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2025
Annual Report
Würth Finance Group
1
Contents
3 ABOUT WÜRTH FINANCE GROUP
3 Key Figures 2025
5 The Würth Finance Group at a Glance
7 Insights
9 Executive Bodies
10 REPORT OF THE BOARD OF
DIRECTORS
12 REPORT OF THE MANAGEMENT
12 Our Performance 2025
19 Risk Management and Control
25 FINANCIAL STATEMENTS 2025
WÜRTH FINANCE GROUP
26 Consolidated Income Statement
26 Consolidated Statement of Comprehensive Income
27 Consolidated Balance Sheet
28 Consolidated Statement of Changes in Equity
29 Consolidated Cash Flow Statement
30 Notes to the Consolidated Financial Statements
68 FINANCIAL STATEMENTS 2025
WÜRTH FINANCE INTERNATIONAL B.V.
69 Company Income Statement
69 Company Balance Sheet
71 Accounting Policies Used in Preparing
the Company Financial Statements
72 Notes to the Company Financial Statements
78 Other Information
79 Independent Auditor’s Report
About Würth Finance Group
Key Figures 2025
BUSINESS PERFORMANCE
Profit before taxes
Number of employees (FTEs)
Total operating
income
Total operating
expenses
Profit before taxes
(right-hand scale)
in million EUR
in million EUR
Employees
200
120
150
120
150
90
90
100
60
60
50
30
30
0
0
0
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Cost-income ratio
Return on equity before tax
in %
in %
50
25
40
20
30
15
20
10
10
5
0
0
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Total shareholders’ equity /
Balance sheet
Total shareholders’
equity
equity ratio
Equity ratio
(right-hand scale)
in million EUR
in %
in million EUR
in %
600
24
6,000
24
500
20
5,000
20
400
16
4,000
16
300
12
3,000
12
200
8
2,000
8
100
4
1,000
4
0
0
0
0
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
3
About Würth Finance Group
SEGMENT INFORMATION
External
2025
Financial
Inhouse Banking
Services
Total
Total
Würth
Group
Securities
Central
Central
Inhouse Insurance
Finance
in TEUR
Financing
Trading Investments Settlement
Services
Banking Brokerage Elimination
Group
Income
Net interest income
54,722
0
2,365
0
0
57,087
–14
0
57,073
Income from factoring activities
13,522
0
0
0
0
13,522
0
0
13,522
Income from commission
and service fee activities
0
0
0
31,656
0
31,656
18,210
0
49,866
Income from trading activities
and ﬁnancial instruments
0
15,286
2,392
0
0
17,678
61
–76
17,663
Other ordinary income
519
0
0
0
0
519
214
0
733
Expected credit loss*
(expenses)/recovery
–2,810
0
0
0
0
–2,810
0
0
–2,810
Total operating income
65,953
15,286
4,757
31,656
0
117,652
18,471
–76
136,047
Total operating expenses
0
0
0
0
–24,215
–24,215
–17,026
0
–41,241
Proﬁt before taxes
65,953
15,286
4,757
31,656
–24,215
93,437
1,445
–76
94,806
*Expected credit losses refer only to related party loss and therefore do not apply to the consolidated ﬁnancial statements of the Würth Group.
CAPITAL MARKET TRANSACTIONS
Outstanding capital market transactions by Würth Finance International B.V. at 31 December 2025:
Bonds
Notional amount
Coupon rate
Re-oﬀer yield
Term
Listing
CHF
300 million
2.100%
2.070% 16.11.2022–16.11.2026
SIX Swiss Exchange ꢀ/ ISIN: CH1206367604
EUR
750 million
0.750%
0.782% 21.05.2020–22.11.2027
Luxembourg Stock Exchange ꢀ/ ꢀISIN: XS2176534795
EUR
600 million
2.125%
2.174% 23.05.2022–23.08.2030
Luxembourg Stock Exchange ꢀ/ ISIN: XS2480515662
EUR
500 million
3.000%
3.051% 28.10.2024–28.08.2031
Luxembourg Stock Exchange ꢀ/ ISIN: XS2911681083
All bonds are irrevocably and unconditionally guaranteed by Adolf Würth GmbH & Co. KG and have been granted an “A”
rating by Standard & Poor’s.
Multi Currency Commercial Paper Programme
Notional amount
Coupon rate
Maturity period
EUR 500 million
variable
7 days–2 years
Under this programme, both Würth Finance International B.V. and Adolf Würth GmbH & Co. KG can issue short-term
commercial paper for up to a cumulative total of EUR 500 million.
4
About Würth Finance Group
The Würth Finance Group
1
at a Glance
Würth Family Foundations
Adolf Würth
Würth Promotion
GmbH & Co. KG
GmbH
Germany
Austria
Reinhold Würth
Holding GmbH
Germany
International
International
subsidiaries
subsidiaries
Würth Finance Group
Inhouse Banking
Würth
International AG
Würth Finance
Switzerland
International B.V.
Netherlands
External
International
Financial Services
subsidiaries
Würth Finance
Würth Financial
Int’l B.V. Rorschach
Services AG
Branch Switzerland
Switzerland
Würth Invest AG
Switzerland
ABOUT THE
ABOUT THE WÜRTH
WÜRTH GROUP
FINANCE GROUP
The Würth Group is leading in the development,
The Würth Finance Group is the ﬁnancial competence
production and sale of assembly and fastening
centre within the Würth Group. It combines inde-
materials. Other trading and production companies,
pendent companies in the two divisions of Inhouse
the Allied Companies, operate in related business
Banking (Würth Finance International B.V. and
areas, ranging from electrical wholesaling and
Würth Invest AG) and External Financial Services
electronics to ﬁnancial services. The Würth Group
(Würth Financial Services AG).
currently employs more than 86,000 people in
over 400 companies with more than 2,800 shops
across 80 countries.
Facts and Figures Würth Finance Group
(at 31 December 2025)
115
Employees (FTEs)
6
Locations
This is a simpliﬁed illustration of the legal structure of the Würth Group.
1
5
About Würth Finance Group
INHOUSE BANKING
EXTERNAL FINANCIAL
SERVICES
The Inhouse Banking division of the Würth Finance Group
The External Financial Services division oﬀers ﬁrst-class advice
monitors the ﬁnancial risks incurred by the Würth Group and
and innovative insurance and risk solutions for corporate
takes the necessary measures to retain its ﬁnancial stability.
clients and private persons in Switzerland. Experienced con-
In close collaboration with the Central Management Board
sultants and qualiﬁed specialists develop tailor-made solu-
and the operational Group companies, the division ensures
tions and support clients in selecting suitable pension and in-
that the necessary liquid funds are available at all times and
surance products.
employs the Group’s funds in an optimal manner.
Services
Services
Central settlement of payments to suppliers
Insurance brokerage
Settlement of payments to beneﬁciaries worldwide and col-
Independent advice and brokerage of innovative solutions –
lection of outstanding invoices for around 11,700 suppliers.
customised to the individual needs of clients.
Partial hedging of the default risk.
Claims management
Group ﬁnancing and risk management
Professional support in the event of a claim – from notiﬁcation
Capital market ﬁnancing, mainly through bonds. Point of contact
to settlement – to relieve the burden for clients and represent
for banks, investors, supervisory authorities, rating agencies
their interests.
and credit analysts. Advice and treasury products for Group
Pension fund advisory services for corporate clients
companies. Centralised management of bank accounts and
ﬁnancial risk management.
Comprehensive advice when selecting, structuring and
optimising occupational pension solutions for companies.
Cash and securities investments
Insurance solutions for credit card issuers
Management of liquidity reserves to secure the strategic ability
and payment providers
to act. Centralised investment of ﬁnancial assets, taking into
account security, liquidity and return.
Development and support of specialised insurance concepts
in the ﬁnancial services sector with a focus on payments and
Providing electronic payment possibilities
card products.
Analysis of operational requirements and selection of suitable pay-
ment service providers. Integration of electronic payment methods
for branch oﬃces, e-commerce, m-commerce and call centres.
Facts and Figures (at 31 December 2025)
Facts and Figures (at 31 December 2025)
67
48
Employees (FTEs)
Employees (FTEs)
2
5
Locations: Den Bosch/Netherlands
Locations: Rorschach, Arlesheim,
and Rorschach/Switzerland
Chur, Lugano and Zurich
(all in Switzerland)
535,000
Around
Payment transactions with a
Clients served
volume of EUR 8,600 million
10,000
EUR
Outstanding capital
CHF
Premium volume
market funding
402 million
24,1060 0million
Würth Group companies
hold account relationships
4,860
Foreign exchange transactions
with Würth Group companies
and a hedging volume totalling
EUR 1,450 million
600,000
Customer e-payments with a
volume increase of more than 21%
compared to the previous year
6
About Würth Finance Group
Insights
ENSURING CONTINUITY
BLOG
OF THE OWNER FAMILY’S
MORE STORIES ON THE
INVOLVEMENT
WÜRTH FINANCE BLOG
Go to wuerthﬁnance.net
to ﬁnd the full stories.
Benjamin Würth, Chairman of the Supervisory Board
of the Würth Group, has been strengthening the Board of
Directors of the inhouse bank since 1 January 2025, con-
tributing his many years of experience in various leader-
ship positions within the Würth Group. It is very grati-
fying that his involvement ensures continued support and
guidance for the Management by the owner family.
New Managing Director
Irene Köppel was appointed as an additional Managing Director of
the inhouse bank in late 2025. Residing in the Netherlands and with
many years of international experience in diﬀerent cultures, solid
ﬁnancial expertise and a clear approach to leadership, she
brings valuable impulses to the Management team.
BLOG
Valuable insights for the
TUK activity afternoon:
future of FX management
fun and precision
The inhouse bank partnered with students from the Eastern
Switzerland University of Applied Sciences (OST) in St.Gallen
During the annual Activity Afternoon event, organised by the TUK
to conduct a practical project named “Next Generation FX Risk
(Team for Corporate Culture) in August 2025, the employees
Management”. The insights gained from this project are highly
of the inhouse bank from the Netherlands and Switzerland shared a
valuable and will be incorporated into the daily business.
day full of action and fun, each oﬃce in their respective country.
By combining academic expertise with practical experience,
The agenda included various challenges – either indoor climbing
the project reinforces the commitment of the inhouse bank to
or adventurous mini golf – and ended with culinary delights.
tailored FX strategies and innovative treasury solutions.
Enhancing customer
relationship management
Driven by the objective of strengthening customer focus and op-
erational eﬃciency, the inhouse bank has successfully rolled out a
new CRM (customer relationship management) system. It serves as
a central platform for managing customer and business relation-
ships with Würth companies, banks and other stakeholders. It pro-
vides a consolidated view of contacts, inquiries and activities,
supporting consistent, high-quality customer interactions and eﬃcient
relationship management for the inhouse bank.
7
About Würth Finance Group
Business lunches
Throughout 2025 the External Financial Services division invited
more than 60 companies – potential new clients – to a business
lunch at the Würth Haus Rorschach, where Panorama Catering
Smart currency management
delighted guests with a three-course meal. These events create a
with Powertrader 2.0
welcoming setting to engage with decision-makers in an informal
way while showcasing both the versatile platform of Würth Haus
Rorschach and Würth’s corporate culture. Thanks to the relaxed
Powertrader 2.0 is the inhouse bank’s updated digital solution for
atmosphere, acquisition topics can be brought up with ease at the
the currency management of the Würth Group companies. This
“lunch table”.
system aims to create sustainable value by making treasury services
faster, easier and more user-friendly without compromising on
security. Group companies can use Powertrader 2.0 to process
foreign exchange transactions ﬂexibly and automatically
across multiple devices.
BLOG
RETRO: it’s a match,
but not what you think
Aligning with the diversity and inclusion goals of the Würth Group,
RETRO is a diversity & inclusion initiative launched at the inhouse
bank. Inspired by the matching process of dating apps, it creates
space for short, informal exchanges between colleagues, focusing
on diﬀerent cultural and personal backgrounds. In this way it
supports greater openness, mutual understanding and a
sense of belonging in everyday work.
BLOG
Pension information event
New customer portal for
The Swiss pension system, built on the three pillar model, is
comprehensive and forms the core of risk coverage and retirement
brokerage clients
planning. To give employees at the Würth Haus Rorschach a clear
and practical overview, an information event was organised focus-
In the External Financial Services division, the web-based customer
ing on both social insurance and the Würth Group Switzerland’s
portal underwent a major update in July 2025. The upgrade
pension fund. The participants showed strong interest, their
focused on enhancing user friendliness and making the manage-
questions were answered thoroughly and competently. Thanks
ment of insurance documents even more eﬃcient. The portal
to the very positive feedback, the event will also be held at
now features a modern, streamlined design that signiﬁcantly improves
another Würth entity in Chur in 2026.
navigation, while optimised search and ﬁlter functions enable users
to ﬁnd information faster and more intuitively. In addition, extended
functionalities – such as new customisation options and an im-
proved overview – round oﬀ the update and further enhance the
user experience.
8
About Würth Finance Group
Executive Bodies
As at 31 December 2025
Board of Directors
Elected
Würth Finance International B.V.
until
Ralf Schaich
(Member of the Central Management Board of the Würth Group)
Chairman
2029
Prof. Dr. h. c. mult. Reinhold Würth
(Honorary Chairman of the Supervisory Board of the Würth Group)
Member
2029
Benjamin Würth
(Chairman of the Supervisory Board of the Würth Group)
Member
2029
Dieter Gräter
(Vice President Finance, Würth-Verwaltungsgesellschaft mbH)
Member
2029
Christoph Raithelhuber
Member
2029
Isabelle Damen
(CFO and Board Member of ElringKlinger AG, Member of the Supervisory Board of Pro Rail & BN International)
Member
2028
Mag. Michel Haller
(Chief Executive Oﬃcer of Hypo Vorarlberg Bank AG)
Member
2026
Joachim Kaltmaier
(former Member of the Central Management Board of the Würth Group)
Member
2026
Wolfgang Kirsch
(former Chief Executive Oﬃcer of DZ BANK AG, Chairman of the Supervisory Board of Fresenius SE & Co. KGaA)
Member
2026
Managing Directors
Würth Finance International B.V.
Roman Fust
Philip Guzinski
Irene Köppel
Managing Directors
Würth Financial Services AG
Adrian Parpan
Beat Jordan
Managing Directors
Würth Invest AG
Roman Fust (Delegate of the Board of Directors)
Philip Guzinski
Auditors
BDO Audit & Assurance B.V., Eindhoven:
Würth Finance International B.V.
BDO AG, Zurich:
Würth Invest AG
KPMG, Zurich:
Würth Financial Services AG
(As of 01.01.2026)
Internal auditors
PwC, Amsterdam:1
Würth Finance International B.V.
1
PWC Amsterdam, was approved as the new internal audit service provider by the Board of Directors in September 2025, with an eﬀective start date of
1 January 2026.
9
Board of Directors of Würth Finance International B.V. (as at 31 December 2025) from left to right: Christoph Raithelhuber | Dieter Gräter (Vice President Finance,
Würth-Verwaltungsgesellschaft mbH) | Joachim Kaltmaier (former Member of the Central Management Board of the Würth Group) | Prof. Dr. h. c. mult. Reinhold Würth
(Honorary Chairman of the Supervisory Board of the Würth Group) | Benjamin Würth (Chairman of the Supervisory Board of the Würth Group) | Ralf Schaich
(Member of the Central Management Board of the Würth Group and Chairman of the Board of Directors of Würth Finance International B.V.) | Isabelle Damen (CFO
and Board Member of ElringKlinger AG, Member of the Supervisory Board of Pro Rail & BN International) | Wolfgang Kirsch (former Chief Executive Oﬃcer of DZ Bank
AG, Chairman of the Supervisory Board of Fresenius SE & Co. KGaA) | Mag. Michel Haller (Chief Executive Oﬃcer of Hypo Vorarlberg Bank AG)
Report of the Board
of Directors
Dear readers
of all potential opportunities and risks. In this context, the
Board of Directors advised the Management on strategic
During ﬁnancial year 2025, the Board of Directors of
measures and issues relating to the company’s future.
Würth Finance International B.V. performed its duties in
The cooperation between the Management and the Board
accordance with the law and the company’s articles of
of Directors was highly constructive and fully complied with
association, monitored the performance of the company and
the principles of good corporate governance.
advised the Management.
A focal point of the work of the Board of Directors was moni-
Four meetings were held during which the Management in-
toring the eﬀectiveness of risk management, including com-
formed the Board of Directors verbally and in writing about
pliance with the regulatory limits set by the Board of Directors
the general situation of the company, the course of business
for measuring, managing and monitoring market, credit and
and the principal issues relating to its business policy. This
liquidity risk in relation to trading activities and the company
reporting also included the subsidiaries Würth Financial
as a whole.
Services AG and Würth Invest AG. The information required
as the basis for decision-making was provided in timely
As in the previous year, the audit company BDO subsequent-
fashion and enabled a detailed insight into business opera-
ly reported to the Board of Directors meetings on deﬁned
tions. The Board of Directors was also informed promptly
audit areas in connection with the statutory ﬁnancial audit.
10
Report of the Board of Directors
The Würth Finance Group does not have its own audit com-
Ms Köppel has been highly successful in various roles in-
mittee, but is integrated into the Würth Group’s audit process.
cluding Treasury and as CFO for various Group companies
Following the appointment of KPMG as external auditor of
and markets within the BMW Group. She has been working
the Würth Group as of 2025, the outsourced internal audit
for Würth Finance International B.V. since the beginning of
mandate of KPMG for Würth Finance International B.V. was
2025. As an internationally experienced leader in the
discontinued to safeguard auditor independence. PwC was
ﬁnancial services sector with a proven track record in building
approved as the new internal audit service provider by the
high-performing teams, she meets the requirements for the
Board of Directors on 17 September 2025, with an eﬀective
management role exceptionally well. Going forward, she
start date of 1 January 2026. During the ﬁnancial year
will lead the company together with the two current
2025, internal audit activities comprised a follow-up review
Managing Directors, Roman Fust and Philip Guzinski.
on a prior engagement by KPMG, and an audit conducted
by the Würth Group Internal Audit function. These external
As part of its legal obligations to enhance gender diversity
and internal audit areas had been discussed and resolved
in management, Würth Finance International B.V. remains
in advance by the Board of Directors. There was a particular
committed to further increasing the proportion of women on
emphasis on the reliability of the internal control systems
the Board of Directors and among the Management level
used by the company.
when appointing new members. Various speciﬁc measures
are in place to achieve this goal (see page 24).
The consolidated Financial Statements and the separate
ﬁnancial statements of Würth Finance International B.V. for
On behalf of the Board of Directors, I would like to thank the
ﬁnancial year 2025 were prepared in accordance with
Management and all the staﬀ for their hard work and con-
International Financial Reporting Standards (IFRS) and Part 9
gratulate them on the very good operating result they achieved
of Book 2 of the Dutch Civil Code. BDO audited the annual
in the past ﬁnancial year. I would also like to thank the Würth
accounts and issued an unqualiﬁed audit opinion. The
Finance Group’s clients and business partners for the trust
Financial Statements and the audit report were examined by
they have placed in us and for their loyalty to the company
the Board of Directors and discussed in detail with both
and the Würth Group as a whole.
the Management and BDO. Following the ﬁnal result of the
audit, the Board of Directors raised no objections, agreed
with the audit report and approved the Financial Statements.
The shareholders’ meeting on 20 December 2024 elected
Mr Benjamin Würth to the Board of Directors eﬀective
1 January 2025. I am delighted that alongside his new role
as Chairman of the Supervisory Board of the Würth Group,
Mr Würth will bring his extensive and successful experience
in global leadership positions within Group companies to
support and oversee the Management of Würth Finance
International B.V. as a representative of the owner family.
Furthermore, at its meeting on 17 September 2025, the
Ralf Schaich
Board of Directors appointed Ms Irene Köppel as an addi-
tional Managing Director of Würth Finance International
Chairman of the Board of Directors of
B.V. eﬀective 1 November 2025. Over the past 20 years,
Würth Finance International B.V.
11
Managing Directors of Würth Finance International B.V. (as at 31 December 2025) from left to right: Philip Guzinski, Irene Köppel and Roman Fust
Report of the Management
Our Performance 2025
GENERAL ECONOMIC CONDITIONS
The economies of Europe and the United States proved more
Meanwhile, weak external demand and high uncertainty
resilient than expected, with GDP growth of 2.0% in the
weighed on economic activity in Germany, oﬀsetting the pick-
U.S. and 1.4% in the EU. Supportive macroeconomic poli-
up from private consumption and public spending: manu-
cies, improved ﬁnancial conditions and rising investment
facturing production in automotive, machinery and pharma-
in AI-related sectors helped sustain demand, partly oﬀsetting
ceuticals declined, while private investment continued to
headwinds from policy uncertainty and trade barriers. The
shrink and exports stagnated.
impact of higher tariﬀs became increasingly visible in spend-
ing patterns and consumer prices, particularly in the U.S.,
Recent months have brought heightened trade and geopolit-
while global trade slowed after front-loading ahead of tariﬀ
ical tensions, rising public debt, as well as continued growth
hikes. Inﬂation remained above target in several countries.
of nonbank ﬁnancial intermediaries (NBFIs) and stable-
coins. Despite these shifts, markets remain complacent and
valuations have returned to stretched levels. Risks to ﬁnancial
12
Report of the Management
stability therefore remained elevated: risk asset valuations
Blatten landslide resulted in losses of CHF 320 million, while
exceeded fundamentals, sovereign bond markets faced pres-
the announced Helvetia-Baloise merger raised questions
sure from widening deﬁcits, and stress tests revealed growing
about market structure and competition. Despite these chal-
interconnectedness between banks and NBFIs – amplifying
lenges, the European Insurance and Occupational Pensions
potential shocks.
Authority (EIOPA) conﬁrmed that European insurers remain
well capitalised under Solvency II.
The banking and insurance systems in Europe are fortunately
well-equipped to deal with any shocks. European banks
Central banks focused on anchoring inﬂation expectations. In
under the supervision of the European Central Bank (ECB)
Europe, inﬂation moved close to target, and the ECB ended
remained well-capitalised and proﬁtable, supported by
its rate-cut cycle by mid-2025, while leaving scope for small-
higher net interest income following the shift away from the
er, data-dependent moves. In the U.S., the Fed introduced
low-rate environment. Insurance continued to grow global-
moderate cuts from September, responding to cooling labour
ly, driven by demand and inﬂation-related pricing, though
markets and reduced purchasing power from tariﬀs and a
natural disasters caused over USD 100 billion in damages
weaker dollar, which depreciated by 8–10% over the year.
worldwide (USD 10 billion in Europe). In Switzerland, the
WÜRTH GROUP
The Würth Group’s primary ﬁnancial objectives in ﬁnancial
Preliminary ﬁgures show an operating result of EUR 940 mil-
year 2025 were to halt the erosion of proﬁt margins and
lion, unchanged from the previous year. A stable gross
maintain a balance between operating cash ﬂow and invest-
margin, combined with operating expenses that developed
ment activities. Following substantial eﬀorts, these targets
slightly below average relative to sales from mid-year on-
were met in the second half of the year, leaving the Würth
ward, led to a gradual improvement in the operating margin
Group satisﬁed with the outcome.
during the second half of the year. The most signiﬁcant
contribution came from a cautious approach to new hires and
Sales growth continued at a steady pace. Despite a persis-
replacement recruitment. As a result, the number of employ-
tently challenging environment, particularly in Germany, the
ees at year-end 2025 stood at 86,415 FTEs, approximately
Würth Group increased its sales by 2.3% year-on-year to
2,000 FTEs less than at the end of the previous year.
EUR 20.7 billion (preliminary ﬁgures). Key growth drivers
included markets in Southern Europe, Asia and South Amer-
Eﬀective management of net working capital remains a core
ica, as well as the Würth Elektronik eiSos and Chemicals
element of the Würth Group’s ﬁnancial strategy and a key
business units. Moderate improvements were also recorded
priority in ﬁnancial governance. Together with disciplined
in North America, in the Electrical Wholesale business fo-
investment and acquisition practices, this delivered the de-
cused on European markets, and in the traditional Würth
sired results in the reporting year: the Würth Group’s ﬁnancial
Line business serving the professional trades.
position remained very solid. Equity increased by approxi-
mately EUR 470 million, while net debt was further reduced
over the course of the year.
13
Report of the Management
BUSINESS PERFORMANCE OF THE
WÜRTH FINANCE GROUP
The Würth Finance Group delivered a strong cost perfor-
Operating income
mance, reducing total operating expenses from EUR 45.0
EUR
million to EUR 41.2 million. This improvement was driven
136.0 million
mainly by signiﬁcantly lower project-related IT expendi-
tures and further reductions in administrative costs, under-
scoring the company’s eﬃciency eﬀorts.
Operating expenses
Personnel expenses, however, increased by 3.6%, from
EUR
EUR 26.7 million to EUR 27.7 million, despite a reduction in
41.2 million
the number of employees to 115 FTEs (2024: 127 FTEs).
This development reﬂects targeted salary adjustments to
maintain competitiveness and reward performance, as well
Number of employees
as selective investments in key roles critical for future stra-
115 (FTEs)
tegic initiatives. Eﬃciency measures and automation projects
enabled a leaner organisational structure without compro-
mising service quality, while resources were reallocated to
areas with high strategic impact. These actions demon-
strate the Würth Finance Group’s commitment to operational
Proﬁt before taxes
excellence and long-term competitiveness.
EUR
94.8 million
The expense reductions helped mitigate the impact of lower
income. Consequently, the Würth Finance Group achieved
a proﬁt before taxes of EUR 94.8 million (2024: EUR 108.2
million). Collectively, the cost discipline and focused
Equity
execution reinforced operational eﬃciency, evidenced by
EUR
a cost-income ratio of 30.3% (2024: 29.4%), which means
597.6 million
that productivity remained relatively stable.
The Würth Group consistently pursues a conservative ﬁnan-
Facts and Figures (at 31 December 2025)
cial policy, a strategy that has been regularly acknowledged
by the rating agency Standard & Poor’s. For 25 consec-
Financial year 2025 ended with a consolidated operating
utive years, the agency has awarded the Würth Group
income of EUR 136.0 million. This reﬂects a reduction of
an “A” rating, underscoring its ﬁnancial strength and stabil-
EUR 17.2 million compared to the previous year (2024:
ity. This prudent approach is also reﬂected in the funding
EUR 153.2 million). Of this amount, the Inhouse Banking
structure of the Würth Finance Group. With cash holdings
division generated EUR 117.7 million (2024: EUR 135.3
of EUR 1,200 million (2024: EUR 1,400 million) and ﬁrmly
million) and External Financial Services EUR 18.5 million
committed credit lines of EUR 500 million available until
(2024: EUR 17.7 million) before consolidation.
2029, the Würth Finance Group maintains substantial liquid-
ity reserves to fulﬁl its role eﬀectively as the Würth Group’s
The decrease at the Inhouse Banking division was attri-
inhouse bank.
butable primarily to two factors. First, the repayment of the
EUR 500 million bond with a 1.0% coupon in May 2025
Equity increased to EUR 597.6 million during the reporting
removed the positive interest margin previously generated
period (2024: EUR 514.4 million), representing a 16.2%
from investing these funds in the money market. Second,
rise. This growth was supported by the shareholders’ decision
ﬁnancial market activities, including trading and securities
to forgo a dividend distribution for ﬁnancial year 2025. As
investments, once again made a notable contribution to
a consequence, the equity ratio improved from 11.0% to
the overall result, but the previous year’s exceptionally high
14.1%, a strong level for a ﬁnance company. Accordingly,
level – boosted by successful FX hedging during the acqui-
the return on equity before tax declined to 17.1% (2024:
sition of the TIM Group – was not matched. Beyond these
22.3%), still demonstrating the eﬃcient utilisation of capital.
eﬀects, the ﬁnancial results reﬂect a largely stable core
business, with income from payment volumes remaining ﬂat.
Supported by the Würth Group’s high credit rating, the
strong equity base provides a foundation for sustained
The External Financial Services division continued to
ﬁnancial stability and reinforces the conﬁdence of the Würth
post moderate revenue growth in its insurance brokerage
Finance Group’s business partners.
business, following two years of strong growth.
14
Report of the Management
SEGMENT DEVELOPMENT
Net interest income
Intercompany factoring activities
The net interest income of the Würth Group’s inhouse
The inhouse bank’s intercompany factoring business process-
bank is essentially the result of the investment of liquidity
es and pre-ﬁnances intra-Group cash ﬂows between Würth
and intra-Group ﬁnancing, as well as interest expenses
Group companies. Receivables are settled primarily via
from reﬁnancing. The total is determined largely by the in-
accounts at the inhouse bank, which includes a pre-ﬁnancing
terest rate environment, the amount of liquidity and the
component. This approach delivers savings on bank charges,
reﬁnancing structure.
enables more eﬃcient management of accounts receivable
and enhances Group-wide coordination. The volumes pro-
The liquidity holdings of the Würth Finance Group re-
cessed correlate with purchasing behaviour within the Würth
mained at the previous year’s level in 2025, averaging
Group. A specially developed factoring mechanism regulates
EUR 1,200 million (2024: EUR 1,200 million). Never-
a large portion of these receivables, with prices subject to
theless, the interest income generated from these holdings
market conditions.
declined by 40.7% to EUR 21.9 million (2024: EUR 36.9
million). The ECB continued its gradual reduction of base rates
In the reporting year, prices remained unchanged. Reﬂect-
until mid-year. As a result, the €STR – the reference rate for
ing the development of the core business, the factoring
the Würth Finance Group’s short-term liquidity investments –
volume from intercompany transactions was broadly stable.
fell signiﬁcantly from an average of 3.65% in 2024 to 2.15%
Consequently, income from factoring activities amounted
in 2025. In addition, interest expenses for capital market
to EUR 13.5 million, virtually unchanged from the previous
ﬁnancing rose compared to the prior year. For the ﬁrst time,
year’s level of EUR 13.6 million.
the funding costs for the EUR 500 million bond 2024ꢀ–2031
Central settlement of payments to suppliers
with a 3% coupon, issued at the end of October 2024,
were incurred for the full ﬁnancial year. Furthermore, the
The inhouse bank pays a large proportion of the Würth
EUR 500 million bond with a low 1% coupon matured on
Group’s merchandise supplier invoices via its own systems.
26 May 2025, resulting in the expiration of a very favourable
For many of these suppliers, it acts as a service provider
reﬁnancing source that could not be replaced elsewhere.
for the centralised settlement of payments. Accordingly, this
source of income correlates mainly with the purchasing
Interest income from net lending to Würth Group compa-
behaviour of the Group companies and, to a lesser extent,
nies also declined. Thanks to disciplined net working capital
with the volume of new contracts in the Inhouse Banking
management and a cautious investment approach, the
division and the price of the services provided.
Group companies were able to defend a relatively stable
ﬁnancial position. As a result, net lendings from the in-
Similar to the factoring business, the income from the
house bank to Group companies decreased by around
central settlement of payments to suppliers of the Würth
EUR 100 million, from EUR 1,300 million at 31 December
Group remained unchanged from the previous year’s
2024 to EUR 1,200 million at 31 December 2025. In
level at EUR 31.7 million. Whereas the number of payments
addition, due to the lower interest rate environment, interest
decreased slightly from 544,000 to 535,000, the volumes
ﬁxings for new loans and extensions were agreed at re-
transacted increased by around 2.4% to EUR 8,600 million
duced levels.
(2024: 8,400 million).
Overall, net interest income of the Würth Finance Group
amounted to EUR 54.7 million (2024: EUR 61.8 million). This
result still beneﬁts from low interest expenses on bond ﬁnanc-
ing, which will come to an end by late 2027 with the redemp-
tion of the EUR 750 million bond 2020ꢀ–ꢀ2027 carrying a
0.75% coupon.
15
Report of the Management
Currency hedging and trading with ﬁnancial
Other Services
instruments
Within the “Other Services” segment, e-payment services
The inhouse bank’s forex experts exchange currencies with
constitute the core area of activity. The inhouse bank oﬀers
the Group companies whenever regulatory requirements
the Group companies a global infrastructure for process-
allow and favourable prices can be achieved for the coun-
ing electronic payments across all sales channels. The e-pay-
terparties. In addition, consultations and currency hedging
ments team works in very close collaboration with IT com-
are carried out as measures to safeguard the gross proﬁt of
panies and the various Group companies to optimise the e-
Group companies. With further trading activities, risk posi-
payments experience for customers. Together, these people
tions are established to a limited extent in order to generate
form the Würth Group’s e-payments competence centre.
an additional positive contribution to income.
In 2025, the e-payments team focused on simplifying
Political events kept the currency markets on their toes in
and standardising automatic ﬁnancial reconciliation
2025. Against the backdrop of heightened volatility, the
processes across the Würth Group, making e-payment
expertise of our currency experts was in strong demand
handling as seamless as possible for customer-facing em-
throughout the year. Spot transactions, forwards, non-
ployees. Collaboration was enhanced through the full use
deliverable forwards and currency options were used as
of WGS365, the MS365-based collaboration platform of
protection against negative currency eﬀects and to pro-
the Würth Group. CRM integration also helped to central-
vide reliability of planning. This resulted in 4,860 for-
ise customer interactions. Transaction volumes processed
eign exchange transactions (2024: 4,590) – ensuring
via the inhouse bank reached EUR 76 million (2024:
eﬀective risk management and safeguarding the
EUR 64 million). Continued growth is expected as digital
Würth Group’s ﬁnancial stability.
sales expand.
Insurance brokerage
The previous year’s exceptionally high level in trading in-
come (2024: 20.4 million), boosted by successful FX
The External Financial Services division brokers insurance
hedging during the acquisition of the TIM Group, could
contracts between corporate and private clients and in-
not be matched. However, also in 2025 trading activi-
surance companies in Switzerland and advises on the selec-
ties were successful and contributed to the trading income
tion of suitable coverage solutions. Income is generated
of EUR 15.3 million – a very satisfying result.
primarily from commissions, which depend on the premium
volume. This is inﬂuenced by factors such as insurance
Securities investments
density, contract renewals, new contracts and market-wide
The inhouse bank invests a portion of its strategic liqui-
premium adjustments.
dity reserves in securities with the aim of generating ad-
ditional income for the Würth Group in the long term.
In 2025, the division continued its strong performance
When doing so, it maintains a balanced relationship be-
and achieved record results in premium volume, revenue
tween security, liquidity and returns. Investments are
and operating proﬁt. The division maintained its growth
made primarily in investment-grade bonds with medium-
trajectory despite intensiﬁed competition in the Swiss mar-
term maturities, supplemented by positions in equities
ket from large international brokerage organisations. The
and other asset classes. The aim is to make a stable ﬁnan-
brokered premium volume increased to CHF 402 million
cial contribution to income above the risk-free rate. Ac-
(2024: CHF 393 million). New business production of
tive management enables a ﬂexible response to market
CHF 17.4 million in insurance premiums exceeded the
changes and the utilisation of return opportunities on
previous year’s level by 17.6% (2024: CHF 14.8 million),
the ﬁnancial markets.
underscoring the eﬀectiveness of the sales strategy and
client acquisition eﬀorts. The division’s revenue develop-
2025 was a strong year for investments. Equity markets
ment reﬂects a steady upward trend over the past dec-
delivered solid returns, supported by an easing of mone-
ade. For the full year 2025, revenues increased by 4.4% to
tary policy, robust corporate earnings and a noticeable
EUR 18.5 million (2024: EUR 17.7 million), supported
broadening of the rally across regions and sectors. In ad-
by a consistently high level of client activity and a robust
dition to technology and communication stocks, indus-
advisory oﬀering.
trial shares – particularly in aerospace, mechanical engi-
neering and infrastructure-related areas – performed above
average. Fixed-income markets beneﬁted primarily from
attractive yields and steady interest income. In line with the
positive market environment, the securities portfolio was
gradually expanded from EUR 113.6 million to almost
EUR 127.0 million. Against this backdrop, the inhouse bank
achieved a pleasing result: securities investments once
again generated above-average income of EUR 4.8 million
(2024: EUR 5.3 million), corresponding to a time-weighted
return of 3.9%.
16
Report of the Management
SEGMENT DEVELOPMENT
Income Distribution
Net Interest Income
Bonds issued (notional)
Net lendings as at 31 December
Net cash and cash equivalents
in million EUR (Change vis-à-vis 2024)
Net interest income
Net interest income
(right-hand scale)
54.7
(–7.1)
in million EUR
in million EUR
Income from factoring activities
13.5
(–0.1)
3,000
60
Other income
0.5
(–0.2)
2,500
50
Expected credit loss
–2.8
(–4.5)
2,000
40
Central settlement
31.7
(+0.0)
Trading
1,500
30
15.3
(–5.1)
Securities investments
4.8
1,000
20
(–0.5)
Insurance brokerage
18.5
(+0.8)
500
10
Eliminations and rounding residual
–0.2
(–0.4)
0
0
Total
136.0
2021
2022
2023
2024
2025
(–17.2)
Intercompany Factoring Activities:
Central Settlement: payment
Factoring volume
Payment volume third parties
volume / income development
volume / income development
Income from factoring activities
Contract volume
(right-hand scale)
Income from central settlement
services (right-hand scale)
in million EUR
in million EUR
in million EUR
in million EUR
2,500
20
9,000
36
7,500
30
2,000
16
6,000
24
1,500
12
4,500
18
1,000
8
3,000
12
500
4
1,500
6
0
0
0
0
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Trading: income development
Securities Investments: income development
in million EUR
in million EUR
25
8
6
20
4
15
2
0
10
–2
5
–4
0
–6
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
E-Payment Services: processed volume
Insurance Brokerage: development of premium volume
in million EUR
in million CHF
80
400
60
300
40
200
20
100
0
0
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Report of the Management
PERSPECTIVES FOR 2026
Economic researchers expect the global economy to soften in
multi-channel strategy, and aims for mid-single-digit sales
the near term as higher tariﬀs and ongoing geopolitical ten-
growth. With its strong equity ratio, excellent credit standing,
sions – including the war in Ukraine and the recent escalation
resilient business model and highly diversiﬁed competitive
in the Middle East – may weigh on investment and trade. A
landscape, the Würth Group is well positioned both eco-
moderate recovery could occur in the second half of 2026,
nomically and strategically to emerge stronger even from
depending on the evolution of these risks and the pace of
periods of stagnation, with all forecasts assuming that
investment ﬂows. In the United States, growth is expected to
existing geopolitical crises do not escalate in a way that
slow following a period of strong consumer spending, as job
would fundamentally threaten the stability of global poli-
growth moderates and higher prices erode real disposable
tics and international economic relations.
income. Government spending is likely to contribute little,
while business investment should beneﬁt from AI-related
Against the backdrop of only moderate economic momentum,
initiatives and new incentives. With inﬂation risks appearing con-
the Management of the Würth Finance Group expects busi-
tained and labour market conditions weakening, some further
ness volumes to remain stable in 2026. However, lower mon-
monetary policy easing is considered possible.
ey market rates are anticipated to lead to a further signiﬁcant
decline in interest income on cash investments, while higher
For the euro area, researchers now expect GDP growth in
expenses for implementing a new treasury management sys-
2026 to slow to below 1% as the Middle East conﬂict drives
tem will weigh on results. Consequently, the operating proﬁt is
up energy prices and uncertainty. Domestic demand should
expected to decrease by around 10% compared to 2025.
still oﬀer some support, though higher inﬂation is likely to
weigh on consumption, and investment faces headwinds
