 1
Convertible Notes due 2031 (1)
402,713
(4,746)
397,967
520,570
Level 1
Convertible Notes due 2032 (1)
639,472
(7,606)
631,866
762,600
Level 1
German Private Placement (2017 Schuldschein)
17,039
(7)
17,032
16,692
Level 2
German Private Placement (2022 Schuldschein)
374,234
(486)
373,748
366,130
Level 2
$1,456,647
($12,845)
$1,443,802
$1,689,836
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million and 2032 Notes $110.5\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
2024
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair Value
Amount
Leveling
Convertible Notes due 2027 (1)
445,949
(1,598)
444,351
475,835
Level 1
Convertible Notes due 2031 (1)
402,713
(5,579)
397,134
511,150
Level 1
German Private Placement (2017 Schuldschein)
15,069
(19)
15,050
14,560
Level 2
German Private Placement (2022 Schuldschein)
384,393
(718)
383,675
380,180
Level 2
$1,248,124
($7,914)
$1,240,210
$1,381,725
(1)The initial fair value liability of the embedded conversion options for the 2027 Notes was $54.1\u00a0million and for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2025 and future interest
as of December\u00a031, 2025 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2026
$\u2014
$11,296
$27,229
$38,525
2027
147,680
134,258
50,418
184,676
2028
\u2014
8,053
27,229
35,282
2029
164,328
170,093
27,229
197,322
2030
\u2014
3,152
27,229
30,381
Thereafter
1,131,794
114,524
1,063,267
1,177,791
$1,443,802
$441,376
$1,222,601
$1,663,977
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2024 and future interest
as of December\u00a031, 2024 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2025(2)
$497,832
$65,029
$456,712
$521,741
2026
\u2014
10,658
12,361
23,019
2027(2)
109,978
119,218
12,361
131,579
2028
\u2014
7,649
12,361
20,010
2029
145,189
150,586
12,361
162,947
Thereafter (1)
487,211
104,064
418,044
522,108
$1,240,210
$457,204
$924,200
$1,381,404
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying
value of the Convertible Notes as discussed further below.
(2) Future 2025 and 2027 contractual cash obligations have been revised to correct the classification for the 2027 Notes repaid to bondholders in
December 17, 2025. See Note 1.
Interest expense for the years ended December\u00a031, 2025 and 2024 related to the 2032 Notes, 2031 Notes, 2027 Notes
and the cash convertible notes was comprised of the following:
(in\u00a0thousands)\u00a0
2025
2024
Coupon interest
$18,104
$8,604
Amortization of original issuance discount
\u2014
16,075
Amortization of debt issuance costs
2,798
1,690
Total interest expense related to the convertible notes
$20,902
$26,369
Convertible Notes due 2032
On September 4, 2025, we issued 2.0% cash convertible notes in an aggregate principal amount of $750.0 million with
a maturity date of September 4, 2032 (2032 Notes). The 2032 Notes carry interest of 2.0% per annum payable semi-
annually in arrears. The net proceeds of the 2032 Notes totaled $742.0 million, after debt issuance costs of $8.0 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2032 Notes resulting in an effective
interest rate of the 2032 Notes of 2.16%. Judgment is required to estimate the expected maturity as the 2032 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2032 Notes was $110.5 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2032 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,094.3562 shares per $200,000 principal amount of notes (which represented an initial conversion price of $64.6338
per share, or 11.6 million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note
18 \"Equity,\" the adjusted conversion rate became 3,091.0563 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $64.7028. At conversion, we will settle the 2032 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2032 Notes may be redeemed at the option of each noteholder at their principal amount on September 4, 2030 or in
connection with a change of control or delisting event.
The 2032 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after October\u00a015, 2025 through March\u00a03,
2032:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 4, 2032
and ending on the 45th business day prior to September\u00a04, 2032.
No contingent conversion conditions were triggered for the 2032 Notes as of December\u00a031, 2025.
Convertible Notes due 2031
On September\u00a010, 2024, we issued 2.500% convertible notes in an aggregate principal amount of $500.0 million with a
maturity date of September 10, 2031 (2031 Notes). The 2031 Notes carry interest of 2.50% per annum payable semi-
annually in arrears. The net proceeds of the 2031 Notes totaled $494.2 million, after debt issuance costs of $5.8 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2031 Notes resulting in an effective
interest rate of the 2031 Notes of 2.68%. Judgment is required to estimate the expected maturity as the 2031 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2031 Notes was $97.3 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2031 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,124.3702 shares per $200,000 principal amount of notes (which represents an initial conversion price of $64.0129
per share or 7.8\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 3,136.9055 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $63.7571. At conversion, we will settle the 2031 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2031 Notes may be redeemed at the option of each noteholder at their principal amount on September 10, 2029 or
in connection with a change of control or delisting event.
The 2031 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price, in the following circumstances beginning after October\u00a021, 2024 through March\u00a09,
2031:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 10, 2031
and ending on the 45th business day prior to September\u00a010, 2031.
No contingent conversion conditions were triggered for the 2031 Notes as of December\u00a031, 2025.
Convertible Notes due 2027
On December 17, 2020, we issued zero coupon convertible notes in an aggregate principal amount of $500.0\u00a0million
with a maturity date of December 17, 2027 (2027 Notes). The 2027 Notes carry no coupon interest. The net proceeds of
the 2027 Notes totaled $497.6\u00a0million, after payment of debt issuance costs of $3.7\u00a0million. On the December 17, 2025
put date, $474.0\u00a0million of the 2027 Notes was repaid at the election of the bondholders, after which the remaining
$23.2\u00a0million was reclassified to long-term debt. All debt issue costs were amortized to the put date. In 2025, the effective
interest rate of the 2027 Notes is 1.65%, which is imputed based on the amortization of the fair value of the embedded
conversion option over the remaining term of the 2027 Notes.
Because the Convertible Notes contain an embedded conversion option, we have determined that the embedded
conversion option is a derivative financial instrument, which is required to be separated from the Convertible Notes and
accounted for separately as a derivative liability, with changes in fair value reported in our consolidated income statements
until the conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options
for the 2027 Notes was $54.1\u00a0million which simultaneously reduced the carrying value of the Convertible Notes. For
further discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk
Factors and Use of Derivative Financial Instruments.\"
The 2027 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
2,477.65 shares per $200,000 principal amount of notes (which represented an initial conversion price of $80.7218 per
share, or 6.2\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 2,485.1914 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $80.4767. At conversion, we will settle the 2027 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The notes may be redeemed in connection with a change of control or delisting event (as further described in the 2027
Notes).
The 2027 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after January 27, 2021 through June 16,
2027:
\u2022 if the last reported sale price of our common shares for at least 20-consecutive trading days during a period of 30-
consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than
or equal to 130% of the conversion price on each applicable trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control, as defined in the agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be occurs during the period of 10 days, including
the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived.
The noteholders may convert their notes at any time, without condition, on or after June 17, 2027 until the 45th business
day prior to December 17, 2027.
No contingent conversion conditions were triggered for the 2027 Notes as of December\u00a031, 2025 or December\u00a031,
2024.
Cash Convertible Notes 2024
In November 2024, we repaid at maturity $500.0 million of Cash Convertible Senior Notes (2024 Notes) that had been
issued on November 13, 2018 with net proceeds of $468.9 million after payment of the net cost of the Call Spread
Overlay and transaction costs.
Cash Convertible Notes Call Spread Overlay
Concurrent with the issuance of the cash convertible notes, we entered into privately negotiated hedge transactions (Call
Options) with, and issued warrants to purchase shares of our common stock (Warrants) to, certain financial institutions. We
refer to the Call Options and Warrants collectively as the \u201cCall Spread Overlay.\u201d The Call Options were intended to offset
any cash payments payable by us in excess of the principal amount due upon any conversion of the cash convertible
notes. The Call Options and Warrants are derivative financial instruments and are discussed further in Note 26 \"Financial
Risk Factors and Use of Derivative Financial Instruments.\"
Aside from the initial payment of a premium, we will not be required to make any cash payments under the Call Options,
and will be entitled to receive an amount of cash, generally equal to the amount by which the market price per share of our
common shares exceeds the exercise price of the Call Options during the relevant valuation period. The exercise price
under the Call Options is initially equal to the conversion price of the cash convertible notes.
The Call Options related to the 2024 Notes expired unexercised in November 2024.
The Warrants that were issued with our cash convertible notes, could have a dilutive effect to the extent that the price of
our common stock exceeds the applicable strike price of the Warrants. For each Warrant that is exercised, we will deliver
to the holder a number of shares of our common stock equal to the amount by which the settlement price exceeds the
exercise price, plus cash in lieu of any fractional shares. We will not receive any proceeds if the Warrants are exercised.
All Warrants related to the 2024 Notes expired unexercised in November 2024 upon maturity.
German Private Placement (2017 Schuldschein)
In 2017, we completed a German private placement bond (2017 Schuldschein) which was issued in several tranches
totaling $331.1 million due in various periods through 2027. In the first half of 2021, we repaid $41.1\u00a0million for two
tranches that matured. In October 2022, we repaid $153.0 million for the four tranches that matured. The euro tranches
are designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as
described in Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method,
the change in the carrying value of the euro-denominated tranches attributed to the net investment hedge as of
December\u00a031, 2025 totaled $0.9\u00a0million of unrealized gain and is recorded in equity. We paid $1.2 million in debt
issuance costs which are being amortized through interest expense over the lifetime of the notes.
A following table shows the last remaining tranche of the 2017 Schuldschein as of December\u00a031, 2025 and 2024:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac31.0 million
Floating EURIBOR + 0.7%
June 2027
$17,032
$15,050
German Private Placement (2022 Schuldschein)
In July and August 2022, we completed another German private placement bond (2022 Schuldschein) which was issued
in several tranches totaling \u20ac370.0\u00a0million due in various periods through 2035. In July 2025, we repaid $60.2 million
for the \u20ac51.5\u00a0million tranche that matured. The 2022 Schuldschein consists of euro-denominated tranches which have
either a fixed or floating rate. All tranches except for the \u20ac70.0\u00a0million fixed 3.04% tranche due August 2035 are ESG-
linked wherein the interest rate is subject to adjustment of +/- 0.025% if our ESG rating changes. The euro tranches are
designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as described in
Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method, the change in
the carrying value of the euro-denominated tranches attributed to the net investment hedge as of December\u00a031, 2025
totaled $53.3 million of unrealized loss and is recorded in equity. We paid $1.2 million in debt issuance costs which are
being amortized through interest expense using the effective interest method over the lifetime of the notes.
A summary of the tranches is as follows:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac51.5 million
Floating 6M EURIBOR + 0.55%
July 2025
$\u2014
$53,481
\u20ac62.0 million
Fixed 2.741%
July 2027
72,814
64,323
\u20ac29.5 million
Floating 6M EURIBOR + 0.70%
July 2027
34,645
30,605
\u20ac37.0 million
Fixed 3.044%
July 2029
43,430
38,371
\u20ac103.0 million
Floating 6M EURIBOR + 0.85%
July 2029
120,898
106,818
\u20ac9.5 million
Fixed 3.386%
July 2032
11,146
9,849
\u20ac7.5 million
Floating 6M EURIBOR + 1.0%
July 2032
8,800
7,776
\u20ac70.0 million
Fixed 3.04%
August 2035
82,015
72,452
$373,748
$383,675
Revolving Credit Facility
Our credit facilities available and undrawn at December\u00a031, 2025 total \u20ac413.0 million (approximately $485.3 million).
This includes a \u20ac400.0 million syndicated ESG-linked revolving credit facility expiring December 2030 (with one
additional annual extension option) and two other lines of credit amounting to \u20ac13.0 million with no expiration date. The
\u20ac400.0 million facility can be utilized in euro and bears interest of 0.550% to 1.500% above EURIBOR, offered with
interest periods of one, three or six months. The commitment fee is calculated based on 35% of the applicable margin.
Commitment fees of $0.9 million and $0.8 million were paid for years ended December\u00a031, 2025 and 2024,
respectively. The revolving facility agreement contains certain non-financial covenants including, but not limited to,
restrictions on the encumbrance of assets. We were in compliance with these covenants at December\u00a031, 2025. The
revolving credit facilities are for general corporate purposes and no amounts were utilized at December\u00a031, 2025. Of the
\u20ac13.0 million facilities, \u20ac8.2 million is used for bank guarantees and letters of credit as December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
7. Financial Assets
Unquoted Equity Securities
At December\u00a031, 2025 and 2024, we had investments in non-publicly traded companies that do not have readily
determinable fair values with carrying amounts that totaled $5.8 million and $4.3 million, respectively. These investments
are required to be accounted for at fair value through profit and loss unless the investment is not held for trading, and the
holder elects at initial recognition to account for it at fair value through other comprehensive income. As this election has
not been made, these investments are accounted for at fair value through profit and loss in other financial results.
There was no observable fair value change in these unquoted equity investments during 2025. All other changes in these
investments for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$4,283
$4,435
Negative fair value movement
\u2014
(250)
Cash investments in equity securities, net
929
342
Foreign currency translation adjustments
540
(244)
Balance at end of year
$5,752
$4,283
In 2024, an investment value declined following an observable change in price of the underlying investment. The decline
in fair value was recorded to other financial results in the accompanying consolidated income statement.
We made additional investments of $0.9 million and $0.3 million in unquoted equity securities for the years ended
December\u00a031, 2025 and 2024, respectively.
26.2Use of Derivative Financial Instruments
Derivatives Not Designated as Hedging Instruments
Call Options and Warrants
Prior to 2024, we entered into Call Options which, along with the sale of the Warrants, represented the Call Spread
Overlay entered into in connection with the 2024 cash convertible notes (2024 Notes). In these transactions, the Call
Options were intended to address the equity price risk inherent in the cash conversion feature by offsetting cash payments
in excess of the principal amount due upon any conversion of the 2024 Notes. Accordingly, the derivative is presented as
either current or long-term based upon the classification of the related debt. The 2024 Notes were repaid at maturity in
November 2024 and the Call Options expired unexercised.
Aside from the initial payment of premiums for the Call Options, we were not required to make any cash payments under
the Call Options. We were, however, entitled to receive an amount of cash generally equal to the amount by which the
market price per share of our common stock exceeded the exercise price of the Call Options during the relevant valuation
period. The exercise price under the Call Options was equal to the conversion price of the 2024 Notes.
The Call Options and Warrants, for which our common stock is the underlying security, are derivative assets and liabilities,
respectively, that require mark-to-market accounting treatment. These derivatives are measured and reported at fair value
on a recurring basis, within Level 2 of the fair value hierarchy. The change in fair value of these instruments is recognized
immediately in our consolidated income statements in other financial results.
Cash Convertible Notes Embedded Cash Conversion Option
The embedded cash conversion option within the Cash Convertible Notes due 2024 discussed in Note 16 \"Financial
Debts\" was required to be separated from the cash convertible notes and accounted for separately as a derivative liability,
with changes in fair value reported in our consolidated income statements in other financial results until the cash conversion
option settled or expired. The embedded cash conversion option was measured and reported at fair value on a recurring
basis within Level 2 of the fair value hierarchy.
Because the terms of the cash convertible notes' embedded cash conversion option were substantially similar to those of the
Call Options, discussed above, we expected the effect on earnings from these two derivative instruments to mostly offset
each other. In November 2024, the Cash Convertible Notes due 2024 were repaid at maturity, and the related Call
Options expired unexercised as described in Note 16, resulting in a $1.4\u00a0million gain recognized in other financial results
in the accompanying consolidated income statement.
Convertible Notes Embedded Conversion Option
The embedded conversion option within the Convertible Notes due 2027, 2031 and 2032 discussed in Note 16
\"Financial Debts\" was required to be separated from the convertible notes and accounted for separately as a derivative
liability, with changes in fair value reported in our consolidated income statements in other financial results until the
conversion option transaction settles or expires. The embedded conversion option was measured and reported at fair value
on a recurring basis within Level 2 of the fair value hierarchy.
Foreign Currency Derivatives
As a globally active enterprise, we are subject to risks associated with fluctuations in foreign currencies in our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions
including intercompany items. We manage balance sheet exposure on a group-wide basis using foreign exchange forward
contracts, foreign exchange options and cross-currency swaps.
We are party to various foreign exchange forward, option and swap arrangements which had an aggregate notional
value of $488.5 million at December\u00a031, 2025, which expire at various dates through October 2026. At December\u00a031,
2024, these arrangements had an aggregate notional value of $645.7 million, which expired at various dates through July
2025. The transactions have been entered into to offset the effects from short-term balance sheet exposure to foreign
currency exchange risk. Changes in the fair value of these arrangements have been recognized in other financial results in
the accompanying consolidated income statement.
Interest Rate Derivatives
In November 2024, we entered into eight new cross-currency interest rate swaps with various maturities through 2026 for
a total notional amount of CHF 280.0 million that are not designated as hedges. In May 2025, two of the eight cross-
currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and subsequently, we entered into
two new cross-currency interest rate swaps through 2028 for a notional amount of CHF\u00a070.0\u00a0million. In November 2025,
two of the eight cross-currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and
subsequently, we entered into two new cross-currency interest rate swaps through 2027 for a notional amount of
CHF\u00a070.0\u00a0million. Changes in the fair value of these arrangements have been recognized in other financial results in the
accompanying consolidated income statement. As of December\u00a031, 2025 and December\u00a031, 2024, interest receivables of
$1.1 million and $1.4 million, respectively, are recorded in other current assets in the accompanying consolidated
balance sheets.
Fair Values of Derivative Instruments
The following table summarizes the fair value amounts of derivative instruments reported in the consolidated balance sheets
as of December\u00a031, 2025 and 2024:
\u00a0
2025
2024
(in thousands)
Current
Asset
Non-current
Asset
Current
Asset
Non-current
Asset
Assets:
Derivative instruments designated as hedges
Interest rate contracts - cash flow hedge (1)
$\u2014
$\u2014
$14,340
$\u2014
Total derivative instruments designated as hedges
\u2014
\u2014
14,340
\u2014
Undesignated derivative instruments
Foreign exchange forwards and options
2,448
\u2014
5,761
\u2014
Interest rate contracts - cash flow hedge (1)
\u2014
\u2014
3,503
3,174
Total undesignated derivative instruments
2,448
\u2014
9,264
3,174
Total derivative assets
$2,448
$\u2014
$23,604
$3,174
(in thousands)
2025
2024
Current
Liability
Non-current
Liability
Current
Liability
Non-current
Liability
Liabilities:
Undesignated derivative instruments
Embedded conversion option
\u2014
(131,613)
(8,883) (2)
(80,726) (2)
Foreign exchange forwards and options
(1,978)
\u2014
(13,752)
\u2014
Interest rate contracts - cash flow hedge(1)
(18,194)
(4,169)
\u2014
\u2014
Total undesignated derivative instruments
(20,172)
(135,782)
($22,635)(2)
($80,726)(2)
Total derivative liabilities
($20,172)
($135,782)
($22,635)(2)
($80,726)(2)
(1)The fair value amounts for the interest rate contracts do not include accrued interest.
(2) The December 31, 2024 balances for the current portion and non-current portion of derivative liability for embedded conversion option revised to
correct the classification. See Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Unquoted Equity Securities
At December\u00a031, 2025 and 2024, we had investments in non-publicly traded companies that do not have readily
determinable fair values with carrying amounts that totaled $5.8 million and $4.3 million, respectively. These investments
are required to be accounted for at fair value through profit and loss unless the investment is not held for trading, and the
holder elects at initial recognition to account for it at fair value through other comprehensive income. As this election has
not been made, these investments are accounted for at fair value through profit and loss in other financial results.
There was no observable fair value change in these unquoted equity investments during 2025. All other changes in these
investments for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$4,283
$4,435
Negative fair value movement
\u2014
(250)
Cash investments in equity securities, net
929
342
Foreign currency translation adjustments
540
(244)
Balance at end of year
$5,752
$4,283
In 2024, an investment value declined following an observable change in price of the underlying investment. The decline
in fair value was recorded to other financial results in the accompanying consolidated income statement.
We made additional investments of $0.9 million and $0.3 million in unquoted equity securities for the years ended
December\u00a031, 2025 and 2024, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
8. Trade Accounts Receivable
We sell our products worldwide through sales subsidiaries and distributors. There is no concentration of credit risk with
respect to trade accounts receivable as we have a large number of internationally dispersed customers. Trade accounts
receivable are non-interest bearing and mostly have payment terms of 30 to 90 days. Notes receivable are non-interest
bearing and mostly have payment terms of up to 180 days. For 2025 and 2024, no single customer represented more
than ten percent of trade accounts receivable or consolidated net sales.
(in thousands)
2025
2024
Trade accounts receivable
$409,067
$364,187
Notes receivable
13,079
3,317
Allowance for doubtful accounts
(19,538)
(18,226)
Total trade accounts receivable, net
$402,608
$349,278
The changes in the allowance for doubtful accounts are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$18,226
$17,296
Additions charged to expense
1,143
4,204
Deductions from allowance (1)
(633)
(2,148)
Currency translation adjustments and other
802
(1,126)
Balance at end of year
$19,538
$18,226
(1)Write-offs for which an allowance was previously provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
8. Trade Accounts Receivable
The changes in the allowance for doubtful accounts are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$18,226
$17,296
Additions charged to expense
1,143
4,204
Deductions from allowance (1)
(633)
(2,148)
Currency translation adjustments and other
802
(1,126)
Balance at end of year
$19,538
$18,226
(1)Write-offs for which an allowance was previously provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "Trade Accounts Receivable
The changes in the allowance for doubtful accounts are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$18,226
$17,296
Additions charged to expense
1,143
4,204
Deductions from allowance (1)
(633)
(2,148)
Currency translation adjustments and other
802
(1,126)
Balance at end of year
$19,538
$18,226
(1)Write-offs for which an allowance was previously provided.
26.1.Financial Risks
Our risk management approach embodies the key elements of a sound risk management system including (1) active
Supervisory Board and senior management involvement; (2) adequate policies and procedures; (3) adequate risk
management, monitoring and information systems; and (4) comprehensive internal controls. Refer to the detail discussion
under the header Risk Management within the Management Report included in this annual report.
Market risk
Our market risk relates primarily to interest rate exposures on cash, short-term investments and borrowings, and foreign
currency exposures. Financial risk is centrally managed and is regulated by internal guidelines which require a continuous
internal risk analysis. The overall objective of our risk management is to reduce the potential negative earnings effects from
changes in interest and foreign exchange rates. Exposures are managed through operational methods and financial
instruments relating to interest rate and foreign exchange risks. In the ordinary course of business, we use derivative
instruments, including swaps, forwards and/or options, to manage potential losses from foreign currency exposures and
interest rates. The principal objective of such derivative instruments is to minimize the risks and/or costs associated with
global financial and operating activities. We do not utilize derivative or other financial instruments for trading or other
speculative purposes. All derivatives are recognized as either assets or liabilities in the balance sheet and are measured at
fair value with any change in fair value recognized in earnings in the period of change, unless the derivative qualifies as
an effective hedge that offsets certain exposures. In determining fair value, we consider both the counterparty credit risk
and our own creditworthiness, to the extent that the derivatives are not covered by collateral agreements with respective
counterparties.
Foreign currency exchange rates
As a global enterprise, we are subject to risks associated with fluctuations in foreign currencies with regard to our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions as
well as future cash flows resulting from anticipated transactions including intra-group transactions. We manage our
balance sheet exposure on a group-wide basis primarily using foreign exchange forward contracts, options and cross-
currency swaps. Foreign currency transactions for the year ended December\u00a031, 2025 resulted in a net loss of
$5.5\u00a0million and a net loss of $2.7\u00a0million for the year ended December\u00a031, 2024. These amounts are included in other
financial results in the accompanying consolidated income statements.
A significant portion of our revenues and expenses are earned and incurred in currencies other than the U.S. dollar. The
euro is the most significant such currency, with others including the British pound, Chinese renminbi, Japanese yen, and
Swiss franc. Fluctuations in the value of the currencies in which we conduct our business relative to the U.S. dollar have
caused and will continue to cause U.S. dollar translations of such currencies to vary from one period to another. Due to the
number of currencies involved, the constantly changing currency exposures, and the potential substantial volatility of
currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In
general terms, depreciation of the U.S. dollar against our other foreign currencies will increase reported net sales.
However, this effect is, at least partially, offset by the fact that we also incur substantial expenses in foreign currencies.
We have significant production and manufacturing facilities located in Germany and intercompany sales of inventory also
expose us to foreign currency exchange rate risk. Intercompany sales of inventory are generally denominated in the local
currency of the subsidiary purchasing the inventory in order to centralize foreign currency risk with the manufacturing
subsidiary. We use an in-house bank approach to net and settle intercompany payables and receivables as well as
intercompany foreign exchange swaps and forward contracts in order to centralize the foreign exchange rate risk to the
extent possible. We have entered in the past and may enter in the future into foreign exchange derivatives including
forwards, swaps and options to manage the remaining foreign exchange exposure.
For the presentation of market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes of
relevant risk variables on profit or loss and shareholders' equity. Currency risks as defined by IFRS 7 arise on account of
financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature;
differences resulting from the translation of financial statements into the Company's presentation currency are not taken into
consideration. Relevant risk variables are generally all non-functional currencies in which QIAGEN has financial
instruments.
QIAGEN is exposed to currency risks from financial derivatives. If each of the respective currency pairs for which the
Company has financial derivatives in place, which do not qualify for hedge accounting in accordance with IFRS 9, varied
from the rates used for the preparation of the consolidated financial statements, this would have had an effect on the net
income of the Company. Any effect would have been almost fully off-set by corresponding valuation adjustments in the
positions, which economically had been hedged by these financial derivatives. Accordingly, the net effect of such variance
in currency rates would not have been material.
