NOTES
7. Financial assets and liabilities
| EUR million | 30 Sep 2026 | 30 Sep 2025 | 31 Dec 2025 |
|---|---|---|---|
| Financial assets at fair value through profit or loss | |||
| Short-term investments | 0.4 | 0.3 | 0.4 |
| Foreign currency swaps | - | 0.4 | 2.9 |
| Other financial assets | 0.0 | 0.9 | 0.0 |
| Total | 0.4 | 1.6 | 3.3 |
| Interest rate swaps used for hedging | 2.1 | - | 0.2 |
| Total financial assets at fair value | 2.5 | 1.6 | 3.5 |
| Financial assets at amortised cost | |||
| Other financial assets | 11.9 | 17.9 | 16.7 |
| Trade and other financial receivables | 249.8 | 287.6 | 305.8 |
| Total | 261.7 | 305.5 | 322.5 |
| Cash and cash equivalents | 82.2 | 82.7 | 82.3 |
| Total financial assets | 346.4 | 389.8 | 408.3 |
| Financial liabilities at fair value through profit or loss | |||
| Foreign currency swaps | 5.2 | - | - |
| Contingent consideration payable¹ | 6.8 | 12.4 | 8.9 |
| Total | 12.0 | 12.4 | 8.9 |
| Interest rate swaps used for hedging | - | 0.0 | 0.0 |
| Foreign currency forwards used for hedging | 9.4 | - | - |
| Put option liquidity obligations with non-controlling interests (with movement through equity)² | 40.1 | 36.9 | 38.9 |
| Total financial liabilities at fair value | 61.5 | 49.3 | 47.8 |
| Financial liabilities at amortised cost | |||
| Borrowings¹ | 811.1 | 849.6 | 846.4 |
| Lease liabilities | 424.5 | 540.2 | 559.4 |
| Other financial liabilities | 2.1 | 2.9 | 2.9 |
| Trade and other financial payables | 62.2 | 86.7 | 117.0 |
| Deferred consideration payable¹ | 20.4 | 24.7 | 25.1 |
| Total | 1,320.3 | 1,504.1 | 1,550.8 |
| Total financial liabilities | 1,381.8 | 1,553.4 | 1,598.6 |
¹Presented as loans payable in the statement of financial position.
²Presented as other financial liabilities in the statement of financial position.
Financial assets and liabilities carried at amortised cost are considered to have carrying values that materially correspond to fair value, with the exception for the schuldschein debt at fixed interest rates where the carrying value amounted to EUR 140.7 million (EUR 140.7 million) and fair value to EUR 131.7 million (EUR 131.9 million).
Recognised fair value measurements - valuation technique and principal inputs
A breakdown of how fair value is determined is indicated in the following three levels:
Level 1: Short-term investments of EUR 0.4 million (EUR 0.4 million) include government bonds. Fair value hierarchy level 1 is used when the valuation is based on quoted prices in active markets.
Level 2: The Group has foreign currency- and interest rate swaps where the valuation is based on level 2. Fair value hierarchy level 2 is used when inputs, other than the quoted prices included in level 1, are observable.
Level 3: The Group has the following significant financial assets and liabilities measured using level 3, where fair value is not based on observable market data:
a) The contingent consideration payable resulting from current year and past business combinations is mainly based on the estimated outcome of future performance targets.
b) The put option liquidity obligations with non-controlling interests consist of:
- A put option liquidity obligation with non-controlling interests in Medicover Hospitals India (“MHI”) of EUR 34.4 million (EUR 34.6 million). This obligation will be derecognised upon completion of the divestment of the Indian hospital business.
- Put option liquidity obligations with non-controlling interests in subsidiaries in Norway, Cyprus and Bosnia-Herzegovina of EUR 5.7 million (EUR 4.3 million), estimated to be exercised between 2027-2028.
In determining the fair value of the obligations, estimations of key variables were made, of which the most significant are the growth rate of the business to determine its profitability at the future date of exercise and the discount rate applied to the nominal value.
The following table summarises the quantitative information about the significant unobservable inputs used in the material level 3 fair value measurements:
| Fair value (EURm) | Inputs | Sensitivity | ||||
|---|---|---|---|---|---|---|
| Description | 30 Sep 2026 | 31 Dec 2025 | 30 Sep 2026 | 31 Dec 2025 | Relationship of unobservable inputs to fair value (FV) | |
| Put option liquidity obligation with non-controlling interests in MHI, India | 34.4 | 34.6 | 7-year projected CAGR EBITDA | 26.2% | 26.2% | Increase of 10% in CAGR EBITDA = increase in FV liability of EUR 4.6m |
| Risk adjusted discount rate | 14.2% | 12.0% | Decrease of 1% point in discount rate = increase in FV liability of EUR 0.4m | |||
| Contingent consideration payable | 6.8 | 8.9 | Risk adjusted discount rate | 8.5-11.8% | 5.5-11.8% | Decrease of 1% point in discount rate = increase in FV liability of EUR 0.0m |
No additional significant changes have been made to valuation techniques, inputs or assumptions in 2026.
No financial assets or liabilities have been reclassified between the different levels in the fair value hierarchy.