The following table presents the fair values and fair value hierarchy of the Company’s financial instruments that are carried at fair value on recurring basis in the consolidated statements of financial position:

           
          Fair value

           
          Level

          Measurement

          September 30, 2025

          September 30, 2024

          Other assets

Senior Note - embedded derivative

3

FVtPL

22,796

32,609

          Other current assets

Currency derivative

2

FVtPL

16,851

8,104

          Other financial liabilities

Currency derivative

2

FVtPL

347

625

Changes in fair value of derivative assets and liabilities are recognized within the consolidated statements of profit or loss except for changes in the fair value of derivative financial instruments designated as hedging instruments which are recognized within other comprehensive income.

During the year ended September 30, 2024, the interest cap associated with the Original EUR Term Loan no longer qualified for hedge accounting and was terminated along with the signing of the Term and Revolving Facilities Agreement. As such, the Company reclassified the cash flow hedge reserve of a cumulative loss of €0.3 million reflected in the accumulated other comprehensive income (loss) in equity through "Finance cost, net."Please refer to Note 15 - Loans and Borrowings for further details.

The Company does not carry any other financial instruments at fair value either on a recurring or non-recurring basis. The derivative assets and liabilities are reflected in the statements of financial position within other assets, other current assets and other financial liabilities.

The fair value of the redemption feature embedded in the Senior Notes is calculated using a "with-and-without" approach. The "with-scenario" refers to the fair value of the Senior Notes inclusive of the redemption feature and is estimated using a binomial lattice model in a risk-neutral framework and specifically, a Black-Derman-Toy ("BDT") model, whereas the "without-scenario" refers to the fair value exclusive of the redemption feature which is estimated through the use of a discounted cash-flow analysis ("DCF"). Both BDT and DCF models fall under the income approach. The yield volatility and credit spread are both unobservable inputs to the model. Since the note value is an observable input, the credit spread is assumed to be back solved after changing the yield volatility to match the note value. During the year ended September 30, 2025, a €9.8 million decrease in fair value was recorded through "Finance cost, net", using 35% yield volatility and 1.24% credit spread. A 2.5% increase/decrease in yield volatility would result in a €0.9 million increase/decrease in fair value. During the year ended September 30, 2024, a €3.8 million increase in fair value was recorded through "Finance cost, net", using 40% yield volatility and 1.13% credit spread. A 2.5% increase/decrease in yield volatility would result in a €1.2 million increase/decrease in fair value.

The following table presents the fair value and fair value hierarchy of the Company’s loans and borrowings carried at amortized cost:


(EUR in thousands)	Level	Nominal value		Carrying value		Fair value
September 30, 2025
EUR Term Loan	2		375,000		375,112		387,500
USD Term Loan	2		103,731		103,677		107,246
Vendor Loan	2		217,408		221,391		230,176
Senior Notes	2		428,500		444,963		450,961

September 30, 2024
EUR Term Loan	2		375,000		375,905		396,560
USD Term Loan	2		160,772		159,870		169,363
Vendor Loan	2		208,305		212,121		216,322
Senior Notes	2		428,500		446,739		449,533

The following table presents the fair value and fair value hierarchy of the Company's Tax receivable agreement liability carried at amortized cost:


	Level	Carrying value	Fair value
September 30, 2025
Tax receivable agreement liability	3	356,764	370,080

September 30, 2024
Tax receivable agreement liability	3	359,890	382,619

See Note 3 – Accounting Policies – Fair value measurement for the valuation processes, valuation techniques and types of inputs used in the fair value measurements of the Company's financial instruments. There were no changes during the reporting period.