If, at December\u00a031, 2025, the U.S. dollar had gained or lost 10% against all identified major currencies, the estimated
effect on the fair value of the financial derivatives would have been as follows:
\u00a0
As of December 31, 2025
As of December 31, 2024
(in thousands)
10% higher
10% lower
10% higher
10% lower
Currency
\u00a0
\u00a0
\u00a0
\u00a0
Euro (EUR)
$7,124
($7,120)
$13,871
($13,871)
Australian Dollar (AUD)
538
(538)
1,038
(1,038)
Swedish Krona (SEK)
\u2014
\u2014
(91)
111
Japanese Yen (JPY)
(362)
408
(169)
206
Canadian Dollar (CAD)
425
(519)
284
(347)
Singapore Dollar (SGD)
35
(43)
(799)
977
Swiss Franc (CHF)
2,838
(3,469)
5,971
(7,320)
Pound Sterling (GBP)
3,332
(3,329)
533
(533)
South Korean Won (KRW)
\u2014
\u2014
210
(257)
Chinese Yuan (CNY)
(422)
533
(5,095)
6,237
Norwegian Krone (NOK)
180
(219)
191
(234)
Polish Zloty (PLN)
(8)
9
(706)
863
Thai Baht (THB)
1,572
(1,916)
1,505
(1,839)
Indian Rupee (INR)
147
(189)
26
(31)
Danish Krone (DKK)
429
(525)
304
(372)
Total
$15,828
($16,917)
$17,073
($17,448)
Interest rates
The Company is exposed to interest rate risk by floating rate financial debt and floating rate financial assets. This exposure
is managed by varying the proportion of fixed and floating rate debt, while all non-derivative financial assets pay interest
on floating rates. Net financial income earned on the Company's net financial assets is generally affected by changes in
the level of interest rates, principally the euro and the U.S. dollar interest rate.
At December\u00a031, 2025, we had $838.6 million in cash and cash equivalents (2024: $663.0 million). Interest income
earned on our cash investments is affected by changes in the relative levels of market interest rates. We only invest in high-
grade investment instruments. A hypothetical adverse 10% movement in market interest rates would have impacted our
financial statements by approximately $3.9 million.
Borrowings against lines of credit are at variable interest rates. We had no amounts outstanding against our lines of credit
at December\u00a031, 2025 and 2024. A hypothetical adverse 10% movement in market interest rates would not have
materially impacted our financial statements.
At December\u00a031, 2025, we had total debt of $1.4 billion (2024: $1.2 billion), of which of which $164.3 million is
floating interest rate debt (2024: $198.7 million). A hypothetical adverse 10% movement in market interest rates would not
have materially impacted our financial statements.
Liquidity risk
To date, we have funded our business primarily through internally generated funds, debt and the private and public sales
of equity. Our primary use of cash has been to support continuing operations and our investing activities including capital
expenditure requirements and acquisitions. As of December\u00a031, 2025 and 2024, we had cash and cash equivalents of
$838.6 million and $663.0 million, respectively. We also had current financial assets of $259.9 million and $489.4
million, respectively. Cash and cash equivalents are primarily held in euros and U.S. dollars, other than those cash
balances maintained in the local currency of subsidiaries to meet local working capital needs. As of December\u00a031, 2025
and 2024, we had working capital of $1.5 billion and $1.0 billion, respectively.
We have a \u20ac400.0 million syndicated revolving credit facility expiring with a contractual life until December 2030 (with
one additional annual extension option), of which no amounts were utilized at December\u00a031, 2025. We have two other
lines of credit amounting to \u20ac13.0 million with no expiration date, none of which were utilized as of December\u00a031, 2025.
We also have repayment obligations of $1.4 billion of long-term financial debt (2024: $1.2 billion) as of December\u00a031,
2025.
As of December\u00a031, 2025, our future contractual cash obligations are as follows:
Contractual Obligations
(in thousands)
Payments Due by Period
Total
2026
2027
2028
2029
2030
Thereafter
Financial debt (1)
$1,663,977
$38,525
$184,676
$35,282
$197,322
$30,381
$1,177,791
Lease obligations
183,952
34,804
30,631
24,587
17,407
10,889
65,634
Purchase obligations
148,733
78,587
42,675
22,500
3,465
1,506
\u2014
Trade and other accounts payable
72,656
72,656
\u2014
\u2014
\u2014
\u2014
\u2014
License and royalty payments
18,525
1,933
1,986
1,844
1,852
1,881
9,029
Total contractual cash obligations
$2,087,843
$226,505
$259,968
$84,213
$220,046
$44,657
$1,252,454
(1)Amounts include required principal, stated at current carrying values, and interest payments. As described elsewhere in this Note 16, certain of our
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.
We believe that funds from operations, existing cash and cash equivalents, together with the proceeds from our public and
private sales of equity, and availability of financing facilities, will be sufficient to fund our planned operations and
expansion during the coming year. However, any global economic downturn may have a greater impact on our business
than currently expected, and we may experience a decrease in the sales of our products, which could impact our ability to
generate cash. If our future cash flows from operations and other capital resources are not adequate to fund our liquidity
needs, we may be required to obtain additional debt or equity financing or to reduce or delay our capital expenditures,
acquisitions or research and development projects. If we could not obtain financing on a timely basis or at satisfactory
terms, or implement timely reductions in our expenditures, our business could be adversely affected.
Credit risk
Financial instruments that potentially subject us to concentrations of credit risk are cash and cash equivalents, financial
assets, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents and financial assets
by dealing with highly rated financial institutions, and investing in a broad and diverse range of financial instruments.
We have established guidelines related to credit quality and maturities of investments intended to maintain safety and
liquidity. Concentration of credit risk with respect to accounts receivable is limited due to a large and diverse customer
base, which is dispersed over different geographic areas. Allowances are maintained for potential credit losses and such
losses have historically been within expected ranges. There were no significant concentrations of credit risk during the
reporting period. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the
balance sheet.
Credit risk is managed on a Company basis, except for credit risk relating to accounts receivable balances. Each local
entity is responsible for managing and analyzing the credit risk for each of their new customers before standard payment
and delivery terms and conditions are offered. Further discussion of the allowance for doubtful accounts can be found in
Note 8 \"Trade Accounts Receivable.\"
Counterparty risk
The financial instruments used in managing our foreign currency, equity and interest rate exposures have an element of risk
in that the counterparties may be unable to meet the terms of the agreements. To the extent that derivatives are not subject
to mutual collateralization agreements, we attempt to minimize this risk by limiting the counterparties to a diverse group of
highly rated international financial institutions. The carrying values of our financial instruments incorporate the non-
performance risk by using market pricing for credit risk. However, we have no reason to believe that any counterparties
will default on their obligations and therefore do not expect to record any losses as a result of counterparty default. To
minimize our exposure with any single counterparty, we have entered into master agreements with all derivatives trading
counterparties that require collateralization of the net market value of outstanding positions.
Fair values
The fair values of financial assets and financial liabilities are determined in accordance with the accounting policies stated
under Note 3.12 \"Financial Instruments \u2013 Recognition and Initial Measurement\" and Note 3.13 \"Financial Instruments \u2013
Classification and Subsequent Measurement.\"
Equity prices
The Warrants issued as part of the Call Spread Overlay related to the 2024 Notes, and the embedded conversion options
on 2027 Notes, 2031 Notes and 2032 Notes, discussed in Note 16 \"Financial Debts\" and Note 26.2 \"Use of Derivative
Financial Instruments\" expose us to income statement volatility due to changes in our own equity price. All Warrants related
to the 2024 Notes expired unexercised. Changes in the embedded conversion option are recognized in other financial
results. Assuming a hypothetical 10% increase or decrease in equity prices at December\u00a031, 2025, the estimated effect
would have been approximately $45.0 million loss or $38.6 million gain, respectively (2024: $26.7 million loss or $23.1
million gain).
Commodities
We have exposure to price risk related to anticipated purchases of certain commodities used as raw materials in our
business. A change in commodity prices may alter the gross margin, but due to the limited exposure to any single raw
material, a price change is unlikely to have a material unforeseen impact on earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "Trade Accounts Receivable
We sell our products worldwide through sales subsidiaries and distributors. There is no concentration of credit risk with
respect to trade accounts receivable as we have a large number of internationally dispersed customers. Trade accounts
receivable are non-interest bearing and mostly have payment terms of 30 to 90 days. Notes receivable are non-interest
bearing and mostly have payment terms of up to 180 days. For 2025 and 2024, no single customer represented more
than ten percent of trade accounts receivable or consolidated net sales.
The changes in the allowance for doubtful accounts are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$18,226
$17,296
Additions charged to expense
1,143
4,204
Deductions from allowance (1)
(633)
(2,148)
Currency translation adjustments and other
802
(1,126)
Balance at end of year
$19,538
$18,226
(1)Write-offs for which an allowance was previously provided.
Credit risk
Financial instruments that potentially subject us to concentrations of credit risk are cash and cash equivalents, financial
assets, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents and financial assets
by dealing with highly rated financial institutions, and investing in a broad and diverse range of financial instruments.
We have established guidelines related to credit quality and maturities of investments intended to maintain safety and
liquidity. Concentration of credit risk with respect to accounts receivable is limited due to a large and diverse customer
base, which is dispersed over different geographic areas. Allowances are maintained for potential credit losses and such
losses have historically been within expected ranges. There were no significant concentrations of credit risk during the
reporting period. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the
balance sheet.
Credit risk is managed on a Company basis, except for credit risk relating to accounts receivable balances. Each local
entity is responsible for managing and analyzing the credit risk for each of their new customers before standard payment
and delivery terms and conditions are offered. Further discussion of the allowance for doubtful accounts can be found in
Note 8 \"Trade Accounts Receivable.\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
9. Other Current and Non-current Assets
Other current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Income taxes receivable
(17)
$46,669
$46,563
Other receivables
43,040
31,316
Cash collateral
(26)
22,530
$3,246
Prepaid expenses
22,451
22,121
Value-added tax
17,551
17,291
Contract assets
(4)
10,153
14,525
Total other current assets
$162,394
\u00a0
$135,062
Other non-current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
2025
2024
Other non-current assets
$24,372
$27,546
Prepaid licenses and royalties
5,545
6,421
Non-current deposits and escrow payments
2,923
1,383
Prepayment of intangibles
77
72
Total other non-current assets
$32,917
$35,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
9. Other Current and Non-current Assets
Other current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Income taxes receivable
(17)
$46,669
$46,563
Other receivables
43,040
31,316
Cash collateral
(26)
22,530
$3,246
Prepaid expenses
22,451
22,121
Value-added tax
17,551
17,291
Contract assets
(4)
10,153
14,525
Total other current assets
$162,394
\u00a0
$135,062
Other non-current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
2025
2024
Other non-current assets
$24,372
$27,546
Prepaid licenses and royalties
5,545
6,421
Non-current deposits and escrow payments
2,923
1,383
Prepayment of intangibles
77
72
Total other non-current assets
$32,917
$35,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "Other Current and Non-current Assets
Other current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Income taxes receivable
(17)
$46,669
$46,563
Other receivables
43,040
31,316
Cash collateral
(26)
22,530
$3,246
Prepaid expenses
22,451
22,121
Value-added tax
17,551
17,291
Contract assets
(4)
10,153
14,525
Total other current assets
$162,394
\u00a0
$135,062
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "Other Current and Non-current Assets
Other non-current assets at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
2025
2024
Other non-current assets
$24,372
$27,546
Prepaid licenses and royalties
5,545
6,421
Non-current deposits and escrow payments
2,923
1,383
Prepayment of intangibles
77
72
Total other non-current assets
$32,917
$35,422
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
10. Property, Plant and Equipment
Cost
(in thousands)
Land and
buildings
Machinery and
equipment
Furniture and
office equipment
Leasehold
improvements
Construction in
progress
Total
January 1, 2024
$358,075
$316,249
$92,058
$51,227
$69,746
$887,355
Currency adjustments
(13,211)
(21,127)
(5,057)
(1,612)
(3,008)
(44,015)
Additions
49
21,746
6,210
225
48,286
76,516
Disposals
(1,803)
(44,964)
(19,277)
(5,113)
(15,584)
(86,741)
Transfers
9,664
14,019
4,304
8,900
(36,887)
\u2014
December 31, 2024
352,774
285,923
78,238
53,627
62,553
833,115
Currency adjustments
27,917
26,577
6,961
3,134
6,916
71,505
Additions
(1,330)
27,774
6,037
387
54,885
87,753
Business combinations
\u2014
1,541
\u2014
382
45
1,968
Disposals
(5,371)
(59,486)
(27,115)
(2,733)
(6,421)
(101,126)
Transfers
5,704
35,009
10,826
2,464
(54,003)
\u2014
December 31, 2025
$379,694
$317,338
$74,947
$57,261
$63,975
$893,215
Accumulated depreciation
(in thousands)
Land and
buildings
Machinery and
equipment
Furniture and
office equipment
Leasehold
improvements
Construction in
progress
Total
January 1, 2024
($114,174)
($173,861)
($59,222)
($19,414)
$\u2014
($366,671)
Currency adjustments
4,156
15,403
3,856
817
7
24,239
Depreciation
(6,643)
(32,627)
(10,465)
(5,865)
\u2014
(55,600)
Impairment losses
(1,017)
(20,753)
(6,627)
(2,555)
(14,742)
(45,694)
Disposals
1,803
44,286
19,191
5,113
14,735
85,128
December 31, 2024
(115,875)
(167,552)
(53,267)
(21,904)
\u2014
(358,598)
Currency adjustments
(8,574)
(15,127)
(4,736)
(1,337)
(18)
(29,792)
Depreciation
(7,113)
(32,982)
(10,402)
(4,677)
\u2014
(55,174)
Impairment losses
\u2014
(8,250)
\u2014
(2,801)
(6,239)
(17,290)
Disposals
5,365
56,934
26,739
2,701
6,257
97,996
December 31, 2025
(126,197)
(166,977)
(41,666)
(28,018)
\u2014
(362,858)
Net book value
(in thousands)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
December 31, 2024
$236,899
$118,371
$24,971
$31,723
$62,553
$474,517
December 31, 2025
$253,497
$150,361
$33,281
$29,243
$63,975
$530,357
The residual values, useful lives and methods of depreciation are reviewed annually and adjusted if appropriate. During
2025 and 2024 we incurred impairments of $17.3 million and $45.7 million, respectively, in connection with the
programs discussed in Note 6 \"Restructuring.\" No property, plant and equipment was pledged as security against non-
current financial debts at December\u00a031, 2025 and 2024.
Additions to purchases property, plant and equipment of $87.8 million includes $65.7 million of cash paid for additions
during the year ended December\u00a031, 2025 together with $22.0 million of additions that were accrued as of
December\u00a031, 2025. Net cash paid for property, plant and equipment totaled $76.8 million, of which $16.8 million is
related current year payments for assets that were accrued as of December 31, 2024 partially offset by $5.1 million on
foreign currency translation adjustments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
11. Equity Accounted Investments
We have made strategic investments in certain companies that are accounted for using the equity method of accounting.
The method of accounting for an investment depends on the level of influence. We hold investments in entities where,
though we lack a controlling financial interest, we do have rights to direct the relevant activities including the power to
appoint key management personnel, and therefore have concluded that we have significant influence over these
investments. We monitor changes in circumstances that may require a reassessment of the level of influence. We
periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock
transactions and book values from the recent financial statements. Amounts from equity method investments considered in
the financial statements are as follows:
(in thousands)
\u00a0
Equity\u00a0investments
as\u00a0of\u00a0December\u00a031,
Share of income (loss)
for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,
Ownership
percentage
2025
2024
2025
2024
TVM Life Sciences Ventures III
3.10%
$12,888
$11,807
($796)
$1,916
PreAnalytiX GmbH
50.00%
1,215
3,965
5,093
4,344
Suzhou Fuda Business Management and Consulting Partnership
33.67%
\u2014
2,469
(5)
(44)
Apis Assay Technologies Ltd
19.90%
\u2014
\u2014
\u2014
(433)
Actome GmbH
12.50%
\u2014
\u2014
\u2014
(163)
Hombrechtikon Systems Engineering AG
19.00%
(107)
(193)
109
100
Total
$13,996
$18,048
$4,401
$5,720
Of the net $14.0 million of amounts from equity method investments, the investment assets of $14.1 million are included in
equity accounted investments and the amount of $0.1 million, for the investment where we are committed to fund losses, is
included in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025.
During 2025 and 2024, impairment charges totaling $2.5 million and $2.4 million, respectively were recorded in other
financial results in the accompanying consolidated statement of income. The investment in Suzhou Fuda Business
Management and Consulting Partnership was fully impaired in 2025 following adverse changes in the investee's business
which indicated that the carrying value was no longer recoverable. The investments in Apis Assay Technologies Ltd and
Actome GmbH were fully impaired in 2024 due to adverse changes in the investees' solvency indicating that the carrying
value was no longer recoverable.
Our share of income of $4.4 million in 2025 and $5.7 million in 2024 is included in gain from equity accounted
investments in the accompanying consolidated income statements.
The investment in TVM Life Science Ventures III (TVM), a limited partnership, is valued at net asset value (NAV) reported by
the counterparty, adjusted as necessary. During the years ended December\u00a031, 2025 and 2024, we made cash payments
to TVM of $1.9 million and $2.7 million, respectively. As of December\u00a031, 2025, our remaining unfunded commitments to
TVM was $2.2 million through 2029. We do not have the right to redeem these funds under the normal course of
operations of this partnership.
During the years ended December\u00a031, 2025 and 2024, we received dividends of $8.5 million and $3.6 million,
respectively, from PreAnalytix GmbH, a joint venture. These dividends are return on investments and therefore classified as
cash flows from operating activities and included in other items, net including fair value changes in derivatives in the
accompanying consolidated statements of cash flows.
The below tables shows the changes in our equity method investments for the years ended December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
$18,048
$15,920
Purchases of investments
1,877
2,693
Impairment
(2,481)
(2,380)
Dividend distribution received
(8,501)
(3,628)
Share of profit
4,401
5,720
Exchange rate differences / other
652
(277)
Balance at end of year
$13,996
$18,048
The table below reflects the financial information (at 100%) of all individually immaterial equity method investments in the
aggregate: None of the equity method investments are considered to be individually material to our financial statements.
(in millions)
Joint Venture
Associates
2025
\u00a0
2024
2025
2024
Total assets
$42.6
\u00a0
$32.9
$406.8
$365.8
Shareholders' equity
$19.8
\u00a0
$26.3
$396.7
$347.5
Net sales
$27.8
\u00a0
$30.6
$21.7
$22.4
Net result
$12.2
\u00a0
$11.6
($11.0)
($19.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
11. Equity Accounted Investments
We have made strategic investments in certain companies that are accounted for using the equity method of accounting.
The method of accounting for an investment depends on the level of influence. We hold investments in entities where,
though we lack a controlling financial interest, we do have rights to direct the relevant activities including the power to
appoint key management personnel, and therefore have concluded that we have significant influence over these
investments. We monitor changes in circumstances that may require a reassessment of the level of influence. We
periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock
transactions and book values from the recent financial statements. Amounts from equity method investments considered in
the financial statements are as follows:
(in thousands)
\u00a0
Equity\u00a0investments
as\u00a0of\u00a0December\u00a031,
Share of income (loss)
for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,
Ownership
percentage
2025
2024
2025
2024
TVM Life Sciences Ventures III
3.10%
$12,888
$11,807
($796)
$1,916
PreAnalytiX GmbH
50.00%
1,215
3,965
5,093
4,344
Suzhou Fuda Business Management and Consulting Partnership
33.67%
\u2014
2,469
(5)
(44)
Apis Assay Technologies Ltd
19.90%
\u2014
\u2014
\u2014
(433)
Actome GmbH
12.50%
\u2014
\u2014
\u2014
(163)
Hombrechtikon Systems Engineering AG
19.00%
(107)
(193)
109
100
Total
$13,996
$18,048
$4,401
$5,720
Of the net $14.0 million of amounts from equity method investments, the investment assets of $14.1 million are included in
equity accounted investments and the amount of $0.1 million, for the investment where we are committed to fund losses, is
included in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025.
During 2025 and 2024, impairment charges totaling $2.5 million and $2.4 million, respectively were recorded in other
financial results in the accompanying consolidated statement of income. The investment in Suzhou Fuda Business
Management and Consulting Partnership was fully impaired in 2025 following adverse changes in the investee's business
which indicated that the carrying value was no longer recoverable. The investments in Apis Assay Technologies Ltd and
Actome GmbH were fully impaired in 2024 due to adverse changes in the investees' solvency indicating that the carrying
value was no longer recoverable.
Our share of income of $4.4 million in 2025 and $5.7 million in 2024 is included in gain from equity accounted
investments in the accompanying consolidated income statements.
The investment in TVM Life Science Ventures III (TVM), a limited partnership, is valued at net asset value (NAV) reported by
the counterparty, adjusted as necessary. During the years ended December\u00a031, 2025 and 2024, we made cash payments
to TVM of $1.9 million and $2.7 million, respectively. As of December\u00a031, 2025, our remaining unfunded commitments to
TVM was $2.2 million through 2029. We do not have the right to redeem these funds under the normal course of
operations of this partnership.
The below tables shows the changes in our equity method investments for the years ended December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
$18,048
$15,920
Purchases of investments
1,877
2,693
Impairment
(2,481)
(2,380)
Dividend distribution received
(8,501)
(3,628)
Share of profit
4,401
5,720
Exchange rate differences / other
652
(277)
Balance at end of year
$13,996
$18,048
The table below reflects the financial information (at 100%) of all individually immaterial equity method investments in the
aggregate: None of the equity method investments are considered to be individually material to our financial statements.
(in millions)
Joint Venture
Associates
2025
\u00a0
2024
2025
2024
Total assets
$42.6
\u00a0
$32.9
$406.8
$365.8
Shareholders' equity
$19.8
\u00a0
$26.3
$396.7
$347.5
Net sales
$27.8
\u00a0
$30.6
$21.7
$22.4
Net result
$12.2
\u00a0
$11.6
($11.0)
($19.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
11. Equity Accounted Investments
We have made strategic investments in certain companies that are accounted for using the equity method of accounting.
The method of accounting for an investment depends on the level of influence. We hold investments in entities where,
though we lack a controlling financial interest, we do have rights to direct the relevant activities including the power to
appoint key management personnel, and therefore have concluded that we have significant influence over these
investments. We monitor changes in circumstances that may require a reassessment of the level of influence. We
periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock
transactions and book values from the recent financial statements. Amounts from equity method investments considered in
the financial statements are as follows:
(in thousands)
\u00a0
Equity\u00a0investments
as\u00a0of\u00a0December\u00a031,
Share of income (loss)
for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,
Ownership
percentage
2025
2024
2025
2024
TVM Life Sciences Ventures III
3.10%
$12,888
$11,807
($796)
$1,916
PreAnalytiX GmbH
50.00%
1,215
3,965
5,093
4,344
Suzhou Fuda Business Management and Consulting Partnership
33.67%
\u2014
2,469
(5)
(44)
Apis Assay Technologies Ltd
19.90%
\u2014
\u2014
\u2014
(433)
Actome GmbH
12.50%
\u2014
\u2014
\u2014
(163)
Hombrechtikon Systems Engineering AG
19.00%
(107)
(193)
109
100
Total
$13,996
$18,048
$4,401
$5,720
Of the net $14.0 million of amounts from equity method investments, the investment assets of $14.1 million are included in
equity accounted investments and the amount of $0.1 million, for the investment where we are committed to fund losses, is
included in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025.
During 2025 and 2024, impairment charges totaling $2.5 million and $2.4 million, respectively were recorded in other
financial results in the accompanying consolidated statement of income. The investment in Suzhou Fuda Business
Management and Consulting Partnership was fully impaired in 2025 following adverse changes in the investee's business
which indicated that the carrying value was no longer recoverable. The investments in Apis Assay Technologies Ltd and
Actome GmbH were fully impaired in 2024 due to adverse changes in the investees' solvency indicating that the carrying
value was no longer recoverable.
Our share of income of $4.4 million in 2025 and $5.7 million in 2024 is included in gain from equity accounted
investments in the accompanying consolidated income statements.
During the years ended December\u00a031, 2025 and 2024, we received dividends of $8.5 million and $3.6 million,
respectively, from PreAnalytix GmbH, a joint venture. These dividends are return on investments and therefore classified as
cash flows from operating activities and included in other items, net including fair value changes in derivatives in the
accompanying consolidated statements of cash flows.
The below tables shows the changes in our equity method investments for the years ended December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
$18,048
$15,920
Purchases of investments
1,877
2,693
Impairment
(2,481)
(2,380)
Dividend distribution received
(8,501)
(3,628)
Share of profit
4,401
5,720
Exchange rate differences / other
652
(277)
Balance at end of year
$13,996
$18,048
The table below reflects the financial information (at 100%) of all individually immaterial equity method investments in the
aggregate: None of the equity method investments are considered to be individually material to our financial statements.
(in millions)
Joint Venture
Associates
2025
\u00a0
2024
2025
2024
Total assets
$42.6
\u00a0
$32.9
$406.8
$365.8
Shareholders' equity
$19.8
\u00a0
$26.3
$396.7
$347.5
Net sales
$27.8
\u00a0
$30.6
$21.7
$22.4
Net result
$12.2
\u00a0
$11.6
($11.0)
($19.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
11. Equity Accounted Investments
We have made strategic investments in certain companies that are accounted for using the equity method of accounting.
The method of accounting for an investment depends on the level of influence. We hold investments in entities where,
though we lack a controlling financial interest, we do have rights to direct the relevant activities including the power to
appoint key management personnel, and therefore have concluded that we have significant influence over these
investments. We monitor changes in circumstances that may require a reassessment of the level of influence. We
periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock
transactions and book values from the recent financial statements. Amounts from equity method investments considered in
the financial statements are as follows:
(in thousands)
\u00a0
Equity\u00a0investments
as\u00a0of\u00a0December\u00a031,
Share of income (loss)
for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,
Ownership
percentage
2025
2024
2025
2024
TVM Life Sciences Ventures III
3.10%
$12,888
$11,807
($796)
$1,916
PreAnalytiX GmbH
50.00%
1,215
3,965
5,093
4,344
Suzhou Fuda Business Management and Consulting Partnership
33.67%
\u2014
2,469
(5)
(44)
Apis Assay Technologies Ltd
19.90%
\u2014
\u2014
\u2014
(433)
Actome GmbH
12.50%
\u2014
\u2014
\u2014
(163)
Hombrechtikon Systems Engineering AG
19.00%
(107)
(193)
109
100
Total
$13,996
$18,048
$4,401
$5,720
Of the net $14.0 million of amounts from equity method investments, the investment assets of $14.1 million are included in
equity accounted investments and the amount of $0.1 million, for the investment where we are committed to fund losses, is
included in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025.
