Disclosures regarding the fair value of financial instruments
The carrying amounts of the cash and cash equivalents (as of June 30, 2026: € 9,358 million; as of December 31, 2025: € 11,408 million; as of June 30, 2025: € 9,397 million), trade receivables and other financial assets (as of June 30, 2026: € 6,589 million; as of December 31, 2025: € 6,088 million; as of June 30, 2025: € 6,256 million) represented approximately the fair values as of the balance sheet date.
The carrying amounts of the trade liabilities, the other and miscellaneous financial liabilities (as of June 30, 2026: € 7,607 million; as of December 31, 2025: € 7,211 million; as of June 30, 2025: € 6,494 million), as well as of the current financial debt, represented approximately the fair values as of the balance sheet date.
As of June 30, 2026, € 1,180 million (as of December 31, 2025: € 1,491 million; as of June 30, 2025: € 1,310 million) of the receivables and other assets related to non-financial assets. As of June 30, 2026, € 1,809 million (as of December 31, 2025: € 1,700 million; as of June 30, 2025: € 1,699 million) of the other liabilities related to non-financial liabilities.
The fair value of non-current financial debt with a carrying amount of € 28,585 million was € 26,022 million as of June 30, 2026 (as of December 31, 2025: carrying amount € 29,535 million, fair value € 26,873 million; as of June 30, 2025: carrying amount € 28,479 million, fair value € 26,818 million).
The derivative financial instruments recognized at fair value were classified under valuation level 2 and, to a lesser extent, under valuation level 1. In addition, the money market funds recognized at fair value in cash and cash equivalents (as of June 30, 2026: € 1,444 million; as of December 31, 2025: € 1,484 million; as of June 30, 2025: € 536 million) were classified under valuation level 1, while receivables qualifying for sale in the amount of € 12 million (as of December 31, 2025: € 26 million; as of June 30, 2025: none) and other investments were classified under valuation level 3. There were no material valuation effects for these assets. There were no reclassifications between the valuation levels in the first half of 2026.