V. Assumptions and estimates with a material impact on the consolidated financial statements

1. Control without a majority of the voting rights

FMG holds 60% of the voting rights in Flughafen München Bauge­sell­schaft mbH. The Shareholders’ General Meeting approves material business activities only by a two-thirds majority. The company oper­ates exclusively for Terminal 2 Gesellschaft mbH & Co oHG. Control is exercised through an agency agreement.

Flughafen München GmbH holds 60% of the voting rights in Ter­mi­nal 2 Gesellschaft mbH & Co oHG. However, the Shareholders’ Gen­eral Meeting approves material business activities only with a two-thirds majority. Control does not therefore result from a majority of voting rights, but mainly from agreements between the shareholders with long-term binding effect on the conduct of the company’s busi­ness activities.

2. Carrying amount of certain assets and liabilities

The carrying amounts of assets and liabilities included in these con­solidated financial statements are based on estimates and assum­ptions concerning the future. In the opinion of Munich Airport, there is no significant risk that these estimates and assumptions will change to such an extent by the next reporting date that a material adjust­ment of the carrying amount would be expected.

In the fiscal year 2025, all assets were tested for impairment. Im­pair­ments in connection with various projects arising from the 98th amend­ment to the planning approval decision for the airport expansion plan totaling TEUR 176,434 (2024: TEUR 175,741) were not expected in the 2025 fiscal year. Commitments made in con­nec­tion with the construction of the third runway to support infrastruc­ture projects in the surrounding area remain in place, since Munich Airport is committed to the construction of the third runway as a key future project. Provisions totaling TEUR 71,590 (2024: TEUR 72,225) were established for this purpose.

As of December 31, 2025, assets under construction, purchased land and replacement and compensation measures relating to the expansion project have been capitalized. A complete discontinuation of the project would thus lead to a full write-off of the assets under construction still recognized in the statement of financial position. In that case, depreciation on the reported land and replacement and compensatory measures would also have to be examined at this point in time with respect to their future usability.

Further significant, forward-looking assumptions and estimates re­late to the financial liabilities from interests in partnerships. Adjust­ments to the estimation of future distribution potential and there­fore claims for compensation are reflected in the carrying amount of the financial liability with an impact in profit or loss. If profit shares from previous periods are not withdrawn, they are reported as a non-current financial liability in accordance with the company’s liquidity plans. The expected distribution potential is predicted on the basis of previous experience and planned revenue and cost development, taking into account the expected price developments and invest­ments in the maintenance and expansion of infrastructure. A total of TEUR 455,955 (2024: TEUR 431,245) was recognized as a liability in this context.