During 2025 and 2024, impairment charges totaling $2.5 million and $2.4 million, respectively were recorded in other
financial results in the accompanying consolidated statement of income. The investment in Suzhou Fuda Business
Management and Consulting Partnership was fully impaired in 2025 following adverse changes in the investee's business
which indicated that the carrying value was no longer recoverable. The investments in Apis Assay Technologies Ltd and
Actome GmbH were fully impaired in 2024 due to adverse changes in the investees' solvency indicating that the carrying
value was no longer recoverable.
Our share of income of $4.4 million in 2025 and $5.7 million in 2024 is included in gain from equity accounted
investments in the accompanying consolidated income statements.
The investment in TVM Life Science Ventures III (TVM), a limited partnership, is valued at net asset value (NAV) reported by
the counterparty, adjusted as necessary. During the years ended December\u00a031, 2025 and 2024, we made cash payments
to TVM of $1.9 million and $2.7 million, respectively. As of December\u00a031, 2025, our remaining unfunded commitments to
TVM was $2.2 million through 2029. We do not have the right to redeem these funds under the normal course of
operations of this partnership.
During the years ended December\u00a031, 2025 and 2024, we received dividends of $8.5 million and $3.6 million,
respectively, from PreAnalytix GmbH, a joint venture. These dividends are return on investments and therefore classified as
cash flows from operating activities and included in other items, net including fair value changes in derivatives in the
accompanying consolidated statements of cash flows.
The below tables shows the changes in our equity method investments for the years ended December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
$18,048
$15,920
Purchases of investments
1,877
2,693
Impairment
(2,481)
(2,380)
Dividend distribution received
(8,501)
(3,628)
Share of profit
4,401
5,720
Exchange rate differences / other
652
(277)
Balance at end of year
$13,996
$18,048
The table below reflects the financial information (at 100%) of all individually immaterial equity method investments in the
aggregate: None of the equity method investments are considered to be individually material to our financial statements.
(in millions)
Joint Venture
Associates
2025
\u00a0
2024
2025
2024
Total assets
$42.6
\u00a0
$32.9
$406.8
$365.8
Shareholders' equity
$19.8
\u00a0
$26.3
$396.7
$347.5
Net sales
$27.8
\u00a0
$30.6
$21.7
$22.4
Net result
$12.2
\u00a0
$11.6
($11.0)
($19.6)
Consolidated Companies
The following is a list of the Company's subsidiaries as of December\u00a031, 2025 , other than certain subsidiaries that did not
in the aggregate constitute a significant subsidiary.
Company Name
Jurisdiction
of\u00a0Incorporation
Ownership
Voting Rights
Amnisure International LLC
U.S.
100%
100%
GNX Data Systems Inc.
U.S.
100%
100%
GNX Data Systems Ltd.
Israel
100%
100%
Parse Biosciences Inc.
U.S.
100%
100%
QIAGEN Aarhus A/S
Denmark
100%
100%
QIAGEN AB
Sweden
100%
100%
QIAGEN AG
Switzerland
100%
100%
QIAGEN Australia Holding Pty. Ltd.
Australia
100%
100%
QIAGEN Benelux B.V. (2)
Netherlands
100%
100%
QIAGEN Beverly LLC
U.S.
100%
100%
QIAGEN Biotecnologia Brasil Ltda.
Brazil
100%
100%
QIAGEN Business Management MEA Ltd.
UAE
100%
100%
QIAGEN China (Shanghai) Co., Ltd.
China
100%
100%
QIAGEN Deutschland Holding GmbH
Germany
100%
100%
QIAGEN Distribution B.V. (2)
Netherlands
100%
100%
QIAGEN France S.A.S.
France
100%
100%
QIAGEN Gaithersburg LLC
U.S.
100%
100%
QIAGEN Gda\u0144sk Sp. z.o.o.
Poland
100%
100%
QIAGEN GmbH (1)
Germany
100%
100%
QIAGEN Hamburg GmbH (1)
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Limited (3)
U.K.
100%
100%
QIAGEN Healthcare Biotechnologies Systems GmbH
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Systems Limited (3)
U.K.
100%
100%
QIAGEN Hong Kong Pte. Ltd.
China
100%
100%
QIAGEN Inc.
Canada
100%
100%
QIAGEN India Pvt. Ltd.
India
100%
100%
QIAGEN K.K.
Japan
100%
100%
QIAGEN Korea Ltd.
Korea (South)
100%
100%
QIAGEN LLC
U.S.
100%
100%
QIAGEN Ltd.
U.K.
100%
100%
QIAGEN Luxembourg S.\u00e0 r.l.
Luxembourg
100%
100%
QIAGEN Manchester Ltd.
U.K.
100%
100%
QIAGEN Manila Inc.
Philippines
100%
100%
QIAGEN North American Holdings, Inc.
U.S.
100%
100%
QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamkni\u0119ty Aktyw\u00f3w
Niepublicznych
Poland
100%
100%
QIAGEN Polska Sp.z.o.o.
Poland
100%
100%
QIAGEN Pty. Ltd.
Australia
100%
100%
QIAGEN Redwood City, Inc.
U.S.
100%
100%
QIAGEN S.r.l.
Italy
100%
100%
QIAGEN Sciences, LLC
U.S.
100%
100%
QIAGEN Singapore Pte. Ltd.
Singapore
100%
100%
QIAGEN Taiwan Co. Ltd.
Taiwan
100%
100%
QIAGEN Wroclaw Sp.z.o.o.
Poland
100%
100%
STAT-Dx Life S.L.
Spain
100%
100%
Verogen, Inc.
U.S.
100%
100%
(1)QIAGEN GmbH (registered under HRB 45822 Trade Register Duesseldorf, Germany) and QIAGEN Hamburg GmbH (registered under HRB 71271
Trade Register Duesseldorf, Germany) are exempt from the audit of individual accounts requirements under Section 264 (3) of the German
Commercial Code.
(2)QIAGEN Benelux B.V. (registered under #12053316 in the Netherlands Chamber of Commerce) and QIAGEN Distribution B.V. (registered under
#64026795 in the Netherlands Chamber of Commerce) are exempt from the audit of individual accounts requirements under Section 403 of the Dutch
Civil Code.
(3)QIAGEN Healthcare Biotechnologies Limited (registration #11561466) and QIAGEN Healthcare Biotechnologies Systems Limited (registration
#11562019) are exempt from the audit of individual accounts requirements under Section 479A of the 2006 U.K. Companies Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
12. Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$2,453,849
$2,503,038
Goodwill acquired during the year
187,931
\u2014
Currency adjustments
86,696
(49,189)
Balance at end of year
$2,728,476
$2,453,849
During 2025, the change in goodwill resulted from the acquisitions as discussed in Note 5 \"Acquisitions\" and foreign
currency translation adjustments from changes in the exchange rates of the euro, Swiss franc and Australian dollar. The
changes in goodwill during 2024 resulted from foreign currency translation adjustments from rate movements in the euro,
Swiss franc and British pound.
In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October 1,
2025) in accordance with the provisions of IAS 36. No events or changes in circumstances indicated that the acquired
goodwill might be impaired.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit. In testing for potential impairment, we measured the estimated
recoverable amount of the cash-generating unit based upon discounted future operating cash flows using a discount rate
reflecting our estimated average cost of funds.
For impairment testing, the recoverable amount of goodwill allocated to the cash-generating unit (higher of the cash-
generating unit's fair value less selling costs and its value in use) is compared to the carrying amount of the net assets
employed (including goodwill) of the cash-generating unit. Value in use is normally assumed to be higher than the fair
value less selling costs; therefore, fair value less selling costs is only investigated when value in use is lower than the
carrying amount of the cash-generating unit.
Key assumptions used in the value in use calculations
The value in use is calculated based on estimated future cash flow projections expected to result from the use of the cash-
generating unit, discounted using an appropriate long-term pre-tax discount rate. The value in use calculations use cash
flow projections based on financial budgets and models over the projection period (five years) as available for internal
reporting purposes and in accordance with standard valuation practices. The growth rates used are based on industry
growth forecasts for the projected period as well as for the subsequent period (long-term growth rate of 3% in 2025 and
2024). The discount rates used are based on the pre-tax weighted average cost of capital (8.0% in 2025 and 8.1% in
2024) and are verified against external analyst reports.
Sensitivity to changes in assumptions
Changes in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact
on the determination of impairment amounts. In estimating future cash flows, we used our internal budgets. Our budgets
were based on recent sales data for existing products, planned timing of new product launches and customer commitments
related to new and existing products. The calculation of value in use is most sensitive to the discount rates and growth rates
used.
Discount rates reflect management's estimate of the risks profile for the respective valuation object. The growth rates used
are based on industry growth forecasts for the projected period as well as for the subsequent period.
We concluded that no impairment existed. We believe that any reasonably possible change in the key assumptions would
not have an impact on reported goodwill. Even if our estimates of projected future cash flows in respect of discount and
growth rates were too high by 10%, there would be no impact on the reported value of goodwill at December\u00a031, 2025.
Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-
generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of
the resulting estimates are subject to uncertainty and, as additional information becomes known, we may change our
estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
12. Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$2,453,849
$2,503,038
Goodwill acquired during the year
187,931
\u2014
Currency adjustments
86,696
(49,189)
Balance at end of year
$2,728,476
$2,453,849
During 2025, the change in goodwill resulted from the acquisitions as discussed in Note 5 \"Acquisitions\" and foreign
currency translation adjustments from changes in the exchange rates of the euro, Swiss franc and Australian dollar. The
changes in goodwill during 2024 resulted from foreign currency translation adjustments from rate movements in the euro,
Swiss franc and British pound.
In the fourth quarter of 2025, we performed our annual impairment assessment of goodwill (using data as of October 1,
2025) in accordance with the provisions of IAS 36. No events or changes in circumstances indicated that the acquired
goodwill might be impaired.
Management monitors and makes decisions regarding the Company's operations on a functional specific and global level.
Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its
subsidiaries together compose a single cash-generating unit. In testing for potential impairment, we measured the estimated
recoverable amount of the cash-generating unit based upon discounted future operating cash flows using a discount rate
reflecting our estimated average cost of funds.
For impairment testing, the recoverable amount of goodwill allocated to the cash-generating unit (higher of the cash-
generating unit's fair value less selling costs and its value in use) is compared to the carrying amount of the net assets
employed (including goodwill) of the cash-generating unit. Value in use is normally assumed to be higher than the fair
value less selling costs; therefore, fair value less selling costs is only investigated when value in use is lower than the
carrying amount of the cash-generating unit.
Key assumptions used in the value in use calculations
The value in use is calculated based on estimated future cash flow projections expected to result from the use of the cash-
generating unit, discounted using an appropriate long-term pre-tax discount rate. The value in use calculations use cash
flow projections based on financial budgets and models over the projection period (five years) as available for internal
reporting purposes and in accordance with standard valuation practices. The growth rates used are based on industry
growth forecasts for the projected period as well as for the subsequent period (long-term growth rate of 3% in 2025 and
2024). The discount rates used are based on the pre-tax weighted average cost of capital (8.0% in 2025 and 8.1% in
2024) and are verified against external analyst reports.
Sensitivity to changes in assumptions
Changes in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact
on the determination of impairment amounts. In estimating future cash flows, we used our internal budgets. Our budgets
were based on recent sales data for existing products, planned timing of new product launches and customer commitments
related to new and existing products. The calculation of value in use is most sensitive to the discount rates and growth rates
used.
Discount rates reflect management's estimate of the risks profile for the respective valuation object. The growth rates used
are based on industry growth forecasts for the projected period as well as for the subsequent period.
We concluded that no impairment existed. We believe that any reasonably possible change in the key assumptions would
not have an impact on reported goodwill. Even if our estimates of projected future cash flows in respect of discount and
growth rates were too high by 10%, there would be no impact on the reported value of goodwill at December\u00a031, 2025.
Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash-
generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of
the resulting estimates are subject to uncertainty and, as additional information becomes known, we may change our
estimates.
Other Intangible Assets
Cost
(in thousands)
Developed
technology,
patent and
license rights
Computer
software
Development
costs
Other intellectual
properties
Total
January 1, 2024
$1,001,356
$401,858
$57,640
$274,055
$1,734,909
Currency adjustments
(23,714)
(19,549)
(2,584)
(7,837)
(53,684)
Additions
3,455
99,136
10,181
41
112,813
Disposals
(171,472)
(43,005)
\u2014
(24,007)
(238,484)
Impairment losses (1)
\u2014
\u2014
\u2014
(55,000)
(55,000)
Transfers
6,365
\u2014
\u2014
(6,365)
\u2014
December 31, 2024
815,990
438,440
65,237
180,887
1,500,554
Currency adjustments
38,363
48,482
6,434
13,026
106,305
Additions
6,086
124,247
10,384
36
140,753
Business combinations
74,419
114
\u2014
60,100
134,633
Disposals
(118,095)
(114,891)
\u2014
(105,400)
(338,386)
December 31, 2025
$816,763
$496,392
$82,055
$148,649
$1,543,859
(1) Impairment of in-process research and development in connection with the discontinuation of NeuMoDx.
Accumulated amortization
(in thousands)
Developed
technology,
patent and
license rights
Computer
software
Development
costs
Other intellectual
properties
Total
January 1, 2024
($575,152)
($157,137)
($22,557)
($173,437)
($928,283)
Currency adjustments
18,651
8,259
1,159
6,540
34,609
Amortization
(74,861)
(35,927)
(6,008)
(10,008)
(126,804)
Impairment losses
(80,274)
(16,944)
\u2014
\u2014
(97,218)
Disposals
171,472
42,915
\u2014
24,007
238,394
December 31, 2024
(540,164)
(158,834)
(27,406)
(152,898)
(879,302)
Currency adjustments
(28,069)
(16,292)
(2,910)
(10,023)
(57,294)
Amortization
(61,793)
(40,624)
(7,827)
(8,548)
(118,792)
Impairment losses
(977)
(1,598)
\u2014
\u2014
(2,575)
Disposals
118,091
114,737
\u2014
105,400
338,228
December 31, 2025
($512,912)
($102,611)
($38,143)
($66,069)
($719,735)
Net book value
(in thousands)
December 31, 2024
$275,826
$279,606
$37,831
$27,989
$621,252
December 31, 2025
$303,851
$393,781
$43,912
$82,580
$824,124
In 2025 and 2024, fully amortized intangible assets with a gross carrying amount of $223.5 million and $134.2 million,
respectively, were retired.
Computer software primarily includes amounts related to ongoing software development projects. For the years ended
December\u00a031, 2025, and 2024, interest capitalized in connection with these projects totaled $4.3 million and $2.6
million, respectively.
In 2024, $97.2 million of amortized intangible assets were also impaired in connection with the discontinuation of
NeuMoDx.
Amortization expense on intangible assets is included in the line items cost of sales, research and development expense,
sales and marketing expense or general and administrative expense in the accompanying consolidated income statements
depending on the nature and use of the asset. In 2025, purchased intangibles amortization related to developed
technology and patent and license rights acquired in a business combination is included in cost of sales in the amount of
$55.2 million (2024: $58.5 million) and purchased intangibles amortization of trademarks and customer base acquired in
a business combination is recorded in sales and marketing expense in the amount of $8.0 million (2024 : $9.6 million).
Amortization of capitalized development costs have been recorded to cost of sales in the amount of $7.8 million in 2025
(2024: $6.0 million).
Cash paid for intangible assets excluding development costs during the year ended December\u00a031, 2025 totaled $130.3
million of which $126.4 million is related to current year cash payments for intangible assets and $3.9 million is for
prepayments recorded in other non-current assets in the accompanying balance sheet.
Cash paid for intangible assets excluding development costs during the year ended December\u00a031, 2024 totaled $103.2
million of which $102.6 million related to current year cash payments for intangible assets, $0.4 million is related to
current year payments for assets that were accrued as of December\u00a031, 2023 and $0.2 million is for prepayments
recorded in other non-current assets in the accompanying balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
Other Intangible Assets
Cost
(in thousands)
Developed
technology,
patent and
license rights
Computer
software
Development
costs
Other intellectual
properties
Total
January 1, 2024
$1,001,356
$401,858
$57,640
$274,055
$1,734,909
Currency adjustments
(23,714)
(19,549)
(2,584)
(7,837)
(53,684)
Additions
3,455
99,136
10,181
41
112,813
Disposals
(171,472)
(43,005)
\u2014
(24,007)
(238,484)
Impairment losses (1)
\u2014
\u2014
\u2014
(55,000)
(55,000)
Transfers
6,365
\u2014
\u2014
(6,365)
\u2014
December 31, 2024
815,990
438,440
65,237
180,887
1,500,554
Currency adjustments
38,363
48,482
6,434
13,026
106,305
Additions
6,086
124,247
10,384
36
140,753
Business combinations
74,419
114
\u2014
60,100
134,633
Disposals
(118,095)
(114,891)
\u2014
(105,400)
(338,386)
December 31, 2025
$816,763
$496,392
$82,055
$148,649
$1,543,859
(1) Impairment of in-process research and development in connection with the discontinuation of NeuMoDx.
Accumulated amortization
(in thousands)
Developed
technology,
patent and
license rights
Computer
software
Development
costs
Other intellectual
properties
Total
January 1, 2024
($575,152)
($157,137)
($22,557)
($173,437)
($928,283)
Currency adjustments
18,651
8,259
1,159
6,540
34,609
Amortization
(74,861)
(35,927)
(6,008)
(10,008)
(126,804)
Impairment losses
(80,274)
(16,944)
\u2014
\u2014
(97,218)
Disposals
171,472
42,915
\u2014
24,007
238,394
December 31, 2024
(540,164)
(158,834)
(27,406)
(152,898)
(879,302)
Currency adjustments
(28,069)
(16,292)
(2,910)
(10,023)
(57,294)
Amortization
(61,793)
(40,624)
(7,827)
(8,548)
(118,792)
Impairment losses
(977)
(1,598)
\u2014
\u2014
(2,575)
Disposals
118,091
114,737
\u2014
105,400
338,228
December 31, 2025
($512,912)
($102,611)
($38,143)
($66,069)
($719,735)
Net book value
(in thousands)
December 31, 2024
$275,826
$279,606
$37,831
$27,989
$621,252
December 31, 2025
$303,851
$393,781
$43,912
$82,580
$824,124
In 2025 and 2024, fully amortized intangible assets with a gross carrying amount of $223.5 million and $134.2 million,
respectively, were retired.
Computer software primarily includes amounts related to ongoing software development projects. For the years ended
December\u00a031, 2025, and 2024, interest capitalized in connection with these projects totaled $4.3 million and $2.6
million, respectively.
In 2024, $97.2 million of amortized intangible assets were also impaired in connection with the discontinuation of
NeuMoDx.
Amortization expense on intangible assets is included in the line items cost of sales, research and development expense,
sales and marketing expense or general and administrative expense in the accompanying consolidated income statements
depending on the nature and use of the asset. In 2025, purchased intangibles amortization related to developed
technology and patent and license rights acquired in a business combination is included in cost of sales in the amount of
$55.2 million (2024: $58.5 million) and purchased intangibles amortization of trademarks and customer base acquired in
a business combination is recorded in sales and marketing expense in the amount of $8.0 million (2024 : $9.6 million).
Amortization of capitalized development costs have been recorded to cost of sales in the amount of $7.8 million in 2025
(2024: $6.0 million).
Cash paid for intangible assets excluding development costs during the year ended December\u00a031, 2025 totaled $130.3
million of which $126.4 million is related to current year cash payments for intangible assets and $3.9 million is for
prepayments recorded in other non-current assets in the accompanying balance sheet.
Cash paid for intangible assets excluding development costs during the year ended December\u00a031, 2024 totaled $103.2
million of which $102.6 million related to current year cash payments for intangible assets, $0.4 million is related to
current year payments for assets that were accrued as of December\u00a031, 2023 and $0.2 million is for prepayments
recorded in other non-current assets in the accompanying balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
13. Leases
Nature of Existing Leases
We have leases primarily for real estate. The leases generally have terms which range from one to 21 years, some include
options to extend or renew, and some include options to early terminate the leases. As of December\u00a031, 2025 and 2024 ,
options to early terminate have not been recognized as part of the right-of-use assets and lease liabilities.
Leases can contain variable lease charges based on index like consumer prices or rates. During the years ended
December\u00a031, 2025 and 2024 , amounts recorded as variable lease payments not included in the lease liabilities were not
material.
When the interest rate implicit in each lease is not readily determinable, we apply our incremental borrowing rate in
determining the present value of lease payments.
Supplemental balance sheet and other information related to leases as of December\u00a031, 2025 and 2024 are as follows:
(in thousands,
except lease term and discount rate)
Location in balance sheet
2025
2024
Right-of-use assets
Right-of-use assets
$149,727
$113,416
Office and buildings
$122,320
$99,996
Cars and all other assets
$27,407
$13,420
Current lease liabilities
Other current liabilities
$29,456
$24,335
Non-current lease liabilities
Other non-current liabilities
$129,599
$96,658
Weighted average remaining lease term
9.21 years
7.38 years
Weighted average discount rate
3.23%
3.31%
The components of lease expense for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Amortization of right-of-use assets
$25,961
$27,761
Office and buildings
18,757
20,831
Cars and all other assets
7,204
6,930
Interest on lease liabilities
$4,701
$3,414
Supplemental cash flow information related to leases for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from principal portion of lease payments
$27,093
$23,892
Operating cash flows from interest portion of lease payments
4,701
3,414
Total cash outflow for leases
$31,794
$27,306
Maturities of lease liabilities as of December\u00a031, 2025 are as follows:
Year ending December 31,
(in thousands)
Lease Liabilities
2026
$34,804
2027
30,631
2028
24,587
2029
17,407
2030
10,889
Thereafter
65,634
Total lease payments
183,952
Less: Imputed interest
(24,897)
Total
$159,055
As of December\u00a031, 2025, we do not have any material lease that have not yet commenced.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
14. Provisions
As of December\u00a031, 2025 and 2024, provisions per the accompanying consolidated balance sheets totaled $8.5 million
and $3.7 million , respectively, and included amounts related to our warranty and acquisition related provisions. For all
provisions, it is expected that the respective amounts will be utilized in the next year.
Warranty Provision
In the ordinary course of business, we provide a warranty to customers that our products are free of defects and will
conform to published specifications. Generally, the applicable product warranty period is one year from the date of
delivery of the product to the customer or the date of site acceptance, if required. Additionally, we typically provide limited
warranties with respect to our services. We provide for estimated warranty costs at the time of the product sale. At the time
product revenue is recognized, a provision for estimated future warranty costs is recorded in cost of sales based on
historical experience. We periodically review the provision and adjust, if necessary, based on actual experience and
estimated costs to be incurred. We believe our warranty reserves as of December\u00a031, 2025 and 2024 appropriately
reflect the estimated cost of such warranty obligations. The changes in the carrying amount of warranty obligations for the
years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$2,810
$3,944
Provision charged to cost of sales
3,383
2,675
Usage
(3,099)
(2,643)
Adjustments to previously provided warranties, net
(26)
(1,016)
Currency translation adjustment
159
(150)
Balance at end of year
$3,227
$2,810
Acquisition Related Provisions
The provision for acquisition relates to restructuring programs and similar arrangements for personnel and related expected
costs. These provisions generally have a term of one to two years.
(in thousands)
2025
2024
Balance at beginning of year
$892
$1,302
Provision charged to restructuring, acquisition, integration and other, net
18,342
1,951
Usage
(11,067)
(2,358)
Currency translation adjustment and other
(2,937)
(3)
Balance at end of year
$5,230
$892
Employee Benefits and Personnel Costs
We maintain various benefit plans, including defined contribution and defined benefit plans. Our U.S. defined contribution
plan is qualified under Section\u00a0401(k) of the Internal Revenue Code and covers substantially all U.S. employees.
Participants may contribute a portion of their compensation not exceeding a limit set annually by the Internal Revenue
Service. This plan includes a provision for us to match a portion of employee contributions. Total expense under the 401(k)
plans were $3.7 million and $4.1 million for the years ended December\u00a031, 2025 and 2024, respectively. We also have
a defined contribution plan which covers certain executives. We make matching contributions up to an established
maximum. Matching contributions made to the plan, and expensed, totaled approximately $0.1 million for each of the
years ended December\u00a031, 2025 and 2024.
We have eight defined benefit, non-contributory retirement or termination plans that cover certain employees in Germany,
France, Italy, Japan, Poland, Philippines and the United Arab Emirates. These defined benefit plans provide benefits to
covered individuals satisfying certain age and/or service requirements. For certain plans, we calculate the vested benefits
to which employees are entitled if they separate immediately. The benefits accrue on a pro-rata basis during the
employees\u2019 employment periods based on the individuals\u2019 salaries, adjusted for inflation. All defined benefit plans are
unfunded. The liability under the defined benefit plans was $9.2 million and $8.4 million as of December\u00a031, 2025 and
2024, respectively, and is included as a component of other non-current liabilities in the accompanying consolidated
balance sheets.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "Provisions
As of December\u00a031, 2025 and 2024, provisions per the accompanying consolidated balance sheets totaled $8.5 million
and $3.7 million , respectively, and included amounts related to our warranty and acquisition related provisions. For all
provisions, it is expected that the respective amounts will be utilized in the next year.
Warranty Provision
In the ordinary course of business, we provide a warranty to customers that our products are free of defects and will
conform to published specifications. Generally, the applicable product warranty period is one year from the date of
delivery of the product to the customer or the date of site acceptance, if required. Additionally, we typically provide limited
warranties with respect to our services. We provide for estimated warranty costs at the time of the product sale. At the time
product revenue is recognized, a provision for estimated future warranty costs is recorded in cost of sales based on
historical experience. We periodically review the provision and adjust, if necessary, based on actual experience and
estimated costs to be incurred. We believe our warranty reserves as of December\u00a031, 2025 and 2024 appropriately
reflect the estimated cost of such warranty obligations. The changes in the carrying amount of warranty obligations for the
years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$2,810
$3,944
Provision charged to cost of sales
3,383
2,675
Usage
(3,099)
(2,643)
Adjustments to previously provided warranties, net
(26)
(1,016)
Currency translation adjustment
159
(150)
Balance at end of year
$3,227
$2,810
Acquisition Related Provisions
The provision for acquisition relates to restructuring programs and similar arrangements for personnel and related expected
costs. These provisions generally have a term of one to two years.