The Management of the Würth Finance Group will continue
from elevated input costs and weaker conﬁdence. Inﬂation is
to pursue its sustainable strategy, which is aligned with client
now expected to ease more slowly than previously assumed
needs and the ongoing transformation of insurance and
due to the renewed energy shock. Germany’s outlook has
ﬁnancial markets. Eﬀorts to improve cost eﬃciency will remain
also softened, as its dependence on energy imports makes
a priority in light of persistent price pressure in ﬁnancial
it particularly vulnerable to price spikes, dampening consump-
and insurance services. This will be achieved primarily through
tion and investment relative to pre-crisis expectations.
further standardisation, automation and digitalisation of
However, the pace of economic recovery will also depend on
business processes and product solutions, thereby enhancing
how quickly and eﬀectively the planned EUR 500 billion
the scalability and resilience of the business model. In
infrastructure investment programme (“Sondervermögen”)
addition, the use of artiﬁcial intelligence oﬀers further oppor-
translates into actual investment spending. Export-oriented
tunities to strengthen performance and create added value
investment will remain constrained by trade risks, potential
for clients.
protectionist measures and geopolitical tensions, while
private and public investment should gain from high corporate
The Management of the Würth Finance Group is very satis-
savings, lower interest rates and more ﬂexible ﬁscal rules.
ﬁed with the results achieved in ﬁnancial year 2025 and
would like to thank all employees for their outstanding con-
The Würth Group is preparing for a continued subdued
tribution to this success. Our sincere thanks also go to our
market environment and will consistently pursue its initiatives to
clients and business partners, whose trust in the Würth Finance
improve operating proﬁtability and capacity utilisation. In
Group has made these achievements possible. Looking
light of the persistent geopolitical and economic uncertainties,
ahead, we are conﬁdent that our strong foundation and
the Group continues to rely on the stabilising eﬀects of its
commitment to innovation will enable us to continue cre-
international footprint, diversiﬁed business portfolio and
ating sustainable value and seize new growth opportunities.
Managing Directors of Würth Finance International B.V.
Roman Fust
Philip Guzinski
Irene Köppel
Responsibility Statement
In accordance with the EU Transparency Directive and the Dutch Financial Supervision Act (Wet op het Financieel Toezicht), the Management of the Würth Finance
Group hereby conﬁrms that, to the best of its knowledge, the Financial Statements for the ﬁnancial year ended on 31 December 2025 give a true and fair view of
the assets, liabilities, ﬁnancial position and proﬁt or loss of the Group, and that the Management report includes a fair review of the development and performance
18
during the ﬁnancial year and of the ﬁnancial situation of the Group at the balance sheet date, as well as of the risks associated with its business.
Report of the Management
Risk Management and Control
1 RISK CULTURE
controls on the management of the risks and testing their
eﬀectiveness. This ﬁrst line of defence is intended to prevent
or discover and correct at an early stage all risks that are
inherent in the operational activities.
Taking risks has always been inherent in any entrepreneurial
activity. As a globally active company, the Würth Group is
In contrast to the ﬁrst line, the second line of defence serves
constantly exposed to risks that can arise both as a result of
primarily to control and monitor the ﬁrst line of defence. It
its own actions or failure to act and as a result of external
takes on various tasks in supervising and controlling operating
factors. The conscious and systematic approach to address-
risk management, ensuring that this works properly. Respon-
ing opportunities and risks is inextricably linked to the Würth
sibility for the second line of defence is assigned to control
Group’s entrepreneurial activities.
functions such as compliance and controlling.
Systematic risk management is essential for achieving corpo-
The third line of defence is the independent auditing body
rate goals. The Central Management Board of the Würth
responsible for internal auditing. It performs risk-oriented audits
Group, which holds overall responsibility for accomplishing
on behalf of the respective entity’s supervisory body and
the corporate goals, deﬁnes the principles of the Würth
is independent of the ﬁrst two lines of defence and the entity’s
Group’s risk policy and strategy. The management of each
management team. This allows the third line of defence to
Group company, such as the Würth Finance Group, is
understand the processes and risks at the ﬁrst and second
responsible for establishing an eﬀective and eﬃcient risk man-
lines of defence and to objectively assess the internal
agement system in its entity. The Würth Finance Group’s
control mechanisms.
risk management is guided by the Würth Group’s overarching
risk policy and risk culture. Further information can be found
2.2 Framework
in the Würth Group’s annual report (wuerthﬁnance.net).
The Würth Finance Group (WFG), with its three companies
The formal procedures and policies applied by the Würth
Würth Finance International B.V. (WFI), Würth Invest AG and
Finance Group regarding banking, foreign exchange trans-
Würth Financial Services (WFS), is embedded in the Würth
actions and other treasury matters are consistent with the
Group and is part of the aforementioned Group-wide risk
objectives and guidelines of ﬁnancial risk management within
management system. Most of the Würth Group’s ﬁnancial risks
the Würth Group, in particular the Policies and Procedures
are measured, monitored and controlled centrally by WFI as
Manual (PAP), which defines the specific rules and be-
part of its activities as an inhouse bank.
haviours. Internal control systems, instructions and train-
ing ensure that employees are informed about the current
The most signiﬁcant types of ﬁnancial risk aﬀecting the Würth
state of legislation so that they can contribute to identifying
Group (or WFI) are credit risks (including default risks),
and properly managing risks.
liquidity risks, market risks (including exchange rate, interest
rate and securities price risks) and operational risks.
The company pursues a conservative risk policy as part of its
2 RISK GOVERNANCE
risk-oriented corporate management. It refrains from trans-
actions with imponderable risks and enters into quantiﬁable
AND FRAMEWORK
risks only within clearly deﬁned limits. This principle forms
the foundation of the risk policy and provides guidelines for
business decisions. The overriding objective is not to elimi-
2.1 Governance
nate all risks, rather to achieve a balanced relationship be-
The Würth Group’s risk governance framework is based
tween risk and return.
on the “three lines of defence” model as an eﬀective control
and monitoring system. In this context, corporate risks are
Separate regulations on ﬁnancial risk management set
managed by three independent levels, which ensure that the
out the principles and methods for measuring ﬁnancial risks,
risk and control procedures work properly.
specify limits and deﬁne the instruments permitted for
managing ﬁnancial risks as well as the organisation of an
The ﬁrst line of defence consists of all functions associated
eﬀective information and reporting system. These limits and
with the implementation of day-to-day business. As the
authorised ﬁnancial instruments are submitted to and
risk owners, they are responsible for identifying and analysing
approved by the Board of Directors of the Würth Finance
risks in the business processes, implementing appropriate
Group.
19
Report of the Management
The WFG has established an internal control system. The
controlled by daily monitoring of ratings and outlook chang-
WFG can protect itself in advance against ﬁnancial losses
es. A rating downgrade leads to a reduction in the credit
and liability risks by checking certain procedures, rou-
limits and to immediate reduction or closure and transfer
tines and functions at predeﬁned intervals and by monitoring
of open transactions to other banks. In 2025 there were four
the elimination of identiﬁed sources of error. The internal
rating upgrades and no rating downgrades.
control system is also in place to ensure the correctness and
reliability of accounting. It contains principles, procedures
The WFG has concluded ISDA agreements with all external
and measures to ensure the eﬀectiveness and eﬃciency of
counterparties for ﬁnancial derivatives transactions. These
accounting. The main objective of the internal control
agreements include a Credit Support Annex that ensures the
system is to ensure that all business transactions are recorded,
periodic net present value cash settlement of the outstanding
processed and documented correctly and in full, in accord-
transactions. The counterparty risks relating to delcredere
ance with statutory regulations and standards as well as other
business are transferred in full to insurance companies.
internal guidelines.
Every Würth Group company is granted a credit limit by
The principles for handling operational risk are anchored in
the Würth Group’s Central Management Board. Würth
a comprehensive set of guidelines and instructions that de-
Finance International B.V. monitors compliance with these
ﬁne how employees should perform their work activities. The
limits on a monthly basis. Breaches of the limits are report-
strategic objective of a balanced relationship between risk
ed and the limit is adjusted in consultation with the Würth
and return is always pursued, applying a costꢀ/beneﬁt analy-
Group’s Central Management Board. Any credit risk re-
sis. Each specialist area takes responsibility for its operation-
lating to lendings to individual Würth Group companies
al and compliance risks and for having adequate procedures in
with negative equity as at the reporting date are secured
place to manage those risks. Entities are supported by
by letters of comfort from the superordinate parent company.
the second line of defence (Controlling and Compliance),
which is responsible for independent risk oversight.
3.2 Liquidity Risk
The WFG deﬁnes liquidity risk as the risk of being unable
to meet due payment obligations in full or on time. In addition,
there is the risk that reﬁnancing means cannot be procured,
3 FINANCIAL RISKS AND
cannot be procured for the desired maturity or can be pro-
OPPORTUNITIES
cured only at higher market rates (liquidity protection or
reﬁnancing risk).
Further information on the risks arising from ﬁnancial instruments
The WFG is the main ﬁnancing company of the Würth Group
and their management can be found speciﬁcally in note 18
and, in this function, manages liquidity risks in accordance
of the Financial Statements.
with the recorded strategic guidelines of the Central Manage-
ment Board. It also helps to optimise the ﬁnancial result by
3.1 Credit Risk
exploiting market opportunities in a targeted manner.
Credit risk is deﬁned as the risk of a ﬁnancial loss caused
by a counterparty failing to meet its ﬁnancial obligations or
The overriding goal of the Würth Group and the associated
by a deterioration in the credit quality of the counterparty.
risk appetite is the ability to meet its payment obligations at all
In the event of a default, the WFG incurs a loss equal to the
times, even in extraordinary situations.
amount owed by the debtor, less any recoveries. The max-
imum credit risk corresponds to the value of all ﬁnancial
The high international creditworthiness of the Würth Group
assets, contingent liabilities and unused irrevocably
(Standard & Poor’s has awarded its non-current liabilities an
guaranteed lending commitments reported in the Financial
“A” rating) allows the WFG to raise funds in the international
Statements.
capital markets on favourable terms. To cover any extraordi-
nary liquidity needs, the WFG also has credit lines granted
Given the nature of its core business activities, the WFG mon-
by various banks and liquidity in the form of cash and cash
itors the counterparty default risk for all its major risk-related
equivalents. The Würth Group’s annual cashﬂow plan serves
activities.
as a basis for the size and management of such liquidity reserves.
The WFG aims to minimise the credit risk and has deﬁned its
To measure, analyse, monitor and report on liquidity risk, the
risk appetite in only entering into business relationships with
WFG prepares liquidity overviews on a daily basis and reports
ﬁrst-class external counterparties. Binding counterparty limits
the liquidity and debt status of the whole Würth Group to the
are deﬁned for each rating level, but the aim is to enter into
Central Management Board of the Würth Group on a monthly
business relationships only with banks with a Standard &
basis.
Poor’s minimum rating of “BBB” (equivalent to a rating of “Baa”
from Moody’s and “BBB” from Fitch). The creditworthiness
All ﬁnancial requirements were met in the reporting period
of all the Würth Group’s banking partner relationships is
under review.
20
Report of the Management
3.3 Market Risk
A large part of the WFG’s business activities is subject to mar-
In order to hedge interest rate risks, the use of derivatives is
ket risk, deﬁned as the possibility of changes in the fair values
permitted in addition to any balance sheet structure measure.
of the trading and investment positions. Risks may arise from
Examples of such derivatives include forward rate agree-
changes in exchange rates, interest rates and securities prices.
ments, interest rate swaps, swaptions, caps/ﬂoors and cross-
currency swaps. The limit for these derivative ﬁnancial
One of the main objectives in dealing with market risks is
instruments is set at a notional amount of EUR 1,000 million,
to ensure that the risk corresponds and is appropriate to the
which was not breached in the reporting period under review.
deﬁned strategy.
Interest rate risks are measured using gap and sensitivity
Both on-balance-sheet and oﬀ-balance-sheet ﬁnancial instru-
analyses, key rate duration analyses and present value
ments are used to manage market price risks. Before con-
calculations.
cluding new transactions, compliance with the prescribed
limits and the permissibility of derivative ﬁnancial instru-
The WFG’s appetite for interest rate risks is deﬁned by the
ments must be checked. Compliance with the limits is moni-
net present value sensitivity of all on-balance-sheet and
tored on a daily basis.
oﬀ-balance-sheet exposures to adverse changes in interest
rates by 100 basis points, expressed as a percentage of
3.3.1
Exchange Rate Risk
equity capital.
The WFG deﬁnes exchange rate risk as the risk of loss on net
assets resulting from exchange rate ﬂuctuations between the
The deﬁned limits set by the Board of Directors were not
transaction currency and the applicable functional currency.
exceeded in the reporting period under review.
3.3.3
Securities Price Risk
Inhouse Banking’s business is exposed to exchange rate risk;
the insurance brokerage business is subject only to translation
Securities price risk is the risk of ﬁnancial loss resulting from
risk from the conversion of business transactions in Swiss
changes in the price of (publicly traded) securities. To assess
francs into the consolidation currency, which is the euro.
securities price risks, the absolute amount of the securities
position and its earnings performance are considered. All
Individual limits are set for each currency or currency group
positions are valued at market prices (marked to market).
to manage exchange rate risks. The limits are regarded
as open net positions towards the balance sheet currency.
The WFG pursues a conservative investment policy which
The positions are valued and monitored on a daily basis.
allows investment in bonds, money market paper (investment
and sub-investment-grade) and shares on regulated stock
In assessing exchange rate risks, the absolute amount of
exchanges and capital markets. In addition to a deﬁned
open foreign currency positions and changes in their earnings
benchmark strategy with strategic equity exposure, securities
development are taken into account. For this purpose, all
price risk is countered through diversiﬁcation of the invest-
positions are valued on a daily basis at market rates (marked
ment portfolio. Limits per asset class have also been deﬁned
to market) and should not exceed EUR 50 million in total.
to limit securities price risk. This also includes an automatic
mechanism to reduce the equity portfolio, which is trig-
In order to control the exposure to exchange rate risk, the
gered when the equity portfolio has reached a loss of
WFG enters into FX spot transactions, forwards, cross-curren-
EUR 750,000. In that way the WFG limits the maximum total
cy swaps and currency options with external counterparties.
negative return of the equity portfolio to EUR 6 million per
ﬁnancial year.
The deﬁned limits were not exceeded in the reporting period
under review.
The automatic position reduction mechanism was activated
for 15 business days. However, no reduction of the equity
3.3.2
Interest Rate Risk
portfolio was required, as the actual holdings remained well
Interest rate risk is the risk of loss arising from changes in
below the reduced limits.
interest rates in all currencies. Interest rate risk arises from
balance sheet positions such as loans, ﬁnancial assets
at fair value, payables to related parties and banks, and
derivatives, including those used for hedge accounting
purposes. These positions may aﬀect other comprehensive
income or the income statement, depending on their ac-
counting treatment. A signiﬁcant proportion of the loans to
Würth Group companies are reﬁnanced by ﬁxed-interest
bonds.
21
Report of the Management
4 OPERATIONAL RISK
disaster recovery system. The ICT infrastructure is highly scala-
ble, enabling additional business volumes to be dealt
with cost-eﬀectively and with a high level of processing quality.
Operational risk is the risk of losses resulting from inadequate
or failed internal processes or systems, human error or exter-
4.3 Staﬀ
nal events.
The success of the WFG depends to a large extent on its
employees and their know-how. Through their ideas and
4.1 Legal and Compliance Risk
suggestions, the employees are deeply involved in activities
The WFG deﬁnes legal and compliance risk as the risk of
and work processes and thus make a signiﬁcant contribution
possible, unintentional non-compliance with laws, regulations
every day to the WFG’s continued existence, ongoing improve-
or standards which could have a negative impact on the bu-
ment and innovations. Personnel risks will continue to
siness and its business relationships and, in the worst case,
inﬂuence the WFG in the coming years, as competition for
could result in the imposition of payments for damages,
highly qualiﬁed employees remains intense. Future suc-
ﬁnes, penalties or other forms of liability and negatively
cess will depend, among other factors, on the extent to which
impact the reputation of the Würth Group.
the WFG succeeds in recruiting, integrating and retaining
skilled employees in the long term.
Financial and insurance service providers must fulﬁl growing
and expanding regulatory requirements for dealing with
Staﬀ turnover is documented and analysed across all hier-
employees, clients and business partners, with data and with
archy levels. Regular surveys conducted by independent
(supervisory) authorities, as well as for addressing possible
institutions and monitoring of staﬀ turnover are key tools
fraud, corruption and bribery risk. It goes without saying that
that allow the WFG to identify unfavourable develop-
the WFG endeavours to observe and adhere to all rules
ments, analyse their impact on staﬀ recruitment and combat
and regulations applying to its business. Due to the increasing
these eﬀects using targeted measures. The bottleneck risk
legal complexity, the Würth Group has inhouse experts and
arising from current demographic trends, among other
consults renowned external consultants on a case-by-case
considerations, can be countered by attractive employment
basis.
conditions, a modern and appealing working environment,
and training tailored to individual roles.
The Würth Group Code of Compliance serves as the com-
pany’s code of conduct, requiring strict adherence to all
As a family-owned business, Würth focuses on the long-
applicable laws and clearly deﬁning expected standards of
term development of the company. That applies equally to
behavior for all employees. Training and education within
supporting up-and-coming talent at the WFG. For many
and outside the (Würth) Group are carried out regularly to
years it has taken on apprentices and employed them on
promote awareness of legal and compliance risks among
a permanent basis, in line with staﬃng needs, once they
employees.
have completed their training. In addition, Würth Finance
International B.V. successfully gained some initial expe-
Furthermore, the Würth Group has a Group-wide whistleblow-
rience with an international trainee programme aimed at
ing system that can be used not only by employees but also
counteracting the shortage of qualiﬁed specialists.
by customers, suppliers and other stakeholders to anonymous-
ly report suspicions of compliance breaches. Together, these
In order to secure the company’s future, the WFG supports
measures – including system-enforced segregation of duties
ongoing training throughout employees’ professional lives.
and transaction limits across core operational systems, dedi-
Its own employees take precedence when management
cated operational procedures, regular employee training, and
positions need to be ﬁlled. Up-and-coming management
the Group-wide whistleblowing system – form the company's
talents are prepared for various levels of management within
framework to mitigate inherent fraud and corruption risk.
the Group through the Würth Group’s support programmes.
These programmes oﬀer employees targeted development
The WFG is subject to both Swiss and Dutch tax legislation
opportunities that are tailored to their individual ambitions
and therefore has embedded operating policies and pro-
and skills. In addition, employee training represents a crucial
cedures to ensure compliance with the provisions of both tax
element of a lifelong learning process within the Würth
regimes.
Group and the WFG.
4.2 Technology
Execution of the WFG’s tasks requires high-performance IT
systems and networks. Accordingly, the IT systems and IT secu-
5 SUSTAINABILITY
rity are continually enhanced and monitored via an informa-
tion security management system. The WFG, in collaboration
5.1 Foundation
with cyber security experts, works to counter the constantly
growing and evolving threat from attacks on information and
Sustainability is becoming increasingly relevant to society.
communications technology. This comprises technical and
This is leading to a heightened awareness of climate
organisational protection measures and cyber risk awareness
change, social standards and corporate misconduct. As a
training for employees. In addition, the WFG has a business
result, the market environment is changing rapidly across
22
Report of the Management
5.3 Social Standards
all industries. In addition, the inclusion of sustainability criteria
in decisionmaking by investors and by banks granting
In the context of ESG, social risks relate to the consequences
loans has led to an expansion and tightening of the asso-
of a company’s failure to meet its social responsibilities in
ciated requirements for corporate governance and risk
its role as an employer, customer, service provider and stake-
management at companies.
holder in society. For the Würth Group and the WFG, it has
always been self-evident that they need to behave in a socially
Sustainability risks, also known as environmental, social and
responsible manner towards all stakeholders and to give
governance (ESG) risks, potentially inﬂuence the level of
high priority to the relevant values when designing and devel-
capital and insurance costs, as well as the creditworthiness
oping the company’s social architecture.
of the Würth Group and its business partners. This challenge
is being met through active sustainability management
With regard to employees, the WFG’s commitment is not
at the strategic and operational level and the expansion of
limited to health and safety. It aims to support its employees
associated reporting, including at the WFG.
in their activities and work experience. The WFG strives to
attract and foster a broad range of talented employees at all
The Würth Group began recording sustainability data in
levels of the company; it is eager to promote workforce
2020. The ﬁrst sustainability report for ﬁnancial years
diversity and equality of opportunity and regards a fair remu-
2020–2022 quantiﬁed the sustainability data of 156 of
neration system as a self-evident requirement.
the more than 400 companies, responsible for 88% of
the Würth Group’s total sales. For the Sustainability Report
The WFG is continuously investing in digital collaboration infra-
2024, the scope of the reporting included the data of all
structure. This results not just in eﬃciency-enhancing work-
companies consolidated within the Würth Group (Würth
ﬂow automation; it also creates new opportunities for collabo-
Group Sustainability Report 2024, see wuerthﬁnance.net).
ration at diﬀerent work locations with ﬂexible working time
models and conditions, adapted to the needs of employees.
The WFG – which is integrated into the Würth Group’s
sustainability management system – bases its sustainability
Based on the values of the Würth Group, the WFG supports
reporting on the Group-wide database and standardised
local social projects and organisations in the Netherlands and
data infrastructure, thereby ensuring transparency and com-
Switzerland. These are often linked to volunteering work by
parability of sustainability performance. This will enable
employees, one example of which is the work for the “Tierhof
the WFG not only to minimise risks, but also to achieve a
mit Herz” animal welfare association in Thurgau, Switzerland.
positive impact on the company’s reputation and value.
5.4 Governance
The WFG also sees opportunities to take greater account of
sustainability aspects in the design of its own products and
The third element in ESG relates to the factors of good cor-
services, as part of the Würth Group’s sustainability strategy.
porate governance. The guiding principles in this area
are accountability, fairness, transparency and responsibility.
5.2 Environmental Protection and Climate Change
It must be taken into account that the speciﬁc institutional
Environmental risks arise from the eﬀects of climate change
and cultural context signiﬁcantly inﬂuences the way a com-
and eﬀorts to mitigate or contain it. They are divided into
pany is set up and monitored.
two categories: Physical risks include the direct impact of
weather and climate changes on the population and
The WFG has suitable and eﬀective structures, management
economy, while transition risks result from the societal changes
and decision-making systems, procedures and processes
brought about by the shift to a decarbonised and circular
as well as competent staﬃng of management and supervi-
economy.
sory bodies, as important elements in ensuring good cor-
porate governance. This is complemented by a solid ﬁnan-
The WFG intends to support an environmentally friendly cor-
cial position, a comprehensive and eﬀective risk control
porate governance of the Würth Group and its business
system and performance-related remuneration structures.
partners. The ﬁrst step in this direction is the disclosure and
reporting of quantitative metrics on the current situation
The WFG’s corporate governance is geared towards comply-
and the creation of incentives for positive sustainability devel-
ing with the relevant legal and regulatory requirements,
opment. At the same time, the WFG adheres to the latest
avoiding infringements wherever possible and thus protect-
developments in IFRS standards as well as to the Corporate
ing the company’s good reputation. An institutionalised
Sustainability Reporting Directive and the European Sus-
whistleblowing system helps in the identiﬁcation and repor-
tainability Reporting Standards.
ting of any infringements. The WFG works closely with
the authorities in the clariﬁcation of conduct that does not
The WFG sees the integration of environmental and climate
comply with the law and standards.
goals into the design of ﬁnancial and insurance solutions
as an opportunity. To that end, it has made an initial contribu-
The decentralised structure of the Würth Group and short
tion to strengthening sustainability-based ﬁnancial manage-
decision-making paths enable the WFG to respond
ment in the Würth Group by concluding a “sustainability-
quickly to changes impacting corporate governance and
linked” loan agreement.
thus support long-term, sustainable growth.
23
Report of the Management
5.5 Diversity and Inclusion
On the road to this target, WFI in 2025 appointed a female
The Würth Group and Würth Finance International B.V. recog-
Managing Director and promoted two internal talents to
nise the importance of a diverse workforce and believe that
take up vacant roles as non-statutory Management members:
their business activities beneﬁt from staﬀ with a variety of world
one female and one male.
views, experiences and socio-economic backgrounds. These
aspects foster the development of diﬀerent perspectives, which
In addition, the following measures have been taken to
help to drive growth and innovation and avoid a silo mentality.
achieve the diversity goals:
The WFG promotes multilingual communication for employees
– The Würth Group has established a “diversity and inclusion
in order to anchor these aspects ﬁrmly within the corporate
team” supporting all Group companies including Würth
culture. This can be seen, for example, in bilingual information
Finance International B.V. in their ambition to achieve a more
events and in written communication with employees in
diverse workforce and an inclusive working environment.
diﬀerent languages. Access to relevant information in diﬀerent
This support consists of a mentoring programme, a women’s
languages improves mutual understanding, makes for a
network and training materials to create awareness on diver-
stronger connection between the various teams and promotes
sity and inclusion (D&I).
a sense of belonging to the company among employees.
– Würth Finance International B.V. has set up a D&I working
group to tackle D&I issues, deﬁne and introduce measures,
Würth Finance International B.V. revised its diversity policy
and thus help create a more inclusive working environment.
in 2022 following the introduction of applicable statutory
– Würth Finance International B.V. has ensured that gender
requirements in the Netherlands regarding gender diversity.
neutral wording will be used whenever job vacancies are
These requirements apply to both the Board of Directors
announced.
and the Management. Under the new policy, the company
– “Gender diversity” will be included in the proﬁle for new
undertakes to improve the gender balance throughout the
members of Management and the Board of Directors.
company and aims to have a minimum balance of 30% men
– Recruiters are instructed to include female talent in relevant
and 30% women by 2030 in its corporate leadership.
shortlists.
– Working towards teams with greater gender diversity is in-
cluded as an objective for senior management.
Würth Finance International B.V.
– All employees are educated on the value of diversity.
as at 31 December 2025
Managers are trained and made aware of the topic.
Composition male/female
– The company monitors how applicants, employees and
per relevant corporate body
Male
Female
leavers experience the issues of diversity and inclusion
Board of Directors
8
1
within Würth Finance International B.V. (and action is taken
Management: Managing Directors
2
1
based upon the outcome).
Management: other members
3
1
Company
42
34
Note: The Management consists of the statutory members
(Managing Directors) and non-statutory members.
Basic principles of our risk management system
– The Management bears the responsibility for all risks incurred as a result of the company’s
business activities and seeks to achieve a healthy balance between risk and returns.
– The three-lines-of-defence model forms an integral part of the corporate structure.
– Employees are familiar with and alert to the principal risks speciﬁc to their area of activity.
A central element of risk control is the comprehensive, transparent and objective disclosure
of risks to the Group and company management, owners, supervisory authorities and
other stakeholders.
– Income is protected on the basis of risk tolerance – i.e. the maximum risk that the
Würth Finance Group can bear given its ﬁnancial and earning power.
– Ultimately, the Würth Finance Group’s reputation depends on eﬀective risk management
and control.
24
Financial Statements 2025
Würth Finance Group
Financial Statements 2025 Würth Finance Group
CONSOLIDATED INCOME STATEMENT
for the year ended at 31 December
in TEUR
Notes
2025
2024
Operating income
Interest income from ﬁnancial instruments measured at amortised cost
10
122,002
144,953
Interest income from ﬁnancial instruments measured at fair value through proﬁt or loss
10
35,597
24,770
Interest expenses
10
–100,526
–105,826
Net interest income
57,073
63,897
Income from factoring activities
13,522
13,613
Income from commission and service fee activities
11
49,866
49,505
Income from trading activities and ﬁnancial instruments
12
17,663
23,540
Other ordinary income from related parties
13
733
910
Expected credit loss (expenses)/recovery
18a
–2,810
1,742
Total operating income
136,047
153,207
Operating expenses
Personnel expenses
14
–27,696
–26,738
Other administrative expenses
–11,416
–16,207
Amortisation expenses
–2,129
–2,082
Total operating expenses
–41,241
–45,027
Proﬁt before taxes
94,806
108,180
Income tax expense
15
–16,274
–21,930
Net proﬁt for the year
78,532
86,250
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended at 31 December
in TEUR
Net of tax
2025
2024
Proﬁt for the year
78,532
86,250
Total items that will be reclassiﬁed to the income statement
Exchange diﬀerences on translation of foreign operations
76
–250
Net gain/(loss) on cash ﬂow hedges
1,335
1,614
Total items that will not be reclassiﬁed to the income statement
Remeasurement gain/(loss) on deﬁned beneﬁt plans
3,293
–2,109
Other comprehensive income for the year (OCI)
4,704
–745
Total comprehensive income for the year, net of tax
83,236
85,505
26
Financial Statements 2025 Würth Finance Group
CONSOLIDATED BALANCE SHEET
at 31 December after appropriation of proﬁts
in TEUR
Notes
2025
2024
Assets
Non-current assets
Intangible assets
3
947
1,238
Right-of-use assets
3
2,090
2,247
Property, plant and equipment
3
213
397
Loans to related companies
4, 16
1,047,158
1,164,651
Positive fair values of derivative instruments
18b, 18c
9,440
5,293
Deferred tax assets
15
726
1,183
Total non-current assets
1,060,574
1,175,009
Current assets
Receivables from related companies
16
1,720,404
1,723,063
Positive fair values of derivative instruments
18b, 18c
9,733
12,713
Other assets
5
5,918
5,412
Accrued income and prepaid expenses
13,102
16,186
Securities at amortised cost
7
89,198
186,426
Securities at fair value through proﬁt or loss
6, 18a
126,960
113,607
Cash and cash equivalents
1,211,129
1,430,269
Total current assets
3,176,444
3,487,676
Total assets
4,237,018
4,662,685
Equity and liabilities
Shareholders’ equity
Issued capital
16,000
16,000
Additional paid-in capital
5,000
5,000
Retained earnings
579,099
497,274
Cash ﬂow hedge reserve
–2,460
–3,795
Foreign currency translation
5
–71
Total shareholders’ equity
597,644
514,408
Non-current liabilities
Bonds issued
8
1,829,952
2,155,764
Liabilities for pension plans
14
4,229
7,227
Lease liabilities
888
1,054
Negative fair values of derivative instruments
18b, 18c
10,274
12,561
Deferred tax liabilities
15
396
385
Total non-current liabilities
1,845,739
2,176,991
Current liabilities
Bonds issued
8
323,816
498,623
Payables to related companies
16
1,427,274
1,422,468
Lease liabilities
1,225
1,217
Payables to banks
21
109
675
Income tax payables
11,124
14,791
Negative fair values of derivative instruments
18b, 18c
6,049
10,168
Other liabilities
9, 16
12,843
11,571
Accrued expenses and deferred income
11,195
11,773
Total current liabilities
1,793,635
1,971,286
Total equity and liabilities
4,237,018
4,662,685
27
Financial Statements 2025 Würth Finance Group
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended at 31 December
Additional
Cash ﬂow
Foreign
Issued
paid-in
Retained
hedge
currency
in TEUR
capital
capital
earnings
reserve
translation
Total
At 1 January 2024
16,000
5,000
438,133
–5,409
179
453,903
Net proﬁt for the year
0
0
86,250
0
0
86,250
Foreign currency translation
0
0
0
0
–250
–250
Cash ﬂow hedge accounting
0
0
0
1,614
0
1,614
Remeasurement gain/(loss) on deﬁned beneﬁt plans
0
0
–2,109
0
0
–2,109
Total comprehensive income for the year
0
0
84,141
1,614
–250
85,505
Dividends
0
0
–25,000
0
0
–25,000
At 31 December 2024
16,000
5,000
497,274
–3,795
–71
514,408
At 1 January 2025
16,000
5,000
497,274
–3,795
–71
514,408
Net proﬁt for the year
0
0
78,532
0
0
78,532
Foreign currency translation
0
0
0
0
76
76
Cash ﬂow hedge accounting
0
0
0
1,335
0
1,335
Remeasurement gain/(loss) on deﬁned beneﬁt plans
0
0
3,293
0
0
3,293
Total comprehensive income for the year
0
0
81,825
1,335
76
83,236
Dividends
0
0
0
0
0
0
At 31 December 2025
16,000
5,000
579,099
–2,460
5
597,644
Würth Finance International B.V. has authorised share capital of EUR 80 million consisting of 160,000 share certiﬁcates with a
nominal value of EUR 500. Of this authorised share capital, 32,000 share certiﬁcates have been subscribed and fully paid in,
corresponding to EUR 16 million.
The net proﬁt for the year and other comprehensive income for the year are attributable to the equity holders of the parent.
In 2025, no dividends were paid for ﬁnancial year 2024.
28
Financial Statements 2025 Würth Finance Group
CONSOLIDATED CASH FLOW STATEMENT
for the year ended at 31 December
in TEUR
2025
2024
Net proﬁt for the year
78,532
86,250
Amortisation and impairments
566
515
Adjustment to provision for taxes
–3,667
2,369
Deferred tax expense/(beneﬁt)
468
586
Other expenses and revenues without cash ﬂows
540
10,400
Foreign exchange gains and losses (long-term loans)
31,553
–14,291
Foreign exchange gains and losses (short-term loans)
9,461
–8,528
(Increase)/decrease in operating assets
Redemption of long-term loans to related companies
46,782
62,318
Lending of long-term loans to related companies
–321,370
–292,905
Receivables from related companies
352,857
55,738
Positive fair values of derivative instruments
–1,167
1,972
Income tax receivables
0
55
Other assets, accrued income and prepaid expenses
2,578
–3,786
Increase/(decrease) in operating liabilities
Payables to related companies
4,806
–52,302
Negative fair values of derivative instruments
–6,406
–3,447
Other liabilities, accrued expenses and deferred income
694
3,529
Net cash ﬂows from operating activities
196,227
–151,527
Purchase of property, plant and equipment, and intangible assets
–91
–444
Disposal of property, plant and equipment, and intangible assets
2
0
Purchase of securities
–353,804
–294,259
Repayment or disposal of securities
439,092
217,735
Net cash ﬂows from investing activities
85,199
–76,968
Proceeds of borrowings
0
497,230
Repayment of borrowings
–500,000
0
Dividend payments
0
–25,000
Net cash ﬂows from ﬁnancing activities
–500,000
472,230
Net increase/(decrease) in cash and cash equivalents
–218,574
243,735
Net cash and cash equivalents at the beginning of the year
1,429,594
1,185,859
Net cash and cash equivalents at the end of the year
1,211,020
1,429,594
Net increase/(decrease) in cash and cash equivalents
–218,574
243,735
Additional information on operating cash ﬂows
Income taxes paid
–19,783
–18,428
Interest received
158,989
179,163
Interest paid
–86,999
–88,369
The funds for this cash ﬂow statement are represented by cash and cash equivalents (net of payables to banks).
29
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended at 31 December
1 BUSINESS ACTIVITY
Würth Finance International B.V. (in these consolidated Financial Statements together with its subsidiaries referred to as the Würth Finance Group) was incorporated in 1987 and is domiciled in Amsterdam, the Netherlands. The address of the company is Het Sterrenbeeld 35, P. O. Box 344, NL5201 AH ’s-Hertogenbosch. The company has a branch in Rorschach, Switzerland, and also has several subsidiaries in Switzerland.
The companies belonging to the Würth Finance Group (subse- quently referred to as “the Group”) are part of the internation- ally active Würth Group and are consolidated in the Würth Group's ﬁnancial statements. All share certiﬁcates pertaining to Würth Finance International B.V., Amsterdam, are held by Reinhold Würth Holding GmbH, Künzelsau, Germany, which is ultimately owned by the family foundations.
The core activities and the goal of the Group include provid- ing ﬁnancing to and carrying out a wide range of ﬁnancial activities with companies, both at home and abroad, belong- ing to the entire Würth Group, as well as providing consulting and other services in the area of pension funds and insurance to both private persons as well as small and medium-sized enterprises.
The annual report of the Group was approved by the Man- agement on 30 April 2026 and can be downloaded, together with the annual report of the Würth Group, from the Würth Finance International B.V. website: wuerthﬁnance.net.
Fully consolidated companies
The consolidated Financial Statements include the ﬁnancial statements of Würth Finance International B.V., Amsterdam, and its subsidiaries, which are represented as a single busi- ness entity known as the Würth Finance Group. Subsidiaries that are controlled directly or indirectly by the Group have been consolidated. Control is achieved when the Würth Finance Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to af- fect those returns through its power over the investee. Control is assumed if the Würth Finance Group holds more than 50% of the voting rights of the investee.
Subsidiaries are consolidated from the date on which they were acquired by the Group and are deconsolidated from the date of disposal.
Method of consolidation
The consolidated Financial Statements comprise the ﬁnancial statements of Würth Finance International B.V., Amsterdam, and its subsidiaries as at 31 December. The ﬁnancial state- ments of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-Group balances and transactions as well as income and expenses resulting from intra-Group transactions are fully eliminated.
The scope of consolidation of the Group as at 31 December 2025 is composed as follows:

|  | Chamber of | Reporting | Share capital
Company | Core activities | commerce no. | currency | (in thousands) | Quota
Würth Finance International B.V., |  |  |  |  |
Amsterdam | Treasury activities for the Würth Group | 008654700 | EUR | 16,000 | 100%
Würth Invest AG, |  |  |  |  |
Chur | Asset management | CH-350.3.007.992-6 | CHF | 23,000 | 100%
Würth Financial Services AG, | Financial and pension plan consulting/insurance |  |  |  |
Rorschach | brokerage for corporate and private clients | CH-020.3.918.954-7 | CHF | 1,500 | 100%

Financial Statements 2025 Würth Finance Group
30
2 ACCOUNTING PRINCIPLES
General
The Annual Report has been prepared in ESEF and is in accordance with the requirements as set out in the Delegat- ed Regulation (EU) 2019/815 with regard to regulatory technical standards on the speciﬁcation of a single electronic reporting format (hereinafter: the RTS on ESEF).
The consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The main accounting principles are described in this section in order to show how their application inﬂuences the stated results and information for the Group.
The consolidated Financial Statements are presented in euros and all values are rounded to the nearest thousand (EUR 0,000), except when otherwise indicated.
The Group has prepared its consolidated ﬁnancial statements on the basis that it will continue to operate as a going concern.
New and amended standards and interpretations
Several amendments and interpretations apply for the ﬁrst time in 2025, but do not have an impact on the consolidated ﬁnancial statements of the Group.
The following amendment is eﬀective for the period beginning 1 January 2025:
– Lack of Exchangeability (Amendment to IAS 21)
The nature and eﬀect of the change as a result of the adop- tion of this amendment is described below.
Lack of Exchangeability (Amendment to IAS 21
The amendment had no impact on the consolidated ﬁnancial statements of the Group.
Standards issued but not yet eﬀective
The new and amended standards and interpretations that are issued, but not yet eﬀective, up to the date of issuance of the Group’s ﬁnancial statements are disclosed below. The Group intends to adopt these standards and interpretations, if applicable, when they become eﬀective and has not adopted any standards early.
The following amendments are eﬀective for the annual report- ing period beginning 1 January 2026:
– Amendments to the Classiﬁcation and Measurement of
Financial Instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7)
– Annual Improvements to IFRS Accounting
Standards – Volume 11
– Contracts Referencing Nature-dependent Electricity
(Amendments to IFRS 9 and IFRS 7)
The following amendments are eﬀective for the annual report- ing period beginning 1 January 2027:
– IFRS 18 Presentation and Disclosure in Financial Statements
– IFRS 19 Subsidiaries without Public Accountability:
Disclosures
The Group is currently assessing the eﬀect of these new accounting standards and amendments.
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024, supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any eﬀect on the recognition and meas- urement of items in the consolidated Financial Statements, it is expected to have a signiﬁcant eﬀect on the presentation and disclosure of certain items. These changes include categorisa- tion and sub-totals in the statement of proﬁt or loss, aggre- gation/disaggregation and labelling of information, and disclosure of management-deﬁned performance measures.
The Group does not expect to be eligible to apply IFRS 19.
Assumptions and estimates
The IFRS include guidelines requiring the Group to make assumptions and estimates when preparing its consolidated Financial Statements. These assumptions and estimates are continuously reviewed and are based on past experience and other factors, including expectations regarding likely future developments. The most important assumptions and estimates relate to the actuarial calculations for pensions and other post-employment beneﬁts, the expected credit loss, as well as the provisions.
Recognition
Purchases and sales of ﬁnancial assets and liabilities are recognised on the settlement day. Transactions are thus recognised in the balance sheet mainly on the settlement date and not on the transaction date. Derivatives, however, are recognised on the trade date. All concluded transactions are recorded and evaluated. Any unrealised gains or losses result- ing from valuing transactions at market value are recognised in the income statement.
Accrual of income and expenses
Interest income and interest expenses are accrued using the eﬀective interest rate (EIR) method and recognised as income or expenses respectively. Dividends are recognised as of the date when they have been formally declared and approved. Premiums and discounts arising from the issuance of bonds are amortised over their residual term using the eﬀective interest rate method. Factoring fees are recognised when the receivable is assigned to the Group.
Financial Statements 2025 Würth Finance Group
31
Collection and delcredere charges are levied when the supplier’s invoice is paid. Income from services is in principle recorded when the service is rendered. Brokerage, consulting fees and other such income are recognised on a pro rata basis throughout the time the service is rendered. Revenue from new brokerage mandates is recognised with eﬀect from the signature date on the basis of past experience.
Foreign exchange translation
The Group’s consolidated Financial Statements are presented in euros, which is the Group’s presentation currency. Transactions in foreign currencies are initially recorded at the functional currency spot rate at the date the transaction ﬁrst qualiﬁes for recognition. Exchange diﬀerences arising from such transactions, as well as income resulting from converting monetary assets and monetary liabilities denominated in foreign currencies at the rate of exchange applicable at the balance sheet date, are recognised in the income statement.