(in thousands)
2025
2024
Balance at beginning of year
$892
$1,302
Provision charged to restructuring, acquisition, integration and other, net
18,342
1,951
Usage
(11,067)
(2,358)
Currency translation adjustment and other
(2,937)
(3)
Balance at end of year
$5,230
$892
Litigation
From time to time, we may be party to legal proceedings incidental to our business. As of December\u00a031, 2025, certain
claims, suits or legal proceedings arising out of the normal course of business have been filed or were pending against
QIAGEN N.V. or its subsidiaries. These matters have arisen in the ordinary course and conduct of business as well as
through acquisition. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing
litigation contingencies is highly subjective and requires judgments about future events. Although it is not possible to predict
the outcome of such litigation, we assess the degree of probability and evaluate the reasonably possible losses that we
could incur as a result of these matters. We accrue for any estimated loss when it is probable that a liability has been
incurred and the amount of probable loss can be estimated. We are not party to any material legal proceeding as of the
date of this report.
Patent Litigation
Labcorp (as successor to ArcherDX)
In 2018, ArcherDX (succeeded in the litigation by Laboratory Corporation of America Holdings and Labcorp Genetics, Inc.
(Labcorp)) and Massachusetts General Hospital (MGH) sued QIAGEN for patent infringement. In August 2021, a federal
jury ruled that QIAGEN infringed two patents owned by ArcherDX and awarded damages of $4.7\u00a0million which were
accrued in 2021 and remain accrued as of December 31, 2024 in other non-current liabilities in the accompanying
consolidated balance sheet. In the third quarter of 2025, the Court of Appeals for the Federal Circuit reversed the decision
of infringement of the District Court of Delaware, vacated the $4.7\u00a0million damages award and granted judgment as a
matter of law of non-infringement in favor of QIAGEN. The plaintiffs did not file any motion opposing this decision before
the deadline and the matter is now closed. Accordingly, the $4.7\u00a0million accrual was reversed to restructuring, acquisition,
integration and other, net in the accompanying consolidated statement of income for the year ended December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
15. Other Current and Non-current Liabilities
Other non-current liabilities at December\u00a031, 2025 and 2024 consist of the following:
(in thousands)
Notes
2025
2024
Accrued expenses
$134,193
$86,464
Non-current lease liabilities
(13)
129,600
96,658
Non-current employee benefit obligations
19,247
16,760
Deferred revenue
(4)
16,074
17,971
Accrued contingent consideration
6,600
\u2014
Other non-current liabilities
$305,714
$217,853
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
16. Financial Debts
At December\u00a031, 2025 and 2024 , total non-current financial debts, net of debt issuance costs of $12.8 million and $7.9
million, respectively, consist of the following:
(in thousands)
2025
2024
0.000% Senior Unsecured Convertible Notes due 2027
$23,189
$444,351
2.500% Senior Unsecured Convertible Notes due 2031
397,967
397,134
2.000% Senior Unsecured Convertible Notes due 2032
631,866
\u2014
German Private Placement (2017 Schuldschein)
17,032
15,050
German Private Placement (2022 Schuldschein)
373,748
383,675
Total financial debts
1,443,802
1,240,210
Less: Current portion of financial debts
\u2014
497,832(1)
Total non-current financial debts
$1,443,802
$742,378(1)
Total amount secured
$\u2014
$\u2014
Unused lines of credit for short-term financing
$485,275
$429,066
(1) The December 31, 2024 balances for the current portion and long-term portion of debt have been revised to correct the classification of certain
amounts. See Note 1.
The notes are all unsecured obligations that rank pari passu. Interest expense on non-current debt was $33.6 million and
$42.6 million for the years ended December\u00a031, 2025 and 2024, respectively. Refer to Note 27 \"Capital Management\"
for a schedule of the changes in total current and non-current financial debts during 2025.
Repayments of non-current debts for the years ended December\u00a031, 2025 and 2024 consisted of:
(in thousands)
2025
2024
German Private Placement (2022 Schuldschein)
$60,167
$\u2014
German Private Placement (2017 Schuldschein)
\u2014
101,536
0.000% Senior Unsecured Cash Convertible Notes due 2027
474,000
\u2014
1.000% Senior Unsecured Cash Convertible Notes due 2024
\u2014
500,000
Total repayment of non-current debt
$534,167
$601,536
The principal amount, carrying amount and fair values of non-current debt instruments as of December\u00a031, 2025 and
2024 are summarized below.
2025
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair value
Amount
Leveling
Convertible Notes due 2027
$23,189
$\u2014
$23,189
$23,844
Level 1
Convertible Notes due 2031 (1)
402,713
(4,746)
397,967
520,570
Level 1
Convertible Notes due 2032 (1)
639,472
(7,606)
631,866
762,600
Level 1
German Private Placement (2017 Schuldschein)
17,039
(7)
17,032
16,692
Level 2
German Private Placement (2022 Schuldschein)
374,234
(486)
373,748
366,130
Level 2
$1,456,647
($12,845)
$1,443,802
$1,689,836
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million and 2032 Notes $110.5\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
2024
(in thousands)
Principal
amount
Unamortized
debt discount
and issuance
costs
Carrying
amount
Fair Value
Amount
Leveling
Convertible Notes due 2027 (1)
445,949
(1,598)
444,351
475,835
Level 1
Convertible Notes due 2031 (1)
402,713
(5,579)
397,134
511,150
Level 1
German Private Placement (2017 Schuldschein)
15,069
(19)
15,050
14,560
Level 2
German Private Placement (2022 Schuldschein)
384,393
(718)
383,675
380,180
Level 2
$1,248,124
($7,914)
$1,240,210
$1,381,725
(1)The initial fair value liability of the embedded conversion options for the 2027 Notes was $54.1\u00a0million and for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying value of the
Convertible Notes as discussed further below.
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2025 and future interest
as of December\u00a031, 2025 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2026
$\u2014
$11,296
$27,229
$38,525
2027
147,680
134,258
50,418
184,676
2028
\u2014
8,053
27,229
35,282
2029
164,328
170,093
27,229
197,322
2030
\u2014
3,152
27,229
30,381
Thereafter
1,131,794
114,524
1,063,267
1,177,791
$1,443,802
$441,376
$1,222,601
$1,663,977
Future contractual maturities of non-current debt stated at the carrying values as of December\u00a031, 2024 and future interest
as of December\u00a031, 2024 are shown in the table below. As described elsewhere in this Note 16, certain of our long-term
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Future contractual cash obligations
Years ending December 31,
(in thousands)
Carrying value
Loans (fixed and
floating-rate)
Convertible notes
(fixed-rate)
Total
2025(2)
$497,832
$65,029
$456,712
$521,741
2026
\u2014
10,658
12,361
23,019
2027(2)
109,978
119,218
12,361
131,579
2028
\u2014
7,649
12,361
20,010
2029
145,189
150,586
12,361
162,947
Thereafter (1)
487,211
104,064
418,044
522,108
$1,240,210
$457,204
$924,200
$1,381,404
(1)The initial fair value liability of the embedded conversion options for the 2031 Notes was $97.3\u00a0million, which simultaneously reduced the carrying
value of the Convertible Notes as discussed further below.
(2) Future 2025 and 2027 contractual cash obligations have been revised to correct the classification for the 2027 Notes repaid to bondholders in
December 17, 2025. See Note 1.
Interest expense for the years ended December\u00a031, 2025 and 2024 related to the 2032 Notes, 2031 Notes, 2027 Notes
and the cash convertible notes was comprised of the following:
(in\u00a0thousands)\u00a0
2025
2024
Coupon interest
$18,104
$8,604
Amortization of original issuance discount
\u2014
16,075
Amortization of debt issuance costs
2,798
1,690
Total interest expense related to the convertible notes
$20,902
$26,369
Convertible Notes due 2032
On September 4, 2025, we issued 2.0% cash convertible notes in an aggregate principal amount of $750.0 million with
a maturity date of September 4, 2032 (2032 Notes). The 2032 Notes carry interest of 2.0% per annum payable semi-
annually in arrears. The net proceeds of the 2032 Notes totaled $742.0 million, after debt issuance costs of $8.0 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2032 Notes resulting in an effective
interest rate of the 2032 Notes of 2.16%. Judgment is required to estimate the expected maturity as the 2032 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2032 Notes was $110.5 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2032 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,094.3562 shares per $200,000 principal amount of notes (which represented an initial conversion price of $64.6338
per share, or 11.6 million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note
18 \"Equity,\" the adjusted conversion rate became 3,091.0563 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $64.7028. At conversion, we will settle the 2032 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2032 Notes may be redeemed at the option of each noteholder at their principal amount on September 4, 2030 or in
connection with a change of control or delisting event.
The 2032 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after October\u00a015, 2025 through March\u00a03,
2032:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 4, 2032
and ending on the 45th business day prior to September\u00a04, 2032.
No contingent conversion conditions were triggered for the 2032 Notes as of December\u00a031, 2025.
Convertible Notes due 2031
On September\u00a010, 2024, we issued 2.500% convertible notes in an aggregate principal amount of $500.0 million with a
maturity date of September 10, 2031 (2031 Notes). The 2031 Notes carry interest of 2.50% per annum payable semi-
annually in arrears. The net proceeds of the 2031 Notes totaled $494.2 million, after debt issuance costs of $5.8 million.
At inception, debt issuance costs are amortized to interest expense over the term of the 2031 Notes resulting in an effective
interest rate of the 2031 Notes of 2.68%. Judgment is required to estimate the expected maturity as the 2031 notes are
subject to earlier redemption upon the occurrence of a future event as discussed below.
The Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option
is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for
separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the
conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options for the
2031 Notes was $97.3 million which simultaneously reduced the carrying value of the Convertible Notes. For further
discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk Factors
and Use of Derivative Financial Instruments.\"
The 2031 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
3,124.3702 shares per $200,000 principal amount of notes (which represents an initial conversion price of $64.0129
per share or 7.8\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 3,136.9055 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $63.7571. At conversion, we will settle the 2031 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The 2031 Notes may be redeemed at the option of each noteholder at their principal amount on September 10, 2029 or
in connection with a change of control or delisting event.
The 2031 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price, in the following circumstances beginning after October\u00a021, 2024 through March\u00a09,
2031:
\u2022 if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during
a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is
greater than or equal to 150% of the applicable conversion price on each such trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the
agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days,
commencing on and including the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived; or
\u2022 if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which
the acquisition notice is published to the record date established in connection with the acquisition of control, established
to be no less than 40 days and no more than 60 days from acquisition notice; or
\u2022 if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the
take-over bid to the last day of the applicable legal acceptance period.
The noteholders may convert their notes at any time, without condition, during the period beginning on March 10, 2031
and ending on the 45th business day prior to September\u00a010, 2031.
No contingent conversion conditions were triggered for the 2031 Notes as of December\u00a031, 2025.
Convertible Notes due 2027
On December 17, 2020, we issued zero coupon convertible notes in an aggregate principal amount of $500.0\u00a0million
with a maturity date of December 17, 2027 (2027 Notes). The 2027 Notes carry no coupon interest. The net proceeds of
the 2027 Notes totaled $497.6\u00a0million, after payment of debt issuance costs of $3.7\u00a0million. On the December 17, 2025
put date, $474.0\u00a0million of the 2027 Notes was repaid at the election of the bondholders, after which the remaining
$23.2\u00a0million was reclassified to long-term debt. All debt issue costs were amortized to the put date. In 2025, the effective
interest rate of the 2027 Notes is 1.65%, which is imputed based on the amortization of the fair value of the embedded
conversion option over the remaining term of the 2027 Notes.
Because the Convertible Notes contain an embedded conversion option, we have determined that the embedded
conversion option is a derivative financial instrument, which is required to be separated from the Convertible Notes and
accounted for separately as a derivative liability, with changes in fair value reported in our consolidated income statements
until the conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options
for the 2027 Notes was $54.1\u00a0million which simultaneously reduced the carrying value of the Convertible Notes. For
further discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 \"Financial Risk
Factors and Use of Derivative Financial Instruments.\"
The 2027 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of
2,477.65 shares per $200,000 principal amount of notes (which represented an initial conversion price of $80.7218 per
share, or 6.2\u00a0million underlying shares). Following the January 2026 synthetic share repurchase discussed in Note 18
\"Equity,\" the adjusted conversion rate became 2,485.1914 shares per $200,000 principal amount of notes, which
represents an adjusted conversion price per share of $80.4767. At conversion, we will settle the 2027 Notes by repaying
the principal portion in cash and any excess of the conversion value over the principal amount in common shares.
The notes may be redeemed in connection with a change of control or delisting event (as further described in the 2027
Notes).
The 2027 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis,
at the prevailing conversion price in the following circumstances beginning after January 27, 2021 through June 16,
2027:
\u2022 if the last reported sale price of our common shares for at least 20-consecutive trading days during a period of 30-
consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than
or equal to 130% of the conversion price on each applicable trading day; or
\u2022 if we undergo certain fundamental changes, including a change of control, as defined in the agreement; or
\u2022 if a parity event or trading price unavailability event, as the case may be occurs during the period of 10 days, including
the first business day following the relevant trading price notification date; or
\u2022 if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other
property have a value of more than 25% of the average daily volume-weighted average trading price of our common
shares for the prior 20 consecutive trading days; or
\u2022 in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the
period from (and including) the date on which the call notice is published to (and including) the 45th business day prior
to the redemption date; or
\u2022 if we experience certain customary events of default, including defaults under certain other indebtedness, until such event
of default has been cured or waived.
The noteholders may convert their notes at any time, without condition, on or after June 17, 2027 until the 45th business
day prior to December 17, 2027.
No contingent conversion conditions were triggered for the 2027 Notes as of December\u00a031, 2025 or December\u00a031,
2024.
Cash Convertible Notes 2024
In November 2024, we repaid at maturity $500.0 million of Cash Convertible Senior Notes (2024 Notes) that had been
issued on November 13, 2018 with net proceeds of $468.9 million after payment of the net cost of the Call Spread
Overlay and transaction costs.
Cash Convertible Notes Call Spread Overlay
Concurrent with the issuance of the cash convertible notes, we entered into privately negotiated hedge transactions (Call
Options) with, and issued warrants to purchase shares of our common stock (Warrants) to, certain financial institutions. We
refer to the Call Options and Warrants collectively as the \u201cCall Spread Overlay.\u201d The Call Options were intended to offset
any cash payments payable by us in excess of the principal amount due upon any conversion of the cash convertible
notes. The Call Options and Warrants are derivative financial instruments and are discussed further in Note 26 \"Financial
Risk Factors and Use of Derivative Financial Instruments.\"
Aside from the initial payment of a premium, we will not be required to make any cash payments under the Call Options,
and will be entitled to receive an amount of cash, generally equal to the amount by which the market price per share of our
common shares exceeds the exercise price of the Call Options during the relevant valuation period. The exercise price
under the Call Options is initially equal to the conversion price of the cash convertible notes.
The Call Options related to the 2024 Notes expired unexercised in November 2024.
The Warrants that were issued with our cash convertible notes, could have a dilutive effect to the extent that the price of
our common stock exceeds the applicable strike price of the Warrants. For each Warrant that is exercised, we will deliver
to the holder a number of shares of our common stock equal to the amount by which the settlement price exceeds the
exercise price, plus cash in lieu of any fractional shares. We will not receive any proceeds if the Warrants are exercised.
All Warrants related to the 2024 Notes expired unexercised in November 2024 upon maturity.
German Private Placement (2017 Schuldschein)
In 2017, we completed a German private placement bond (2017 Schuldschein) which was issued in several tranches
totaling $331.1 million due in various periods through 2027. In the first half of 2021, we repaid $41.1\u00a0million for two
tranches that matured. In October 2022, we repaid $153.0 million for the four tranches that matured. The euro tranches
are designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as
described in Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method,
the change in the carrying value of the euro-denominated tranches attributed to the net investment hedge as of
December\u00a031, 2025 totaled $0.9\u00a0million of unrealized gain and is recorded in equity. We paid $1.2 million in debt
issuance costs which are being amortized through interest expense over the lifetime of the notes.
A following table shows the last remaining tranche of the 2017 Schuldschein as of December\u00a031, 2025 and 2024:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac31.0 million
Floating EURIBOR + 0.7%
June 2027
$17,032
$15,050
German Private Placement (2022 Schuldschein)
In July and August 2022, we completed another German private placement bond (2022 Schuldschein) which was issued
in several tranches totaling \u20ac370.0\u00a0million due in various periods through 2035. In July 2025, we repaid $60.2 million
for the \u20ac51.5\u00a0million tranche that matured. The 2022 Schuldschein consists of euro-denominated tranches which have
either a fixed or floating rate. All tranches except for the \u20ac70.0\u00a0million fixed 3.04% tranche due August 2035 are ESG-
linked wherein the interest rate is subject to adjustment of +/- 0.025% if our ESG rating changes. The euro tranches are
designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as described in
Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments.\" Based on the spot rate method, the change in
the carrying value of the euro-denominated tranches attributed to the net investment hedge as of December\u00a031, 2025
totaled $53.3 million of unrealized loss and is recorded in equity. We paid $1.2 million in debt issuance costs which are
being amortized through interest expense using the effective interest method over the lifetime of the notes.
A summary of the tranches is as follows:
Carrying value (in thousands)
as of December 31,
Notional amount
Interest rate
Maturity
2025
2024
\u20ac51.5 million
Floating 6M EURIBOR + 0.55%
July 2025
$\u2014
$53,481
\u20ac62.0 million
Fixed 2.741%
July 2027
72,814
64,323
\u20ac29.5 million
Floating 6M EURIBOR + 0.70%
July 2027
34,645
30,605
\u20ac37.0 million
Fixed 3.044%
July 2029
43,430
38,371
\u20ac103.0 million
Floating 6M EURIBOR + 0.85%
July 2029
120,898
106,818
\u20ac9.5 million
Fixed 3.386%
July 2032
11,146
9,849
\u20ac7.5 million
Floating 6M EURIBOR + 1.0%
July 2032
8,800
7,776
\u20ac70.0 million
Fixed 3.04%
August 2035
82,015
72,452
$373,748
$383,675
Revolving Credit Facility
Our credit facilities available and undrawn at December\u00a031, 2025 total \u20ac413.0 million (approximately $485.3 million).
This includes a \u20ac400.0 million syndicated ESG-linked revolving credit facility expiring December 2030 (with one
additional annual extension option) and two other lines of credit amounting to \u20ac13.0 million with no expiration date. The
\u20ac400.0 million facility can be utilized in euro and bears interest of 0.550% to 1.500% above EURIBOR, offered with
interest periods of one, three or six months. The commitment fee is calculated based on 35% of the applicable margin.
Commitment fees of $0.9 million and $0.8 million were paid for years ended December\u00a031, 2025 and 2024,
respectively. The revolving facility agreement contains certain non-financial covenants including, but not limited to,
restrictions on the encumbrance of assets. We were in compliance with these covenants at December\u00a031, 2025. The
revolving credit facilities are for general corporate purposes and no amounts were utilized at December\u00a031, 2025. Of the
\u20ac13.0 million facilities, \u20ac8.2 million is used for bank guarantees and letters of credit as December\u00a031, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
17. Income Tax
Major components of income tax expense, as presented in the income statements for the years ended December\u00a031, 2025
and 2024, are:
(in thousands)
2025
2024
Current income tax charge
$94,667
$52,966
Adjustment in respect of current income tax of previous years
(1,985)
1,275
Current income tax expense
92,682
54,241
Origination and reversal of temporary differences
(13,578)
(19,724)
Changes in tax rates
(9,181)
(250)
Deferred income tax expense
(22,759)
(19,974)
Total income tax expense
$69,923
$34,267
Deferred tax related to items charged or credited directly to equity during 2025 and 2024 shown in the statement of
comprehensive income totaled $1.2 million and $1.0 million , respectively.
The Netherlands' statutory income tax rate, the income tax rate of our country of domicile, was 25.8% in 2025 and 2024.
Income from foreign subsidiaries is generally taxed at the statutory income applicable in the respective countries of
domicile.
The principal items comprising the differences between income taxes computed at the Netherlands statutory rate and the
effective tax rate for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Amount
Percent
Amount
Percent
Income before tax
$506,891
\u2014
$191,365
\u2014
At Dutch statutory income tax rate of 25.8%
$130,778
25.8%
$49,372
25.8%
Taxation of foreign operations, net (1)
(45,311)
(8.9)
(27,755)
(14.5)
Worthless Stock Deduction (2)
(29,003)
(5.7)
\u2014
\u2014
Changes in tax rates impacting deferred taxes
(9,181)
(1.8)
(250)
(0.1)
Net movement in uncertain tax positions
21,717
4.3
19,234
10.1
Pillar Two income taxes
7,744
1.5
11,452
6.0
Tax impact from non-deductible (deductible) items
(6,936)
(1.4)
(19,922)
(10.4)
Other
115
\u2014
2,136
1.1
Total income tax
$69,923
13.8%
$34,267
17.9%
(1)Our effective tax rate reflects our global operations where certain income or loss is taxed at rates higher or lower than the Netherlands\u2019 statutory
income tax rate as well as the benefit of some income being partially exempt from income taxes. These foreign tax benefits are due to a combination
of favorable tax laws, regulations and exemptions in certain jurisdictions. Partial tax exemptions exist on foreign income primarily derived from
operations in Germany.
(2)During the third quarter of 2025, the Company recognized a worthless stock deduction under Internal Revenue Code Section 165(g)(3) upon
liquidation of the U.S. Subsidiary, NeuMoDx Molecular, Inc.
We conduct business globally and, as a result, file numerous consolidated and separate income tax returns in the
Netherlands, Germany and the U.S. federal jurisdiction, as well as in various other state and foreign jurisdictions. In the
normal course of business, we are subject to examination by taxing authorities throughout various jurisdictions. Tax years
in the Netherlands are potentially open back to 2013 for income tax examinations by the Netherlands taxing authority.
The German group is open to examination for the tax years starting in 2017 and in 2022, the German taxing authority
commenced an examination for the 2017 to 2019 tax years. The U.S. consolidated group is subject to federal and most
state income tax examinations by taxing authorities beginning with the year ending December\u00a031, 2022 through the
current period. In late 2023, the U.S. Internal Revenue Service commenced a U.S. federal income tax examination for the
periods 2014 to 2020. Our other subsidiaries, with few exceptions, are no longer subject to income tax examinations by
taxing authorities for years before 2021.
We conduct business globally and operate more than 50 consolidated subsidiaries in multiple tax jurisdictions. This multi-
jurisdictional business operation involves complex operating and financing activities. The nature of these activities can
result in uncertainties in the estimation of the related income tax exposures. We initially recognize and subsequently
measure the uncertain tax position when it is probable the position will be sustained upon examination by the tax
authorities.
Changes in the amount of uncertain tax positions for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$108,927
$95,558
Increase for tax positions related to the current year
8,990
9,447
Increase for tax positions of prior years
21,022
10,402
Decrease for tax position of prior years
(8,834)
(271)
Decrease related to settlements
\u2014
(439)
Increase (decrease) from currency translation
13,481
(5,770)
Balance at end of year
$143,586
$108,927
As of December\u00a031, 2025 and 2024, our net liability for uncertain tax positions totaled approximately $143.6 million and
$108.9 million and has been recorded in the income statement as part of income tax expense. Its release would\u00a0 favorably\u00a0
affect our effective tax rate in any future period. However, various events could cause our current expectations to change in
the future. At December\u00a031, 2025 and 2024, we have accrued interest and penalties of $5.9 million and $3.9 million,
respectively, which are not included in the table above.
At December\u00a031, 2025 and 2024, in the consolidated balance sheets, we have recorded net deferred tax assets of $56.8
million and $59.2 million, respectively\u00a0 at December\u00a031, 2025 and 2024, respectively. The components of the net
deferred assets and liabilities at December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Change
Deferred tax assets:
Net operating loss and credit carryforward(1)
$68,438
$22,981
$45,457
Intangibles
42,091
47,409
(5,318)
Accrued liabilities
24,582
27,746
(3,164)
Equity awards
13,587
20,342
(6,755)
Other
46,511
37,365
9,146
Offsetting
(101,221)
(63,278)
(37,943)
Total deferred tax assets
93,988
92,565
1,423
Deferred tax liabilities:
Depreciation and amortization
(44,451)
(49,361)
4,910
Intangibles
(87,626)
(41,386)
(46,240)
Other
(6,338)
(5,910)
(428)
Offsetting
101,221
63,278
37,943
Total deferred tax liabilities
(37,194)
(33,379)
(3,815)
\u00a0
Net deferred tax assets
$56,794
$59,186
($2,392)
(1) The increase in deferred tax assets related to net operating losses reflects offsetting between uncertain tax positions and deferred tax assets of net
operating losses.
The movements in deferred income tax assets and liabilities during 2025 and 2024 are as follows:
(in thousands)
2025
2024
Change in deferred tax recognized in income
$22,759
$19,973
Change in deferred tax recognized in equity (1)
(6,013)
(2,235)
Change in deferred tax related to business combinations (2)
(19,138)
\u2014
Change in deferred tax
($2,392)
$17,738
(1)The change in deferred tax recognized in equity represents changes in components of other comprehensive income or loss, equity awards and foreign
currency translation adjustments.
(2)The change in deferred tax related to business combinations represents the deferred tax liability on the fair value of identifiable intangible assets
acquired and the deferred tax asset on tax loss carryforwards as discussed in Note 5 \"Acquisitions.\"
At December\u00a031, 2025, we had $558.3 million in total net operating loss (NOL) carryforwards which included $401.7
million for Germany, $59.4 million for the U.S., $20.9 million for the U.K., $19.0 million for the Netherlands and $57.3
million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of
$3.9 million and in other foreign jurisdictions of $32.8 million. The NOL carryforwards in the U.S., Germany, the
Netherlands and the U.K. carryforward indefinitely. The entire NOL carryforward in the U.S. is subject to limitations under
Section 382 of the U.S. Internal Revenue Code which limits the amount that can be used each year. NOL carryforwards of
$24.7 million in other foreign jurisdictions expire between 2026 and 2030 while the remainder can be carried forward
indefinitely. At December\u00a031, 2025, tax credits total $7.2 million and expire between 2034 and 2044.
At December\u00a031, 2024, we had $529.1 million in total net operating loss (NOL) carryforwards which included $316.0
million for Germany, $128.5 million for the U.S., $29.8 million for the U.K., $8.7 million for the Netherlands and $46.1
million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of
$5.1 million and in other foreign jurisdictions of $38.6 million.
A deferred tax asset can only be recognized to the extent that it is \"probable\" that taxable profit will be available against
which the deductible temporary differences, unused tax losses or unused tax credits can be utilized. Judgments around
realizability depend on the availability and weight of both positive and negative evidence.
As of December\u00a031, 2025, a deferred tax liability has not been recognized for residual income taxes in the Netherlands
on the undistributed earnings of the majority of our foreign subsidiaries as these earnings are considered to be either
indefinitely reinvested or can be repatriated tax free under the Dutch participation exemption. The aggregate amount of
undistributed earnings for which no deferred tax liability has been recognized was approximately $2 billion. For
undistributed earnings that are not considered indefinitely reinvested, we have recorded a deferred tax liability of $0.7
million for both December\u00a031, 2025 and 2024.
Global minimum tax (Pillar Two)
In December 2021, the Organization for Economic Co-operation and Development (OECD) Inclusive Framework released
model rules focused on \"Addressing the Challenges of the Digitalization of the Economy.\" The breadth of the OECD
project extends beyond pure digital businesses and is likely to impact most large multinational businesses by both
redefining jurisdictional taxation rights and establishing a 15% global minimum tax (referred to as Pillar Two). The Dutch
Government adopted the Minimum Tax Act 2024 in December 2023, and the Pillar Two legislation has been applicable in
local law with effect from 2024 in the Netherlands, the EU and multiple other countries around the world. Therefore, Pillar
Two applies to QIAGEN from the financial year ending December 31, 2024 and onwards. Under this legislation,
QIAGEN is generally required to pay top-up taxes on profits if the related Pillar Two jurisdictional effective tax rate is less
than 15%.
In 2025, the current tax expense related to Pillar Two is $7.7 million, resulting in an increase of ETR by 1.5%. In 2024, the
current tax expense related to Pillar Two is $11.5 million, resulting in an increase of ETR by 6.0%. This amount has been
accounted for within the income taxes of the reporting period.
In the 2025 and 2024 financial statements, we have used the exemption under IAS 12 for recognizing and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
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17. Income Tax
Major components of income tax expense, as presented in the income statements for the years ended December\u00a031, 2025
and 2024, are:
(in thousands)
2025
2024
Current income tax charge
$94,667
$52,966
Adjustment in respect of current income tax of previous years
(1,985)
1,275
Current income tax expense
92,682
54,241
Origination and reversal of temporary differences
(13,578)
(19,724)
Changes in tax rates
(9,181)
(250)
Deferred income tax expense
(22,759)
(19,974)
Total income tax expense
$69,923
$34,267
Deferred tax related to items charged or credited directly to equity during 2025 and 2024 shown in the statement of
comprehensive income totaled $1.2 million and $1.0 million , respectively.
Changes in the amount of uncertain tax positions for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Balance at beginning of year
$108,927
$95,558
Increase for tax positions related to the current year
8,990
9,447
Increase for tax positions of prior years
21,022
10,402
Decrease for tax position of prior years
(8,834)
(271)
Decrease related to settlements
\u2014
(439)
Increase (decrease) from currency translation
13,481
(5,770)
Balance at end of year
$143,586
$108,927
As of December\u00a031, 2025 and 2024, our net liability for uncertain tax positions totaled approximately $143.6 million and
$108.9 million and has been recorded in the income statement as part of income tax expense. Its release would\u00a0 favorably\u00a0
affect our effective tax rate in any future period. However, various events could cause our current expectations to change in
the future. At December\u00a031, 2025 and 2024, we have accrued interest and penalties of $5.9 million and $3.9 million,
respectively, which are not included in the table above.
At December\u00a031, 2025 and 2024, in the consolidated balance sheets, we have recorded net deferred tax assets of $56.8
million and $59.2 million, respectively\u00a0 at December\u00a031, 2025 and 2024, respectively. The components of the net
deferred assets and liabilities at December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Change
Deferred tax assets:
Net operating loss and credit carryforward(1)
$68,438
$22,981
$45,457
Intangibles
42,091
47,409
(5,318)
Accrued liabilities
24,582
27,746
(3,164)
Equity awards
13,587
20,342
(6,755)
Other
46,511
37,365
9,146
Offsetting
(101,221)
(63,278)
(37,943)
Total deferred tax assets
93,988
92,565
1,423
Deferred tax liabilities:
Depreciation and amortization
(44,451)
(49,361)
4,910
Intangibles
(87,626)
(41,386)
(46,240)
Other
(6,338)
(5,910)
(428)
Offsetting
101,221
63,278
37,943
Total deferred tax liabilities
(37,194)
(33,379)
(3,815)
\u00a0
Net deferred tax assets
$56,794
$59,186
($2,392)
(1) The increase in deferred tax assets related to net operating losses reflects offsetting between uncertain tax positions and deferred tax assets of net
operating losses.
The movements in deferred income tax assets and liabilities during 2025 and 2024 are as follows:
(in thousands)
2025
2024
Change in deferred tax recognized in income
$22,759
$19,973
Change in deferred tax recognized in equity (1)
(6,013)
(2,235)
Change in deferred tax related to business combinations (2)
(19,138)
\u2014
Change in deferred tax
($2,392)
$17,738
(1)The change in deferred tax recognized in equity represents changes in components of other comprehensive income or loss, equity awards and foreign
currency translation adjustments.
(2)The change in deferred tax related to business combinations represents the deferred tax liability on the fair value of identifiable intangible assets
acquired and the deferred tax asset on tax loss carryforwards as discussed in Note 5 \"Acquisitions.\"
At December\u00a031, 2025, we had $558.3 million in total net operating loss (NOL) carryforwards which included $401.7
million for Germany, $59.4 million for the U.S., $20.9 million for the U.K., $19.0 million for the Netherlands and $57.3
million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of
$3.9 million and in other foreign jurisdictions of $32.8 million. The NOL carryforwards in the U.S., Germany, the
Netherlands and the U.K. carryforward indefinitely. The entire NOL carryforward in the U.S. is subject to limitations under
Section 382 of the U.S. Internal Revenue Code which limits the amount that can be used each year. NOL carryforwards of
$24.7 million in other foreign jurisdictions expire between 2026 and 2030 while the remainder can be carried forward
indefinitely. At December\u00a031, 2025, tax credits total $7.2 million and expire between 2034 and 2044.
At December\u00a031, 2024, we had $529.1 million in total net operating loss (NOL) carryforwards which included $316.0
million for Germany, $128.5 million for the U.S., $29.8 million for the U.K., $8.7 million for the Netherlands and $46.1
million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of
$5.1 million and in other foreign jurisdictions of $38.6 million.
A deferred tax asset can only be recognized to the extent that it is \"probable\" that taxable profit will be available against
which the deductible temporary differences, unused tax losses or unused tax credits can be utilized. Judgments around
realizability depend on the availability and weight of both positive and negative evidence.
As of December\u00a031, 2025, a deferred tax liability has not been recognized for residual income taxes in the Netherlands
on the undistributed earnings of the majority of our foreign subsidiaries as these earnings are considered to be either
indefinitely reinvested or can be repatriated tax free under the Dutch participation exemption. The aggregate amount of
undistributed earnings for which no deferred tax liability has been recognized was approximately $2 billion. For
undistributed earnings that are not considered indefinitely reinvested, we have recorded a deferred tax liability of $0.7
million for both December\u00a031, 2025 and 2024.
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18. Equity
Shares
The authorized classes of our shares consist of Common Shares (410\u00a0million authorized), Preference Shares ( 450\u00a0million
authorized) and Financing Preference Shares (40\u00a0million authorized). All classes of shares have a par value of \u20ac0.01. No
Financing Preference Shares or Preference Shares have been issued. Common Shares are translated to U.S. dollars at the
foreign exchange rates in effect when the shares are issued.
QIAGEN N.V. has granted Stichting Preferente Aandelen QIAGEN an option to acquire preference shares of QIAGEN
N.V. in a number equal to the number of outstanding common shares less one. The arrangement is intended to enable the
Stichting to block or delay an unfavorable change of control. Stichting Preferente Aandelen QIAGEN is not consolidated
by QIAGEN.
Treasury Stock
The cost of repurchased shares is included in treasury stock and reported as a reduction in total equity when a repurchase
occurs. Repurchased shares will be held in treasury in order to satisfy various obligations, which include exchangeable
debt instruments, warrants and employee share-based remuneration plans.
Dividend Declaration
On June 26, 2025 at the Annual General Meeting, shareholders of QIAGEN N.V. approved a cash dividend of $0.25
per common share with a record and ex-date of July 2, 2025. On July 10, 2025, a total of $54.2 million in cash
dividends were paid to our shareholders.
2026 Synthetic Share Repurchase
In January 2026, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on December 18, 2025. The synthetic share repurchase was implemented
through a series of amendments to our Articles of Association which were approved by our shareholders. The first
amendment involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to
EUR 1.96 and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in
common shares whereby 20 existing common shares with a nominal value of EUR 1.96 each were consolidated into 19
new common shares with a nominal value of EUR 2.07 each. The third amendment was a reduction of the nominal value
per common share from EUR 2.07 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic
share buyback, $496.7 million was returned to shareholders through the transaction which reduced the total number of
outstanding shares by 10.9\u00a0million, or 5.0%, to 206.8\u00a0million shares outstanding as of January 8, 2026. Consequently,
the conversion rates for convertible notes were updated as disclosed in Note 16 \"Financial Debts.\" Total expenses incurred
related to the capital repayment and share consolidation amounted to $0.1 million and were charged to equity during
2025.
2025 Synthetic Share Repurchase
In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on January 12, 2025. The synthetic share repurchase was implemented through
a series of amendments to our Articles of Association which were approved by our shareholders. The first amendment
involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.24
and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in common
shares whereby 36 existing common shares with a nominal value of EUR 1.24 each were consolidated into 35 new
common shares with a nominal value of EUR 1.28 each. The third amendment was a reduction of the nominal value per
common share from EUR 1.28 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic
share buyback, $280.1 million was repaid to our shareholders and the outstanding number of common shares was
reduced by 6.2\u00a0million, or 2.8%. Total expenses incurred related to the capital repayment and share consolidation
amounted to $0.1 million and were charged to equity during 2025.
2024 Synthetic Share Repurchase
In January 2024, we completed a capital repayment program through a synthetic share repurchase that combined a direct
capital repayment with a reverse stock split. The synthetic share repurchase was implemented through a series of
amendments to our Articles of Association which were approved by our shareholders. The first amendment involved an
increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.18 and a
corresponding reduction in additional paid in capital. The second amendment involved a reduction in common shares
whereby 25 existing common shares with a nominal value of EUR 1.18 each were consolidated into 24.25 new common
shares with a nominal value of EUR 1.22 each. The third amendment was a reduction of the nominal value per common
share from EUR 1.22 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic share
buyback, $292.1 million was repaid to our shareholders, and the outstanding number of common shares was reduced by
6.8\u00a0million, or 3.0%. Total expenses incurred related to the capital repayment and share consolidation amounted to $0.8
million and were charged to equity during 2024.
Appropriation of Profit of 2024
The financial statements for the reporting year 2024 have been adopted by the Annual General Meeting on June 26,
2025. The Annual General Meeting has adopted the appropriation of profit after tax as proposed by the Managing
Board.
Proposal for Profit Appropriation
The General Meeting of Shareholders will be asked to approve the following appropriation of the 2025 net income for the
period: an amount of $437.0 million to be added to retained earnings", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
18. Equity
2026 Synthetic Share Repurchase
In January 2026, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on December 18, 2025. The synthetic share repurchase was implemented
through a series of amendments to our Articles of Association which were approved by our shareholders. The first
amendment involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to
EUR 1.96 and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in
common shares whereby 20 existing common shares with a nominal value of EUR 1.96 each were consolidated into 19
new common shares with a nominal value of EUR 2.07 each. The third amendment was a reduction of the nominal value
per common share from EUR 2.07 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic
share buyback, $496.7 million was returned to shareholders through the transaction which reduced the total number of
outstanding shares by 10.9\u00a0million, or 5.0%, to 206.8\u00a0million shares outstanding as of January 8, 2026. Consequently,
the conversion rates for convertible notes were updated as disclosed in Note 16 \"Financial Debts.\" Total expenses incurred
related to the capital repayment and share consolidation amounted to $0.1 million and were charged to equity during
2025.
30. Subsequent Events
Events that occurred after the balance sheet date that provide no information on the actual situation at the balance sheet
date are not recognized in the financial statements. When those events are relevant for the economic decisions of users of
the financial statements, the nature and the estimated financial effects of those events are disclosed in the financial
statements.
In January 2026, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split as discussed in Note 18 \"Equity.\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
Shares
The authorized classes of our shares consist of Common Shares (410\u00a0million authorized), Preference Shares ( 450\u00a0million
authorized) and Financing Preference Shares (40\u00a0million authorized). All classes of shares have a par value of \u20ac0.01. No
Financing Preference Shares or Preference Shares have been issued. Common Shares are translated to U.S. dollars at the
foreign exchange rates in effect when the shares are issued.
QIAGEN N.V. has granted Stichting Preferente Aandelen QIAGEN an option to acquire preference shares of QIAGEN
N.V. in a number equal to the number of outstanding common shares less one. The arrangement is intended to enable the
Stichting to block or delay an unfavorable change of control. Stichting Preferente Aandelen QIAGEN is not consolidated
by QIAGEN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "0.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-524": { "value": "0.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:ParValuePerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-525": { "value": "
Treasury Stock
The cost of repurchased shares is included in treasury stock and reported as a reduction in total equity when a repurchase
occurs. Repurchased shares will be held in treasury in order to satisfy various obligations, which include exchangeable
debt instruments, warrants and employee share-based remuneration plans.
2026 Synthetic Share Repurchase
In January 2026, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on December 18, 2025. The synthetic share repurchase was implemented
through a series of amendments to our Articles of Association which were approved by our shareholders. The first
amendment involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to
EUR 1.96 and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in
common shares whereby 20 existing common shares with a nominal value of EUR 1.96 each were consolidated into 19
new common shares with a nominal value of EUR 2.07 each. The third amendment was a reduction of the nominal value
per common share from EUR 2.07 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic
share buyback, $496.7 million was returned to shareholders through the transaction which reduced the total number of
outstanding shares by 10.9\u00a0million, or 5.0%, to 206.8\u00a0million shares outstanding as of January 8, 2026. Consequently,
the conversion rates for convertible notes were updated as disclosed in Note 16 \"Financial Debts.\" Total expenses incurred
related to the capital repayment and share consolidation amounted to $0.1 million and were charged to equity during
2025.
2025 Synthetic Share Repurchase
In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on January 12, 2025. The synthetic share repurchase was implemented through
a series of amendments to our Articles of Association which were approved by our shareholders. The first amendment
involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.24
and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in common
shares whereby 36 existing common shares with a nominal value of EUR 1.24 each were consolidated into 35 new
common shares with a nominal value of EUR 1.28 each. The third amendment was a reduction of the nominal value per
common share from EUR 1.28 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic
share buyback, $280.1 million was repaid to our shareholders and the outstanding number of common shares was
reduced by 6.2\u00a0million, or 2.8%. Total expenses incurred related to the capital repayment and share consolidation
amounted to $0.1 million and were charged to equity during 2025.
2024 Synthetic Share Repurchase
In January 2024, we completed a capital repayment program through a synthetic share repurchase that combined a direct
capital repayment with a reverse stock split. The synthetic share repurchase was implemented through a series of
amendments to our Articles of Association which were approved by our shareholders. The first amendment involved an
increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.18 and a
corresponding reduction in additional paid in capital. The second amendment involved a reduction in common shares
whereby 25 existing common shares with a nominal value of EUR 1.18 each were consolidated into 24.25 new common
shares with a nominal value of EUR 1.22 each. The third amendment was a reduction of the nominal value per common
share from EUR 1.22 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic share
buyback, $292.1 million was repaid to our shareholders, and the outstanding number of common shares was reduced by
6.8\u00a0million, or 3.0%. Total expenses incurred related to the capital repayment and share consolidation amounted to $0.8
million and were charged to equity during 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
Dividend Declaration
On June 26, 2025 at the Annual General Meeting, shareholders of QIAGEN N.V. approved a cash dividend of $0.25
per common share with a record and ex-date of July 2, 2025. On July 10, 2025, a total of $54.2 million in cash
dividends were paid to our shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-528": { "value": "
19. Earnings per Common Share
We present basic and diluted earnings per common share. Basic earnings per common share is calculated by dividing the
net income by the weighted average number of common shares outstanding. Diluted earnings per common share reflect the
potential dilution of earnings that would occur if all \u201cin the money\u201d securities to issue common shares were exercised.
The following schedule summarizes the information used to compute earnings per common share for the years ended
December\u00a031, 2025 and 2024:
(in thousands, except per share data)
2025
2024
Net income
$436,968
$157,098
Weighted average number of common shares used to compute basic earnings per common share
217,219
222,619
Dilutive effect of stock options and restricted stock units
1,661
2,098
Weighted average number of common shares used to compute diluted earnings
per common share
218,880
224,717
Outstanding options and awards having no dilutive effect, not included in above calculation
50
26
Outstanding warrants having no dilutive effect, not included in above calculation
\u2014
9,531
Basic earnings per common share
$2.01
$0.71
Diluted earnings per common share
$2.00
$0.70
For purposes of considering the 2027 Notes, 2031 Notes and the 2032 Notes, as discussed further in Note 16 \"Financial
Debts,\" in determining diluted earnings per common share, only an excess of the conversion value over the principal
amount would have a dilutive impact using the treasury stock method. Since the 2027 Notes, 2031 Notes and the 2032
Notes were out of the money and anti-dilutive during the period from January 1, 2024 through December 31, 2025, they
were excluded from the diluted earnings per common share calculation in 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "222619000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-530": { "value": "2.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-531": { "value": "0.71", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-532": { "value": "2.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-533": { "value": "0.70", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-534": { "value": "
20. Commitments and Contingencies
Licensing and Purchase Commitments
We have licensing agreements with companies, universities and individuals, some of which require certain up-front
payments. Royalty payments are required on net product sales ranging from 0.45 percent to 20 percent of covered
products or based on quantities sold. Several of these agreements have minimum royalty requirements. The accompanying
consolidated balance sheets include accrued royalties relating to these agreements in the amount of $6.1 million and $5.1
million at December\u00a031, 2025 and 2024 , respectively. Royalty expense relating to these agreements amounted to $15.4
million and $13.9 million for each of the years ended December\u00a031, 2025 and 2024, respectively. Royalty expense is
primarily recorded in cost of sales, with a small portion recorded as research and development expense depending on the
use of the technology under license. Some of these agreements also have minimum raw material purchase requirements
and requirements to perform specific types of research.
At December\u00a031, 2025, we had commitments to purchase goods or services and to make future license and royalty
payments. They are as follows:
Years ending December 31,
(in thousands)
Purchase
commitments
License & royalty
commitments
2026
$78,587
$1,933
2027
42,675
1,986
2028
22,500
1,844
2029
3,465
1,852
2030
1,506
1,881
Thereafter
\u2014
9,029
$148,733
$18,525
Commitments calculated at December\u00a031, 2024, the prior year, were as follows:
Years ending December 31,
(in thousands)
Purchase
commitments
License & royalty
commitments
2025
$38,232
$1,416
2026
30,701
779
2027
12,607
801
2028
1,035
601
2029
918
506
Thereafter
\u2014
1,771
$83,493
$5,874
Contingent Consideration Commitments
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.
Employment Agreements
Certain of our employment contracts contain provisions which guarantee payments in the event of a change in control, as
defined in the agreements, or if the executive is terminated for reasons other than cause, as defined in the agreements. At
December\u00a031, 2025, the commitment under these agreements totaled $10.5 million (2024: $9.8 million).
Litigation
From time to time, we may be party to legal proceedings incidental to our business. As of December\u00a031, 2025, certain
claims, suits or legal proceedings arising out of the normal course of business have been filed or were pending against
QIAGEN N.V. or its subsidiaries. These matters have arisen in the ordinary course and conduct of business as well as
through acquisition. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing
litigation contingencies is highly subjective and requires judgments about future events. Although it is not possible to predict
the outcome of such litigation, we assess the degree of probability and evaluate the reasonably possible losses that we
could incur as a result of these matters. We accrue for any estimated loss when it is probable that a liability has been
incurred and the amount of probable loss can be estimated. We are not party to any material legal proceeding as of the
date of this report.
Patent Litigation
Labcorp (as successor to ArcherDX)
In 2018, ArcherDX (succeeded in the litigation by Laboratory Corporation of America Holdings and Labcorp Genetics, Inc.
(Labcorp)) and Massachusetts General Hospital (MGH) sued QIAGEN for patent infringement. In August 2021, a federal
jury ruled that QIAGEN infringed two patents owned by ArcherDX and awarded damages of $4.7\u00a0million which were
accrued in 2021 and remain accrued as of December 31, 2024 in other non-current liabilities in the accompanying
consolidated balance sheet. In the third quarter of 2025, the Court of Appeals for the Federal Circuit reversed the decision
of infringement of the District Court of Delaware, vacated the $4.7\u00a0million damages award and granted judgment as a
matter of law of non-infringement in favor of QIAGEN. The plaintiffs did not file any motion opposing this decision before
the deadline and the matter is now closed. Accordingly, the $4.7\u00a0million accrual was reversed to restructuring, acquisition,
integration and other, net in the accompanying consolidated statement of income for the year ended December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
Licensing and Purchase Commitments
We have licensing agreements with companies, universities and individuals, some of which require certain up-front
payments. Royalty payments are required on net product sales ranging from 0.45 percent to 20 percent of covered
products or based on quantities sold. Several of these agreements have minimum royalty requirements. The accompanying
consolidated balance sheets include accrued royalties relating to these agreements in the amount of $6.1 million and $5.1
million at December\u00a031, 2025 and 2024 , respectively. Royalty expense relating to these agreements amounted to $15.4
million and $13.9 million for each of the years ended December\u00a031, 2025 and 2024, respectively. Royalty expense is
primarily recorded in cost of sales, with a small portion recorded as research and development expense depending on the
use of the technology under license. Some of these agreements also have minimum raw material purchase requirements
and requirements to perform specific types of research.
At December\u00a031, 2025, we had commitments to purchase goods or services and to make future license and royalty
payments. They are as follows:
Years ending December 31,
(in thousands)
Purchase
commitments
License & royalty
commitments
2026
$78,587
$1,933
2027
42,675
1,986
2028
22,500
1,844
2029
3,465
1,852
2030
1,506
1,881
Thereafter
\u2014
9,029
$148,733
$18,525
Commitments calculated at December\u00a031, 2024, the prior year, were as follows:
Years ending December 31,
(in thousands)
Purchase
commitments
License & royalty
commitments
2025
$38,232
$1,416
2026
30,701
779
2027
12,607
801
2028
1,035
601
2029
918
506
Thereafter
\u2014
1,771
$83,493
$5,874
Contingent Consideration Commitments
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.
Employment Agreements
Certain of our employment contracts contain provisions which guarantee payments in the event of a change in control, as
defined in the agreements, or if the executive is terminated for reasons other than cause, as defined in the agreements. At
December\u00a031, 2025, the commitment under these agreements totaled $10.5 million (2024: $9.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
Contingent Consideration Commitments
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
Litigation
From time to time, we may be party to legal proceedings incidental to our business. As of December\u00a031, 2025, certain
claims, suits or legal proceedings arising out of the normal course of business have been filed or were pending against
QIAGEN N.V. or its subsidiaries. These matters have arisen in the ordinary course and conduct of business as well as
through acquisition. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing
litigation contingencies is highly subjective and requires judgments about future events. Although it is not possible to predict
the outcome of such litigation, we assess the degree of probability and evaluate the reasonably possible losses that we
could incur as a result of these matters. We accrue for any estimated loss when it is probable that a liability has been
incurred and the amount of probable loss can be estimated. We are not party to any material legal proceeding as of the
date of this report.
Patent Litigation
Labcorp (as successor to ArcherDX)
In 2018, ArcherDX (succeeded in the litigation by Laboratory Corporation of America Holdings and Labcorp Genetics, Inc.
(Labcorp)) and Massachusetts General Hospital (MGH) sued QIAGEN for patent infringement. In August 2021, a federal
jury ruled that QIAGEN infringed two patents owned by ArcherDX and awarded damages of $4.7\u00a0million which were
accrued in 2021 and remain accrued as of December 31, 2024 in other non-current liabilities in the accompanying
consolidated balance sheet. In the third quarter of 2025, the Court of Appeals for the Federal Circuit reversed the decision
of infringement of the District Court of Delaware, vacated the $4.7\u00a0million damages award and granted judgment as a
matter of law of non-infringement in favor of QIAGEN. The plaintiffs did not file any motion opposing this decision before
the deadline and the matter is now closed. Accordingly, the $4.7\u00a0million accrual was reversed to restructuring, acquisition,
integration and other, net in the accompanying consolidated statement of income for the year ended December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
21. Reportable Segment
We operate as one reportable segment in accordance with IFRS 8 Operating Segments. As a result of our continued
restructuring and streamlining of the growing organization, our chief operating decision maker (CODM) continues to make
decisions with regards to business operations and resource allocation based on evaluations of QIAGEN as a whole.
Accordingly, we operate as one reportable segment. Summarized geographic information is shown in the tables below.
Geographical Information
Net sales are attributed to countries based on the location of the customer. Our primary manufacturing facilities are located
in Germany, China, and the United States and supply products to customers as well as QIAGEN subsidiaries in other
countries. The intercompany portions of such net sales are excluded to derive consolidated net sales. No single customer
represents more than ten percent of consolidated net sales. Our country of domicile is the Netherlands, which reported net
sales of $23.7 million and $20.9 million for the years ended 2025 and 2024 , respectively, and these amounts are
included in the line item Europe, Middle East and Africa as shown in the table below.
\u00a0
(in thousands)
2025
2024
Americas:
United States
$998,448
$942,009
Other Americas
88,065
89,557
Total Americas
1,086,513
1,031,566
Europe, Middle East and Africa
712,759
648,494
Asia Pacific, Japan\u00a0and Rest of World
290,727
298,154
Total net sales
$2,089,999
$1,978,214
Long-lived assets include property, plant and equipment, goodwill, other intangible assets, right-of-use assets, equity
accounted investments, non-current financial assets and other non-current assets. The Netherlands, which is included in the
line item other Europe, Middle East and Africa, reported long-lived assets of $18.4 million and $16.2 million for the years
ended 2025 and 2024, respectively.