Conversion rates at 31 December | 2025 | 2024
US dollar (USD) | 1.174 | 1.104
Swiss franc (CHF) | 0.931 | 0.939
British pound (GBP) | 0.873 | 0.827
Canadian dollar (CAD) | 1.610 | 1.489
Chinese renminbi (CNH) | 8.198 | 7.603
Norwegian krone (NOK) | 11.844 | 11.763
Danish krone (DKK) | 7.469 | 7.457
Swiss franc (CHF) – average exchange rate | 0.937 | 0.953

On consolidation, all assets and liabilities of the subsidiaries – with the exception of shareholders’ equity – are translated into euros at the rate of exchange prevailing at the reporting date, and their statements of proﬁt or loss are translated at exchange rates prevailing at the dates of the transactions. The exchange diﬀerences arising on translation for consolidation are recognised in other comprehensive income (OCI). On dis- posal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassiﬁed in proﬁt or loss as foreign currency translation.
Financial instruments
A ﬁnancial instrument is any contract that gives rise to a ﬁnancial asset of one entity and a ﬁnancial liability or equity instrument of another entity.
Recognition and measurement of ﬁnancial instruments
Financial instruments are recognised when the Group becomes party to the contractual provisions of the ﬁnancial instrument. Financial assets are derecognised when the contractual rights to the cash ﬂows from the ﬁnancial asset expire, or when the ﬁnancial asset and all substantial risks and rewards are transferred. Financial liabilities are derecognised when the related contractual obligations are extinguished, discharged/ cancelled or expire. Financial instruments are recognised and derecognised using settlement date accounting.
On initial recognition, ﬁnancial instruments are measured at fair value. Fair value on initial recognition includes transac- tion costs directly attributable to the acquisition or issue of ﬁnancial instruments, except for ﬁnancial instruments carried at fair value through proﬁt or loss, for which transaction costs are recognised in net income in the period when they are incurred.
Financial instruments are measured in subsequent periods either at fair value or at amortised cost using the eﬀective interest rate method, depending on the ﬁnancial instrument classiﬁcation.
The eﬀective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the ﬁnancial asset or liability to its carrying amount. When calculating the eﬀective interest rate, the Group estimates future cash ﬂows, considering all contractual terms of the ﬁnancial instrument.
Major types of ﬁnancial and non-ﬁnancial
instruments and their classiﬁcation
Cash and cash equivalents
Cash and short-term deposits in the balance sheet comprise cash at banks and on hand and short-term deposits with a maturity of three months or less, which are subject to an insig- niﬁcant risk of changes in value and are readily convertible. Cash and cash equivalents are valued at amortised cost and are fully available for use by the Group.
Securities at fair value through proﬁt or loss
Within the scope of its management and performance meas- urement activities relating to a documented risk management and investment strategy, the Group measures securities as ﬁnancial instruments at fair value through proﬁt or loss. The fair value of securities that are actively traded in organised ﬁnancial markets is determined by reference to quoted market prices. For securities where there is no active market, fair value is determined using valuation techniques such as price quotations from securities brokers or on the basis of price models. The valuations are by their very nature dependent on the assumptions on which they are based. Traded debt securities are carried at their clean price.
Securities at amortised cost
Securities at amortised cost are initially recognised at their actual cost, which corresponds to the fair value at the time of the purchase of the security. After initial recognition, subse- quent measurement is at amortised cost using the EIR method. Securities at amortised cost are held to collect contractual cash ﬂows that are solely payments of principal and interest.
Loans and receivables
Loans and receivables are non-derivative ﬁnancial assets with ﬁxed or determinable payments that are not quoted in an ac- tive market. All loans and receivables are initially recognised at their actual cost, which corresponds to the fair value at the time of the loan being granted less transaction costs. After
Financial Statements 2025 Würth Finance Group
32
initial recognition, loans and receivables are subsequently measured at amortised cost less value adjustments using the eﬀective interest rate method and less allowance for expected credit losses. The loans are granted to related companies and the payments consist solely of interest and the principal (held to collect).
The Group records an allowance for expected credit loss (ECL) for all loans. The ECL allowance is based on the credit losses expected to arise over the life of the asset (the lifetime expected credit losses or LTECL), unless there has been no signiﬁcant increase in credit risk since origination, in which case the allowance is based on the 12 months’ expected credit losses (12mECL).
Derivative ﬁnancial instruments
Derivative ﬁnancial instruments are ﬁnancial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other ﬁnancial instruments. The Group acquires derivative ﬁnancial instruments to manage ex- posures to interest, currency and other market risks. Derivative ﬁnancial instruments are classiﬁed as held-for-trading ﬁnancial assets/ﬁnancial liabilities, unless they are included in hedge accounting as hedging instruments.
Derivative ﬁnancial instruments are recognised at fair value at each balance sheet date and reported in the balance sheet under positive fair values of derivative instruments or negative fair values of derivative instruments. Financial assets and ﬁnan- cial liabilities are oﬀset according to the ISDA netting agree- ments based on the conditions set therein and thus the net amount is reported in the consolidated balance sheet if there is a currently enforceable legal right to oﬀset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
The fair values recognised in the balance sheet reﬂect the net fair value of the instruments after the cash settlement.
Derivative ﬁnancial instruments and hedge accounting
The Group designates certain derivatives held for risk man- agement purposes as cash ﬂow hedges or fair value hedges:
– Fair value hedges when hedging the exposure to changes
in the fair value of a recognised asset or liability or an unrecognised ﬁrm commitment
– Cash ﬂow hedges when hedging the exposure to variability
in cash ﬂows that is attributable either to a particular risk associated with a recognised asset or liability or to a highly probable forecasted transaction, or to the foreign currency risk in an unrecognised ﬁrm commitment
The Group documents all hedging relationships and its risk management objectives, along with its strategy for carrying out the hedge transactions.
The Group assesses whether the derivatives used in hedging transactions are highly eﬀective in oﬀsetting changes in the cash ﬂow or the fair value of hedged items, both at inception and over the life of the hedge.
If these hedging instruments expire, are sold or no longer meet the criteria for hedge accounting, the amounts previously recognised in OCI are reclassiﬁed to the income statement as net gains or losses on other ﬁnancial instruments during the periods when the variability in the cash ﬂows or fair values of the hedged item aﬀects net income. However, if a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately trans- ferred to the income statement under net gains or losses on other ﬁnancial instruments.
Bonds issued
Issued bonds are initially recognised at the fair value of the consideration received, net of directly attributable transaction cost. They are subsequently reported in the balance sheet at amortised cost using the eﬀective interest rate method. The amortisation of bond-issuing cost (discount) is recognised in the income statement over the duration of the term using the eﬀective interest rate method. Bonds represent non-current lia- bilities. As soon as the remaining term is less than 12 months, the respective bond is reported as a current liability.
Property, plant and equipment
Property, plant and equipment comprise oﬃce furniture and equipment, interior installations, vehicles, ICT hardware and works of art. These assets are capitalised if their acquisition or production cost can be reliably determined, if they will bring future economic beneﬁt, and if the anticipated usage extends beyond the reporting period.
Property, plant and equipment are stated at cost, net of accu- mulated amortisation and accumulated impairment losses, if any. Amortisation is calculated on a straight-line basis over the estimated useful life of the assets:

Oﬃce furniture and equipment | 2–5 years
Interior installations | 5 years
Vehicles | 3–4 years
ICT hardware | 2–3 years

No amortisation is calculated on works of art. The amortisation periods and methods are reviewed at least at each ﬁnancial year-end.
Intangible assets
Intangible assets comprise software, among other items. Intangible assets acquired separately are initially measured at cost. The cost of intangible assets acquired in a business com- bination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Intangible assets are amortised over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.
Financial Statements 2025 Würth Finance Group
33
Amortisation is calculated on a straight-line basis over the estimated useful lives of the assets:

EDP software | 2 years
Activated customer base | 10 years

Changes in the expected useful life or the expected pattern of consumption of future economic beneﬁts embodied in the assets are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates.
The amortisation expense is recognised in the income state- ment in the expense category amortisation expenses. The amortisation period and amortisation method are reviewed at least at each ﬁnancial year-end.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identiﬁed asset for a period of time in exchange for a consideration.
The Group applies a single recognition and measurement ap- proach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Group recognises right-of-use assets at the commence- ment date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated amortisation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreci- ated on a straight-line basis over the shorter of their estimated useful life and the lease term. Right-of-use assets are subject to impairment.
the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commence- ment date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reﬂect the accretion of interest and reduced for the lease payments made. 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 assess- ment to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of oﬃce equipment that are considered to be of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Impairment of assets
The value of property, plant and equipment and other ﬁxed assets is reviewed for impairment at least once a year or if signiﬁcant events or changes in circumstances suggest that their book value is too high. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s fair value less the cost to sell, and its value in use.
Provisions
Provisions are recognised in the balance sheet when the Group has a present obligation to a third party as a result of a past event, it is probable that an outﬂow of resources embodying economic beneﬁts will be required to settle the ob- ligation, and a reliable estimate can be made of the amount of the obligation.
Taxes and deferred taxes
Current income taxes are calculated based on the taxable income in the ﬁscal year and in accordance with the appli- cable tax laws in the Netherlands and Switzerland, and are recognised as an expense in the period in which the income is earned. They are stated as income tax receivables and income tax payables in the balance sheet.
Tax eﬀects arising from temporary diﬀerences between the carrying value of assets and liabilities reported in the balance sheet and their corresponding tax values are recognised sepa- rately as either deferred tax assets or deferred tax liabilities. Deferred income tax assets arising from temporary diﬀerences and from loss carryforwards eligible for oﬀset are recognised only if it seems likely that in future suﬃcient taxable proﬁts will be available against which those loss carryforwards can be oﬀset.
Lease liabilities
At the commencement date of the lease, the Group recog- nises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease pay- ments include ﬁxed payments (including in-substance ﬁxed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reﬂects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period in which
Financial Statements 2025 Würth Finance Group
34
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is realised or the liability is settled.
Pensions and other post-employment beneﬁts
The Group operates a number of pension plans for its employ- ees. These are treated as deﬁned beneﬁt plans in accordance with IAS 19. Actuarial gains and losses are recognised im- mediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. The impact of the eﬀect is shown in the consolidat- ed statement of comprehensive income.
For separately funded deﬁned beneﬁt plans, the degree of coverage of the fair value of the beneﬁt obligations compared with the plan’s assets, valued at market prices, is reported in the balance sheet as a liability or an asset, taking into con- sideration claims that still have to be oﬀset and unrecorded actuarial gains or losses (the projected unit credit method).
Transactions with related companies
The Group is responsible for concentrating and optimising the worldwide cash ﬂows within the Würth Group, managing the ﬁnancial risks and handling the Würth Group ﬁnancing. In this connection, by its very nature the Group carries out a very wide variety of transactions with associated companies, that is, with companies belonging to the Würth Group. Only a relatively small proportion of transactions are carried out with third parties outside the Würth Group.
Transactions performed within the Group are eliminated for the purpose of these consolidated Financial Statements. All group transactions are consolidated within the framework of the consolidated ﬁnancial statements of the Würth Group.
Segments
The Group generates income through a wide range of activi- ties, which are divided into the following segments:
– Inhouse Banking with Group Financing, Trading, Securities
Investments, Central Settlement and Central Services
– External Financial Services with Pension Plans & Insurance
This structure forms the basis for the primary segment report- ing. Segment reporting by geographic area is not considered meaningful as the services are provided only from the Nether- lands and Switzerland.
The Group Financing segment borrows funds from the money and capital markets and places them at the disposal of the Würth Group companies in the form of loans and credits.
The Trading segment purchases and sells currency and interest rate instruments as well as securities for the purpose of gener- ating ﬁnancial income and capital gains. The activities relating to payment for goods purchased by Würth Group compa- nies, together with the delcredere and collection services for suppliers of goods, are summarised under Central Settlement. Some of the Group’s excess funds are allocated to a securities portfolio, which is managed through Würth Invest AG. The results of these asset management activities are disclosed in the segment Securities Investments. The Pension Plans & Insurance segment comprises the services provided by Würth Financial Services AG to third parties, which include ﬁnancial and pension plan consulting and insurance brokerage for corporate and private clients.
Direct income and expense are allocated to the appropriate segment. Transfers between the business units are reported at fair value, which corresponds to the amounts that would be charged to third parties for similar services. Income and expense arising from activities that are not directly attributable to the segments are booked to Central Services.
Cash ﬂow statement
The cash ﬂow statement has been prepared in accordance with the indirect method.
Financial Statements 2025 Würth Finance Group
35
3 INTANGIBLE ASSETS/RIGHT-OF-USE ASSETS/
PROPERTY, PLANT AND EQUIPMENT
Intangible assets/right-of-use assets/property, plant and equipment comprise the following items:
At 31 December 2025

|  | Additions |  |  |  |  |  |
|  | (disposals) |  | Accum. |  | Amorti- | Accum. |
| Acquisition | ind. assets | Acquisition | amorti- | Asset | sation for | amorti- | Net book
| cost | retirement | cost | sation | retirement | the year | sation | value
in TEUR | 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | 2025 | 2025
Intangible assets |  |  |  |  |  |  |  |
Software | 2,613 | 88 | 2,701 | –2,247 | –1 | –204 | –2,452 | 249
Activated customer base | 17,606 | 155 | 17,761 | –16,734 | –150 | –179 | –17,063 | 698
Total intangible assets | 20,219 | 243 | 20,462 | –18,981 | –151 | –383 | –19,515 | 947
Right-of-use assets |  |  |  |  |  |  |  |
Right-of-use land and buildings | 9,794 | 1,423 | 11,217 | –7,571 | –17 | –1,547 | –9,135 | 2,082
Right-of-use vehicles | 68 | 1 | 69 | –44 | 0 | –17 | –61 | 8
Total right-of-use assets | 9,862 | 1,424 | 11,286 | –7,615 | –17 | –1,564 | –9,196 | 2,090
Property, plant and equipment |  |  |  |  |  |  |  |
Vehicles | 786 | –239 | 547 | –481 | 234 | –150 | –397 | 150
Art objects | 34 | 0 | 34 | 0 | 0 | 0 | 0 | 34
Oﬃce equipment/installations | 3,333 | 28 | 3,361 | –3,275 | –25 | –32 | –3,332 | 29
Total property, plant and equipment | 4,153 | –211 | 3,942 | –3,756 | 209 | –182 | –3,729 | 213

At 31 December 2024

|  | Additions |  |  |  |  |  |
|  | (disposals) |  | Accum. |  | Amorti- | Accum. |
| Acquisition | incl. asset | Acquisition | amorti- | Asset | sation for | amorti- | Net book
| cost | retirement | cost | sation | retirement | the year | sation | value
in TEUR | 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | 2024 | 2024
Intangible assets |  |  |  |  |  |  |  |
Software | 2,887 | –274 | 2,613 | –2,515 | 424 | –156 | –2,247 | 366
Activated customer base | 17,778 | –172 | 17,606 | –16,715 | 158 | –177 | –16,734 | 872
Total intangible assets | 20,665 | –446 | 20,219 | –19,230 | 582 | –333 | –18,981 | 1,238
Right-of-use assets |  |  |  |  |  |  |  |
Right-of-use land and buildings | 7,746 | 2,048 | 9,794 | –6,167 | 147 | –1,551 | –7,571 | 2,223
Right-of-use vehicles | 69 | –1 | 68 | –27 | 0 | –17 | –44 | 24
Total right-of-use assets | 7,815 | 2,047 | 9,862 | –6,194 | 147 | –1,568 | –7,615 | 2,247
Property, plant and equipment |  |  |  |  |  |  |  |
Vehicles | 643 | 143 | 786 | –504 | 138 | –115 | –481 | 305
Art objects | 34 | 0 | 34 | 0 | 0 | 0 | 0 | 34
Oﬃce equipment/installations | 3,327 | 6 | 3,333 | –3,229 | 21 | –67 | –3,275 | 58
Total property, plant and equipment | 4,004 | 149 | 4,153 | –3,733 | 159 | –182 | –3,756 | 397

Financial Statements 2025 Würth Finance Group
36

in TEUR | Right-of-use assets
As at 1 January 2025 | 2,247
Additions | 1,424
Amortisation expense | –1,581
As at 31 December 2025 | 2,090

in TEUR | Lease liabilities
As at 1 January 2025 | 2,271
Accretion of interest | –43
Payments | –115
As at 31 December 2025 | 2,113

in TEUR | Lease expenses
Amortisation expense of right-of-use assets | –1,581
Interest expense on lease liabilities | –43
Total amount recognised in income statement | –1,624

4 LOANS TO RELATED PARTIES

in TEUR | 2025 | 2024
Balance at 1 January (excl. ECL) | 1,167,018 | 1,393,722
New loans granted, increase in existing loans | 321,370 | 292,905
Repayments | –46,782 | –62,318
Currency and other adjustments | –31,553 | 14,291
Term reclassiﬁcation | –358,320 | –471,582
Total loans to related parties (gross amount) | 1,051,733 | 1,167,018
Expected credit loss | –4,575 | –2,367
Total loans to related parties | 1,047,158 | 1,164,651

Long-term loans to related companies, granted in foreign currencies, are translated into euros at the year-end conversion rates. The average interest rates for the major currencies at 31 December are:

| 2025 | 2024
EUR | 3.64% | 2.98%
CHF | 1.72% | 1.64%
USD | 4.19% | 3.70%
DKK | 3.91% | 2.20%

5 OTHER ASSETS

in TEUR | 2025 | 2024
Receivables from third parties | 5,761 | 5,255
Other assets | 157 | 157
Total other assets | 5,918 | 5,412

Financial Statements 2025 Würth Finance Group
37
Financial Statements 2025 Würth Finance Group
38
6 SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

| Market | Acquisition | Market | Acquisition
| value | cost | value | cost
in TEUR | 2025 | 2025 | 2024 | 2024
Equity/equity funds | 10,334 | 9,437 | 13,428 | 13,399
Investment-grade bonds/bond funds | 109,958 | 109,963 | 97,113 | 96,004
Sub-investment-grade bonds | 2,095 | 1,915 | 1,153 | 1,127
Hedge funds | 1,003 | 1,021 | 0 | 0
Commodities | 3,570 | 3,507 | 1,913 | 1,895
Total securities | 126,960 | 125,843 | 113,607 | 112,425

7 SECURITIES AT AMORTISED COST
The securities at amortised cost line item refers to investments in private placements issued by Swiss cities and cantons.
8 BONDS ISSUED
On 26 May 2025, the company repaid a EUR 500 million bond with an annual 1.000% coupon.
Overview of bonds issued at 31 December 2025

in TEUR | Notional | Notional | Premium/ |  |
Maturity | amount | amount TEUR | discount | Total | Coupon
Short-term |  |  |  |  |
16.11.2026 | TCHF 300,000 | 306,639 | 17,177 | 323,816 | 2.100%
Total book value short-term bond liabilities |  |  |  | 323,816 |
Long-term |  |  |  |  |
22.11.2027 | TEUR 750,000 | 750,000 | –988 | 749,012 | 0.750%
23.08.2030 | TEUR 600,000 | 600,000 | –12,868 | 587,132 | 2.125%
28.08.2031 | TEUR 500,000 | 500,000 | –6,192 | 493,808 | 3.000%
Total book value long-term bond liabilities |  |  |  | 1,829,952 |
Total book value bonds issued |  |  |  | 2,153,768 |

in TEUR | Notional |  |
Maturity | amount TEUR | Market value | Coupon
16.11.2026 | 306,639 | 326,334 | 2.100%
22.11.2027 | 750,000 | 727,238 | 0.750%
23.08.2030 | 600,000 | 581,604 | 2.125%
28.08.2031 | 500,000 | 499,170 | 3.000%
Total market value at 31 December |  | 2,134,346 |

The notional amounts are presented based on the exchange rate at the issuance date.
Overview of bonds issued at 31 December 2024

in TEUR | Notional | Notional | Premium/ |  |
Maturity | amount | amount TEUR | discount | Total | Coupon
Short-term |  |  |  |  |
26.05.2025 | TEUR 500,000 | 500,000 | –1,377 | 498,623 | 1.000%
Total book value short-term bond liabilities |  |  |  | 498,623 |
Long-term |  |  |  |  |
16.11.2026 | TCHF 300,000 | 306,639 | 15,765 | 322,404 | 2.100%
22.11.2027 | TEUR 750,000 | 750,000 | –1,510 | 748,490 | 0.750%
23.08.2030 | TEUR 600,000 | 600,000 | –12,030 | 587,970 | 2.125%
28.08.2031 | TEUR 500,000 | 500,000 | –3,100 | 496,900 | 3.000%
Total book value long-term bond liabilities |  |  |  | 2,155,764 |
Total book value bonds issued |  |  |  | 2,654,387 |

in TEUR | Notional |  |
Maturity | amount TEUR | Market value | Coupon
26.05.2025 | 500,000 | 496,315 | 1.000%
16.11.2026 | 306,639 | 328,654 | 2.100%
22.11.2027 | 750,000 | 710,993 | 0.750%
23.08.2030 | 600,000 | 583,722 | 2.125%
28.08.2031 | 500,000 | 502,500 | 3.000%
Total market value at 31 December |  | 2,622,184 |

The market values shown in the tables are based on quoted prices in active markets (source: Bloomberg).
The issued bonds are irrevocably and unconditionally guaranteed by joint and several guarantees of Adolf Würth GmbH & Co. KG, Künzelsau.
The eﬀective interest rates do not signiﬁcantly diﬀer from the nominal interest rates.
9 OTHER LIABILITIES

in TEUR | 2025 | 2024
Payables for deliveries and services | 2,959 | 1,658
of which to third parties | 1,259 | 751
of which to related parties | 1,700 | 907
Compensation-related liabilities | 5,250 | 5,629
Other liabilities | 4,634 | 4,284
Total other liabilities | 12,843 | 11,571

Other liabilities primarily comprise accruals for services received but not invoiced during the ﬁnancial year.
Financial Statements 2025 Würth Finance Group
39
10 INTEREST INCOME AND EXPENSES
2025

|  | Parent | Associated | Third
in TEUR | Total | companies | companies | parties
Interest income |  |  |  |
Interest income from ﬁnancing activities at amortised cost | 77,071 | 0 | 77,071 | 0
Interest income from ﬁnancing leasing activities at amortised cost | 3,154 | 0 | 3,154 | 0
Interest income from liquid assets at amortised cost | 41,777 | 40 | 19,812 | 21,925
Interest income from current accounts | 19,852 | 40 | 19,812 | 0
Interest income from bank accounts and time deposits | 21,925 | 0 | 0 | 21,925
Interest income from ﬁnancial instruments at fair value through proﬁt or loss | 35,597 | 0 | 1,476 | 34,121
Valuation gains/(losses) from interest rate and cross-currency swaps (unrealised) | 33 | 0 | 313 | –280
Interest income from interest rate and cross-currency swaps | 32,373 | 0 | 300 | 32,073
Other interest income from ﬁnancial instruments | 3,191 | 0 | 863 | 2,328
Total interest income | 157,599 | 40 | 101,513 | 56,046
Interest expenses |  |  |  |
Interest expenses for current accounts and time deposits | 23,316 | 7,445 | 15,871 | 0
Interest expenses for bonds issued | 48,690 | 3,090 | 0 | 45,600
Interest expenses from ﬁnancial instruments | 27,862 | 401 | 1,855 | 25,606
Interest expenses from interest rate and cross-currency swaps | 26,502 | 0 | 896 | 25,606
Other interest expenses from ﬁnancial instruments | 1,360 | 401 | 959 | 0
Other interest expenses (third parties) | 658 | 0 | 2 | 656
Total interest expenses | 100,526 | 10,936 | 17,728 | 71,862

2024

|  | Parent | Associated | Third
in TEUR | Total | companies | companies | parties
Interest income |  |  |  |
Interest income from ﬁnancing activities at amortised cost | 78,034 | 0 | 78,034 | 0
Interest income from ﬁnancing leasing activities at amortised cost | 3,329 | 0 | 3,329 | 0
Interest income from liquid assets at amortised cost | 63,590 | 55 | 26,546 | 36,989
Interest income from current accounts | 26,601 | 55 | 26,546 | 0
Interest income from bank accounts and time deposits | 36,989 | 0 | 0 | 36,989
Interest income from ﬁnancial instruments at fair value through proﬁt or loss | 24,770 | 0 | 3,325 | 21,445
Valuation gains/(losses) from interest rate and cross-currency swaps (unrealised) | 73 | 0 | 1,269 | –1,196
Interest income from interest rate and cross-currency swaps | 21,660 | 0 | 960 | 20,700
Other interest income from ﬁnancial instruments | 3,037 | 0 | 1,096 | 1,941
Total interest income | 169,723 | 55 | 111,234 | 58,434
Interest expenses |  |  |  |
Interest expenses for current accounts and time deposits | 40,876 | 15,299 | 25,577 | 0
Interest expenses for bonds issued | 45,819 | 3,824 | 0 | 41,995
Interest expenses from ﬁnancial instruments | 18,429 | 208 | 2,612 | 15,609
Interest expenses from interest rate and cross-currency swaps | 17,812 | 0 | 2,339 | 15,473
Other interest expenses from ﬁnancial instruments | 617 | 208 | 273 | 136
Other interest expenses (third parties) | 702 | 0 | 3 | 699
Total interest expenses | 105,826 | 19,331 | 28,192 | 58,303

Financial Statements 2025 Würth Finance Group
40
11 INCOME FROM COMMISSION AND SERVICE FEE
ACTIVITIES

in TEUR | 2025 | 2024
Acquisition commissions, brokerage fees | 18,210 | 17,800
Collection and delcredere agreements | 31,656 | 31,705
Total income from commission and service fee activities | 49,866 | 49,505

12 INCOME FROM TRADING ACTIVITIES AND FINANCIAL
INSTRUMENTS

in TEUR | 2025 | 2024
Income from securities transactions | 2,076 | 6,577
Income from foreign exchange transactions | 15,587 | 16,963
Total income from trading activities and ﬁnancial instruments | 17,663 | 23,540

13 OTHER ORDINARY INCOME FROM RELATED PARTIES
Other ordinary income of TEUR 733 (2024: TEUR 910) comprised income from the e-payment services provided to other Würth Group companies, as well as fees charged for other services rendered.
14 PERSONNEL EXPENSES
At 31 December personnel expenses were as follows:

in TEUR | 2025 | 2024
Wages and salaries | 23,320 | 22,724
Pension cost | 1,484 | 1,247
Social security cost | 1,941 | 1,829
Other employee cost | 951 | 938
Total personnel expenses | 27,696 | 26,738

Pension plan
The Group had no direct or indirect share or option-based remuneration in favour of employees.
The pension plan in the Netherlands consists of a deﬁned con- tribution plan. The salary over which pension was built up was maximised at TEUR 119 (2024: TEUR 120). The premium was partly paid by the employer.
In Switzerland, the individual Group companies participated in a semi-autonomous pension scheme in which several Swiss Würth entities participated. In this plan, actuarial risks (longev- ity, disability and death) are vested in an insurance company.
The investment risks remained with the pension scheme, which was responsible for the asset management. The pension scheme was an addition to the statutory social security insur- ance.
The employees paid a savings contribution amounting to 1.5% –10% of their insured annual salary. The employees’ contribution amount is age-related. In addition, the employees had the option of paying voluntary contributions.
In another scheme for authorised representatives and Managing Directors in Switzerland, the annual employee contributions amounted to 50% of the total sum.
Financial Statements 2025 Würth Finance Group
41
The following ﬁgures provide an overview of the ﬁnancial situation regarding the deﬁned beneﬁt plans as at 31 December:

in TEUR | 2025 | 2024
Pension cost |  |
Current service cost | 1,491 | 1,286
Past service cost related to plan amendments | 0 | –56
Net interest expense/(income) | 63 | 67
Foreign currency translation | –70 | –50
Pension cost recognised in income statement | 1,484 | 1,247
Revaluation of deﬁned beneﬁt plan |  |
Actuarial (gains)/losses due to changes in demographic assumptions | –1,839 | 3,578
Actuarial (gains)/losses due to changes based on experience | 235 | 1,251
Return on plan assets (less interest income) | –1,699 | –2,727
Foreign currency translation | 10 | 7
Revaluation recognised in OCI | –3,293 | 2,109
Liabilities for pension plan |  |
Deﬁned beneﬁt obligation at 31 December | 55,422 | 57,414
Fair value of plan assets at 31 December | –51,193 | –50,187
Net liabilities at 31 December | 4,229 | 7,227
Changes in the beneﬁt obligations |  |
Beneﬁt obligation at 1 January | 57,414 | 52,364
Interest expense | 533 | 756
Current service cost | 1,491 | 1,286
Plan participant contributions | 1,227 | 1,226
Actuarial (gains)/losses due to changes in demographic assumptions | –1,839 | 3,578
Actuarial (gains)/losses due to changes based on experience | 235 | 1,251
Past service cost related to plan amendments | 0 | –56
Beneﬁt payments | –4,128 | –2,567
Foreign currency translation | 489 | –424
Beneﬁt obligation at 31 December | 55,422 | 57,414
Changes in the plan assets |  |
Fair value of plan assets at 1 January | 50,099 | 47,081
Interest income | 470 | 689
Return on plan assets (less interest income) | 1,699 | 2,727
Plan participant contributions | 1,227 | 1,226
Employer contributions | 1,380 | 1,366
Beneﬁt payments | –4,128 | –2,567
Foreign currency translation | 446 | –335
Fair value of plan assets at 31 December | 51,193 | 50,187
Assumptions |  |
Discount rate | 0.95% | 1.50%
Expected return on plan assets | 0.95% | 1.50%
Future salary increases up to age 54 P/A | 1.50% | 1.50%
Future salary increases from age 55 P/A | 0.00% | 0.00%
Future pension increases | 0.00% | 0.00%
Probability of termination of service | BVG 2020/Generation table

Financial Statements 2025 Würth Finance Group
42
Sensitivity of beneﬁt obligation

in TEUR | Deﬁned beneﬁt | Gross service
Deﬁned changes in assumptions | obligation | cost
Assumption at 31.12.2025 | 55,422 | 2,653
Discount rate |  |
Increase by 25 basis points | 54,008 | 2,561
Decrease by 25 basis points | 57,935 | 2,751
Rate of salary increase |  |
Increase by 50 basis points | 56,449 | 2,653
Decrease by 50 basis points | 55,398 | 2,653

Plan asset allocation by category:

| 2025 | 2024
Equities | 28.9% | 26.8%
Bonds | 38.0% | 37.8%
Real estate | 24.7% | 24.6%
Other | 8.4% | 10.8%
Total of plan asset allocation | 100.0% | 100.0%

The plan assets of the pension funds consisted either of credit balances with an insurance company or a semiautonomous pension scheme.
Compensation of key management personnel
of the Group
In 2025, fees of TEUR 450 were paid to members of the Board of Directors (2024: TEUR 400).
The key management comprised the Managing Directors of the Group companies (2025: 7 persons; 2024: 6 persons).
For ﬁnancial year 2026, the Group anticipates contributions to deﬁned beneﬁt pension plans amounting to approximately TEUR 2,653. The average duration of the deﬁned beneﬁt plan obligation at the end of the reporting period is 14.3 years (2024: 14.9 years).
Remuneration for the Managing Directors of the Group com- panies totalled TEUR 3,714 in 2025 (2024: TEUR 3,464).
In 2025 and 2024, no other forms of compensation were paid to key management staﬀ.

in TEUR | 2025 | 2024
Short-term employee beneﬁts | 3,714 | 3,464
Total compensation paid to key management personnel | 3,714 | 3,464

Financial Statements 2025 Würth Finance Group
43
15 INCOME TAX
Tax positions are, inherently to operating internationally and across borders, in certain cases uncertain. Accruals and/or provisions were made where deemed necessary. The Würth Finance Group is exposed to tax risks which amongst others could result in double taxation. The source of these risks could originate from local tax rules and regulations as well as international and EU regulatory frameworks. These include transfer pricing risks on internal cross-border deliveries of services, tax risks related to acquisitions and divestments, tax risks related to permanent establishments, tax risks relating to tax losses, interest and tax credits carried forward and poten- tial changes in tax law that could result in higher tax expenses and payments.
The Group is subject to income tax in the Netherlands and in Switzerland. All taxes that were due or are payable in the future relating to the ﬁnancial years up to and including 2025 are accrued as at 31 December 2025.
The relevant tax rate for the Netherlands was 25.8% (2024: 25.8%). Due to separate taxation of the head oﬃce in the Netherlands, the branch oﬃce in Switzerland and the subsidi- aries in accordance with valid legislation in the corresponding countries, there was a diﬀerence between the eﬀective tax rate and the relevant tax rate for the Netherlands. The rele- vant tax rates in Switzerland were 8.5% (2024: 8.5%) on a federal level and 8.2% (2024: 8.2%) on a cantonal level.
The withholding tax credits not utilised in the Netherlands amounted to TEUR 5,428 (2024: TEUR 5,822) and are avail- able for carryforward indeﬁnitely.
The reconciliation of income taxes is composed as follows:

in TEUR | 2025 | 2024
Income before taxes | 94,806 | 108,180
Tax using the company’s domestic tax rate of 25.8% (2024: 25.8%) | 24,460 | 27,910
Diﬀerent tax rates applied in other countries | –8,574 | –6,865
Withholding tax eﬀect | 657 | 1,045
(De)recognition deferred taxes | 125 | 291
Tax eﬀects related to prior years | –394 | –451
Net eﬀective tax expenses | 16,274 | 21,930

The company's domestic tax rate is 25.8% (2024: 25.8%), while the net eﬀective tax rate is 17.2% (2024: 20.3%).

in TEUR | 2025 | 2024
Deferred tax assets on cash ﬂow hedges | 565 | 935
Deferred tax assets from loss carryforwards | 161 | 248
Deferred tax assets | 726 | 1,183

in TEUR | 2025 | 2024
Deferred tax liabilities on intangible assets | 396 | 385
Deferred tax liabilities | 396 | 385

Financial Statements 2025 Würth Finance Group
44
16 TRANSACTIONS WITH RELATED PARTIES
As the operative treasury unit of the Würth Group, the Group is responsible for concentrating and optimising the worldwide ﬂow of payments, managing the ﬁnancial risks and handling the ﬁnancing of the Würth Group companies. In addition to all the companies belonging to the Würth Group, the related
parties also included the members of the Board of Directors and Management of the Group, as well as their families and companies closely associated with them. Related party trans- actions were based on arm’s length terms and conditions.
At 31 December 2025

|  | Parent | Associated
in TEUR | Total | companies | companies
Receivables from related parties |  |  |
Loans to related companies | 1,047,158 | 0 | 1,047,158
Receivables from related companies | 1,720,404 | 33,838 | 1,686,566
Current accounts | 561,657 | 22,426 | 539,231
Short-term loans | 963,685 | 0 | 963,685
Factoring | 195,062 | 11,412 | 183,650
Total receivables from related parties | 2,767,562 | 33,838 | 2,733,724
Payables to related parties |  |  |
Payables to related companies | 1,427,274 | 337,587 | 1,089,687
Current accounts | 812,944 | 12,587 | 800,357
Fixed-term deposits | 614,330 | 325,000 | 289,330
Other payables to related parties | 1,700 | 0 | 1,700
Total payables to related parties | 1,428,974 | 337,587 | 1,091,387

At 31 December 2024

|  | Parent | Associated
in TEUR | Total | companies | companies
Receivables from related parties |  |  |
Loans to related companies | 1,164,651 | 0 | 1,164,651
Receivables from related companies | 1,723,063 | 26,938 | 1,696,125
Current accounts | 604,728 | 17,082 | 587,646
Short-term loans | 935,917 | 0 | 935,917
Factoring | 182,418 | 9,856 | 172,562
Total receivables from related parties | 2,887,714 | 26,938 | 2,860,776
Payables to related parties |  |  |
Payables to related companies | 1,422,468 | 401,593 | 1,020,875
Current accounts | 697,194 | 1,593 | 695,601
Fixed-term deposits | 725,274 | 400,000 | 325,274
Other payables to related parties | 907 | 0 | 907
Total payables to related parties | 1,423,375 | 401,593 | 1,021,782

The receivables from related companies (short-term loans) above include an amount of TEUR 1,339 (2024: TEUR 737) related to the expected credit loss (ECL). Reference is made to Note 18.
Financial Statements 2025 Würth Finance Group
45
17 COMMITMENTS AND CONTINGENCIES
The Group has issued guarantees, letters of comfort and let- ters of credit. These represent commitments and contingencies in favour of third parties for related company liabilities.
The lending commitments, which had been guaranteed but not yet utilised, are disclosed at nominal value.

in TEUR | 2025 | 2024
Guarantees, letters of comfort, letters of credit | 205,143 | 211,397
Total contingent liabilities | 205,143 | 211,397

in TEUR | 2025 | 2024
Unutilised lending commitments | 144,676 | 79,513
Total unutilised lending commitments | 144,676 | 79,513

18 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
a) Financial risk management
Financial risks are inherent in the Group’s business activities but are carefully measured, controlled and monitored by means of a systematic risk management process. To provide secure auditing and transparent information, a strict segrega- tion was made between the functions of bodies that take risks and those that monitor risks. The ﬁnancial risks were meas- ured and monitored without restriction by the Group’s risk controlling bodies. The control of ﬁnancial risks was eﬀected on the basis of internal directives deﬁned in writing or with reference to strategic guidelines for action. Amendments to the internal directives were made by a deﬁned process and must be approved by the Group’s supervisory bodies.
In order to mitigate the ﬁnancial risks and optimise income on the ﬁnancial resources, the Group entered into transactions with derivative ﬁnancial instruments. The Group expected that any reduction in value of one such instrument will generally be compensated by a corresponding increase in the value of the underlying hedged transaction.
The ﬁnancial risks were limited by determining the authorised instruments and by adhering to a limit system on a daily basis. Corresponding reporting by the bodies which control the risk for the attention of management was eﬀected daily. The management of market risks (foreign currency, interest rate, se- curity price), credit risks and liquidity risks is described below.
Foreign currency risk
Due to its operating activities, the Group enters into foreign currency transactions for companies of the Würth Group worldwide and was therefore exposed to exchange rate ﬂuc- tuations. The Group deems foreign currency risks to mean the loss risk on the reported assets and income arising from the change in the relationship between the exchange rates of the exposure currency and the reporting/functional currency.
The Group set individual limits for each currency or for each geographical region in order to control foreign currency risks. The instruments used to control these risks included spot trans- actions, forward transactions, currency swaps, cross-currency swaps and currency options. The positions were valued and monitored on a daily basis.
Sensitivity analysis for material foreign currency posi- tions at 31 December
The following table discloses the sensitivity of the Group’s proﬁt before tax to changes in the fair value of monetary as- sets and liabilities triggered by a reasonably possible change in the exchange rate, with all other variables held constant. The table reﬂects the most important currencies for loans and deposits for the Würth Finance Group.

| 2025 | 2024
| Market scenario | Impact on proﬁt | Market scenario | Impact on proﬁt
Currency |  | (in TEUR) |  | (in TEUR)
| 10% | 2,979 | 10% | 1,767
CHF | –10% | –2,979 | –10% | –1,767
| 10% | 1,772 | 10% | 1,509
USD | –10% | –1,772 | –10% | –1,509
| 10% | 3 | 10% | 7
GBP | –10% | –3 | –10% | –7
| 10% | 39 | 10% | 64
CAD | –10% | –39 | –10% | –64
| 10% | 1 | 10% | –4
CNY | –10% | –1 | –10% | 4
| 10% | 67 | 10% | 38
DKK | –10% | –67 | –10% | –38
| 10% | 1 | 10% | 76
NOK | –10% | –1 | –10% | –76

Financial Statements 2025 Würth Finance Group
46
BALANCE SHEET BY CURRENCY
This overview is included in the ﬁnancial statements to reconcile the translation to the presentation currency of the consolidated Financial Statements.
At 31 December 2025

|  |  | Amounts in TEUR countervalue |
in TEUR | Total | EUR | USD | CHF | DKK | Others
Assets |  |  |  |  |  |
Non-current assets |  |  |  |  |  |
Intangible assets | 947 | 249 | 0 | 698 | 0 | 0
Right-of-use assets | 2,090 | 1,399 | 0 | 691 | 0 | 0
Property, plant and equipment | 213 | –35 | 0 | 248 | 0 | 0
Loans to related companies | 1,047,158 | 644,740 | 290,026 | 92,641 | 1,096 | 18,655
Positive fair values of derivative instruments | 9,440 | 142,124 | –133,205 | 191 | 1 | 329
Deferred tax assets | 726 | 565 | 0 | 161 | 0 | 0
Total non-current assets | 1,060,574 | 789,042 | 156,821 | 94,630 | 1,097 | 18,984
Current assets |  |  |  |  |  |
Receivables from related companies | 1,720,404 | 1,158,273 | 140,628 | 149,095 | 58,364 | 214,044
Positive fair values of derivative instruments | 9,733 | 29,902 | –29,132 | 5,424 | 23 | 3,516
Other assets | 5,918 | 1,881 | 18 | 4,016 | 0 | 3
Accrued income and prepaid expenses | 13,102 | 14,146 | –563 | 821 | 6 | –1,308
Securities at amortised cost | 89,198 | 0 | 0 | 89,198 | 0 | 0
Securities at fair value through proﬁt or loss | 126,960 | 103,404 | 8,348 | 15,208 | 0 | 0
Cash and cash equivalents | 1,211,129 | 651,140 | 9,844 | 490,540 | 5,964 | 53,641
Total current assets | 3,176,444 | 1,958,746 | 129,143 | 754,302 | 64,357 | 269,896
Total assets | 4,237,018 | 2,747,788 | 285,964 | 848,932 | 65,454 | 288,880
Equity and liabilities |  |  |  |  |  |
Shareholders’ equity |  |  |  |  |  |
Issued capital | 16,000 | 16,000 | 0 | 0 | 0 | 0
Additional paid-in capital | 5,000 | 5,000 | 0 | 0 | 0 | 0
Retained earnings | 579,099 | 579,099 | 0 | 0 | 0 | 0
Cash ﬂow hedge reserve | –2,460 | –2,460 | 0 | 0 | 0 | 0
Foreign currency translation | 5 | 5 | 0 | 0 | 0 | 0
Total shareholders’ equity | 597,644 | 597,644 | 0 | 0 | 0 | 0
Non-current liabilities |  |  |  |  |  |
Bonds issued | 1,829,952 | 1,829,952 | 0 | 0 | 0 | 0
Liabilities for pension plans | 4,229 | 0 | 0 | 4,229 | 0 | 0
Lease liabilities | 888 | 245 | 0 | 643 | 0 | 0
Negative fair values of derivative instruments | 10,274 | 6,037 | 132 | 3,757 | 0 | 348
Deferred tax liabilities | 396 | 0 | 0 | 396 | 0 | 0
Total non-current liabilities | 1,845,739 | 1,836,234 | 132 | 9,025 | 0 | 348
Current liabilities |  |  |  |  |  |
Bonds issued | 323,816 | –43 | 0 | 323,859 | 0 | 0
Payables to related companies | 1,427,274 | 1,107,130 | 78,197 | 58,128 | 8,062 | 175,757
Lease liabilities | 1,225 | 1,165 | 0 | 60 | 0 | 0
Payables to banks | 109 | 31 | 0 | 0 | 0 | 78
Income tax payables | 11,124 | –683 | 0 | 11,807 | 0 | 0
Negative fair values of derivative instruments | 6,049 | –2,941 | 4,727 | 1,805 | 12 | 2,446
Other liabilities | 12,843 | 2,866 | 1,123 | 7,864 | 0 | 990
Accrued expenses and deferred income | 11,195 | 10,328 | 16 | 851 | 0 | 0
Total current liabilities | 1,793,635 | 1,117,853 | 84,063 | 404,374 | 8,074 | 179,271
Total equity and liabilities | 4,237,018 | 3,551,731 | 84,195 | 413,399 | 8,074 | 179,619
Balance sheet position | 0 | –803,943 | 201,769 | 435,533 | 57,380 | 109,261

Financial Statements 2025 Würth Finance Group
47
At 31 December 2024

|  |  | Amounts in TEUR countervalue |
in TEUR | Total | EUR | USD | CHF | DKK | Others
Assets |  |  |  |  |  |
Non-current assets |  |  |  |  |  |
Intangible assets | 1,238 | 366 | 0 | 872 | 0 | 0
Right-of-use assets | 2,247 | 1,388 | 0 | 859 | 0 | 0
Property, plant and equipment | 397 | 80 | 0 | 317 | 0 | 0
Loans to related companies | 1,164,651 | 750,286 | 301,165 | 93,362 | 3,212 | 16,626
Positive fair values of derivative instruments | 5,293 | 2,087 | 0 | 3,133 | 10 | 63
Deferred tax assets | 1,183 | 935 | 0 | 248 | 0 | 0
Total non-current assets | 1,175,009 | 755,142 | 301,165 | 98,791 | 3,222 | 16,689
Current assets |  |  |  |  |  |
Receivables from related companies | 1,723,063 | 1,062,480 | 230,748 | 165,711 | 51,327 | 212,797
Positive fair values of derivative instruments | 12,713 | –1,206 | 2,843 | 5,581 | 14 | 5,481
Other assets | 5,412 | 1,800 | 15 | 3,596 | 0 | 1
Accrued income and prepaid expenses | 16,186 | 13,592 | –617 | 1,375 | 9 | 1,827
Securities at amortised cost | 186,426 | 0 | 0 | 186,426 | 0 | 0
Securities at fair value through proﬁt or loss | 113,607 | 80,940 | 7,457 | 25,210 | 0 | 0
Cash and cash equivalents | 1,430,269 | 681,962 | 9,961 | 645,366 | 0 | 92,980
Total current assets | 3,487,676 | 1,839,568 | 250,407 | 1,033,265 | 51,350 | 313,086
Total assets | 4,662,685 | 2,594,710 | 551,572 | 1,132,056 | 54,572 | 329,775
Equity and liabilities |  |  |  |  |  |
Shareholders’ equity |  |  |  |  |  |
Issued capital | 16,000 | 16,000 | 0 | 0 | 0 | 0
Additional paid-in capital | 5,000 | 5,000 | 0 | 0 | 0 | 0
Retained earnings | 497,274 | 497,274 | 0 | 0 | 0 | 0
Cash ﬂow hedge reserve | –3,795 | –3,795 | 0 | 0 | 0 | 0
Foreign currency translation | –71 | –71 | 0 | 0 | 0 | 0
Total shareholders’ equity | 514,408 | 514,408 | 0 | 0 | 0 | 0
Non-current liabilities |  |  |  |  |  |
Bonds issued | 2,155,764 | 2,155,764 | 0 | 0 | 0 | 0
Liabilities for pension plans | 7,227 | 0 | 0 | 7,227 | 0 | 0
Lease liabilities | 1,054 | 245 | 0 | 809 | 0 | 0
Negative fair values of derivative instruments | 12,561 | –161,852 | 167,254 | 7,064 | 0 | 95
Deferred tax liabilities | 385 | 0 | 0 | 385 | 0 | 0
Total non-current liabilities | 2,176,991 | 1,994,157 | 167,254 | 15,485 | 0 | 95
Current liabilities |  |  |  |  |  |
Bonds issued | 498,623 | 498,623 | 0 | 0 | 0 | 0
Payables to related companies | 1,422,468 | 1,159,788 | 72,995 | 51,431 | 5,738 | 132,516
Lease liabilities | 1,217 | 1,158 | 0 | 59 | 0 | 0
Payables to banks | 675 | 31 | 0 | 0 | 458 | 186
Income tax payables | 14,791 | 3,714 | 0 | 11,077 | 0 | 0
Negative fair values of derivative instruments | 10,168 | –50,186 | 55,826 | 1,894 | 1 | 2,633
Other liabilities | 11,571 | 2,244 | 1,309 | 7,350 | 0 | 668
Accrued expenses and deferred income | 11,773 | 10,840 | 88 | 845 | 0 | 0
Total current liabilities | 1,971,286 | 1,626,212 | 130,218 | 72,656 | 6,197 | 136,003
Total equity and liabilities | 4,662,685 | 4,134,777 | 297,472 | 88,141 | 6,197 | 136,098
Balance sheet position | 0 | –1,540,067 | 254,100 | 1,043,915 | 48,375 | 193,677

Financial Statements 2025 Würth Finance Group
48
BALANCE SHEET BY INTEREST RATE EXPOSURE
At 31 December 2025

|  | Fixed | Variable | Non–interest
in TEUR | Total | interest rate | interest rate | bearing
Assets |  |  |  |
Non-current assets |  |  |  |
Intangible assets | 947 | 0 | 0 | 947
Right-of-use assets | 2,090 | 0 | 0 | 2,090
Property, plant and equipment | 213 | 0 | 0 | 213
Loans to related companies | 1,047,158 | 1,047,158 | 0 | 0
Positive fair values of derivative instruments | 9,440 | 0 | 0 | 9,440
Deferred tax assets | 726 | 0 | 0 | 726
Total non-current assets | 1,060,574 | 1,047,158 | 0 | 13,416
Current assets |  |  |  |
Receivables from related companies | 1,720,404 | 963,685 | 561,656 | 195,063
Positive fair values of derivative instruments | 9,733 | 0 | 0 | 9,733
Other assets | 5,918 | 0 | 5,918 | 0
Accrued income and prepaid expenses | 13,102 | 0 | 0 | 13,102
Securities at amortised cost | 89,198 | 89,198 | 0 | 0
Securities at fair value through proﬁt or loss | 126,960 | 107,557 | 4,496 | 14,907
Cash and cash equivalents | 1,211,129 | 0 | 1,211,129 | 0
Total current assets | 3,176,444 | 1,160,440 | 1,783,199 | 232,805
Total assets | 4,237,018 | 2,207,598 | 1,783,199 | 246,221
Equity and liabilities |  |  |  |
Shareholders’ equity |  |  |  |
Issued capital | 16,000 | 0 | 0 | 16,000
Additional paid-in capital | 5,000 | 0 | 0 | 5,000
Retained earnings | 579,099 | 0 | 0 | 579,099
Cash ﬂow hedge reserve | –2,460 | 0 | 0 | –2,460
Foreign currency translation | 5 | 0 | 0 | 5
Total shareholders’ equity | 597,644 | 0 | 0 | 597,644
Non-current liabilities |  |  |  |
Bonds issued | 1,829,952 | 1,829,952 | 0 | 0
Liabilities for pension plans | 4,229 | 0 | 4,229 | 0
Lease liabilities | 888 | 888 | 0 | 0
Negative fair values of derivative instruments | 10,274 | 0 | 0 | 10,274
Deferred tax liabilities | 396 | 0 | 0 | 396
Total non-current liabilities | 1,845,739 | 1,830,840 | 4,229 | 10,670
Current liabilities |  |  |  |
Bonds issued | 323,816 | 323,816 | 0 | 0
Payables to related companies | 1,427,274 | 614,329 | 812,945 | 0
Lease liabilities | 1,225 | 1,225 | 0 | 0
Payables to banks | 109 | 0 | 109 | 0
Income tax payables | 11,124 | 0 | 0 | 11,124
Negative fair values of derivative instruments | 6,049 | 0 | 0 | 6,049
Other liabilities | 12,843 | 0 | 0 | 12,843
Accrued expenses and deferred income | 11,195 | 0 | 0 | 11,195
Total current liabilities | 1,793,635 | 939,370 | 813,054 | 41,211
Total equity and liabilities | 4,237,018 | 2,770,210 | 817,283 | 649,525
Balance sheet position | 0 | –562,612 | 965,916 | –403,304

Financial Statements 2025 Würth Finance Group
49
At 31 December 2024

|  | Fixed | Variable | Non-interest
in TEUR | Total | interest rate | interest rate | bearing
Assets |  |  |  |
Non-current assets |  |  |  |
Intangible assets | 1,238 | 0 | 0 | 1,238
Right-of-use assets | 2,247 | 0 | 0 | 2,247
Property, plant and equipment | 397 | 0 | 0 | 397
Loans to related companies | 1,164,651 | 1,164,651 | 0 | 0
Positive fair values of derivative instruments | 5,293 | 0 | 0 | 5,293
Deferred tax assets | 1,183 | 0 | 0 | 1,183
Total non-current assets | 1,175,009 | 1,164,651 | 0 | 10,358
Current assets |  |  |  |
Receivables from related companies | 1,723,063 | 935,917 | 604,728 | 182,418
Positive fair values of derivative instruments | 12,713 | 0 | 0 | 12,713
Other assets | 5,412 | 0 | 5,412 | 0
Accrued income and prepaid expenses | 16,186 | 0 | 0 | 16,186
Securities at amortised cost | 186,426 | 186,426 | 0 | 0
Securities at fair value through proﬁt or loss | 113,607 | 91,007 | 7,260 | 15,340
Cash and cash equivalents | 1,430,269 | 0 | 1,430,269 | 0
Total current assets | 3,487,676 | 1,213,350 | 2,047,669 | 226,657
Total assets | 4,662,685 | 2,378,001 | 2,047,669 | 237,015
Equity and liabilities |  |  |  |
Shareholders’ equity |  |  |  |
Issued capital | 16,000 | 0 | 0 | 16,000
Additional paid-in capital | 5,000 | 0 | 0 | 5,000
Retained earnings | 497,274 | 0 | 0 | 497,274
Cash ﬂow hedge reserve | –3,795 | 0 | 0 | –3,795
Foreign currency translation | –71 | 0 | 0 | –71
Total shareholders’ equity | 514,408 | 0 | 0 | 514,408
Non-current liabilities |  |  |  |
Bonds issued | 2,155,764 | 2,155,764 | 0 | 0
Liabilities for pension plans | 7,227 | 0 | 7,227 | 0
Lease liabilities | 1,054 | 1,054 | 0 | 0
Negative fair values of derivative instruments | 12,561 | 0 | 0 | 12,561
Deferred tax liabilities | 385 | 0 | 0 | 385
Total non-current liabilities | 2,176,991 | 2,156,818 | 7,227 | 12,946
Current liabilities |  |  |  |
Bonds issued | 498,623 | 498,623 | 0 | 0
Payables to related companies | 1,422,468 | 725,274 | 697,194 | 0
Lease liabilities | 1,217 | 1,217 | 0 | 0
Payables to banks | 675 | 0 | 675 | 0
Income tax payables | 14,791 | 0 | 0 | 14,791
Negative fair values of derivative instruments | 10,168 | 0 | 0 | 10,168
Other liabilities | 11,571 | 0 | 0 | 11,571
Accrued expenses and deferred income | 11,773 | 0 | 0 | 11,773
Total current liabilities | 1,971,286 | 1,225,114 | 697,869 | 48,303
Total equity and liabilities | 4,662,685 | 3,381,932 | 705,096 | 575,657
Balance sheet position | 0 | –1,003,931 | 1,342,573 | –338,642

Financial Statements 2025 Würth Finance Group
50
Interest rate risk
The Group ﬁnances Würth Group companies all over the world and is consequently exposed to interest rate risks. The Group deems interest rate risk to mean the negative impact on the ﬁnancial position and the earnings situation arising from changes in the interest rates in all currencies. Loans to Würth Group companies were partially reﬁnanced by ﬁxed-inter- est bonds with similar interest and maturity structures. The maximum willingness to take risks in the interest rate sector is deﬁned by a sensitivity in relation to the equity capital. In the event of adverse changes in the interest rates on the individual currencies by 100 basis points, the maximum loss potential is related to equity. The Group keeps the impact of interest rate changes on the equity capital base or on the asset and in- come situation relatively low and is guided in the medium term
by the target value of 5% for the equity sensitivity. Further- more, the Group enters into derivative ﬁnancial instruments to optimise its interest rate exposure.
Sensitivity analysis of equity as at 31 December
The following table discloses the sensitivity of the Group’s equity to a parallel shift of interest rates, with all other vari- ables held constant. Compared to last year the interest rate sensitivity has decreased due to the lower residual term of the outstanding bonds. The table reﬂects the most important currencies for loans and deposits in terms of volumes for the Würth Finance Group. Compared to the previous year volumes in currencies exposure other than the euro have decreased in total. However, interest rate risks have been kept minimal.
Sensitivity of equity 2025

in TEUR |  |  |  |  |  | Duration |  |  |  |  |
| Change in |  |  |  |  |  |  |  |  |  |
Currency | basis points | ≤ 6 months | 6 months to 1 year | 1–5 years | > 5 years | Total
EUR | 100 | –100 | –3,023 | 3,138 | –668 | 692 | 13,010 | –13,730 | 7,761 | –8,190 | 17,080 | –18,090
USD | 100 | –100 | –55 | 58 | –9 | 9 | –319 | 331 | 0 | 0 | –383 | 398
CHF | 100 | –100 | –69 | 70 | 439 | –454 | –1,598 | 1,672 | –207 | 219 | –1,435 | 1,507
DKK | 100 | –100 | 88 | –91 | –2 | 2 | –6 | 6 | 0 | 0 | 80 | –83
CNH | 100 | –100 | 7 | –7 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | –7
NOK | 100 | –100 | –4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | –4 | 4
CAD | 100 | –100 | –0 | 0 | –11 | 11 | –1 | 1 | 0 | 0 | –12 | 12
GBP | 100 | –100 | 7 | –7 | –5 | 5 | 0 | 0 | 0 | 0 | 2 | –2
Others | 100 | –100 | 31 | –32 | –17 | 17 | –13 | 14 | 0 | 0 | 1 | –1

Sensitivity of equity 2024

in TEUR |  |  |  |  |  | Duration |  |  |  |  |
| Change in |  |  |  |  |  |  |  |  |  |
Currency | basis points | ≤ 6 months | 6 months to 1 year | 1–5 years | > 5 years | Total
EUR | 100 | –100 | –1,759 | 1,835 | –1,733 | 1,797 | 1,604 | –1,653 | 30,345 | –32,416 | 28,457 | –30,437
USD | 100 | –100 | –86 | 90 | 7 | –7 | –1,806 | 1,897 | 0 | 0 | –1,885 | 1,980
CHF | 100 | –100 | –380 | 390 | –246 | 254 | 2,100 | –2,134 | –353 | 374 | 1,121 | –1,116
DKK | 100 | –100 | 25 | –26 | 0 | 0 | –5 | 5 | –3 | 3 | 17 | –18
CNH | 100 | –100 | –9 | 9 | 1 | –1 | 0 | 0 | 0 | 0 | –8 | 8
NOK | 100 | –100 | –10 | 10 | 5 | –5 | 0 | 0 | 0 | 0 | –5 | 5
CAD | 100 | –100 | 4 | –3 | –9 | 10 | 2 | –2 | 0 | 0 | –3 | 5
GBP | 100 | –100 | –3 | 3 | –6 | 6 | 0 | 0 | 0 | 0 | –9 | 9
Others | 100 | –100 | –19 | 20 | –86 | 89 | –51 | 52 | 0 | 0 | –156 | 161

Financial Statements 2025 Würth Finance Group
51
Security price risk
Due to its investment activities, the Group is exposed to secu- rity price risks. The Group deems security price risks to mean the exposure to loss resulting from changes in the prices of listed securities at fair value through proﬁt or loss.
Basically, a minimum rating of BBB– (Standard & Poor’s) is required when selecting bonds. The trend of the rating is monitored on a daily basis. In the event of the bond being
downgraded, it is immediately disposed of. However, the Group has a maximum limit of EUR 15 million in market value for sub-investment-grade bonds. Furthermore, the Group uses derivative instruments to economically hedge security price risks.
The composition of the portfolio is monitored on a daily basis. The allocation is shown in the table below:
Asset allocation at 31 December 2025

in TEUR | Market value | Share
Equity/equity funds | 10,334 | 8.1%
Investment-grade bonds/bond funds | 109,958 | 86.6%
Sub-investment-grade bonds | 2,095 | 1.7%
Hedge funds | 1,003 | 0.8%
Commodities | 3,570 | 2.8%
Total asset allocation | 126,960 | 100.0%

Asset allocation at 31 December 2024

in TEUR | Market value | Share
Equity/equity funds | 13,428 | 11.8%
Investment-grade bonds/bond funds | 97,113 | 85.5%
Sub-investment-grade bonds | 1,153 | 1.0%
Hedge funds | 0 | 0.0%
Commodities | 1,913 | 1.7%
Total asset allocation | 113,607 | 100.0%

Credit risk
In order to minimise credit risks, transactions are conducted only with external counterparties that meet internal criteria. For each rating level, binding counterparty limits are deﬁned. Their absolute value is subject to regular critical reviews by the supervisory bodies and is adjusted if necessary. Würth Group counterparties are monitored by Würth Finance International B.V. together with the appropriate member of the Würth Group’s Central Management Board, and granted a credit limit. ISDA agreements are concluded with external counter- parties with whom the Group carries out transactions within the framework of ﬁnancial risk management.
The corresponding credit rating of the internal and external counterparties and the limitation on aggregated individual counterparty risks are constantly monitored.
The counterparty risks relating to delcredere business were transferred in full to insurance companies.
The maximum credit risk corresponds to the value of all the ﬁnancial assets, contingent liabilities and unused irrevocable credit commitments stated in the annual accounts. Credit risks relating to loans to individual Würth Group companies with negative equity as at 31 December are covered at least up to the amount of the negative equity of the subsidiary by letters of comfort from the superordinate parent company.
Financial Statements 2025 Würth Finance Group
52

in TEUR | 2025 | 2024
Credit risks at 31 December |  |
On-balance exposure |  |
Total Würth Group long-term | 1,051,733 | 1,167,018
Total Würth Group short-term | 1,721,743 | 1,723,800
Cash and cash equivalents | 1,211,129 | 1,430,269
Securities at amortised cost | 89,198 | 186,426
Positive fair values of derivative instruments | 19,173 | 18,006
Other assets | 5,918 | 5,412
Oﬀ-balance exposure |  |
Contingent liabilities | 205,143 | 211,397
Lending commitments | 144,676 | 79,513
Total credit risk exposure | 4,448,713 | 4,821,841

There is a diﬀerence only between the gross and net credit risk exposure for derivative transactions, which can be netted based on ISDA agreements. In principle, cash and cash equiv- alents are invested at banks with a minimal rating of BBB.
Credit losses are inherent costs of the Group’s operations and their occurrence and amount may be irregular in nature. Possible credit risk losses are reported in the Financial State- ments using the approach for determining impairments based on forward-looking expected credit losses (ECLs) introduced in IFRS 9. From a credit risk modelling perspective, the ECL parameters are the following three parameters: exposure at default (EAD), probability of default (PD) and loss given de- fault (LGD). The EAD reﬂects the ﬁnancial assets as potential credit risk at the reporting date. It represents the outstanding cash ﬂows, taking into account expected repayments, interest payments and provisions, discounted at the eﬀective interest rate.
The PD represents the probability of a default over a certain period of time. The third component, the LGD, represents an estimate of the loss at the time of a potential default during the life of a ﬁnancial instrument.
The Group’s impairment approach applied to long-term loans and short-term receivables from related and external compa- nies that are not measured at fair value through proﬁt or loss. The methodology the Group applied to calculate an individual probability-weighted unbiased ECL is by using LGD amounting to 60% and PD based on the Global Corporate Average Cumulative Default Rates (Bloomberg). In accordance with IFRS 9, a three-stage model is used to calculate the ECL, which takes into account the change in credit quality since initial recognition using diﬀerent impairment models. A shift from Stage 1 to Stage 2 reﬂects a signiﬁcant increase in credit risk. A shift from Stage 2 to Stage 3 is made if there are objective indications of impairment as at the balance sheet date.
Expected credit loss

in TEUR | 31.12.2025 | 31.12.2024
Loans to related companies | 4,575 | 2,367
Short-term receivables from related companies | 1,339 | 737
Total expected credit loss | 5,914 | 3,104

ECL movements (in TEUR) | Stage 1 | Stage 2 | Stage 3 | Total
Balance as at 1 January 2025 | 3,054 | 50 | 0 | 3,104
Changes due to |  |  |  |
Net movements from new and derecognised transactions1 | –504 | –484 | 0 | –988
Stage migration2 | 39 | 1,032 | 0 | 1,071
Remeasurements3 | 2,261 | 482 | 0 | 2,743
Impact from changes in assumptions and estimates⁴ | 25 | –41 | 0 | –16
Balance as at 31 December 2025 | 4,875 | 1,039 | 0 | 5,914

1
Eﬀects resulting from the change in volume; calculated using the current closing balance of the assets multiplied by the PD of the previous year
Shifts between the stages due to reassessment of the credit risk
2
3
Residual amount represents the inﬂuence of the changed PD
Change in the criteria for stage movements
4
Financial Statements 2025 Würth Finance Group
53
As of 31 December 2025, the criteria for stage movements were revised. The eﬀect of the new assumptions and estimates is shown in the preceding table.
The PD at year-end amounted to 0.6234% (2024: 0.3343%), which caused the additional impairment credit amount of TEUR 2,810 over 2025. The increase is mainly driven by the impact of the changed PD of TEUR 2,743.
Capital management
The primary objective of the Group’s capital management is to ensure a strong credit rating towards external parties. The Group manages its capital structure and makes adjustments to it based on the equity ratio and the return on equity.
Liquidity risk
The Würth Group needs suﬃcient liquidity to fulﬁl its ﬁnancial obligations. In compliance with the superordinate Würth Group policy, Würth Group companies are required to transfer their excess liquidity to Würth Finance International
B.V. and, with the latter’s support, to make it available to other Würth Group companies to bridge any potential shortages in liquidity.
The objective of liquidity management is to ensure that the Würth Group is able to meet its payment obligations. The liquidity situation is monitored by the Cash Management department of Würth Finance International B.V.
The high international creditworthiness of the Würth Group (Standard & Poor’s has awarded a Senior Unsecured “A” rating to Adolf Würth GmbH & Co. KG) allows the Group to raise liquid funds in the international capital markets on favourable conditions. Würth Finance International B.V. has established a committed credit line of EUR 500 million. The syndicate providing the funds consists of 13 banks. The credit line is granted until 16 September 2029 and is guaranteed by Adolf Würth GmbH & Co. KG, Künzelsau. Additionally, the Group has arranged credit lines with various banks to cover any potential liquidity requirements.
Contractually agreed remaining terms to maturity from ﬁnancial liabilities
At 31 December 2025

|  |  | Cashﬂow |
in TEUR | Carrying amounts | < 1 year | 1–5 years | > 5 years
On-balance liabilities |  |  |  |
Financial liabilities |  |  |  |
Bonds | 2,153,769 | 362,549 | 1,466,625 | 515,000
Payables to banks | 109 | 109 | 0 | 0
Derivative ﬁnancial liabilities |  |  |  |
Inﬂows from foreign currency instruments |  | 878,265 | 48,738 | 0
Outﬂows from foreign currency instruments | 9,788 | 889,936 | 50,622 | 0
Inﬂows from interest rate instruments |  | 3,753 | 29,068 | 0
Outﬂows from interest rate instruments | 14,919 | 8,321 | 44,556 | 1,391
Oﬀ-balance liabilities |  |  |  |
Contingent liabilities | 205,143 | 205,143 | 0 | 0

At 31 December 2024

|  |  | Cashﬂow |
in TEUR | Carrying amounts | < 1 year | 1–5 years | > 5 years
On-balance liabilities |  |  |  |
Financial liabilities |  |  |  |
Bonds | 2,654,387 | 542,581 | 1,198,549 | 1,142,750
Payables to banks | 675 | 675 | 0 | 0
Derivative ﬁnancial liabilities |  |  |  |
Inﬂows from foreign currency instruments |  | 25,119 | 68,307 | 0
Outﬂows from foreign currency instruments | 24,217 | 26,261 | 77,174 | 0
Inﬂows from interest rate instruments |  | 52,636 | 170,757 | 0
Outﬂows from interest rate instruments | 20,420 | 62,700 | 196,030 | 2,342
Oﬀ-balance liabilities |  |  |  |
Contingent liabilities | 211,397 | 211,397 | 0 | 0

Financial Statements 2025 Würth Finance Group
54
b) Derivative ﬁnancial instruments
Positions at 31 December 2025

| Contract value or | Positive | Negative
in TEUR | notional value | fair value | fair value
Foreign currency instruments |  |  |
Forward currency contracts | 1,974,688 | 15,539 | –9,788
Options | 4,026 | 59 | –59
Total foreign currency instruments | 1,978,714 | 15,598 | –9,847
Interest rate instruments |  |  |
Interest rate swaps | 616,971 | 3,141 | –14,411
Cross-currency swaps | 180,194 | 8,785 | –508
Interest rate futures | 0 | 0 | 0
Total interest rate instruments | 797,165 | 11,926 | –14,919
Commodity instruments |  |  |
Commodity futures | 521 | 0 | 0
Total commodity instruments | 521 | 0 | 0
Equity instruments |  |  |
Equity index futures | 617 | 0 | 0
Total equity instruments | 617 | 0 | 0
Reduction due to CSA | 0 | –8,351 | 8,443
Total derivative ﬁnancial instruments | 2,777,017 | 19,173 | –16,323

Positions at 31 December 2024

| Contract value or | Positive | Negative
in TEUR | notional value | fair value | fair value
Foreign currency instruments |  |  |
Forward currency contracts | 2,143,290 | 14,230 | –24,217
Options | 150,465 | 591 | –591
Total foreign currency instruments | 2,293,755 | 14,821 | –24,808
Interest rate instruments |  |  |
Interest rate swaps | 822,973 | 6,543 | –11,108
Cross-currency swaps | 223,644 | 0 | –9,312
Interest rate futures | 4,670 | 0 | 0
Total interest rate instruments | 1,051,287 | 6,543 | –20,420
Commodity instruments |  |  |
Commodity futures | 0 | 0 | 0
Total commodity instruments | 0 | 0 | 0
Equity instruments |  |  |
Equity index futures | 1,433 | 0 | 0
Total equity instruments | 1,433 | 0 | 0
Reduction due to CSA | 0 | –3,358 | 22,499
Total derivative ﬁnancial instruments | 3,346,475 | 18,006 | –22,729

The total derivative ﬁnancial instruments were presented gross per counterparty.
ISDA master agreements with a CSA (Credit Support Annex) are concluded with those counterparties with whom trans- actions are carried out within the framework of ﬁnancial risk
management. For this reason, the positive and negative fair values of the derivative ﬁnancial instruments are recorded in the Financial Statements (balance sheet, income statement) in net terms, considering also the cash settlement based on the CSAs.
Financial Statements 2025 Würth Finance Group
55
The foreign currency instruments were mainly used to hedge the currency positions in USD and CHF recorded in the balance sheet. The net positions of the fair values were as follows: EUR 1.3 million (2024: EUR –1.6 million) had a maturity date of less than 12 months and EUR 4.4 million (2024: EUR –8.4 million) mature in 1–5 y ears.
The interest rate instruments were mainly used to hedge currency and interest rate risks on non-congruent asset and li- ability positions in EUR, USD and CHF. The maximum maturity was 8¼ years.
Oﬀsetting ﬁnancial instruments
Positions at 31 December 2025

|  | Gross amounts oﬀset |
| Gross carrying amounts | in accordance with | Net amount presented
in TEUR | (before oﬀsetting) | the oﬀsetting criteria | in balance sheet
Financial assets |  |  |
Derivative ﬁnancial instruments | 27,524 | –8,351 | 19,173
Total | 27,524 | –8,351 | 19,173
Financial liabilities |  |  |
Derivative ﬁnancial instruments | –24,766 | 8,443 | –16,323
Total | –24,766 | 8,443 | –16,323

Positions at 31 December 2024

|  | Gross amounts oﬀset |
| Gross carrying amounts | in accordance with | Net amount presented
in TEUR | (before oﬀsetting) | the oﬀsetting criteria | in balance sheet
Financial assets |  |  |
Derivative ﬁnancial instruments | 21,364 | –3,358 | 18,006
Total | 21,364 | –3,358 | 18,006
Financial liabilities |  |  |
Derivative ﬁnancial instruments | –45,228 | 22,499 | –22,729
Total | –45,228 | 22,499 | –22,729

Oﬀsetting rights that do not meet some or all of the criteria for oﬀsetting in the balance sheet are not disclosed since the eﬀects are considered immaterial.
Financial Statements 2025 Würth Finance Group
56
c) Fair value of ﬁnancial instruments at 31 December

| Carrying amount | Fair value
in TEUR | 2025 | 2024 | 2025 | 2024
Assets |  |  |  |
Non-current assets |  |  |  |
Loans to related companies | 1,047,158 | 1,164,651 | 1,081,880 | 1,197,298
Positive fair values of derivative instruments | 9,440 | 5,293 | 9,440 | 5,293
Total non-current assets | 1,056,598 | 1,169,944 | 1,091,320 | 1,202,591
Current assets |  |  |  |
Receivables from related companies | 1,720,404 | 1,723,063 | 1,720,404 | 1,723,063
Positive fair values of derivative instruments | 9,733 | 12,713 | 9,733 | 12,713
Securities at amortised cost | 89,198 | 186,426 | 89,387 | 186,772
Securities at fair value through proﬁt or loss | 126,960 | 113,607 | 126,960 | 113,607
Cash and cash equivalents | 1,211,129 | 1,430,269 | 1,211,129 | 1,430,269
Total current assets | 3,157,424 | 3,466,078 | 3,157,613 | 3,466,424
Liabilities |  |  |  |
Non-current liabilities |  |  |  |
Bonds issued | 1,829,952 | 2,155,764 | 1,808,012 | 2,125,869
Negative fair values of derivative instruments | 10,274 | 12,561 | 10,274 | 12,561
Total non-current liabilities | 1,840,226 | 2,168,325 | 1,818,286 | 2,138,430
Current liabilities |  |  |  |
Bond issued | 323,816 | 498,623 | 326,334 | 496,315
Payables to related companies | 1,427,274 | 1,422,468 | 1,424,695 | 1,420,769
Payables to banks | 109 | 675 | 109 | 675
Negative fair values of derivative instruments | 6,049 | 10,168 | 6,049 | 10,168
Total current liabilities | 1,757,248 | 1,931,934 | 1,757,187 | 1,927,927

Upon initial recognition, the Group recognises derivative ﬁnancial instruments at fair value and non-derivative ﬁnancial assets that are held to collect contractual cash ﬂows that are solely payments of principal and interest, as well as nonde- rivative ﬁnancial liabilities, at their amortised cost using the eﬀective interest rate method.
In order to calculate the fair value of non-derivative ﬁnan- cial instruments that are not actively traded and quoted,
the valuation technique of a discounted cash ﬂow model is used (fair value hierarchy level 2). The discounted cash ﬂow valuation technique calculates fair values by using estimated expected or contractual future cash ﬂows and then discounts these cash ﬂows with a discount rate that reﬂects the credit spreads required by the market for instruments with similar risk and liquidity proﬁles to produce a present value. The discount factors within the calculation are generated using industry standard yield curve modelling techniques.
Financial Statements 2025 Würth Finance Group
57
Fair value hierarchy for assets and liabilities at 31 December 2025

in TEUR | Level 1 | Level 2 | Level 3 | Total fair value
Assets |  |  |  |
Derivative ﬁnancial instruments |  |  |  |
Interest rate swaps | 0 | 3,141 | 0 | 3,141
Cross-currency swaps | 0 | 8,785 | 0 | 8,785
Options | 0 | 59 | 0 | 59
Forward currency contracts | 0 | 15,539 | 0 | 15,539
Reduction due to CSA | 0 | –8,351 | 0 | –8,351
Financial instruments at fair value through proﬁt or loss |  |  |  |
Securities at fair value through proﬁt or loss | 126,960 | 0 | 0 | 126,960
Financial instruments at amortised cost |  |  |  |
Loans to related companies | 0 | 1,081,880 | 0 | 1,081,880
Securities at amortised cost | 0 | 89,387 | 0 | 89,387
Liabilities |  |  |  |
Derivative ﬁnancial instruments |  |  |  |
Interest rate swaps | 0 | 14,411 | 0 | 14,411
Cross-currency swaps | 0 | 508 | 0 | 508
Options | 0 | 59 | 0 | 59
Foreign currency contracts | 0 | 9,788 | 0 | 9,788
Reduction due to CSA | 0 | –8,443 | 0 | –8,443
Other liabilities at amortised cost |  |  |  |
Bonds issued | 2,134,346 | 0 | 0 | 2,134,346
Payables to related companies | 0 | 1,424,695 | 0 | 1,424,695

Fair value is the price at the reporting date that would be received for an asset sale or paid to transfer a liability in an orderly transaction between market participants in the market. All ﬁnancial instruments measured at fair value are catego- rised into one of the three fair value hierarchy levels. The levels of the fair value hierarchy as deﬁned below are an in- dication of the availability of market prices or price valuation inputs. For ﬁnancial instruments where the carrying amount is a reasonable approximation of fair value, the exemption in IFRS 7.29 was used.
Level 1 ﬁnancial instruments are those ﬁnancial instruments whose fair value is based on quoted prices in active markets. This category comprises securities at fair value through proﬁt or loss and bonds issued.
Level 2 ﬁnancial instruments are those whose fair values must be derived using valuation techniques for which all signiﬁcant inputs are based on observable market data. The fair value is calculated using a discounted cash ﬂow analysis in which expected future cash ﬂows are discounted. The fair value of ﬁnancial instruments that are actively traded on organised ﬁnancial markets is determined by reference to quoted market prices. For ﬁnancial instruments where there is no active mar- ket, fair value is determined using valuation techniques such as price quotations from securities brokers, discounted cash ﬂows or the Black-Scholes pricing model.
These valuations are by their nature dependent on the as- sumptions on which they are based. This category comprises all derivative ﬁnancial instruments, loans to related compa- nies, loans to family foundations and payables to related companies.
For all ﬁnancial instruments categorised within level 2, a description of the valuation techniques and the inputs used in the valuation (e.g. interest rates, volatilities, market price of the underlying, price in a similar transaction, etc.) are transparent- ly documented. If there is a change in valuation technique, the reason for it has to be disclosed.
Level 3 ﬁnancial instruments are those whose fair value is based on a valuation method that uses at least one signiﬁcant input parameter that cannot be observed directly or indirectly in the market. At the balance sheet date, the Group had no assets and liabilities measured at fair value level 3.
During the reporting period ending 31 December 2025, there were no transfers between level 1 and level 2 fair value measurements, and no transfers into or out of level 3 fair value measurements.
Financial Statements 2025 Würth Finance Group
58
Fair value hierarchy for assets and liabilities at 31 December 2024

in TEUR | Level 1 | Level 2 | Level 3 | Total fair value
Assets |  |  |  |
Derivative ﬁnancial instruments |  |  |  |
Interest rate swaps | 0 | 6,543 | 0 | 6,543
Cross-currency swaps | 0 | 0 | 0 | 0
Options | 0 | 591 | 0 | 591
Forward currency contracts | 0 | 14,230 | 0 | 14,230
Reduction due to CSA | 0 | –3,358 | 0 | –3,358
Financial instruments at fair value through proﬁt or loss |  |  |  |
Securities at fair value through proﬁt or loss | 113,607 | 0 | 0 | 113,607
Financial instruments at amortised cost |  |  |  |
Loans to related companies | 0 | 1,197,298 | 0 | 1,197,298
Securities at amortised cost | 0 | 186,772 | 0 | 186,772
Liabilities |  |  |  |
Derivative ﬁnancial instruments |  |  |  |
Interest rate swaps | 0 | 11,108 | 0 | 11,108
Cross-currency swaps | 0 | 9,312 | 0 | 9,312
Options | 0 | 591 | 0 | 591
Foreign currency contracts | 0 | 24,217 | 0 | 24,217
Reduction due to CSA | 0 | –22,499 | 0 | –22,499
Other liabilities at amortised cost |  |  |  |
Bonds issued | 2,622,184 | 0 | 0 | 2,622,184
Payables to related companies | 0 | 1,420,769 | 0 | 1,420,769

d) Hedge accounting
Cash ﬂow hedges
The Group designates cash ﬂow hedges as part of its strategy to mitigate its interest rate and foreign currency revaluation ﬂuctuations within its established limits and to reduce the cash ﬂow ﬂuctuations arising from foreign exchange and interest rate risk for an instrument or a group of instruments.
The Group mainly uses interest rate swaps to hedge the cash ﬂows associated with its highly probable forecasted trans- actions and cross-currency swaps to hedge the cash ﬂows associated with its foreign currency loans to related parties.
Financial Statements 2025 Würth Finance Group
59
The table below sets out the results of the Group’s hedging strategy, in particular the notional and carrying amount of the deriva- tives the Group uses as hedging instruments:

|  |  | Carrying amount 2025 | Carrying amount 2024
| Transaction | Notional |  |  |  |
in TEUR | currency | amount | Assets | Liabilities | Assets | Liabilities
Micro cash ﬂow hedges |  |  |  |  |  |
Hedges to related parties | USD | 37,500 | 2,005 | 0 | 0 | 1,990
Hedges to related parties | USD | 7,000 | 0 | 0 | 0 | 265
Hedges to related parties | USD | 15,000 | 0 | 0 | 0 | 651
Hedges to related parties | CHF | 19,937 | 0 | 508 | 0 | 1,008
Forecasted – new bond issued 20181 | EUR |  | 0 | 0 | 0 | 31
Forecasted – new bond issued 20202 | EUR |  | 0 | 2,754 | 0 | 4,740
Forecasted – new bond issued 20223 | EUR |  | 331 | 0 | 403 | 0
Forecasted – new bond issued 20244 | EUR |  | 0 | 434 | 0 | 510

The following table shows the maturity and interest rate risk proﬁle of the Group’s hedging instruments used in its cash ﬂow hedges. As the Group applied only micro hedges with one-to-one hedging ratios, the table below eﬀectively shows the cash ﬂow hedges:

in TEUR | Transaction | Notional |  |  |
Carrying amount | currency | amount | < 1 year | 1–5 years | > 5 years
At 31 December 2025 |  |  |  |  |
Hedges to related parties | USD | 37,500 | 2,005 | 0 | 0
Hedges to related parties | CHF | 19,937 | 0 | 508 | 0

Since the issuance of the bonds and the subsequent recog- nition of interest expense result in the forecasted transaction aﬀecting proﬁt and loss, the associated gains or losses recognised in other comprehensive income are reclassiﬁed into proﬁt and loss.
For designated and qualifying cash ﬂow hedges, the eﬀective portion of the gain or loss on the hedging instrument is initially recognised directly in OCI within equity in the cash ﬂow hedge reserve, while any ineﬀective portion of the gain or loss on the hedging instrument is recognised immediately in the in- come statement. The terms of the current cross-currency swap contracts match the terms of the expected highly probable forecasted transactions. As a result, there is no hedge ineﬀec- tiveness to be recognised in the statement of proﬁt or loss.
When a hedging instrument expires, is sold, terminated, exercised, or when a hedge no longer meets the criteria for hedge accounting under IFRS 9, any cumulative gain or loss that has been recognised in OCI at that time remains in OCI and is recognised when the hedged forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer expected to occur, the cu- mulative gain or loss that was reported in OCI is immediately transferred to the income statement.
Fair value hedges
The Group designates fair value hedges as part of an overall interest rate risk management strategy that enables the Group to keep interest rate sensitivities within its deﬁned limits and to reduce fair value ﬂuctuations of ﬁxed-rate ﬁnancial assets as if they were ﬂoating-rate instruments linked to the attributable benchmark rates.
1
This micro cash ﬂow hedge is related to the bond issued in May 2018. The loss resulting from the termination of the hedging instruments will be amortised to the
income statement from OCI (cash ﬂow hedge reserve) starting May 2019 over the actual swap term.
2
This micro cash ﬂow hedge is related to the bond issued in May 2020. The loss resulting from the termination of the hedging instruments will be amortised to the
income statement from OCI (cash ﬂow hedge reserve) starting May 2020 over the actual swap term.
3
This micro cash ﬂow hedge is related to the bond issued in May 2022. The proﬁt resulting from the termination of the hedging instruments will be amortised to the
income statement from OCI (cash ﬂow hedge reserve) starting May 2022 over the actual swap term.
4
This micro cash ﬂow hedge is related to the issued bond in October 2024. The loss resulting from the termination of the hedging instruments will be amortised to the
income statement from OCI (cash ﬂow hedge reserve) starting November 2024 over the actual swap term.
Financial Statements 2025 Würth Finance Group
60
The Group’s fair value hedges principally consist of interest rate swaps that are used to protect against changes in the fair value of the ﬁxed-rate Würth bonds as well as the loans to related parties in EUR, and cross-currency swaps that are used to protect against changes in the fair value of the ﬁxed-rate foreign currency loans.
The table below sets out the result of the Group’s hedging strategy, in particular the notional and carrying amount of the deriva- tives the Group uses as hedging instruments:

|  |  | Carrying amount 2025 | Carrying amount 2024
| Transaction | Notional |  |  |  |
in TEUR | currency | amount | Assets | Liabilities | Assets | Liabilities
Micro fair value hedges |  |  |  |  |  |
Würth bond 2025 | EUR | 150,000 | 0 | 0 | 0 | 1,231
Würth bond 2026 | CHF | 100,000 | 1,557 | 0 | 3,123 | 0
Würth bond 2030 | EUR | 250,000 | 0 | 10,708 | 0 | 9,405
Würth bond 2031 | EUR | 200,000 | 0 | 3,621 | 0 | 77
Hedges to related parties | EUR | 30,000 | 0 | 0 | 307 | 0
Hedges to related parties | EUR | 10,000 | 500 | 0 | 716 | 0
Hedges to related parties | USD | 130,000 | 5,888 | 0 | 0 | 3,856
Hedges to related parties | EUR | 40,000 | 1,016 | 0 | 2,047 | 0
Hedges to related parties | USD | 10,000 | 647 | 0 | 0 | 159
Hedges to related parties | USD | 25,000 | 0 | 0 | 0 | 1,383
Hedges to related parties | USD | 30,000 | 245 | 0 | 0 | 0

The following table shows the maturity and interest rate risk proﬁle of the Group’s hedging instruments used in its fair value hedges. As the Group applied only micro hedges with one-to-one hedging ratios, the table below eﬀectively shows the out- come of the fair value hedges:

in TEUR | Transaction | Notional |  |  |
Carrying amount | currency | amount | < 1 year | 1–5 years | > 5 years
At 31 December 2025 |  |  |  |  |
Würth bond 2026 | CHF | 100,000 | 1,557 | 0 | 0
Würth bond 2030 | EUR | 250,000 | 0 | 10,708 | 0
Würth bond 2031 | EUR | 200,000 | 0 | 0 | 3,621
Hedges to related parties | EUR | 10,000 | 0 | 500 | 0
Hedges to related parties | USD | 130,000 | 0 | 5,888 | 0
Hedges to related parties | EUR | 40,000 | 0 | 1,016 | 0
Hedges to related parties | USD | 10,000 | 0 | 647 | 0
Hedges to related parties | USD | 30,000 | 0 | 245 | 0

For derivatives that are designated and qualiﬁed as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged.
Changes in the fair value of these derivatives are recorded in the same line item of the consolidated income statement as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is eﬀective. The change in fair value representing hedge ineﬀectiveness is recorded separately in trading income.
In accordance with its hedging strategy, the Group matches the principal of the hedging instruments to the principal of the hedged items. The Group uses ﬁxed-rate payer interest rate swaps to hedge its ﬁxed-rate debt instruments and loans, and ﬁxed-rate receiver interest rate swaps to hedge its ﬁxed-rate liabilities.
As at the end of 2025, hedge ineﬀectiveness resulting from credit valuation adjustment/debit valuation adjustment is marginal.
If the hedging instrument expires or is sold, terminated or exercised, or when the hedge no longer meets the criteria for hedge accounting, the hedge relationship is discontinued prospectively. If the relationship does not meet the hedge ef- fectiveness criteria, the Group discontinues hedge accounting from the last date on which compliance with hedge eﬀective- ness is demonstrated. If the hedge accounting relationship is terminated for an item recorded at amortised cost, the accu- mulated fair value hedge adjustment to the carrying amount of the hedged item is amortised over the remaining term of the original hedge by recalculating the EIR. If the hedged item is derecognised, the unamortised fair value adjustment is recognised immediately in the income statement.
Financial Statements 2025 Würth Finance Group
61
19 SEGMENT INFORMATION
The Group provides segment reporting by business line.
Income statement by segment at 31 December 2025

|  | Inhouse Banking |  |  | External |
|  |  |  |  |  |  | Financial |
|  |  |  |  |  |  | Services |
|  |  |  |  |  |  |  |  | Total
|  |  |  |  |  | Total |  |  | Würth
| Group |  | Securities | Central | Central | Inhouse | Insurance |  | Finance
in TEUR | Financing | Trading | Investments | Settlement | Services | Banking | Brokerage | Elimination | Group
Income |  |  |  |  |  |  |  |  |
Interest income | 155,147 | 0 | 2,580 | 0 | 0 | 157,727 | 1 | –129 | 157,599
Interest expenses | –100,425 | 0 | –215 | 0 | 0 | –100,640 | –15 | 129 | –100,526
Net interest income | 54,722 | 0 | 2,365 | 0 | 0 | 57,087 | –14 | 0 | 57,073
Income from factoring activities | 13,522 | 0 | 0 | 0 | 0 | 13,522 | 0 | 0 | 13,522
Income from commission and |  |  |  |  |  |  |  |  |
service fee activities | 0 | 0 | 0 | 31,656 | 0 | 31,656 | 18,210 | 0 | 49,866
Income from trading activities |  |  |  |  |  |  |  |  |
and ﬁnancial instruments | 0 | 15,286 | 2,392 | 0 | 0 | 17,678 | 61 | –76 | 17,663
Other ordinary income | 519 | 0 | 0 | 0 | 0 | 519 | 214 | 0 | 733
Expected credit loss |  |  |  |  |  |  |  |  |
(expenses)/recovery | –2,810 | 0 | 0 | 0 | 0 | –2,810 | 0 | 0 | –2,810
Total segment income | 65,953 | 15,286 | 4,757 | 31,656 | 0 | 117,652 | 18,471 | –76 | 136,047
Expenses |  |  |  |  |  |  |  |  |
Personnel expenses | 0 | 0 | 0 | 0 | –13,719 | –13,719 | –13,977 | 0 | –27,696
Other administrative expenses | 0 | 0 | 0 | 0 | –9,228 | –9,228 | –2,188 | 0 | –11,416
Amortisation | 0 | 0 | 0 | 0 | –1,268 | –1,268 | –861 | 0 | –2,129
Segment expenses | 0 | 0 | 0 | 0 | –24,215 | –24,215 | –17,026 | 0 | –41,241
Segment result | 65,953 | 15,286 | 4,757 | 31,656 | –24,215 | 93,437 | 1,445 | –76 | 94,806
Income tax expense | 0 | 0 | 0 | 0 | –15,995 | –15,995 | –279 | 0 | –16,274
Net proﬁt for the year | 65,953 | 15,286 | 4,757 | 31,656 | –40,210 | 77,442 | 1,166 | –76 | 78,532

Financial Statements 2025 Würth Finance Group
62
Income statement by segment at 31 December 2024

|  | Inhouse Banking |  |  | External |
|  |  |  |  |  |  | Financial |
|  |  |  |  |  |  | Services |
|  |  |  |  |  |  |  |  | Total
|  |  |  |  |  | Total |  |  | Würth
| Group |  | Securities | Central | Central | Inhouse | Insurance |  | Finance
in TEUR | Financing | Trading | Investments | Settlement | Services | Banking | Brokerage | Elimination | Group
Income |  |  |  |  |  |  |  |  |
Interest income | 168,605 | 0 | 2,295 | 0 | 0 | 170,900 | 14 | –1,191 | 169,723
Interest expenses | –106,852 | 0 | –152 | 0 | 0 | –107,004 | –13 | 1,191 | –105,826
Net interest income | 61,753 | 0 | 2,143 | 0 | 0 | 63,896 | 1 | 0 | 63,897
Income from factoring activities | 13,613 | 0 | 0 | 0 | 0 | 13,613 | 0 | 0 | 13,613
Income from commission and |  |  |  |  |  |  |  |  |
service fee activities | 0 | 0 | 0 | 31,705 | 0 | 31,705 | 17,800 | 0 | 49,505
Income from trading activities and |  |  |  |  |  |  |  |  |
ﬁnancial instruments | 0 | 20,449 | 3,119 | 0 | 0 | 23,568 | –278 | 250 | 23,540
Other ordinary income | 732 | 0 | 0 | 0 | 0 | 732 | 178 | 0 | 910
Expected credit loss |  |  |  |  |  |  |  |  |
(expenses)/recovery | 1,742 | 0 | 0 | 0 | 0 | 1,742 | 0 | 0 | 1,742
Total segment income | 77,840 | 20,449 | 5,262 | 31,705 | 0 | 135,256 | 17,701 | 250 | 153,207
Expenses |  |  |  |  |  |  |  |  |
Personnel expenses | 0 | 0 | 0 | 0 | –13,391 | –13,391 | –13,347 | 0 | –26,738
Other administrative expenses | 0 | 0 | 0 | 0 | –13,850 | –13,850 | –2,357 | 0 | –16,207
Amortisation | 0 | 0 | 0 | 0 | –1,208 | –1,208 | –874 | 0 | –2,082
Segment expenses | 0 | 0 | 0 | 0 | –28,449 | –28,449 | –16,578 | 0 | –45,027
Segment result | 77,840 | 20,449 | 5,262 | 31,705 | –28,449 | 106,807 | 1,123 | 250 | 108,180
Income tax expense | 0 | 0 | 0 | 0 | –21,699 | –21,699 | –231 | 0 | –21,930
Net proﬁt for the year | 77,840 | 20,449 | 5,262 | 31,705 | –50,148 | 85,108 | 892 | 250 | 86,250

Financial Statements 2025 Würth Finance Group
63
Balance sheet by segment at 31 December 2025

|  | Inhouse Banking |  |  | External |
|  |  |  |  |  |  | Financial |
|  |  |  |  |  |  | Services |
|  |  |  |  |  |  |  |  | Total
|  |  |  |  |  | Total |  |  | Würth
| Group |  | Securities | Central | Central | Inhouse | Insurance |  | Finance
in TEUR | Financing | Trading | Investments | Settlement | Services | Banking | Brokerage | Elimination | Group
Balance sheet |  |  |  |  |  |  |  |  |
Segment assets | 4,068,580 | 19,173 | 129,269 | 0 | 35,741 | 4,252,763 | 11,478 | –27,223 | 4,237,018
Segment liabilities | 3,663,948 | 16,217 | 32,091 | 0 | 540,507 | 4,252,763 | 11,478 | –27,223 | 4,237,018
Additional segment information |  |  |  |  |  |  |  |  |
Capital expenditures | 0 | 0 | 0 | 0 | 2 | 2 | 95 | 0 | 97

Balance sheet by segment at 31 December 2024

|  | Inhouse Banking |  |  | External |
|  |  |  |  |  |  | Financial |
|  |  |  |  |  |  | Services |
|  |  |  |  |  |  |  |  | Total
|  |  |  |  |  | Total |  |  | Würth
| Group |  | Securities | Central | Central | Inhouse | Insurance |  | Finance
in TEUR | Financing | Trading | Investments | Settlement | Services | Banking | Brokerage | Elimination | Group
Balance sheet |  |  |  |  |  |  |  |  |
Segment assets | 4,513,857 | 17,772 | 115,157 | 0 | 39,292 | 4,686,078 | 9,949 | –33,342 | 4,662,685
Segment liabilities | 4,174,406 | 22,631 | 27,355 | 0 | 461,686 | 4,686,078 | 9,949 | –33,342 | 4,662,685
Additional segment information |  |  |  |  |  |  |  |  |
Capital expenditures | 0 | 0 | 0 | 0 | 290 | 290 | 194 | 0 | 484

Financial Statements 2025 Würth Finance Group
64
20 MATURITY ANALYSIS OF ASSETS AND LIABILITIES
The table below shows an analysis of assets and liabilities presented according to when they are expected to be recovered or settled. Trading assets and liabilities have been classiﬁed to mature and/or be repaid within 12 months, regardless of the actual contractual maturities of the products.
At 31 December 2025

|  | Maturity
in TEUR | Total | < 12 months | > 12 months
Assets |  |  |
Non-current assets |  |  |
Intangible assets | 947 | 249 | 698
Right-of-use assets | 2,090 | 0 | 2,090
Property, plant and equipment | 213 | 213 | 0
Loans to related companies | 1,047,158 | 0 | 1,047,158
Positive fair values of derivative instruments | 9,440 | 0 | 9,440
Deferred tax assets | 726 | 726 | 0
Total non-current assets | 1,060,574 | 1,188 | 1,059,386
Current assets |  |  |
Receivables from related companies | 1,720,404 | 1,720,404 | 0
Positive fair values of derivative instruments | 9,733 | 9,733 | 0
Other assets | 5,918 | 5,918 | 0
Accrued income and prepaid expenses | 13,102 | 13,102 | 0
Securities at amortised cost | 89,198 | 89,198 | 0
Securities at fair value through proﬁt or loss | 126,960 | 126,960 | 0
Cash and cash equivalents | 1,211,129 | 1,211,129 | 0
Total current assets | 3,176,444 | 3,176,444 | 0
Total assets | 4,237,018 | 3,177,632 | 1,059,386
Liabilities |  |  |
Non-current liabilities |  |  |
Bonds issued | 1,829,952 | 0 | 1,829,952
Liabilities for pension plans | 4,229 | 0 | 4,229
Lease liabilities | 888 | 0 | 888
Negative fair values of derivative instruments | 10,274 | 0 | 10,274
Deferred tax liabilities | 396 | 396 | 0
Total non-current liabilities | 1,845,739 | 396 | 1,845,343
Current liabilities |  |  |
Bonds issued | 323,816 | 323,816 | 0
Payables to related companies | 1,427,274 | 1,427,274 | 0
Lease liabilities | 1,225 | 1,225 | 0
Payables to banks | 109 | 109 | 0
Income tax payables | 11,124 | 11,124 | 0
Negative fair values of derivative instruments | 6,049 | 6,049 | 0
Other liabilities | 12,843 | 12,843 | 0
Accrued expenses and deferred income | 11,195 | 11,195 | 0
Total current liabilities | 1,793,635 | 1,793,635 | 0
Total liabilities | 3,639,374 | 1,794,031 | 1,845,343

Financial Statements 2025 Würth Finance Group
65
At 31 December 2024

|  | Maturity
in TEUR | Total | < 12 months | > 12 months
Assets |  |  |
Non-current assets |  |  |
Intangible assets | 1,238 | 366 | 872
Right-of-use assets | 2,247 | 0 | 2,247
Property, plant and equipment | 397 | 397 | 0
Loans to related companies | 1,164,651 | 0 | 1,164,651
Positive fair values of derivative instruments | 5,293 | 0 | 5,293
Deferred tax assets | 1,183 | 1,183 | 0
Total non-current assets | 1,175,009 | 1,946 | 1,173,063
Current assets |  |  |
Receivables from related companies | 1,723,063 | 1,723,063 | 0
Positive fair values of derivative instruments | 12,713 | 12,713 | 0
Other assets | 5,412 | 5,412 | 0
Accrued income and prepaid expenses | 16,186 | 16,186 | 0
Securities at amortised cost | 186,426 | 186,426 | 0
Securities at fair value through proﬁt or loss | 113,607 | 113,607 | 0
Cash and cash equivalents | 1,430,269 | 1,430,269 | 0
Total current assets | 3,487,676 | 3,487,676 | 0
Total assets | 4,662,685 | 3,489,622 | 1,173,063
Liabilities |  |  |
Non-current liabilities |  |  |
Bonds issued | 2,155,764 | 0 | 2,155,764
Liabilities for pension plans | 7,227 | 0 | 7,227
Lease liabilities | 1,054 | 0 | 1,054
Negative fair values of derivative instruments | 12,561 | 0 | 12,561
Deferred tax liabilities | 385 | 385 | 0
Total non-current liabilities | 2,176,991 | 385 | 2,176,606
Current liabilities |  |  |
Bonds issued | 498,623 | 498,623 | 0
Payables to related companies | 1,422,468 | 1,422,468 | 0
Lease liabilities | 1,217 | 1,217 | 0
Payables to banks | 675 | 675 | 0
Income tax payables | 14,791 | 14,791 | 0
Negative fair values of derivative instruments | 10,168 | 10,168 | 0
Other liabilities | 11,571 | 11,571 | 0
Accrued expenses and deferred income | 11,773 | 11,773 | 0
Total current liabilities | 1,971,286 | 1,971,286 | 0
Total liabilities | 4,148,277 | 1,971,671 | 2,176,606

Financial Statements 2025 Würth Finance Group
66
21 PAYABLES TO BANKS
The payables to banks line item refers to current account overdraft.
22 EVENTS AFTER THE REPORTING PERIOD
28 February 2026 saw the outbreak of armed conﬂict in connection with the Iran crisis. The direct and indirect economic implications and risks for the Würth Finance Group are diﬃcult to forecast at the present time.
Financial Statements 2025 Würth Finance Group
67
Financial Statements 2025
Würth Finance
International B.V.
Financial Statements 2025 Würth Finance International B.V.
COMPANY INCOME STATEMENT
for the year ended at 31 December
in TEUR
Notes
2025
2024
Net income
62,439
66,698
23
Other operating income
13
519
731
Total operating income
62,958
67,429
Wages and salaries
34
–12,543
–12,322
Social security charges
–1,176
–1,069
Amortisation of intangible and tangible ﬁxed assets
24
–1,268
–1,208
Other operating expenses
35
–9,128
–13,732
Total operating expenses
–24,115
–28,331
38,843
39,098
Financial income
27
157,207
170,970
Impairments of assets
18a
–2,810
1,742
Financial expenses
27
–100,414
–105,725
Proﬁt before taxes
92,826
106,085
Income tax expense
–15,913
–21,437
Share in result from participating interests
25
1,619
1,602
Net proﬁt for the year
78,532
86,250
COMPANY BALANCE SHEET
for the year ended at 31 December
Before appropriation of proﬁt
in TEUR
Notes
2025
2024
Assets
Non-current assets
Intangible assets
Software
24
0
0
Right-of-use assets
Right-of-use land and buildings
24
1,399
1,388
Property, plant and equipment
Operating equipment and furnishings
24
186
301
Financial assets
Participations in Group companies
25
35,436
32,391
Loans to related companies
4, 26
1,047,158
1,164,651
Positive fair values of derivative instruments
18b, 18c
9,440
5,293
Deferred tax assets
28
565
935
Total non-current assets
1,094,184
1,204,959
Current assets
Receivables from related companies
26
1,722,276
1,732,946
Positive fair values of derivative instruments
18b, 18c
9,733
12,542
Other assets
29
4,735
4,260
Accrued income and prepaid expenses
12,604
15,658
Securities at amortised cost
7
89,198
186,426
Securities at fair value through proﬁt or loss
6, 18a
92,950
72,541
Cash
1,210,951
1,430,125
Total current assets
3,142,447
3,454,498
Total assets
4,236,631
4,659,457
69
Financial Statements 2025 Würth Finance International B.V.
in TEUR
Notes
2025
2024
Equity and liabilities
Shareholders’ equity
Issued capital
16,000
16,000
Additional paid-in capital
5,000
5,000
Retained earnings
498,112
407,158
Net proﬁt for the year
78,532
86,250
Total shareholders’ equity
32
597,644
514,408
Provisions
Liabilities for pension plans
14
1,839
3,571
Total provisions
1,839
3,571
Non-current liabilities
Bonds issued
30
1,829,952
2,155,764
Lease liabilities
245
245
Negative fair values of derivative instruments
18b, 18c
10,274
12,513
Total non-current liabilities
1,840,471
2,168,522
Current liabilities
Bonds issued
30
323,816
498,623
Payables to related companies
26
1,435,475
1,428,661
Lease liabilities
1,165
1,158
Payables to banks
33
109
675
Income tax payables
15
10,801
14,548
Negative fair values of derivative instruments
18b, 18c
5,952
10,168
Other liabilities
31
8,164
7,350
Accrued expenses and deferred income
11,195
11,773
Total current liabilities
1,796,677
1,972,956
Total equity and liabilities
4,236,631
4,659,457
70
Financial Statements 2025 Würth Finance International B.V.
ACCOUNTING POLICIES USED IN PREPARING
THE COMPANY FINANCIAL STATEMENTS
for the year ended at 31 December
Basis of preparation
A subsequent share of the proﬁt of the subsidiary is recog-
The company Financial Statements have been prepared in
nised only if and to the extent that the accumulated share of
accordance with Part 9 of Book 2 of the Dutch Civil Code. In
the previously unrecognised loss has been made good.
accordance with the provisions of Section 362-8 of Book 2
Information on the use of ﬁnancial instruments and on related
of the Dutch Civil Code the accounting policies used are the
risks for the Group was provided in the notes to the consoli-
same as those used in the notes to the consolidated Financial
dated Financial Statements.
Statements, prepared under IFRS as adopted by the European
Union, unless stated otherwise below. The Financial State-
The company Financial Statements are presented in EUR
ments were prepared on 30 April 2026. Where the notes in
thousands unless otherwise stated.
the company Financial Statements were similar to the notes in
Changes in accounting policies
the consolidated Financial Statements, we refer to the notes in
the consolidated Financial Statements.
For details of changes in accounting policies, please refer to
the consolidated accounting principles.
Participations in related companies
Investments in subsidiaries are valued using the net asset
The company made use of the option to eliminate intercom-
value method, determined by applying the IFRS accounting
pany expected credit losses against the book value of loans
policies as described in the consolidated Financial Statements.
and receivables to Group companies, instead of elimination
Under this method, subsidiaries are carried at the company’s
against the investments in Group companies.
share in their net asset value plus its share in the results of
Equity interests
the subsidiaries and its share of changes recognised directly
Parent company
in the equity of the subsidiaries as from the acquisition date,
determined in accordance with the IFRS accounting policies
Würth Finance International B.V., Amsterdam, is the parent
disclosed in the consolidated Financial Statements, less its
company of the companies as listed below and includes the
share in the dividend distributions from the subsidiaries. The
ﬁnancial data of these companies in its consolidated Financial
company’s share in the results of the subsidiaries is recognised
Statements, copies of which are available at cost from the
in the income statement. Since the distribution of proﬁts is not
head oﬃce of Würth Finance International B.V., Amsterdam.
subject to restrictions, no legal reserve is included.
Fully owned companies
In connection with this, long-term interests are included if they,
– Würth Financial Services AG, Rorschach, Switzerland:
in substance, form part of the investor’s net investment in the
wholly owned subsidiary (2024: 100%)
subsidiary.
– Würth Invest AG, Chur, Switzerland:
wholly owned subsidiary (2024: 100%)
The percentages stated represent the equity interests held.
71
Financial Statements 2025 Würth Finance International B.V.
NOTES TO THE COMPANY FINANCIAL STATEMENTS
for the year ended at 31 December
23 NET INCOME
The net income consists of income from factoring activities amounting to TEUR 13,522 (2024: TEUR 13,613), commission and
service fee activities amounting to TEUR 31,826 (2024: TEUR 32,168) and trading activities amounting to TEUR 17,090
(2024: TEUR 20,917).
24 INTANGIBLE ASSETS/RIGHT-OF-USE ASSETS/
PROPERTY, PLANT AND EQUIPMENT
Intangible assets/right-of-use assets/property, plant and equipment are composed as follows:
At 31 December 2025
Additions
(disposals)
Accum.
Amorti-
Accum.
Acquisition
incl. asset Acquisition
amorti-
Asset
sation for
amorti-
Net book
cost retirement
cost
sation retirement
the year
sation
value
in TEUR
2024
2025
2025
2024
2025
2025
2025
2025
Intangible assets
Software
1,047
–18
1,029
–1,047
18
0
–1,029
0
Total intangible assets
1,047
–18
1,029
–1,047
18
0
–1,029
0
Right-of-use assets
Right-of-use land and buildings
7,246
1,162
8,408
–5,858
0
–1,151
–7,009
1,399
Total right-of-use assets
7,246
1,162
8,408
–5,858
0
–1,151
–7,009
1,399
Property, plant and equipment
Vehicles
587
–241
346
–323
241
–114
–196
150
Art objects
34
0
34
0
0
0
0
34
Oﬃce equipment/installations
539
2
541
–536
0
–3
–539
2
Total property, plant and equipment
1,160
–239
921
–859
241
–117
–735
186
At 31 December 2024
Additions
(disposals)
Accum.
Amorti-
Accum.
Acquisition
incl. asset Acquisition
amorti-
Asset
sation for
amorti-
Net book
cost retirement
cost
sation retirement
the year
sation
value
in TEUR
2023
2024
2024
2023
2024
2024
2024
2024
Intangible assets
Software
1,470
–423
1,047
–1,470
423
0
–1,047
0
Total intangible assets
1,470
–423
1,047
–1,470
423
0
–1,047
0
Right-of-use assets
Right-of-use land and buildings
6,087
1,159
7,246
–4,726
0
–1,132
–5,858
1,388
Total right-of-use assets
6,087
1,159
7,246
–4,726
0
–1,132
–5,858
1,388
Property, plant and equipment
Vehicles
442
145
587
–395
143
–71
–323
264
Art objects
34
0
34
0
0
0
0
34
Oﬃce equipment/installations
537
2
539
–531
0
–5
–536
3
Total property, plant and equipment
1,013
147
1,160
–926
143
–76
–859
301
72
Financial Statements 2025 Würth Finance International B.V.
25 PARTICIPATIONS IN GROUP COMPANIES
in TEUR
Net book value at 1 January 2024
32,017
OCI
–1,228
Share in proﬁt/(loss) of participating interests
1,602
Net book value at 31 December 2024
32,391
Net book value at 1 January 2025
32,391
OCI
1,426
Share in proﬁt/(loss) of participating interests
1,619
Net book value at 31 December 2025
35,436
26 TRANSACTIONS WITH RELATED PARTIES
Related party transactions were based on arm’s length terms and conditions.
At 31 December 2025
Parent
Associated
in TEUR
Total
companies
Subsidiaries
companies
Receivables from related parties
Loans to related companies
1,047,158
0
0
1,047,158
Receivables from related companies
1,722,276
33,838
1,872
1,686,566
Current accounts
561,827
22,426
170
539,231
Short-term loans
965,387
0
1,702
963,685
Factoring
195,062
11,412
0
183,650
Total receivables from related parties
2,769,434
33,838
1,872
2,733,724
Payables to related parties
Payables to related companies
1,435,475
337,587
8,204
1,089,684
Current accounts
821,145
12,587
8,204
800,354
Fixed-term deposits
614,330
325,000
0
289,330
Other payables to related parties
1,700
0
0
1,700
Total payables to related parties
1,437,175
337,587
8,204
1,091,384
At 31 December 2024
Parent
Associated
in TEUR
Total
companies
Subsidiaries
companies
Receivables from related parties
Loans to related companies
1,164,651
0
0
1,164,651
Receivables from related companies
1,732,946
26,938
9,887
1,696,121
Current accounts
605,186
17,082
462
587,642
Short-term loans
945,342
0
9,425
935,917
Factoring
182,418
9,856
0
172,562
Total receivables from related parties
2,897,597
26,938
9,887
2,860,772
Payables to related parties
Payables to related companies
1,428,661
401,593
6,306
1,020,762
Current accounts
703,387
1,593
6,306
695,488
Fixed-term deposits
725,274
400,000
0
325,274
Other payables to related parties
907
0
0
907
Total payables to related parties
1,429,568
401,593
6,306
1,021,669
73
Financial Statements 2025 Würth Finance International B.V.
27 FINANCIAL INCOME AND EXPENSES
At 31 December 2025
in TEUR
Total
Parent
Subsidiaries
Associated
Third parties
Financial income
Interest income from ﬁnancing activities at amortised cost
77,071
0
0
77,071
0
Interest income from ﬁnancing leasing activities at amortised cost
3,154
0
0
3,154
0
Interest income from liquid assets at amortised cost
41,901
40
128
19,812
21,921
Interest income from current accounts
19,980
40
128
19,812
0
Interest income from bank accounts and time deposits
21,921
0
0
0
21,921
Interest income from ﬁnancial instruments at fair value through
proﬁt or loss
35,081
0
0
1,476
33,605
Valuation gains/(losses) from interest rate
and cross-currency swaps (unrealised)
33
0
0
313
–280
Interest income from interest rate and cross-currency swaps
32,373
0
0
300
32,073
Other interest income from ﬁnancial instruments
2,675
0
0
863
1,812
Dividends received
0
0
0
0
0
Total ﬁnancial income
157,207
40
128
101,513
55,526
Financial expenses
Interest expenses for current accounts and time deposits
23,317
7,445
1
15,871
0
Interest expenses for bonds issued
48,690
3,090
0
0
45,600
Interest expenses from ﬁnancial instruments
27,849
401
0
1,855
25,593
Interest expenses from interest rate and cross-currency swaps
26,489
0
0
896
25,593
Other interest expenses from ﬁnancial instruments
1,360
401
0
959
0
Other interest expenses (third parties)
558
0
0
2
556
Total ﬁnancial expenses
100,414
10,936
1
17,728
71,749
At 31 December 2024
in TEUR
Total
Parent
Subsidiaries
Associated
Third parties
Financial income
Interest income from ﬁnancing activities at amortised cost
78,047
0
0
78,047
0
Interest income from ﬁnancing leasing activities at amortised cost
3,329
0
0
3,329
0
Interest income from liquid assets at amortised cost
64,736
55
1,178
26,541
36,962
Interest income from current accounts
27,774
55
1,178
26,541
0
Interest income from bank accounts and time deposits
36,962
0
0
0
36,962
Interest income from ﬁnancial instruments at fair value through
proﬁt or loss
23,849
0
0
3,325
20,524
Valuation gains/(losses) from interest rate
and cross-currency swaps (unrealised)
73
0
0
1,269
–1,196
Interest income from interest rate and cross-currency swaps
21,660
0
0
960
20,700
Other interest income from ﬁnancial instruments
2,116
0
0
1,096
1,020
Dividends received
1,009
0
1,009
0
0
Total ﬁnancial income
170,970
55
2,187
111,242
57,486
Financial expenses
Interest expenses for current accounts and time deposits
40,890
15,299
14
25,577
0
Interest expenses for bonds issued
45,819
3,824
0
0
41,995
Interest expenses from ﬁnancial instruments
18,416
208
0
2,612
15,596
Interest expenses from interest rate and cross-currency swaps
17,799
0
0
2,339
15,460
Other interest expenses from ﬁnancial instruments
617
208
0
273
136
Other interest expenses (third parties)
600
0
0
3
597
Total ﬁnancial expenses
105,725
19,331
14
28,192
58,188
74
Financial Statements 2025 Würth Finance International B.V.
28 INCOME TAX
in TEUR
2025
2024
Deferred tax assets on cash ﬂow hedges
565
935
Deferred tax assets
565
935
For other details see the consolidated Financial Statements, Note 15 Income tax.
29 OTHER ASSETS
in TEUR
2025
2024
Receivables from third parties
4,578
4,103
Other assets
157
157
Total other assets
4,735
4,260
30 BONDS ISSUED
For details see the consolidated Financial Statements, Note 8 Bonds issued.
31 OTHER LIABILITIES
in TEUR
2025
2024
Payables for deliveries and services
2,959
1,658
of which to third parties
1,259
751
of which to related parties
1,700
907
Compensation-related liabilities
3,248
3,599
Other liabilities
1,957
2,093
Total other liabilities
8,164
7,350
Other accrued expenses and deferred income primarily comprise accruals for services received but not invoiced duing the ﬁnancial
year.
75
Financial Statements 2025 Würth Finance International B.V.
32 EQUITY
Additional
Retained
Cash ﬂow
Foreign
Issued
paid-in
earnings
hedge
currency
in TEUR
capital
capital (incl. net proﬁt)
reserve
translation
Total
At 1 January 2024
16,000
5,000
438,133
–5,409
179
453,903
Net proﬁt for the year
0
0
86,250
0
0
86,250
Foreign currency translation
0
0
0
0
–250
–250
Cash ﬂow hedge accounting
0
0
0
1,614
0
1,614
Remeasurement gain/(loss) on deﬁned beneﬁt plans
0
0
–2,109
0
0
–2,109
Total comprehensive income for the year
0
0
84,141
1,614
–250
85,505
Dividend payments
0
0
–25,000
0
0
–25,000
At 31 December 2024
16,000
5,000
497,274
–3,795
–71
514,408
At 1 January 2025
16,000
5,000
497,274
–3,795
–71
514,408
Net proﬁt for the year
0
0
78,532
0
0
78,532
Foreign currency translation
0
0
0
0
76
76
Cash ﬂow hedge accounting
0
0
0
1,335
0
1,335
Remeasurement gain/(loss) on deﬁned beneﬁt plans
0
0
3,293
0
0
3,293
Total comprehensive income for the year
0
0
81,825
1,335
76
83,236
Dividend payments
0
0
0
0
0
0
At 31 December 2025
16,000
5,000
579,099
–2,460
5
597,644
The Board of Directors proposed to allocate the net income of TEUR 78,532 to retained earnings.
33 PAYABLES TO BANKS
The payables to banks line item refers to current account overdraft.
34 PERSONNEL EXPENSES
The average number of staﬀ (in FTEs) employed by the com-
In 2025 and 2024, no other forms of compensation (post-
pany in 2025 was 70 (2024: 70), of whom 52 were working
employment beneﬁts or other long-term beneﬁts, termination
outside the Netherlands (2024: 52).
beneﬁts, share-based payments) were paid to key management.
The key management comprised the Managing Directors of
In ﬁnancial year 2025, fees of TEUR 450 were paid to
the company.
members of the Board of Directors (2024: TEUR 400).
Remuneration for the Managing Directors of the company
For more details see the consolidated Financial Statements,
totalled TEUR 1,914 in 2025 (2024: TEUR 1,899).
Note 14 Personnel expenses.
76
Financial Statements 2025 Würth Finance International B.V.
35 AUDIT FEES
The cost of the Group for the external auditor, the audit organisation and the entire network to which the audit organisation
belongs charged for the ﬁnancial year is set out below.
in TEUR
2025
2024
BDO Audit & Assurance B.V.
Audit of the Financial Statements
260
280
Other audit engagements
45
0
Total
305
280
2025
2024
in TEUR
Ernst & Young
Audit of the Financial Statements
0
0
Other audit engagements
0
49
Total
0
49
The fees stated above for the audit of the Financial Statements are based on the total fees for the audit of the 2025 Financial
Statements, regardless of whether the procedures were already performed in 2025.
36 EVENTS AFTER THE REPORTING PERIOD
For details see the consolidated Financial Statements, Note 22 Events after the reporting period.
Amsterdam and Rorschach, 30 April 2026
R. Fust
P. Guzinski
I. Köppel
Managing Director
Managing Director
Managing Director
77
Financial Statements 2025 Würth Finance International B.V.
OTHER INFORMATION
for the year ended at 31 December
Articles of Association provisions governing proﬁt appropriation
The company’s Articles of Association provide for the net proﬁt for the year to be fundamentally put at the disposal of the
shareholders.
Other branches
The company has the following branch:
Würth Finance International B.V.
Rorschach Branch
Churerstrasse 10
9400 Rorschach
Switzerland
78
Financial Statements 2025 Würth Finance International B.V.
INDEPENDENT AUDITOR’S REPORT
To: the shareholders and Board of directors of Würth Finance International B.V.
Report on the audit of the ﬁnancial statements 2025 included in the annual report
Our opinion
We have audited the ﬁnancial statements 2025 of Würth Finance International B.V. (the ‘Company’) based in Amsterdam.
The ﬁnancial statements comprise the consolidated ﬁnancial statements and the company ﬁnancial statements.
In our opinion:
– the accompanying consolidated ﬁnancial statements give a true and fair view of the ﬁnancial position of Würth Finance
International B.V. as at 31 December 2025 and of its result and its cash ﬂows for 2025 in accordance with International
Financial Reporting Standards as adopted by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code;
– the accompanying company ﬁnancial statements give a true and fair view of the ﬁnancial position of Würth Finance
International B.V. as at 31 December 2025 and of its result for 2025 in accordance with Part 9 of Book 2 of the Dutch Civil Code.
The consolidated ﬁnancial statements comprise:
1. the consolidated balance sheet as at 31 December 2025;
2. the following statements for 2025: the consolidated income statement, the consolidated statements of comprehensive income,
changes in equity and cash ﬂows; and
3. the notes comprising material accounting policy information and other explanatory information.
The company ﬁnancial statements comprise:
1. the company balance sheet as at 31 December 2025;
2. the company income statement for 2025; and
3. the notes comprising a summary of the accounting policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those
standards are further described in the ‘Our responsibilities for the audit of the ﬁnancial statements’ section of our report.
We are independent of Würth Finance International B.V. in accordance with the EU Regulation on speciﬁc requirements regard-
ing statutory audit of public-interest entities, the Wet toezicht accountantsorganisaties (Wta, Audit ﬁrms supervision act), the
Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Account-
ants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Further-
more we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics for Profes-
sional Accountants).
We believe the audit evidence we have obtained is suﬃcient and appropriate to provide a basis for our opinion.
Information in support of our opinion
We designed our audit procedures in the context of our audit of the ﬁnancial statements as a whole and in forming our opinion
thereon. The following information in support of our opinion was addressed in this context, and we do not provide a separate
opinion or conclusion on these matters.
Materiality
Based on our professional judgement we determined the materiality for the ﬁnancial statements as a whole at € 42,300,000.
The materiality is based on 1% of the total assets, which we consider to be the principal considerations for users of the ﬁnancial
statements in assessing the ﬁnancial performance of the Company. We have also taken into account misstatements and/or possi-
ble misstatements that in our opinion are material for the users of the ﬁnancial statements for qualitative reasons.
We agreed with the board of directors that misstatements in excess of € 2,115,000, which are identiﬁed during the audit, would
be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.
Scope of the group audit
Würth Finance International B.V. is at the head of a group of components. The ﬁnancial information of this group is included in the
ﬁnancial statements of Würth Finance International B.V.
Based on our risk assessment, we determined the nature, timing and extent of audit procedures to be performed, including deter-
mining the components at which to perform audit procedures.
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Financial Statements 2025 Würth Finance International B.V.
Decisive were the size and/or the risk proﬁle of the group entities or operations. On this basis, we selected group entities for
which an audit had to be carried out on the complete set of ﬁnancial information or speciﬁc items. We have performed full scope
audit procedures at Würth Finance International B.V. For the other group entities, Würth Financial Services AG and Würth
Invest AG, we performed, amongst other, audit procedures to corroborate our assessment that there were no signiﬁcant risks
of material misstatements within these components. We performed additionally audit procedures for speciﬁc ﬁnancial state-
ment areas above our threshold.
By performing the procedures mentioned above at components, together with additional procedures at group level, we have been
able to obtain suﬃcient and appropriate audit evidence about the group’s ﬁnancial information to provide an opinion on the
ﬁnancial statements.
Audit approach going concern
As explained in the section ‘Perspectives for 2026’ in the report of the management and the general accounting principles in
the ﬁnancial statements, the managing directors have carried out a going concern assessment for the period of 12 months after
30 April 2026 and have not identiﬁed any events or circumstances that may cause reasonable doubt on the entity's ability to
continue as a going concern (hereinafter: ‘going concern risks’).
Our audit procedures to evaluate the managing directors’ going concern assessment included:
‒ considering whether the managing directors going concern assessment contains all relevant information that we have
knowledge of, as a result of our audit by and inquiring with the managing directors on key assumptions and estimates. In doing
so, we have paid attention, amongst other things, to the recoverability of the loans;
‒ evaluating the budget for 2026, liquidity and solvability position as well as the available ratings, taking into account develop-
ments in the industry and our knowledge from the audit;
‒ obtaining information from the managing directors about its knowledge of going concern risks beyond the period covered by
their going concern assessment.
Our audit procedures indicated that the going concern assumption used by the managing directors is appropriate and no going
concern risks have been identiﬁed.
Audit approach fraud risks
We identiﬁed and assessed the risks of material misstatements of the ﬁnancial statements due to fraud and non-compliance with
laws and regulations. During our audit we obtained an understanding of the Company and its environment and the compo-
nents of the system of internal control, including the risk assessment process and the managing directors’ process for responding
to the fraud risks and monitoring the system of internal control and how the board of directors exercises oversight, as well as
the results thereof. We refer to section ‘Risk Management and Control’ of the annual report for the managing directors’ fraud risk
assessment.
We evaluated the design and implementation of the relevant aspects of the system of internal control, including among others
the code of conduct of the Würth Group including the Speak Up reporting system. Where considered appropriate, we tested the
operating eﬀectiveness, of internal controls designed to mitigate fraud risks. Where applicable, we have communicated signiﬁ-
cant deﬁciencies in internal control in writing to the managing directors and the board of directors.
As part of our process of identifying risks of material misstatements of the ﬁnancial statements due to fraud, we evaluated fraud
risk factors with respect to fraudulent ﬁnancial reporting, misappropriation of assets and bribery and corruption. We evaluated
whether these fraud risk factors indicate that a risk of material misstatement due fraud is present.
We incorporated elements of unpredictability in our audit. We also considered the outcome of our other audit procedures
and evaluated whether any ﬁndings were indicative of fraud or non-compliance. We considered available information and inquired
with relevant executives and managing directors.
This did not lead to indications for fraud potentially resulting in material misstatements.
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Financial Statements 2025 Würth Finance International B.V.
The fraud risks identiﬁed by us and the speciﬁc procedures performed are as follows:
Management override of controls
Description:
Our audit approach and observations:
The managing directors are in an unique position to perpetrate fraud because
We:
the managing directors are able to manipulate accounting records and prepare – evaluated the design and implementation of internal control measures in the
fraudulent ﬁnancial statements by overriding controls that otherwise appear to
processes for generating and processing journal entries and making esti-
be operating eﬀectively. Therefore, in all our audits, we pay attention to the risk of
mates, assuming a risk of management override of controls of that process.
management override of controls for:
– assessed the process surrounding the preparation of ﬁnancial statements;
– selected journal entries based on risk criteria, such as manual journal entries.
– Journal entries and other adjustments made throughout the year and during
We performed audit procedures on these journal entries, in which we also
the course of preparing the ﬁnancial statements.
paid attention to signiﬁcant transactions outside the ordinary course of busi-
– Estimates and estimation processes.
ness.
– Signiﬁcant transactions outside the ordinary course of business.
– investigated manual journal entries for (interest) income above our threshold.
– performed audit procedures on signiﬁcant estimates, which mainly consists of
In this context, we paid particular attention to a possible misstatement relating
the valuation of the loans issued to related parties as disclosed in Note 4 of
to important judgement areas and signiﬁcant accounting estimates related to the
the ﬁnancial statements.
valuation of the loans to related parties as disclosed in Note 4 of the ﬁnancial
statements.
We also refer to our procedures regarding the valuation of loans as included in
the key audit matter.
The risk of fraudulent ﬁnancial reporting due to manual revenue postings
Description:
Our audit approach and observations:
Based on our professional standards, we recognize a presumed fraud risk
We:
regarding revenue recognition. Based on our risk analysis, we do acknowledge
– evaluated the design and implementation of the internal control measures
an increased (fraud) risk in manual revenue postings.
with regard to the revenue process and determined operating eﬀectiveness of
these internal control measures;
– analysed manual journal entries for (interest) income above our threshold.
– Reconciled the outstanding balance for intercompany loans as per year end
to the amounts according to the consolidation monitor in SAP, in which all
intercompany balances for all Würth entities are monitored and diﬀerences are
explained.
Our audit procedures did not reveal any speciﬁc indicators of fraud or suspi-
cions of fraud in respect of management override of controls, potentially result-
ing in material misstatements.
Our key audit matters
Key audit matters are those matters that, in our professional judgement, were of most signiﬁcance in our audit of the ﬁnancial
statements. We have communicated the key audit matter to the board of directors. The key audit matter is not a comprehensive re-
ﬂection of all matters discussed.
Valuation of loans issued
Description:
Our audit approach:
We consider the valuation of the loans issued to related parties at the amount
We have performed the following audit procedures with respect to the correct cal-
€1,047 million as disclosed in note 4 and 16 of the ﬁnancial statements and the culation of the expected credit loss provision:
receivables from related parties at the amount €1,720 million as disclosed in
– Conﬁrmed our understanding of the Company’s data, assumptions and
note 16 of the ﬁnancial statements, combined representing 65% of the balance
method used to determine the expected credit losses on the loans to related
sheet total, a key audit matter.
parties and receivables from related parties.
– Evaluated the information derived from credit rating agency Moody’s and
We identiﬁed this as a key audit matter due to the size of the loans issued and
determined that the managing directors measured the allowance for expected
due to the material impact a possible impairment may have on the income state-
credit losses, taking into consideration the external credit rating of the Würth
ment. Initially, loans issued to and the (interest) receivables from related parties
Group and events subsequent to 31 December 2025.
are recognised at its fair value and subsequently carried at amortized cost using – Evaluated the probability of default rate derived from Bloomberg.
the eﬀective interest method.
– Evaluated the loss given default rate.
– Assessed the accuracy of the assumptions used by the Company in the
The managing directors recognised the expected credit loss provision with
expected credit loss calculation and assessed the accuracy of the calculated
regard to the loans issued to and the (interest) receivables with related parties
expected credit loss.
in accordance with IFRS 9 in total amounting to €5,9 million.
– Inspected the standard format loan agreements entered into between the Com-
pany and related parties.
– Reviewed news reports on Google and Reuters of the Company and the Würth
Group.
– Searched and evaluated the information for investors on the website of the
Würth Group.
– Discussed the subsequent developments in the ﬁnancial position and the cash
ﬂows with the managing directors and the Board of Directors of the Company.
Assessed the adequacy of the disclosures in the ﬁnancial statements relating to
both the loans issued to and current account receivables from related parties.
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Financial Statements 2025 Würth Finance International B.V.
Report on the other information included in the annual report
In addition to the ﬁnancial statements and our auditor’s report thereon, the annual report contains other information that consists of:
‒ About Würth Finance Group;
‒ the report of the board of directors;
‒ the report of the management;
‒ other information as required by Part 9 of Book 2 of the Dutch Civil Code.
Based on the following procedures performed, we conclude that the other information:
‒ is consistent with the ﬁnancial statements and does not contain material misstatements;
‒ contains all the information regarding the report of the management and the other information as required by Part 9 of Book 2
of the Dutch Civil Code.
We have read the other information. Based on our knowledge and understanding obtained through our audit of the ﬁnancial
statements or otherwise, we have considered whether the other information contains material misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch
Standard 720. The scope of the procedures performed is substantially less than the scope of those performed in our audit of the
ﬁnancial statements.
The managing directors are responsible for the preparation of the other information, including the report of the management
in accordance with Part 9 of Book 2 of the Dutch Civil Code and other information as required by Part 9 of Book 2 of the Dutch
Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were engaged by the board of directors as auditor of Würth Finance International B.V. on 17 May 2024, as of the audit for
the year 2024 and have operated as statutory auditor ever since that ﬁnancial year.
No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on speciﬁc requirements
regarding statutory audit of public-interest entities.
European Single Electronic Format (ESEF)
Würth Finance International B.V. has prepared its annual report in ESEF. The requirements for this are set out in the Delegated
Regulation (EU) 2019/815 with regard to regulatory technical standards on the speciﬁcation of a single electronic reporting
format (hereinafter: the RTS on ESEF).
In our opinion, the annual report prepared in XHTML-format, including the (partly) marked-up consolidated ﬁnancial statements
as included in the reporting package by Würth Finance International B.V., complies in all material respects with the RTS on ESEF.
The managing directors are responsible for preparing the annual report including the ﬁnancial statements in accordance with the
RTS on ESEF, whereby the managing directors combine the various components into one single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies
with the RTS on ESEF.
We performed our examination in accordance with Dutch law, including Dutch Standard 3950N 'Assurance-opdrachten inzake
het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument' (assurance engagements relating
to compliance with criteria for digital reporting).
Our examination included among others:
‒ obtaining an understanding of the entity's ﬁnancial reporting process, including the preparation of the reporting package;
‒ identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and
designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion including:
‒ obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline
XBRL instance document and the XBRL extension taxonomy ﬁles have been prepared in accordance with the technical
speciﬁcations as included in the RTS on ESEF;
‒ examining the information related to the consolidated ﬁnancial statements in the reporting package to determine whether all
required mark-ups have been applied and whether these are in accordance with the RTS on ESEF.
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Financial Statements 2025 Würth Finance International B.V.
Description of responsibilities regarding the ﬁnancial statements
Responsibilities of the managing directors and the board of directors for the ﬁnancial statements
The managing directors are responsible for the preparation and fair presentation of the ﬁnancial statements in accordance with
EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the managing directors are responsible for such internal
control as the managing directors determine is necessary to enable the preparation of the ﬁnancial statements that are free from
material misstatement, whether due to fraud or error.
As part of the preparation of the ﬁnancial statements, the managing directors are responsible for assessing the Company’s ability
to continue as a going concern. Based on the ﬁnancial reporting frameworks mentioned, the managing directors should pre-
pare the ﬁnancial statements using the going concern basis of accounting, unless the managing directors either intends to liqui-
date the Company or to cease operations, or has no realistic alternative but to do so.
The managing directors should disclose events and circumstances that may cast signiﬁcant doubt on the Company’s ability to con-
tinue as a going concern in the ﬁnancial statements.
The board of directors is responsible for overseeing the Company’s ﬁnancial reporting process.
Our responsibilities for the audit of the ﬁnancial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain suﬃcient and appropriate audit
evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material mis-
statements, whether due to fraud or error, during our audit.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably
be expected to inﬂuence the economic decisions of users taken on the basis of these ﬁnancial statements. The materiality
aﬀects the nature, timing and extent of our audit procedures and the evaluation of the eﬀect of identiﬁed misstatements on our
opinion.
We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with
Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:
‒ identifying and assessing the risks of material misstatement of the ﬁnancial statements, whether due to fraud or error, designing
and performing audit procedures responsive to those risks, and obtaining audit evidence that is suﬃcient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of inter-
nal control;
‒ obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the eﬀectiveness of the Company’s internal control;
‒ evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclo-
sures made by the managing directors;
‒ concluding on the appropriateness of the managing director’s use of the going concern basis of accounting, and based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiﬁcant doubt
on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the ﬁnancial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause a Company to cease to continue as a going concern;
‒ evaluating the overall presentation, structure and content of the ﬁnancial statements, including the disclosures; and
‒ evaluating whether the ﬁnancial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We are responsible for planning and performing the group audit to obtain suﬃcient appropriate audit evidence regarding the
ﬁnancial information of the entities or business units within the group as a basis for forming an opinion on the ﬁnancial statements.
We are also responsible for the direction, supervision and review of the audit work performed for purposes of the group audit.
We bear the full responsibility for the auditor's report.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and
signiﬁcant audit ﬁndings, including any signiﬁcant ﬁndings in internal control that we identify during our audit. In this respect we
also submit an additional report to the audit committee in accordance with Article 11 of the EU Regulation on speciﬁc require-
ments regarding statutory audit of public-interest entities. The information included in this additional report is consistent with our audit
opinion in this auditor’s report.
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Financial Statements 2025 Würth Finance International B.V.
We provide the board of directors with a statement that we have complied with relevant ethical requirements regarding inde-
pendence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our inde-
pendence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine the key audit matters: those matters that were of
most signiﬁcance in the audit of the ﬁnancial statements. We describe these matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the
public interest.
Amstelveen, 30 April 2026
For and on behalf of BDO Audit & Assurance B.V.,
drs. M.F. Meijer RA
84
Würth Finance International B.V.,
Amsterdam
Het Sterrenbeeld 35
NL-5215 MK ’s-Hertogenbosch
Postal address:
P.O. Box 344
NL-5201 AH ’s-Hertogenbosch
Phone +31 73 681 49 00
communications@wuerthﬁnance.net
wuerthﬁnance.net
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