(in thousands)
2025
2024
Americas:
United States
$2,365,089
$2,158,114
Other Americas
9,103
8,579
Total Americas
2,374,192
2,166,693
Germany
942,160
772,551
Other Europe, Middle East and Africa
750,100
573,367
Asia Pacific, Japan\u00a0and Rest of World
219,004
208,369
Total long-lived assets
$4,285,456
$3,720,980
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
22. Share-Based Payments
The QIAGEN N.V. 2023 Stock Plan (the 2023 Plan) was approved at the June 2023 Annual General Meeting. We
adopted the QIAGEN N.V. 2014 Stock Plan (the 2014 Plan) in 2014. The 2014 Plan expired in May 2024. At
December\u00a031, 2025, we had approximately 11.4 million common shares reserved and available for issuance under the
2014 and 2023 Plans.
The plans allow for the granting of stock rights and incentive stock options, as well as non-qualified options, stock grants
and stock-based awards, generally with terms of up to three years, with previous grants through 2020 having terms of five
years subject to earlier termination in certain situations. The vesting and exercisability of certain stock rights will be
accelerated in the event of a Change of Control, as defined in the plans. We issue Treasury Shares upon the vesting of
stock-based awards.
Stock Units
Stock units represent rights to receive Common Shares at a future date and include restricted stock units which are subject
to time-vesting only and performance stock units which include performance conditions in addition to time-vesting. The final
number of performance stock units earned is based on the performance achievement which for some grants can reach up
to 200% of the granted shares. There is no exercise price and the fair market value at the time of the grant is recognized
over the requisite vesting period. The fair market value is determined based on the number of stock units granted and the
market value of our shares on the grant date. Pre-vesting forfeitures were estimated to be approximately 6.0% (2024:
6.0%). At December\u00a031, 2025, there was $65.2 million remaining in unrecognized compensation cost including estimated
forfeitures related to these awards, which is expected to be recognized over a weighted average period of 1.38 years
(2024: $58.7 million over a weighted average of 1.34 years). The weighted average grant date fair value of stock units
granted during the year ended December\u00a031, 2025 was $41.69 (2024 $42.88). The total fair value of stock units that
vested during the year ended December\u00a031, 2025 was $60.7 million (2024: $74.1 million).
A summary of stock units as of December\u00a031, 2025 and 2024, and changes for the years then ended, is presented below.
(in thousands)
2025
2024
Outstanding at January 1
3,606
4,015
Granted
1,156
1,556
Vested
(1,466)
(1,734)
Forfeited
(210)
(231)
Outstanding at December\u00a031
3,086
3,606
Vested and expected to vest at December\u00a031
2,819
3,317
We net share settle for the tax withholding upon the vesting of awards. Shares are issued on the vesting dates net of the
applicable statutory tax withholding to be paid by us on behalf of our employees. As a result, fewer shares are issued than
the number of stock units outstanding. We record a liability for the tax withholding to be paid by us as a reduction to
treasury shares.
Compensation Expense
Share-based compensation expense before taxes for the years ended December\u00a031, 2025 and 2024 totaled
approximately $50.4 million and $43.6 million, respectively, as shown in the table below.
(in thousands)
2025
\u00a0
2024
Cost of sales
$6,044
$4,317
Research and development
8,246
6,691
Sales and marketing
13,119
12,122
General and administrative
22,991
20,497
Share-based compensation expense
50,400
43,627
Less: Income tax benefit (1)
11,128
14,695
Share-based compensation expense, after tax
$39,272
$28,932
(1)Does not include the excess tax benefit realized for the tax deductions of the share-based payment arrangements. There were no excess tax benefits
realized for the years ended December\u00a031, 2025 and 2024.
The variability in share-based compensation expense primarily reflects the impact from performance achievement levels
and forfeitures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Compensation Expense
Share-based compensation expense before taxes for the years ended December\u00a031, 2025 and 2024 totaled
approximately $50.4 million and $43.6 million, respectively, as shown in the table below.
(in thousands)
2025
\u00a0
2024
Cost of sales
$6,044
$4,317
Research and development
8,246
6,691
Sales and marketing
13,119
12,122
General and administrative
22,991
20,497
Share-based compensation expense
50,400
43,627
Less: Income tax benefit (1)
11,128
14,695
Share-based compensation expense, after tax
$39,272
$28,932
(1)Does not include the excess tax benefit realized for the tax deductions of the share-based payment arrangements. There were no excess tax benefits
realized for the years ended December\u00a031, 2025 and 2024.
The variability in share-based compensation expense primarily reflects the impact from performance achievement levels
and forfeitures.
23. Employee Benefits and Personnel Costs
We maintain various benefit plans, including defined contribution and defined benefit plans. Our U.S. defined contribution
plan is qualified under Section\u00a0401(k) of the Internal Revenue Code and covers substantially all U.S. employees.
Participants may contribute a portion of their compensation not exceeding a limit set annually by the Internal Revenue
Service. This plan includes a provision for us to match a portion of employee contributions. Total expense under the 401(k)
plans were $3.7 million and $4.1 million for the years ended December\u00a031, 2025 and 2024, respectively. We also have
a defined contribution plan which covers certain executives. We make matching contributions up to an established
maximum. Matching contributions made to the plan, and expensed, totaled approximately $0.1 million for each of the
years ended December\u00a031, 2025 and 2024.
We have eight defined benefit, non-contributory retirement or termination plans that cover certain employees in Germany,
France, Italy, Japan, Poland, Philippines and the United Arab Emirates. These defined benefit plans provide benefits to
covered individuals satisfying certain age and/or service requirements. For certain plans, we calculate the vested benefits
to which employees are entitled if they separate immediately. The benefits accrue on a pro-rata basis during the
employees\u2019 employment periods based on the individuals\u2019 salaries, adjusted for inflation. All defined benefit plans are
unfunded. The liability under the defined benefit plans was $9.2 million and $8.4 million as of December\u00a031, 2025 and
2024, respectively, and is included as a component of other non-current liabilities in the accompanying consolidated
balance sheets.
Personnel Costs
For the years ended December\u00a031, 2025 and 2024, personnel costs amounted to $643.7 million and $615.3 million,
respectively. As of December\u00a031, 2025, there were 5,654 employees within the Group (2024: 5,765).
(in thousands)
2025
2024
Salaries and wages
$368,191
$354,322
Social security and pension
121,353
109,064
Share-based payment expense
50,400
43,627
Termination costs
10,491
17,646
Other
93,217
90,640
Total personnel costs
$643,652
$615,299
The personnel costs are allocated to the functional areas in which the respective employees are working or, in the case of
the incremental termination benefits which are the result of restructuring activities as discussed in Note 6 \"Restructuring,\"
are recorded in restructuring, acquisition, integration and other costs.
Personnel costs included in the accompanying consolidated income statements for the years ended December\u00a031, 2025
and 2024 are as follows:
(in thousands)
2025
2024
Cost of sales
$151,974
$144,098
Research and development expense
114,349
113,525
Sales and marketing expense
287,248
277,312
General and administrative expense
90,081
80,364
Total personnel costs
$643,652
$615,299
29. Fees Paid to External Auditors
At our 2025 Annual General Meeting of Shareholders on June\u00a026, 2025 our shareholders appointed EY Accountants B.V.
to serve as our external auditor for our statutory consolidated financial statements prepared in accordance with
International Financial Reporting Standards as adopted by the EU for the year ended December\u00a031, 2025.
For the year ended December 31, 2024, KPMG Accountants N.V. served as our external auditor for our statutory
consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by
the EU.
Set forth below are the total fees billed (or expected to be billed), on a consolidated basis, by the independent auditor or
their affiliates for providing audit and other professional services in each of the last two years.
For the Year Ended December 31
2025
2024
(in thousands)
EY Accountants
B.V.
EY Network
Total
KPMG
Accountants N.V.
KPMG Network
Total
Audit fees
$589
$2,490
$2,992
$785
$2,157
$2,942
Consolidated financial statements
589
2,403
2,905
785
2,414
2,414
Statutory financial statements
\u2014
87
87
\u2014
528
528
Audit-related fees
249
\u2014
249
541
\u2014
541
Sustainability related audit fees
249
\u2014
249
433
\u2014
433
Other audit-related fees
\u2014
\u2014
\u2014
108
\u2014
108
Tax fees
\u2014
31
31
\u2014
81
81
All other fees
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total fees paid to external auditors
$838
$2,521
$3,272
$1,326
$2,238
$3,564
Audit fees consist of fees and expenses billed for the annual audit and quarterly review of QIAGEN\u2019s consolidated
financial statements. They also include fees billed for other audit services, which are those services that only the auditor can
provide.
Audit-related fees consist of fees and expenses for services that are related to the performance of the audit or review of
QIAGEN\u2019s financial statements and are not reported under audit fees. These fees primarily relate to providing assurance
on sustainability reporting and consultations concerning financial accounting of capital market transactions and reporting
standards.
Tax fees include fees and expenses billed for tax compliance, tax planning and tax advice services.
All other fees include fees and expenses billed for services, other than those described above, as approved by the Audit
Committee", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
23. Employee Benefits and Personnel Costs
We maintain various benefit plans, including defined contribution and defined benefit plans. Our U.S. defined contribution
plan is qualified under Section\u00a0401(k) of the Internal Revenue Code and covers substantially all U.S. employees.
Participants may contribute a portion of their compensation not exceeding a limit set annually by the Internal Revenue
Service. This plan includes a provision for us to match a portion of employee contributions. Total expense under the 401(k)
plans were $3.7 million and $4.1 million for the years ended December\u00a031, 2025 and 2024, respectively. We also have
a defined contribution plan which covers certain executives. We make matching contributions up to an established
maximum. Matching contributions made to the plan, and expensed, totaled approximately $0.1 million for each of the
years ended December\u00a031, 2025 and 2024.
We have eight defined benefit, non-contributory retirement or termination plans that cover certain employees in Germany,
France, Italy, Japan, Poland, Philippines and the United Arab Emirates. These defined benefit plans provide benefits to
covered individuals satisfying certain age and/or service requirements. For certain plans, we calculate the vested benefits
to which employees are entitled if they separate immediately. The benefits accrue on a pro-rata basis during the
employees\u2019 employment periods based on the individuals\u2019 salaries, adjusted for inflation. All defined benefit plans are
unfunded. The liability under the defined benefit plans was $9.2 million and $8.4 million as of December\u00a031, 2025 and
2024, respectively, and is included as a component of other non-current liabilities in the accompanying consolidated
balance sheets.
Personnel Costs
For the years ended December\u00a031, 2025 and 2024, personnel costs amounted to $643.7 million and $615.3 million,
respectively. As of December\u00a031, 2025, there were 5,654 employees within the Group (2024: 5,765).
(in thousands)
2025
2024
Salaries and wages
$368,191
$354,322
Social security and pension
121,353
109,064
Share-based payment expense
50,400
43,627
Termination costs
10,491
17,646
Other
93,217
90,640
Total personnel costs
$643,652
$615,299
The personnel costs are allocated to the functional areas in which the respective employees are working or, in the case of
the incremental termination benefits which are the result of restructuring activities as discussed in Note 6 \"Restructuring,\"
are recorded in restructuring, acquisition, integration and other costs.
Personnel costs included in the accompanying consolidated income statements for the years ended December\u00a031, 2025
and 2024 are as follows:
(in thousands)
2025
2024
Cost of sales
$151,974
$144,098
Research and development expense
114,349
113,525
Sales and marketing expense
287,248
277,312
General and administrative expense
90,081
80,364
Total personnel costs
$643,652
$615,299
The number of employees within the Company at December\u00a031, 2025 and 2024 are as follows:
Employees
2025
2024
Headcount at December 31
5,654
5,765
Thereof employed in the Netherlands
52
55
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "Employee Benefits and Personnel Costs
The number of employees within the Company at December\u00a031, 2025 and 2024 are as follows:
Employees
2025
2024
Headcount at December 31
5,654
5,765
Thereof employed in the Netherlands
52
55
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "Related Party Transactions
From time to time, we have transactions with other companies in which we hold an interest, as summarized in the table
below.
Net sales to related parties for the years ended December\u00a031, 2025 and 2024 are as follows:
(in thousands)
2025
2024
Net sales
$2,061
$3,073
As of December\u00a031, 2025 and 2024, balances with related parties are as follows:
(in thousands)
2025
2024
Trade accounts receivable
$1,978
$1,848
Trade and other accounts payable
$608
$872
Other current liabilities
$2,376
$1,367
Remuneration of Managing Board and Supervisory Board
Disclosure of the total board remuneration is based on section 383 book 2 of the Dutch Civil Code. Furthermore, the Chief
Executive Officer, Chief Financial Officer and the Supervisory Board meet the definition of key management personnel as
defined in IAS 24 \u2018Related Parties\u2019. The total short-term employee benefits (fixed salary and short-term variable cash bonus),
post-employment (defined contribution expenditure), and share-based payment cost (share-based compensation) in
accordance with IAS 24 are reported in the tables below for the years ended December 31, 2025 and 2024.
Key management personnel compensation and total board remuneration
Remuneration of the Managing Board
The tables below state the amounts earned on an accrual basis by our key management personnel and Managing Board
members in 2025 and 2024.
For the year ended December 31, 2025
(in thousands)
Thierry Bernard
Roland Sackers
Fixed Salary
$1,009
$633
Other(1)
32
66
Total fixed income 2025
1,040
699
Short-term variable cash bonus
1,184
507
Total short-term income 2025
2,224
1,206
Defined contribution on benefit plan
206
123
Total compensation (excluding long-term share-based compensation)
$2,430
$1,329
(1)Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We also occasionally reimburse our Managing
Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the
reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed
$10,000, or tax amounts paid by the Company to taxing authorities in order to avoid double-taxation under multi-tax jurisdiction employment
agreements.
For the year ended December 31, 2024
(in thousands)
Thierry Bernard
Roland Sackers
Fixed Salary
$979
$588
Other(1)
32
44
Total fixed income 2024
1,010
633
Short-term variable cash bonus
1,128
462
Total short-term income 2024
2,138
1,095
Defined contribution on benefit plan
200
117
Total compensation (excluding long-term share-based compensation)
$2,338
$1,212
(1)Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We occasionally reimburse our Managing
Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the
reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed
$10,000 or tax amounts paid by the Company to tax authorities in order to avoid double-taxation under multi-tax jurisdiction employment agreements.
The total recognized compensation expense in accordance with IFRS 2 for share-based compensation in the year 2025
(2024) for long-term compensation of stock units amounted to $7.3 million ($7.0 million) for Mr. Bernard and $4.3 million
($5.1 million) for Mr. Sackers. The total compensation including share-based compensation expenses in the year 2025
(2024) was $15.4 million ($15.6\u00a0million), and amounts to $9.7 million ($9.3\u00a0million) for Mr. Bernard and $5.7 million
($6.3 million) for Mr. Sackers.
Remuneration of the Supervisory Board
The tables below state the amounts earned on an accrual basis by the members of the Supervisory Board in 2025 and
2024 (excluding long-term share-based compensation):
For the year ended December 31, 2025
(in thousands, except for number of share grants)
Fixed
remuneration
Committee Chair
Committee
membership
Total(1)
Number of
restricted stock
units granted
Stephen H. Rusckowski (Chair)
$103.8
18.0
11.0
$132.8
5,990
Dr.\u00a0Metin Colpan
$57.5
18.0
11.0
$86.5
5,990
Dr. Toralf Haag
$57.5
25.0
\u2014
$82.5
5,990
Dr. Ross L. Levine
$57.5
\u2014
11.0
$68.5
5,990
Bert van Meurs
$57.5
\u2014
11.0
$68.5
5,990
Eva van Pelt
$57.5
\u2014
15.0
$72.5
5,990
Dr. Eva Pisa
$57.5
18.0
\u2014
$75.5
5,990
Elizabeth E. Tallett
$57.5
\u2014
37.0
$94.5
5,990
Lawrence A. Rosen (2)
$75.0
\u2014
13.0
$88.0
5,990
Dr. Elaine Mardis (2)
$28.8
\u2014
11.0
$39.8
5,990
(1)Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are
excluded from the amounts presented herein.
(2)Mr. Rosen and Prof. Dr. Mardis did not stand for re-election at the AGM in June 2025.
For the year ended December 31, 2024
(in thousands, except for number of share grants)
Fixed
remuneration
Committee Chair
Committee
membership
Total(1)
Number of
restricted stock
units granted
Lawrence A. Rosen
$150.0
4.5
23.3
$177.8
7,056
Dr.\u00a0Metin Colpan
$57.5
18.0
11.0
$86.5
7,056
Dr. Toralf Haag
$57.5
25.0
\u2014
$82.5
7,056
Dr. Ross L. Levine
$57.5
\u2014
11.0
$68.5
7,056
Dr. Elaine Mardis
$57.5
\u2014
22.0
$79.5
7,056
Bert van Meurs (2)
$43.1
\u2014
8.3
$51.4
\u2014
Eva van Pelt (2)
$47.9
\u2014
12.5
$60.4
\u2014
Dr. Eva Pisa
$57.5
13.5
2.8
$73.8
7,056
Stephen H. Rusckowski
$57.5
13.5
11.0
$82.0
7,056
Elizabeth E. Tallett
$57.5
4.5
34.3
$96.3
7,056
(1)Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are
excluded from the amounts presented herein.
(2)Bert van Meurs and Eva van Pelt joined the Supervisory Board in 2024 and were not eligible for the equity grant for 2024.
The total recognized share-based compensation expense in accordance with IFRS 2 in 2025 (2024) amounted to $3.9
million ($1.5 million) and includes $263.5 thousand ($53.0 thousand) for Mr. Rusckowski, $283.1 thousand
($109.5\u00a0thousand) for Mr. Colpan, $467.9 thousand ($287.8 thousand) for Dr. Haag, $476.4 thousand ($346.3
thousand) for Mr. Levine, $359.1 thousand ($138.2 thousand) for Dr. Pisa, $283.1 thousand ($109.5 thousand) for Ms.
Tallett, $498.6 thousand ($109.5 thousand) for Mr. Rosen, $879.5 thousand ($346.3 thousand) for Ms. Mardis, $192.8
thousand for Mr.van Meurs and $192.8 thousand for Ms. van Pelt who joined the Supervisory Board in 2024.
The total recognized compensation expense, including share-based compensation, for members of the Supervisory Board
in 2025 (2024) totaled $4.7 million ($2.4 million) and includes amounts of $396.3\u00a0thousand ($135.0\u00a0thousand) for Mr.
Rusckowski, $369.6\u00a0thousand ($196.0\u00a0thousand) for Mr. Colpan, $550.4 thousand ($370.3\u00a0thousand) for Dr. Haag,
$544.9\u00a0thousand ($414.8\u00a0thousand) for Mr. Levine, $261.3\u00a0thousand ($51.4\u00a0thousand) for Mr.van Meurs,
$265.3\u00a0thousand ($60.4\u00a0thousand) for Ms. van Pelt, $434.6\u00a0thousand ($212.0\u00a0thousand) for Dr. Pisa, $377.6\u00a0thousand
($205.8\u00a0thousand) for Ms. Tallett, $586.6\u00a0thousand ($287.3\u00a0thousand) for Mr. Rosen and $919.3\u00a0thousand
($425.8\u00a0thousand) for Ms. Mardis.
Consolidated Companies
The following is a list of the Company's subsidiaries as of December\u00a031, 2025 , other than certain subsidiaries that did not
in the aggregate constitute a significant subsidiary.
Company Name
Jurisdiction
of\u00a0Incorporation
Ownership
Voting Rights
Amnisure International LLC
U.S.
100%
100%
GNX Data Systems Inc.
U.S.
100%
100%
GNX Data Systems Ltd.
Israel
100%
100%
Parse Biosciences Inc.
U.S.
100%
100%
QIAGEN Aarhus A/S
Denmark
100%
100%
QIAGEN AB
Sweden
100%
100%
QIAGEN AG
Switzerland
100%
100%
QIAGEN Australia Holding Pty. Ltd.
Australia
100%
100%
QIAGEN Benelux B.V. (2)
Netherlands
100%
100%
QIAGEN Beverly LLC
U.S.
100%
100%
QIAGEN Biotecnologia Brasil Ltda.
Brazil
100%
100%
QIAGEN Business Management MEA Ltd.
UAE
100%
100%
QIAGEN China (Shanghai) Co., Ltd.
China
100%
100%
QIAGEN Deutschland Holding GmbH
Germany
100%
100%
QIAGEN Distribution B.V. (2)
Netherlands
100%
100%
QIAGEN France S.A.S.
France
100%
100%
QIAGEN Gaithersburg LLC
U.S.
100%
100%
QIAGEN Gda\u0144sk Sp. z.o.o.
Poland
100%
100%
QIAGEN GmbH (1)
Germany
100%
100%
QIAGEN Hamburg GmbH (1)
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Limited (3)
U.K.
100%
100%
QIAGEN Healthcare Biotechnologies Systems GmbH
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Systems Limited (3)
U.K.
100%
100%
QIAGEN Hong Kong Pte. Ltd.
China
100%
100%
QIAGEN Inc.
Canada
100%
100%
QIAGEN India Pvt. Ltd.
India
100%
100%
QIAGEN K.K.
Japan
100%
100%
QIAGEN Korea Ltd.
Korea (South)
100%
100%
QIAGEN LLC
U.S.
100%
100%
QIAGEN Ltd.
U.K.
100%
100%
QIAGEN Luxembourg S.\u00e0 r.l.
Luxembourg
100%
100%
QIAGEN Manchester Ltd.
U.K.
100%
100%
QIAGEN Manila Inc.
Philippines
100%
100%
QIAGEN North American Holdings, Inc.
U.S.
100%
100%
QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamkni\u0119ty Aktyw\u00f3w
Niepublicznych
Poland
100%
100%
QIAGEN Polska Sp.z.o.o.
Poland
100%
100%
QIAGEN Pty. Ltd.
Australia
100%
100%
QIAGEN Redwood City, Inc.
U.S.
100%
100%
QIAGEN S.r.l.
Italy
100%
100%
QIAGEN Sciences, LLC
U.S.
100%
100%
QIAGEN Singapore Pte. Ltd.
Singapore
100%
100%
QIAGEN Taiwan Co. Ltd.
Taiwan
100%
100%
QIAGEN Wroclaw Sp.z.o.o.
Poland
100%
100%
STAT-Dx Life S.L.
Spain
100%
100%
Verogen, Inc.
U.S.
100%
100%
(1)QIAGEN GmbH (registered under HRB 45822 Trade Register Duesseldorf, Germany) and QIAGEN Hamburg GmbH (registered under HRB 71271
Trade Register Duesseldorf, Germany) are exempt from the audit of individual accounts requirements under Section 264 (3) of the German
Commercial Code.
(2)QIAGEN Benelux B.V. (registered under #12053316 in the Netherlands Chamber of Commerce) and QIAGEN Distribution B.V. (registered under
#64026795 in the Netherlands Chamber of Commerce) are exempt from the audit of individual accounts requirements under Section 403 of the Dutch
Civil Code.
(3)QIAGEN Healthcare Biotechnologies Limited (registration #11561466) and QIAGEN Healthcare Biotechnologies Systems Limited (registration
#11562019) are exempt from the audit of individual accounts requirements under Section 479A of the 2006 U.K. Companies Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
Remuneration of Managing Board and Supervisory Board
Disclosure of the total board remuneration is based on section 383 book 2 of the Dutch Civil Code. Furthermore, the Chief
Executive Officer, Chief Financial Officer and the Supervisory Board meet the definition of key management personnel as
defined in IAS 24 \u2018Related Parties\u2019. The total short-term employee benefits (fixed salary and short-term variable cash bonus),
post-employment (defined contribution expenditure), and share-based payment cost (share-based compensation) in
accordance with IAS 24 are reported in the tables below for the years ended December 31, 2025 and 2024.
Key management personnel compensation and total board remuneration
Remuneration of the Managing Board
The tables below state the amounts earned on an accrual basis by our key management personnel and Managing Board
members in 2025 and 2024.
For the year ended December 31, 2025
(in thousands)
Thierry Bernard
Roland Sackers
Fixed Salary
$1,009
$633
Other(1)
32
66
Total fixed income 2025
1,040
699
Short-term variable cash bonus
1,184
507
Total short-term income 2025
2,224
1,206
Defined contribution on benefit plan
206
123
Total compensation (excluding long-term share-based compensation)
$2,430
$1,329
(1)Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We also occasionally reimburse our Managing
Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the
reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed
$10,000, or tax amounts paid by the Company to taxing authorities in order to avoid double-taxation under multi-tax jurisdiction employment
agreements.
For the year ended December 31, 2024
(in thousands)
Thierry Bernard
Roland Sackers
Fixed Salary
$979
$588
Other(1)
32
44
Total fixed income 2024
1,010
633
Short-term variable cash bonus
1,128
462
Total short-term income 2024
2,138
1,095
Defined contribution on benefit plan
200
117
Total compensation (excluding long-term share-based compensation)
$2,338
$1,212
(1)Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We occasionally reimburse our Managing
Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the
reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed
$10,000 or tax amounts paid by the Company to tax authorities in order to avoid double-taxation under multi-tax jurisdiction employment agreements.
The total recognized compensation expense in accordance with IFRS 2 for share-based compensation in the year 2025
(2024) for long-term compensation of stock units amounted to $7.3 million ($7.0 million) for Mr. Bernard and $4.3 million
($5.1 million) for Mr. Sackers. The total compensation including share-based compensation expenses in the year 2025
(2024) was $15.4 million ($15.6\u00a0million), and amounts to $9.7 million ($9.3\u00a0million) for Mr. Bernard and $5.7 million
($6.3 million) for Mr. Sackers.
Remuneration of the Supervisory Board
The tables below state the amounts earned on an accrual basis by the members of the Supervisory Board in 2025 and
2024 (excluding long-term share-based compensation):
For the year ended December 31, 2025
(in thousands, except for number of share grants)
Fixed
remuneration
Committee Chair
Committee
membership
Total(1)
Number of
restricted stock
units granted
Stephen H. Rusckowski (Chair)
$103.8
18.0
11.0
$132.8
5,990
Dr.\u00a0Metin Colpan
$57.5
18.0
11.0
$86.5
5,990
Dr. Toralf Haag
$57.5
25.0
\u2014
$82.5
5,990
Dr. Ross L. Levine
$57.5
\u2014
11.0
$68.5
5,990
Bert van Meurs
$57.5
\u2014
11.0
$68.5
5,990
Eva van Pelt
$57.5
\u2014
15.0
$72.5
5,990
Dr. Eva Pisa
$57.5
18.0
\u2014
$75.5
5,990
Elizabeth E. Tallett
$57.5
\u2014
37.0
$94.5
5,990
Lawrence A. Rosen (2)
$75.0
\u2014
13.0
$88.0
5,990
Dr. Elaine Mardis (2)
$28.8
\u2014
11.0
$39.8
5,990
(1)Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are
excluded from the amounts presented herein.
(2)Mr. Rosen and Prof. Dr. Mardis did not stand for re-election at the AGM in June 2025.
For the year ended December 31, 2024
(in thousands, except for number of share grants)
Fixed
remuneration
Committee Chair
Committee
membership
Total(1)
Number of
restricted stock
units granted
Lawrence A. Rosen
$150.0
4.5
23.3
$177.8
7,056
Dr.\u00a0Metin Colpan
$57.5
18.0
11.0
$86.5
7,056
Dr. Toralf Haag
$57.5
25.0
\u2014
$82.5
7,056
Dr. Ross L. Levine
$57.5
\u2014
11.0
$68.5
7,056
Dr. Elaine Mardis
$57.5
\u2014
22.0
$79.5
7,056
Bert van Meurs (2)
$43.1
\u2014
8.3
$51.4
\u2014
Eva van Pelt (2)
$47.9
\u2014
12.5
$60.4
\u2014
Dr. Eva Pisa
$57.5
13.5
2.8
$73.8
7,056
Stephen H. Rusckowski
$57.5
13.5
11.0
$82.0
7,056
Elizabeth E. Tallett
$57.5
4.5
34.3
$96.3
7,056
(1)Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are
excluded from the amounts presented herein.
(2)Bert van Meurs and Eva van Pelt joined the Supervisory Board in 2024 and were not eligible for the equity grant for 2024.
The total recognized share-based compensation expense in accordance with IFRS 2 in 2025 (2024) amounted to $3.9
million ($1.5 million) and includes $263.5 thousand ($53.0 thousand) for Mr. Rusckowski, $283.1 thousand
($109.5\u00a0thousand) for Mr. Colpan, $467.9 thousand ($287.8 thousand) for Dr. Haag, $476.4 thousand ($346.3
thousand) for Mr. Levine, $359.1 thousand ($138.2 thousand) for Dr. Pisa, $283.1 thousand ($109.5 thousand) for Ms.
Tallett, $498.6 thousand ($109.5 thousand) for Mr. Rosen, $879.5 thousand ($346.3 thousand) for Ms. Mardis, $192.8
thousand for Mr.van Meurs and $192.8 thousand for Ms. van Pelt who joined the Supervisory Board in 2024.
The total recognized compensation expense, including share-based compensation, for members of the Supervisory Board
in 2025 (2024) totaled $4.7 million ($2.4 million) and includes amounts of $396.3\u00a0thousand ($135.0\u00a0thousand) for Mr.
Rusckowski, $369.6\u00a0thousand ($196.0\u00a0thousand) for Mr. Colpan, $550.4 thousand ($370.3\u00a0thousand) for Dr. Haag,
$544.9\u00a0thousand ($414.8\u00a0thousand) for Mr. Levine, $261.3\u00a0thousand ($51.4\u00a0thousand) for Mr.van Meurs,
$265.3\u00a0thousand ($60.4\u00a0thousand) for Ms. van Pelt, $434.6\u00a0thousand ($212.0\u00a0thousand) for Dr. Pisa, $377.6\u00a0thousand
($205.8\u00a0thousand) for Ms. Tallett, $586.6\u00a0thousand ($287.3\u00a0thousand) for Mr. Rosen and $919.3\u00a0thousand
($425.8\u00a0thousand) for Ms. Mardis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
25. Fair Value Measurements
Assets and liabilities are measured at fair value according to a three-tier fair value hierarchy which prioritizes the inputs
used in measuring fair value as follows:
\u2022 Level 1.Observable inputs, such as quoted prices in active markets;
\u2022 Level 2.Inputs, other than the quoted price in active markets, that are observable either directly or indirectly; and
\u2022 Level 3.Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its
own assumptions.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2025 . It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$190,810
$647,809
$838,619
$647,809
$\u2014
$\u2014
$647,809
Trade accounts receivable
\u2014
402,608
\u2014
402,608
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
259,913
\u2014
259,913
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
5,752
5,752
\u2014
\u2014
5,752
5,752
Foreign exchange forwards and options
\u2014
\u2014
2,448
2,448
\u2014
2,448
\u2014
2,448
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
$\u2014
$853,331
$656,009
$1,509,340
$647,809
$2,448
$5,752
$656,009
Liabilities:
Lease liabilities (1)
$\u2014
($159,055)
$\u2014
($159,055)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(72,656)
\u2014
(72,656)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(1,978)
(1,978)
\u2014
(1,978)
\u2014
(1,978)
Interest rate contracts - cash flow hedge
(22,363)
\u2014
\u2014
(22,363)
\u2014
(22,363)
\u2014
(22,363)
Warrants and embedded conversion option
\u2014
\u2014
(131,613)
(131,613)
\u2014
(131,613)
\u2014
(131,613)
Contingent consideration
\u2014
\u2014
(22,753)
(22,753)
\u2014
\u2014
(22,753)
(22,753)
Total financial liabilities
($22,363)
($231,711)
($156,344)
($410,418)
$\u2014
($155,954)
($22,753)
($178,707)
(1)Separate disclosure of fair value of lease liabilities is not required.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2024. It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$263,108
$399,917
$663,025
$399,917
$\u2014
$\u2014
$399,917
Trade accounts receivable
\u2014
349,278
\u2014
349,278
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
489,437
\u2014
489,437
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
4,283
4,283
\u2014
\u2014
4,283
4,283
Foreign exchange forwards and options
\u2014
\u2014
5,761
5,761
\u2014
5,761
\u2014
5,761
Interest rate contracts - cash flow hedge
14,340
\u2014
6,677
21,017
\u2014
21,017
\u2014
21,017
Total financial assets
$14,340
$1,101,823
$416,638
$1,532,801
$399,917
$26,778
$4,283
$430,978
Liabilities:
Lease liabilities (1)
$\u2014
($120,993)
$\u2014
($120,993)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(83,272)
\u2014
(83,272)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(13,752)
(13,752)
\u2014
(13,752)
\u2014
(13,752)
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Warrants and embedded conversion option
\u2014
\u2014
(89,609)
(89,609)
\u2014
(89,609)
\u2014
(89,609)
Contingent consideration
\u2014
\u2014
(20,650)
(20,650)
\u2014
\u2014
(20,650)
(20,650)
Total financial liabilities
$\u2014
($204,265)
($124,011)
($328,276)
$\u2014
($103,361)
($20,650)
($124,011)
(1)Separate disclosure of fair value of lease liabilities is not required.
Our assets and liabilities measured at fair value on a recurring basis consist of certain cash equivalents, which are
classified as Level 1 of the fair value hierarchy; derivative contracts used to hedge currency and interest rate risk, and
derivative contracts to protect part of the net investments in foreign operations against adverse changes in the exchange
rate between the euro and functional currency of the U.S. dollar, which are classified in Level 2 of the fair value hierarchy;
contingent consideration accruals which are classified in Level 3 of the fair value hierarchy; and unquoted equity securities
remeasured during the years ended December\u00a031, 2025 and 2024 classified within Level 3 in the fair value hierarchy.
There were no transfers between levels for the year ended December\u00a031, 2025.
In determining fair value for Level 2 instruments, we apply a market approach, using quoted active market prices relevant
to the particular instrument under valuation, giving consideration to the credit risk of both the respective counterparty to the
contract and the Company. To determine our credit risk, we estimated our credit rating by benchmarking the price of
outstanding debt to publicly-available comparable data from rated companies. Using the estimated rating, our credit risk
was quantified by reference to publicly-traded debt with a corresponding rating. The Level 2 derivative financial
instruments include the Call Options asset, the Warrants liability and the embedded conversion option liability. See Note
16 \"Financial Debts\" and Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments\" for further
information. The derivatives are not actively traded and are valued based on an option pricing model that uses observable
market data for inputs. Significant market data inputs used to determine fair values included our common share price, the
risk-free interest rate, and the implied volatility of our common shares. The Call Options asset and the embedded cash
conversion option liability were designed with the intent that changes in their fair values would substantially offset, with
limited net impact to our earnings. Therefore, the sensitivity of changes in the unobservable inputs to the option pricing
model for such instruments is substantially mitigated.
Our Level 3 instruments include unquoted equity security investments which are initially recognized at transaction cost and
subsequently measured at fair value. Where there is no active market, fair value is established based on any observable
price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are
determined primarily based on a market approach as of the transaction date. Refer to Note 7 \"Financial Assets\" for the
change in unquoted equity securities with Level 3 inputs during the years ended December\u00a031, 2025 and 2024.
Our Level 3 instruments also include contingent consideration liabilities. We value contingent consideration liabilities using
unobservable inputs, applying the income approach, such as the discounted cash flow technique, or the probability-
weighted scenario method. Contingent consideration arrangements obligate us to pay the sellers of an acquired entity if
specified future events occur or conditions are met such as the achievement of technological or revenue milestones. We use
various key assumptions, such as the probability of achievement of the milestones (0% to 100%) and the discount rate
(between 11.4% and 11.8%), to represent the non-performing risk factors and time value when applying the income
approach. We regularly review the fair value of the contingent consideration, and reflect any change in the accrual in the
consolidated income statements in the line items commensurate with the underlying nature of milestone arrangements.
The fair value of contingent liabilities is based on internal forecasts and the weighted average cost of capital derived from
market data, which are considered Level 3 inputs. The following table summarizes the activity for the years ended
December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
($20,650)
($18,359)
Additions from acquisitions
(18,003)
\u2014
Changes in fair value
4,100
(2,291)
Payments
11,800
\u2014
Balance at end of year
($22,753)
($20,650)
As of December\u00a031, 2025 and 2024, $16.2 million and $20.7 million, respectively, was accrued for contingent
consideration and is included in other current liabilities in the accompanying consolidated balance sheets and $6.6 million
is included in other non-current liabilities in the accompanying balance sheet as of December\u00a031, 2025.
The estimated fair value of non-current financial debts, as disclosed in Note 16 \"Financial Debts\" was based on current
interest rates for similar types of borrowings. The estimated fair values may not represent actual values of the financial
instruments that could be realized as of the balance sheet date or that will be realized in the future.
The fair values of the financial instruments are presented in Note 16 \"Financial Debts\" and were determined as follows:
Convertible Notes: Fair value is based on an estimation using available over-the-counter market information on the
Convertible Notes due in 2027, 2031 and 2032.
German Private Placement: Fair value is based on an estimation using changes in the euro swap rates.
There were no adjustments in the years ended December\u00a031, 2025 and 2024 for nonfinancial assets or liabilities required
to be measured at fair value on a nonrecurring basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
25. Fair Value Measurements
Assets and liabilities are measured at fair value according to a three-tier fair value hierarchy which prioritizes the inputs
used in measuring fair value as follows:
\u2022 Level 1.Observable inputs, such as quoted prices in active markets;
\u2022 Level 2.Inputs, other than the quoted price in active markets, that are observable either directly or indirectly; and
\u2022 Level 3.Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its
own assumptions.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2025 . It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$190,810
$647,809
$838,619
$647,809
$\u2014
$\u2014
$647,809
Trade accounts receivable
\u2014
402,608
\u2014
402,608
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
259,913
\u2014
259,913
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
5,752
5,752
\u2014
\u2014
5,752
5,752
Foreign exchange forwards and options
\u2014
\u2014
2,448
2,448
\u2014
2,448
\u2014
2,448
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
$\u2014
$853,331
$656,009
$1,509,340
$647,809
$2,448
$5,752
$656,009
Liabilities:
Lease liabilities (1)
$\u2014
($159,055)
$\u2014
($159,055)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(72,656)
\u2014
(72,656)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(1,978)
(1,978)
\u2014
(1,978)
\u2014
(1,978)
Interest rate contracts - cash flow hedge
(22,363)
\u2014
\u2014
(22,363)
\u2014
(22,363)
\u2014
(22,363)
Warrants and embedded conversion option
\u2014
\u2014
(131,613)
(131,613)
\u2014
(131,613)
\u2014
(131,613)
Contingent consideration
\u2014
\u2014
(22,753)
(22,753)
\u2014
\u2014
(22,753)
(22,753)
Total financial liabilities
($22,363)
($231,711)
($156,344)
($410,418)
$\u2014
($155,954)
($22,753)
($178,707)
(1)Separate disclosure of fair value of lease liabilities is not required.
The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their
levels in the fair value hierarchy as of December\u00a031, 2024. It does not include fair value information for financial assets
and financial liabilities carried at amortized cost.
Carrying amount
Fair value
(in thousands)
FV hedging
instrument
Amortized
cost
Fair value
through profit
or loss
Total
Level 1
Level 2
Level 3
Total
Assets:
Cash and cash equivalents
$\u2014
$263,108
$399,917
$663,025
$399,917
$\u2014
$\u2014
$399,917
Trade accounts receivable
\u2014
349,278
\u2014
349,278
\u2014
\u2014
\u2014
\u2014
Financial assets, current
\u2014
489,437
\u2014
489,437
\u2014
\u2014
\u2014
\u2014
Financial assets, non-current
\u2014
\u2014
4,283
4,283
\u2014
\u2014
4,283
4,283
Foreign exchange forwards and options
\u2014
\u2014
5,761
5,761
\u2014
5,761
\u2014
5,761
Interest rate contracts - cash flow hedge
14,340
\u2014
6,677
21,017
\u2014
21,017
\u2014
21,017
Total financial assets
$14,340
$1,101,823
$416,638
$1,532,801
$399,917
$26,778
$4,283
$430,978
Liabilities:
Lease liabilities (1)
$\u2014
($120,993)
$\u2014
($120,993)
$\u2014
$\u2014
$\u2014
$\u2014
Trade accounts payable
\u2014
(83,272)
\u2014
(83,272)
\u2014
\u2014
\u2014
\u2014
Foreign exchange forwards and options
\u2014
\u2014
(13,752)
(13,752)
\u2014
(13,752)
\u2014
(13,752)
Interest rate contracts - cash flow hedge
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Warrants and embedded conversion option
\u2014
\u2014
(89,609)
(89,609)
\u2014
(89,609)
\u2014
(89,609)
Contingent consideration
\u2014
\u2014
(20,650)
(20,650)
\u2014
\u2014
(20,650)
(20,650)
Total financial liabilities
$\u2014
($204,265)
($124,011)
($328,276)
$\u2014
($103,361)
($20,650)
($124,011)
(1)Separate disclosure of fair value of lease liabilities is not required.
Our assets and liabilities measured at fair value on a recurring basis consist of certain cash equivalents, which are
classified as Level 1 of the fair value hierarchy; derivative contracts used to hedge currency and interest rate risk, and
derivative contracts to protect part of the net investments in foreign operations against adverse changes in the exchange
rate between the euro and functional currency of the U.S. dollar, which are classified in Level 2 of the fair value hierarchy;
contingent consideration accruals which are classified in Level 3 of the fair value hierarchy; and unquoted equity securities
remeasured during the years ended December\u00a031, 2025 and 2024 classified within Level 3 in the fair value hierarchy.
There were no transfers between levels for the year ended December\u00a031, 2025.
In determining fair value for Level 2 instruments, we apply a market approach, using quoted active market prices relevant
to the particular instrument under valuation, giving consideration to the credit risk of both the respective counterparty to the
contract and the Company. To determine our credit risk, we estimated our credit rating by benchmarking the price of
outstanding debt to publicly-available comparable data from rated companies. Using the estimated rating, our credit risk
was quantified by reference to publicly-traded debt with a corresponding rating. The Level 2 derivative financial
instruments include the Call Options asset, the Warrants liability and the embedded conversion option liability. See Note
16 \"Financial Debts\" and Note 26 \"Financial Risk Factors and Use of Derivative Financial Instruments\" for further
information. The derivatives are not actively traded and are valued based on an option pricing model that uses observable
market data for inputs. Significant market data inputs used to determine fair values included our common share price, the
risk-free interest rate, and the implied volatility of our common shares. The Call Options asset and the embedded cash
conversion option liability were designed with the intent that changes in their fair values would substantially offset, with
limited net impact to our earnings. Therefore, the sensitivity of changes in the unobservable inputs to the option pricing
model for such instruments is substantially mitigated.
Our Level 3 instruments include unquoted equity security investments which are initially recognized at transaction cost and
subsequently measured at fair value. Where there is no active market, fair value is established based on any observable
price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are
determined primarily based on a market approach as of the transaction date. Refer to Note 7 \"Financial Assets\" for the
change in unquoted equity securities with Level 3 inputs during the years ended December\u00a031, 2025 and 2024.
Our Level 3 instruments also include contingent consideration liabilities. We value contingent consideration liabilities using
unobservable inputs, applying the income approach, such as the discounted cash flow technique, or the probability-
weighted scenario method. Contingent consideration arrangements obligate us to pay the sellers of an acquired entity if
specified future events occur or conditions are met such as the achievement of technological or revenue milestones. We use
various key assumptions, such as the probability of achievement of the milestones (0% to 100%) and the discount rate
(between 11.4% and 11.8%), to represent the non-performing risk factors and time value when applying the income
approach. We regularly review the fair value of the contingent consideration, and reflect any change in the accrual in the
consolidated income statements in the line items commensurate with the underlying nature of milestone arrangements.
The fair value of contingent liabilities is based on internal forecasts and the weighted average cost of capital derived from
market data, which are considered Level 3 inputs. The following table summarizes the activity for the years ended
December\u00a031, 2025 and 2024:
(in thousands)
2025
2024
Balance at beginning of year
($20,650)
($18,359)
Additions from acquisitions
(18,003)
\u2014
Changes in fair value
4,100
(2,291)
Payments
11,800
\u2014
Balance at end of year
($22,753)
($20,650)
As of December\u00a031, 2025 and 2024, $16.2 million and $20.7 million, respectively, was accrued for contingent
consideration and is included in other current liabilities in the accompanying consolidated balance sheets and $6.6 million
is included in other non-current liabilities in the accompanying balance sheet as of December\u00a031, 2025.
The estimated fair value of non-current financial debts, as disclosed in Note 16 \"Financial Debts\" was based on current
interest rates for similar types of borrowings. The estimated fair values may not represent actual values of the financial
instruments that could be realized as of the balance sheet date or that will be realized in the future.
The fair values of the financial instruments are presented in Note 16 \"Financial Debts\" and were determined as follows:
Convertible Notes: Fair value is based on an estimation using available over-the-counter market information on the
Convertible Notes due in 2027, 2031 and 2032.
German Private Placement: Fair value is based on an estimation using changes in the euro swap rates.
There were no adjustments in the years ended December\u00a031, 2025 and 2024 for nonfinancial assets or liabilities required
to be measured at fair value on a nonrecurring basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
Market risk
Our market risk relates primarily to interest rate exposures on cash, short-term investments and borrowings, and foreign
currency exposures. Financial risk is centrally managed and is regulated by internal guidelines which require a continuous
internal risk analysis. The overall objective of our risk management is to reduce the potential negative earnings effects from
changes in interest and foreign exchange rates. Exposures are managed through operational methods and financial
instruments relating to interest rate and foreign exchange risks. In the ordinary course of business, we use derivative
instruments, including swaps, forwards and/or options, to manage potential losses from foreign currency exposures and
interest rates. The principal objective of such derivative instruments is to minimize the risks and/or costs associated with
global financial and operating activities. We do not utilize derivative or other financial instruments for trading or other
speculative purposes. All derivatives are recognized as either assets or liabilities in the balance sheet and are measured at
fair value with any change in fair value recognized in earnings in the period of change, unless the derivative qualifies as
an effective hedge that offsets certain exposures. In determining fair value, we consider both the counterparty credit risk
and our own creditworthiness, to the extent that the derivatives are not covered by collateral agreements with respective
counterparties.
Foreign currency exchange rates
As a global enterprise, we are subject to risks associated with fluctuations in foreign currencies with regard to our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions as
well as future cash flows resulting from anticipated transactions including intra-group transactions. We manage our
balance sheet exposure on a group-wide basis primarily using foreign exchange forward contracts, options and cross-
currency swaps. Foreign currency transactions for the year ended December\u00a031, 2025 resulted in a net loss of
$5.5\u00a0million and a net loss of $2.7\u00a0million for the year ended December\u00a031, 2024. These amounts are included in other
financial results in the accompanying consolidated income statements.
A significant portion of our revenues and expenses are earned and incurred in currencies other than the U.S. dollar. The
euro is the most significant such currency, with others including the British pound, Chinese renminbi, Japanese yen, and
Swiss franc. Fluctuations in the value of the currencies in which we conduct our business relative to the U.S. dollar have
caused and will continue to cause U.S. dollar translations of such currencies to vary from one period to another. Due to the
number of currencies involved, the constantly changing currency exposures, and the potential substantial volatility of
currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In
general terms, depreciation of the U.S. dollar against our other foreign currencies will increase reported net sales.
However, this effect is, at least partially, offset by the fact that we also incur substantial expenses in foreign currencies.
We have significant production and manufacturing facilities located in Germany and intercompany sales of inventory also
expose us to foreign currency exchange rate risk. Intercompany sales of inventory are generally denominated in the local
currency of the subsidiary purchasing the inventory in order to centralize foreign currency risk with the manufacturing
subsidiary. We use an in-house bank approach to net and settle intercompany payables and receivables as well as
intercompany foreign exchange swaps and forward contracts in order to centralize the foreign exchange rate risk to the
extent possible. We have entered in the past and may enter in the future into foreign exchange derivatives including
forwards, swaps and options to manage the remaining foreign exchange exposure.
For the presentation of market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes of
relevant risk variables on profit or loss and shareholders' equity. Currency risks as defined by IFRS 7 arise on account of
financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature;
differences resulting from the translation of financial statements into the Company's presentation currency are not taken into
consideration. Relevant risk variables are generally all non-functional currencies in which QIAGEN has financial
instruments.
QIAGEN is exposed to currency risks from financial derivatives. If each of the respective currency pairs for which the
Company has financial derivatives in place, which do not qualify for hedge accounting in accordance with IFRS 9, varied
from the rates used for the preparation of the consolidated financial statements, this would have had an effect on the net
income of the Company. Any effect would have been almost fully off-set by corresponding valuation adjustments in the
positions, which economically had been hedged by these financial derivatives. Accordingly, the net effect of such variance
in currency rates would not have been material.
If, at December\u00a031, 2025, the U.S. dollar had gained or lost 10% against all identified major currencies, the estimated
effect on the fair value of the financial derivatives would have been as follows:
\u00a0
As of December 31, 2025
As of December 31, 2024
(in thousands)
10% higher
10% lower
10% higher
10% lower
Currency
\u00a0
\u00a0
\u00a0
\u00a0
Euro (EUR)
$7,124
($7,120)
$13,871
($13,871)
Australian Dollar (AUD)
538
(538)
1,038
(1,038)
Swedish Krona (SEK)
\u2014
\u2014
(91)
111
Japanese Yen (JPY)
(362)
408
(169)
206
Canadian Dollar (CAD)
425
(519)
284
(347)
Singapore Dollar (SGD)
35
(43)
(799)
977
Swiss Franc (CHF)
2,838
(3,469)
5,971
(7,320)
Pound Sterling (GBP)
3,332
(3,329)
533
(533)
South Korean Won (KRW)
\u2014
\u2014
210
(257)
Chinese Yuan (CNY)
(422)
533
(5,095)
6,237
Norwegian Krone (NOK)
180
(219)
191
(234)
Polish Zloty (PLN)
(8)
9
(706)
863
Thai Baht (THB)
1,572
(1,916)
1,505
(1,839)
Indian Rupee (INR)
147
(189)
26
(31)
Danish Krone (DKK)
429
(525)
304
(372)
Total
$15,828
($16,917)
$17,073
($17,448)
Interest rates
The Company is exposed to interest rate risk by floating rate financial debt and floating rate financial assets. This exposure
is managed by varying the proportion of fixed and floating rate debt, while all non-derivative financial assets pay interest
on floating rates. Net financial income earned on the Company's net financial assets is generally affected by changes in
the level of interest rates, principally the euro and the U.S. dollar interest rate.
At December\u00a031, 2025, we had $838.6 million in cash and cash equivalents (2024: $663.0 million). Interest income
earned on our cash investments is affected by changes in the relative levels of market interest rates. We only invest in high-
grade investment instruments. A hypothetical adverse 10% movement in market interest rates would have impacted our
financial statements by approximately $3.9 million.
Borrowings against lines of credit are at variable interest rates. We had no amounts outstanding against our lines of credit
at December\u00a031, 2025 and 2024. A hypothetical adverse 10% movement in market interest rates would not have
materially impacted our financial statements.
At December\u00a031, 2025, we had total debt of $1.4 billion (2024: $1.2 billion), of which of which $164.3 million is
floating interest rate debt (2024: $198.7 million). A hypothetical adverse 10% movement in market interest rates would not
have materially impacted our financial statements.
Counterparty risk
The financial instruments used in managing our foreign currency, equity and interest rate exposures have an element of risk
in that the counterparties may be unable to meet the terms of the agreements. To the extent that derivatives are not subject
to mutual collateralization agreements, we attempt to minimize this risk by limiting the counterparties to a diverse group of
highly rated international financial institutions. The carrying values of our financial instruments incorporate the non-
performance risk by using market pricing for credit risk. However, we have no reason to believe that any counterparties
will default on their obligations and therefore do not expect to record any losses as a result of counterparty default. To
minimize our exposure with any single counterparty, we have entered into master agreements with all derivatives trading
counterparties that require collateralization of the net market value of outstanding positions.
Equity prices
The Warrants issued as part of the Call Spread Overlay related to the 2024 Notes, and the embedded conversion options
on 2027 Notes, 2031 Notes and 2032 Notes, discussed in Note 16 \"Financial Debts\" and Note 26.2 \"Use of Derivative
Financial Instruments\" expose us to income statement volatility due to changes in our own equity price. All Warrants related
to the 2024 Notes expired unexercised. Changes in the embedded conversion option are recognized in other financial
results. Assuming a hypothetical 10% increase or decrease in equity prices at December\u00a031, 2025, the estimated effect
would have been approximately $45.0 million loss or $38.6 million gain, respectively (2024: $26.7 million loss or $23.1
million gain).
Commodities
We have exposure to price risk related to anticipated purchases of certain commodities used as raw materials in our
business. A change in commodity prices may alter the gross margin, but due to the limited exposure to any single raw
material, a price change is unlikely to have a material unforeseen impact on earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
Liquidity risk
To date, we have funded our business primarily through internally generated funds, debt and the private and public sales
of equity. Our primary use of cash has been to support continuing operations and our investing activities including capital
expenditure requirements and acquisitions. As of December\u00a031, 2025 and 2024, we had cash and cash equivalents of
$838.6 million and $663.0 million, respectively. We also had current financial assets of $259.9 million and $489.4
million, respectively. Cash and cash equivalents are primarily held in euros and U.S. dollars, other than those cash
balances maintained in the local currency of subsidiaries to meet local working capital needs. As of December\u00a031, 2025
and 2024, we had working capital of $1.5 billion and $1.0 billion, respectively.
We have a \u20ac400.0 million syndicated revolving credit facility expiring with a contractual life until December 2030 (with
one additional annual extension option), of which no amounts were utilized at December\u00a031, 2025. We have two other
lines of credit amounting to \u20ac13.0 million with no expiration date, none of which were utilized as of December\u00a031, 2025.
We also have repayment obligations of $1.4 billion of long-term financial debt (2024: $1.2 billion) as of December\u00a031,
2025.
As of December\u00a031, 2025, our future contractual cash obligations are as follows:
Contractual Obligations
(in thousands)
Payments Due by Period
Total
2026
2027
2028
2029
2030
Thereafter
Financial debt (1)
$1,663,977
$38,525
$184,676
$35,282
$197,322
$30,381
$1,177,791
Lease obligations
183,952
34,804
30,631
24,587
17,407
10,889
65,634
Purchase obligations
148,733
78,587
42,675
22,500
3,465
1,506
\u2014
Trade and other accounts payable
72,656
72,656
\u2014
\u2014
\u2014
\u2014
\u2014
License and royalty payments
18,525
1,933
1,986
1,844
1,852
1,881
9,029
Total contractual cash obligations
$2,087,843
$226,505
$259,968
$84,213
$220,046
$44,657
$1,252,454
(1)Amounts include required principal, stated at current carrying values, and interest payments. As described elsewhere in this Note 16, certain of our
debt instruments contain features which could require repayment or conversion earlier than their contractual maturity dates.
Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash
payments for a previous business combination based on the achievement of certain revenue and operating result
milestones. Milestone payments total $71.9 million may be triggered through the end of 2027. Based on the current
estimate of potential milestone payments, $16.2 million is included in other current liabilities and $6.6 million is included
in other non-current liabilities in the accompanying consolidated balance sheet as of December\u00a031, 2025. Refer to Note
25 \"Fair Value Measurements\" for changes in the contingent consideration liabilities.
We believe that funds from operations, existing cash and cash equivalents, together with the proceeds from our public and
private sales of equity, and availability of financing facilities, will be sufficient to fund our planned operations and
expansion during the coming year. However, any global economic downturn may have a greater impact on our business
than currently expected, and we may experience a decrease in the sales of our products, which could impact our ability to
generate cash. If our future cash flows from operations and other capital resources are not adequate to fund our liquidity
needs, we may be required to obtain additional debt or equity financing or to reduce or delay our capital expenditures,
acquisitions or research and development projects. If we could not obtain financing on a timely basis or at satisfactory
terms, or implement timely reductions in our expenditures, our business could be adversely affected.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "72656000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-550": { "value": "
26.2Use of Derivative Financial Instruments
Derivatives and Hedging
Objective and Strategy
In the ordinary course of business, we use derivative instruments, including swaps, forwards and/or options, to manage
potential losses from foreign currency exposures and interest bearing assets or liabilities. The principal objective of such
derivative instruments is to minimize the risks and/or costs associated with our global financial and operating activities.
We do not utilize derivative or other financial instruments for trading or other speculative purposes. We recognize all
derivatives as either assets or liabilities on the balance sheet on a gross basis, measure those instruments at fair value and
recognize the change in fair value in earnings in the period of change, unless the derivative qualifies as an effective hedge
that offsets certain exposures. We have agreed with almost all of our counterparties with whom we had entered into cross-
currency swaps, interest rate swaps or foreign exchange contracts, to enter into bilateral collateralization contracts under
which we will receive or provide cash collateral, as the case may be, for the net position with each of these counterparties.
As of December\u00a031, 2025, cash collateral positions consisted of $0.7 million recorded in other current liabilities and
$22.5 million recorded in other current assets. As of December\u00a031, 2024, we had cash collateral positions consisting of
$16.8 million recorded in other current liabilities and $3.2 million recorded in other current assets in the accompanying
consolidated balance sheet.
Non-Derivative Hedging Instrument
Net Investment Hedge
We are party to a foreign currency non-derivative hedging instrument that is designated and qualifies as a net investment
hedge. The objective of the hedge is to protect part of the net investment in foreign operations against adverse changes in
the exchange rate between the euro and the U.S. dollar. The non-derivative hedging instrument is the German private
corporate bond (2017 Schuldschein) which was issued in 2017 in both U.S. dollars and euros for a total of $331.1
million as described in Note 16 \"Financial Debts.\" Since then, all but one of the tranches was paid as described in Note
16\u00a0 and as of December\u00a031, 2025, \u20ac14.5 million remains designated as a hedging instrument against a portion of our
euro net investments in our foreign operations. In July 2022, we issued an additional \u20ac370.0 million German private
corporate bond (2022 Schuldschein) as described in Note 16, and it is designated in its entirety as the hedging instrument
against a portion of our euro net investments in our foreign operations. As further discussed in Note 16 \"Financial Debts.\"
\u20ac51.5\u00a0million of the 2022 Schuldschein matured and repaid in July 2025 and as a result, \u20ac318.5\u00a0million remained
designated as hedging instrument as of December\u00a031, 2025. The relative changes in both the hedged item and hedging
instrument are calculated by applying the change in spot rate between two assessment dates against the respective
notional amount. The effective portion of the hedge is recorded in the cumulative translation adjustment account within
accumulated other comprehensive loss. Based on the spot rate method, the unrealized loss recorded in equity as of
December\u00a031, 2025 and 2024 is $54.2 million and $10.7 million, respectively. Since we are using the debt as the
hedging instrument, which is also remeasured based on the spot rate method, there is no hedge ineffectiveness related to
the net investment hedge as of December\u00a031, 2025 and 2024.
Derivatives Designated as Hedging Instruments
Cash Flow Hedges
As of December\u00a031, 2025 and 2024, we held derivative instruments that are designated and qualify as cash flow hedges,
where the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive loss
and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains
and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment
of effectiveness are recognized in current earnings. To date, we have not recorded any hedge ineffectiveness related to
any cash flow hedges in earnings. Based on their valuation as of December\u00a031, 2025, we expect approximately $7.8
million of derivative gains included in accumulated other comprehensive loss will be reclassified into income during the
next 12 months. The cash flows derived from derivatives are classified in the consolidated statements of cash flows in the
same category as the hedged item.
We use interest rate derivative contracts to align our portfolio of interest bearing assets and liabilities with our risk
management objectives. Since 2015, we have been a party to five cross currency interest rate swaps through 2025 for a
total notional amount of \u20ac180.0 million which qualify for hedge accounting as cash flow hedges. In September 2022, we
entered into five new cross currency interest rate swaps through 2025 for a total notional amount of CHF 542.0 million
which qualify for hedge accounting as cashflow hedges. In November 2024, we settled these cross-currency interest rate
swaps and as a result, reclassified $5.4 million of derivative losses included in accumulated other comprehensive loss to
income in other financial results in the accompanying consolidated income statement.
As of December\u00a031, 2024, we determined that no ineffectiveness exists related to these swaps. The interest receivables of
$1.7 million were recorded in other current assets in the accompanying consolidated balance sheet as of December\u00a031,
2024.
Derivatives Not Designated as Hedging Instruments
Call Options and Warrants
Prior to 2024, we entered into Call Options which, along with the sale of the Warrants, represented the Call Spread
Overlay entered into in connection with the 2024 cash convertible notes (2024 Notes). In these transactions, the Call
Options were intended to address the equity price risk inherent in the cash conversion feature by offsetting cash payments
in excess of the principal amount due upon any conversion of the 2024 Notes. Accordingly, the derivative is presented as
either current or long-term based upon the classification of the related debt. The 2024 Notes were repaid at maturity in
November 2024 and the Call Options expired unexercised.
Aside from the initial payment of premiums for the Call Options, we were not required to make any cash payments under
the Call Options. We were, however, entitled to receive an amount of cash generally equal to the amount by which the
market price per share of our common stock exceeded the exercise price of the Call Options during the relevant valuation
period. The exercise price under the Call Options was equal to the conversion price of the 2024 Notes.
The Call Options and Warrants, for which our common stock is the underlying security, are derivative assets and liabilities,
respectively, that require mark-to-market accounting treatment. These derivatives are measured and reported at fair value
on a recurring basis, within Level 2 of the fair value hierarchy. The change in fair value of these instruments is recognized
immediately in our consolidated income statements in other financial results.
Cash Convertible Notes Embedded Cash Conversion Option
The embedded cash conversion option within the Cash Convertible Notes due 2024 discussed in Note 16 \"Financial
Debts\" was required to be separated from the cash convertible notes and accounted for separately as a derivative liability,
with changes in fair value reported in our consolidated income statements in other financial results until the cash conversion
option settled or expired. The embedded cash conversion option was measured and reported at fair value on a recurring
basis within Level 2 of the fair value hierarchy.
Because the terms of the cash convertible notes' embedded cash conversion option were substantially similar to those of the
Call Options, discussed above, we expected the effect on earnings from these two derivative instruments to mostly offset
each other. In November 2024, the Cash Convertible Notes due 2024 were repaid at maturity, and the related Call
Options expired unexercised as described in Note 16, resulting in a $1.4\u00a0million gain recognized in other financial results
in the accompanying consolidated income statement.
Convertible Notes Embedded Conversion Option
The embedded conversion option within the Convertible Notes due 2027, 2031 and 2032 discussed in Note 16
\"Financial Debts\" was required to be separated from the convertible notes and accounted for separately as a derivative
liability, with changes in fair value reported in our consolidated income statements in other financial results until the
conversion option transaction settles or expires. The embedded conversion option was measured and reported at fair value
on a recurring basis within Level 2 of the fair value hierarchy.
Foreign Currency Derivatives
As a globally active enterprise, we are subject to risks associated with fluctuations in foreign currencies in our ordinary
operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions
including intercompany items. We manage balance sheet exposure on a group-wide basis using foreign exchange forward
contracts, foreign exchange options and cross-currency swaps.
We are party to various foreign exchange forward, option and swap arrangements which had an aggregate notional
value of $488.5 million at December\u00a031, 2025, which expire at various dates through October 2026. At December\u00a031,
2024, these arrangements had an aggregate notional value of $645.7 million, which expired at various dates through July
2025. The transactions have been entered into to offset the effects from short-term balance sheet exposure to foreign
currency exchange risk. Changes in the fair value of these arrangements have been recognized in other financial results in
the accompanying consolidated income statement.
Interest Rate Derivatives
In November 2024, we entered into eight new cross-currency interest rate swaps with various maturities through 2026 for
a total notional amount of CHF 280.0 million that are not designated as hedges. In May 2025, two of the eight cross-
currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and subsequently, we entered into
two new cross-currency interest rate swaps through 2028 for a notional amount of CHF\u00a070.0\u00a0million. In November 2025,
two of the eight cross-currency interest rate swaps with a notional amount of CHF\u00a070.0\u00a0million were settled and
subsequently, we entered into two new cross-currency interest rate swaps through 2027 for a notional amount of
CHF\u00a070.0\u00a0million. Changes in the fair value of these arrangements have been recognized in other financial results in the
accompanying consolidated income statement. As of December\u00a031, 2025 and December\u00a031, 2024, interest receivables of
$1.1 million and $1.4 million, respectively, are recorded in other current assets in the accompanying consolidated
balance sheets.
Fair Values of Derivative Instruments
The following table summarizes the fair value amounts of derivative instruments reported in the consolidated balance sheets
as of December\u00a031, 2025 and 2024:
\u00a0
2025
2024
(in thousands)
Current
Asset
Non-current
Asset
Current
Asset
Non-current
Asset
Assets:
Derivative instruments designated as hedges
Interest rate contracts - cash flow hedge (1)
$\u2014
$\u2014
$14,340
$\u2014
Total derivative instruments designated as hedges
\u2014
\u2014
14,340
\u2014
Undesignated derivative instruments
Foreign exchange forwards and options
2,448
\u2014
5,761
\u2014
Interest rate contracts - cash flow hedge (1)
\u2014
\u2014
3,503
3,174
Total undesignated derivative instruments
2,448
\u2014
9,264
3,174
Total derivative assets
$2,448
$\u2014
$23,604
$3,174
(in thousands)
2025
2024
Current
Liability
Non-current
Liability
Current
Liability
Non-current
Liability
Liabilities:
Undesignated derivative instruments
Embedded conversion option
\u2014
(131,613)
(8,883) (2)
(80,726) (2)
Foreign exchange forwards and options
(1,978)
\u2014
(13,752)
\u2014
Interest rate contracts - cash flow hedge(1)
(18,194)
(4,169)
\u2014
\u2014
Total undesignated derivative instruments
(20,172)
(135,782)
($22,635)(2)
($80,726)(2)
Total derivative liabilities
($20,172)
($135,782)
($22,635)(2)
($80,726)(2)
(1)The fair value amounts for the interest rate contracts do not include accrued interest.
(2) The December 31, 2024 balances for the current portion and non-current portion of derivative liability for embedded conversion option revised to
correct the classification. See Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
27. Capital Management
The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going
concern and to ensure financial flexibility to execute the Group's strategic growth targets. We regularly review our capital
structure to ensure a low cost of capital to enhance shareholder value. The Group's overall strategy remains unchanged
from 2024 and we are not subject to any externally imposed capital requirements. All common shares issued are fully
paid.
In June 2025, our shareholders approved a cash dividend totaling $54.2 million, which was paid in July 2025 as further
discussed in Note 18 \"Equity.\"
In September 2025, we issued a $750.0 million aggregate principal amount of 2.0% coupon convertible notes due 2032
(2032 Notes). The 2032 Notes will mature on September 4, 2032, unless converted in accordance with their terms prior
to such date as described more fully in Note 16 \"Financial Debts.\"
In September 2024, we issued $500.0 million aggregate principal amount of 2.5% coupon Convertible Notes due 2031
(2031 Notes). The 2031 Notes will mature on September 10, 2031 unless converted in accordance with their terms prior
to such date as described more fully in Note 16 \"Financial Debts.\"
In December 2020, we issued a $500.0\u00a0million aggregate principal amount of zero-coupon convertible notes due in 2027
(2027 Notes). During the year on the December 17, 2025, put date, $474.0\u00a0million of the 2027 Notes was repaid at the
election of the bondholders, after which the remaining $26.0\u00a0million was reclassified to long-term debt. The remaining
2027 Notes will mature on December 17, 2027, unless converted in accordance with their terms prior to such date as
described more fully in Note 16 \"Financial Debts.\"
In November 2024 we repaid $500.0 million of 2024 Notes at maturity.
In July and August 2022, we completed a German private placement bond (2022 Schuldschein), which was issued in
various tranches totaling \u20ac370.0 million ($371.5 million) that have maturities through 2035 as described more fully in
Note 16. The interest rate is linked to our ESG performance. Following the July 2025 repayment of $60.2 million at
maturity, $373.7 million remains outstanding as of December\u00a031, 2025.
In 2017, we completed a German private placement (2017 Schuldschein) consisting of various tranches denominated in
U.S. dollars or euros at either floating or fixed rates, and due at various dates through June 2027. As of December\u00a031,
2025, a total of $17.0 million is outstanding.
In January 2026, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on December 18, 2025, and executed on January 8, 2026, and involved an
approach used by various large, multinational Dutch companies to provide returns to all shareholders in a faster and more
efficient manner than traditional open-market repurchases. A total $496.7 million was returned to shareholders through the
transaction, which reduced the total number of issued common shares by approximately 5.0% to 206.8\u00a0million (of which
0.7\u00a0million are held in Treasury shares) as of January 31, 2026.
In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on January 12, 2025. $280.1 million was returned to shareholders through the
transaction, which reduced the total number of issued Common Shares by approximately 2.8% to 217.7\u00a0million (of which
1.6\u00a0million are held in Treasury Shares) as of January 31, 2025.
In January 2024, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse
stock split. The transaction was announced on January 7, 2024. $292.1 million was returned to shareholders through the
transaction, which reduced the total number of issued Common Shares by approximately 3.0% to 223.9\u00a0million (of which
2.5\u00a0million are held in Treasury Shares) as of January 31, 2024.
An important indicator of capital management efforts is the ratio of shareholders' equity compared to total assets as shown
on the consolidated balance sheet:
(in thousands, except of ratio)
2025
2024
Shareholders' equity attributable to equity holders of the parent
$3,921,524
$3,697,839
Total assets
$6,347,783
$5,756,207
Shareholders' equity ratio in %
62%
64%
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Reconciliation of Liabilities Arising from Financing Activities
Total financial debt consists of cash convertible notes and private placements as discussed in Note 16. The changes in
financial debts reconciled to the cash flows arising from financing activities as follows:
(in thousands)
At December 31,
2024
Cash flows
Amortization of
debt discount
and issuance
costs (1)
Embedded
derivative
Foreign currency
and other (2)
At December 31,
2025
Convertible notes
$841,485
$268,318
$2,798
($59,288)
($291)
$1,053,022
German Private Placement (Schuldschein)
398,725
(60,167)
244
\u2014
51,978
390,780
Total non-current debt
1,240,210
208,151
3,042
(59,288)
51,687
1,443,802
Lease liability
120,993
(31,794)
\u2014
\u2014
69,856
159,055
Total liabilities from financing activities
$1,361,203
$176,357
$3,042
($59,288)
$121,543
$1,602,857
(1)Total amortization of debt discount and issuance costs for the year ended December\u00a031, 2025 totaled $3.4 million, which included $0.3 million costs related to the \u20ac400.0 million syndicated multi-
currency revolving credit facility. No amounts were utilized at December\u00a031, 2025.
(2)For the year ended December\u00a031, 2025, the Convertible notes are net of debt issuance costs. Also during 2025, the German Private Placement experienced unrealized foreign currency loss totaling $43.5
million.
(in thousands)
At December 31,
2023
Cash flows
Amortization of
debt discount
and issuance
costs (1)
Embedded
derivative
Foreign currency
and other (2)
At December 31,
2024
Cash convertible notes
$483,019
($500,000)
$16,981
$\u2014
$\u2014
$\u2014
Convertible notes
443,818
494,211
784
(97,287)
(41)
841,485
German Private Placement (Schuldschein)
528,906
(101,536)
203
\u2014
(28,848)
398,725
Total non-current debt
1,455,743
(107,325)
17,968
(97,287)
(28,889)
1,240,210
Lease liability
101,331
(27,306)
\u2014
\u2014
46,968
120,993
Total liabilities from financing activities
$1,557,074
($134,631)
$17,968
($97,287)
$18,079
$1,361,203
(1)Total amortization of debt discount and issuance costs for the year ended December\u00a031, 2024 totaled $18.4 million, which included $0.5 million costs related to the \u20ac400.0 million syndicated multi-
currency revolving credit facility. No amounts were utilized at December 31, 2024.
(2)For the year ended December\u00a031, 2024, the Convertible notes are net of debt issuance costs. Also during 2024, the German Private Placement experienced unrealized foreign currency gain totaling
$24.6 million.
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28. Consolidated Companies
The following is a list of the Company's subsidiaries as of December\u00a031, 2025 , other than certain subsidiaries that did not
in the aggregate constitute a significant subsidiary.
Company Name
Jurisdiction
of\u00a0Incorporation
Ownership
Voting Rights
Amnisure International LLC
U.S.
100%
100%
GNX Data Systems Inc.
U.S.
100%
100%
GNX Data Systems Ltd.
Israel
100%
100%
Parse Biosciences Inc.
U.S.
100%
100%
QIAGEN Aarhus A/S
Denmark
100%
100%
QIAGEN AB
Sweden
100%
100%
QIAGEN AG
Switzerland
100%
100%
QIAGEN Australia Holding Pty. Ltd.
Australia
100%
100%
QIAGEN Benelux B.V. (2)
Netherlands
100%
100%
QIAGEN Beverly LLC
U.S.
100%
100%
QIAGEN Biotecnologia Brasil Ltda.
Brazil
100%
100%
QIAGEN Business Management MEA Ltd.
UAE
100%
100%
QIAGEN China (Shanghai) Co., Ltd.
China
100%
100%
QIAGEN Deutschland Holding GmbH
Germany
100%
100%
QIAGEN Distribution B.V. (2)
Netherlands
100%
100%
QIAGEN France S.A.S.
France
100%
100%
QIAGEN Gaithersburg LLC
U.S.
100%
100%
QIAGEN Gda\u0144sk Sp. z.o.o.
Poland
100%
100%
QIAGEN GmbH (1)
Germany
100%
100%
QIAGEN Hamburg GmbH (1)
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Limited (3)
U.K.
100%
100%
QIAGEN Healthcare Biotechnologies Systems GmbH
Germany
100%
100%
QIAGEN Healthcare Biotechnologies Systems Limited (3)
U.K.
100%
100%
QIAGEN Hong Kong Pte. Ltd.
China
100%
100%
QIAGEN Inc.
Canada
100%
100%
QIAGEN India Pvt. Ltd.
India
100%
100%
QIAGEN K.K.
Japan
100%
100%
QIAGEN Korea Ltd.
Korea (South)
100%
100%
QIAGEN LLC
U.S.
100%
100%
QIAGEN Ltd.
U.K.
100%
100%
QIAGEN Luxembourg S.\u00e0 r.l.
Luxembourg
100%
100%
QIAGEN Manchester Ltd.
U.K.
100%
100%
QIAGEN Manila Inc.
Philippines
100%
100%
QIAGEN North American Holdings, Inc.
U.S.
100%
100%
QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamkni\u0119ty Aktyw\u00f3w
Niepublicznych
Poland
100%
100%
QIAGEN Polska Sp.z.o.o.
Poland
100%
100%
QIAGEN Pty. Ltd.
Australia
100%
100%
QIAGEN Redwood City, Inc.
U.S.
100%
100%
QIAGEN S.r.l.
Italy
100%
100%
QIAGEN Sciences, LLC
U.S.
100%
100%
QIAGEN Singapore Pte. Ltd.
Singapore
100%
100%
QIAGEN Taiwan Co. Ltd.
Taiwan
100%
100%
QIAGEN Wroclaw Sp.z.o.o.
Poland
100%
100%
STAT-Dx Life S.L.
Spain
100%
100%
Verogen, Inc.
U.S.
100%
100%
(1)QIAGEN GmbH (registered under HRB 45822 Trade Register Duesseldorf, Germany) and QIAGEN Hamburg GmbH (registered under HRB 71271
Trade Register Duesseldorf, Germany) are exempt from the audit of individual accounts requirements under Section 264 (3) of the German
Commercial Code.
(2)QIAGEN Benelux B.V. (registered under #12053316 in the Netherlands Chamber of Commerce) and QIAGEN Distribution B.V. (registered under
#64026795 in the Netherlands Chamber of Commerce) are exempt from the audit of individual accounts requirements under Section 403 of the Dutch
Civil Code.
(3)QIAGEN Healthcare Biotechnologies Limited (registration #11561466) and QIAGEN Healthcare Biotechnologies Systems Limited (registration
#11562019) are exempt from the audit of individual accounts requirements under Section 479A of the 2006 U.K. Companies Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
29. Fees Paid to External Auditors
At our 2025 Annual General Meeting of Shareholders on June\u00a026, 2025 our shareholders appointed EY Accountants B.V.
to serve as our external auditor for our statutory consolidated financial statements prepared in accordance with
International Financial Reporting Standards as adopted by the EU for the year ended December\u00a031, 2025.
For the year ended December 31, 2024, KPMG Accountants N.V. served as our external auditor for our statutory
consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by
the EU.
Set forth below are the total fees billed (or expected to be billed), on a consolidated basis, by the independent auditor or
their affiliates for providing audit and other professional services in each of the last two years.
For the Year Ended December 31
2025
2024
(in thousands)
EY Accountants
B.V.
EY Network
Total
KPMG
Accountants N.V.
KPMG Network
Total
Audit fees
$589
$2,490
$2,992
$785
$2,157
$2,942
Consolidated financial statements
589
2,403
2,905
785
2,414
2,414
Statutory financial statements
\u2014
87
87
\u2014
528
528
Audit-related fees
249
\u2014
249
541
\u2014
541
Sustainability related audit fees
249
\u2014
249
433
\u2014
433
Other audit-related fees
\u2014
\u2014
\u2014
108
\u2014
108
Tax fees
\u2014
31
31
\u2014
81
81
All other fees
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total fees paid to external auditors
$838
$2,521
$3,272
$1,326
$2,238
$3,564
Audit fees consist of fees and expenses billed for the annual audit and quarterly review of QIAGEN\u2019s consolidated
financial statements. They also include fees billed for other audit services, which are those services that only the auditor can
provide.
Audit-related fees consist of fees and expenses for services that are related to the performance of the audit or review of
QIAGEN\u2019s financial statements and are not reported under audit fees. These fees primarily relate to providing assurance
on sustainability reporting and consultations concerning financial accounting of capital market transactions and reporting
standards.
Tax fees include fees and expenses billed for tax compliance, tax planning and tax advice services.
All other fees include fees and expenses billed for services, other than those described above, as approved by the Audit
Committee", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930036WK3GMCN17Z57", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }