III.Scope of consolidation

1. Subsidiaries Summary

Subsidiaries are all companies that are controlled directly or in­di­rect­ly by Flughafen München GmbH.

An entity that draws variable returns from an investment has control if it has decision-making power over the relevant activities of the company and can use that decision-making power to influence the variable returns.

The financial statements included in the consolidated financial state­ments of Flughafen München GmbH and its subsidiaries are prepared for the same balance sheet date.

The accounting and measurement methods presented in Section IV are applied by all companies included in the consolidated financial statements.

All intra-Group assets and liabilities, equity, income, expenses and cash flows from intra-Group business transactions are fully elimi­nated as part of the consolidation process.

Non-controlling interests in the net assets of consolidated sub­si­diaries as well as the share of such shareholders in comprehensive income are recorded and reported separately.

Transactions with shares in subsidiaries are accounted for as trans­actions between shareholders unless they result in the creation or loss of control of the subsidiary.

a) Changes in the Group’s stake in subsidiaries

Changes in the Group’s stake in subsidiaries that do not result in a loss of control over the subsidiary are accounted for as equity trans­actions. The carrying amounts of the interests held by the Group and the non-controlling interests are adjusted to reflect changes in owner­ship interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the shareholders of the parent company.

If the Group loses control over a subsidiary, the deconsolidation profit or loss is recognized through profit or loss.

All other amounts recognized in other comprehensive income in connection with this subsidiary are recognized as if the assets had been sold.

If the Group retains interests in the previous subsidiary, these are recognized at the fair value at the time of the loss of control. The shares are also subsequently measured at fair value, depending on the degree of control in accordance with IFRS 9 Financial Instru­ments: Recognition, Measurement, and Classification or in accor­dance with the regulations for associated companies or joint vent­ures.

b) Acquisition of subsidiaries

The acquisition of subsidiaries is recognized on the basis of the acquisition method. The consideration transferred in the event of a business combination is measured at the fair value. This is deter­mined from the balance of the fair values of the assets transferred at the time of acquisition, the liabilities assumed, and the equity instruments issued by the Group in exchange for control of the com­pany acquired. The transaction costs associated with the business combination are recognized through profit or loss when they occur.

The following exceptions apply to the fair values:

• Deferred tax assets or deferred tax liabilities and assets or liabi­li­ties associated with agreements for employee benefits are recog­nized and measured in accordance with IAS 12 Income Taxes or IAS 19 Employee Benefits; and

• Assets (or disposal groups) classified as held for sale in accor­dance with IFRS 5 Non-current Assets Held for Sale and Discon­tinued Operations are measured in accordance with this IFRS.

Goodwill constitutes the amount by which the total for the consider­ation transferred, the amount for all non-controlling interests in the company acquired, and the fair value of the equity share previously held by the acquirer in the company acquired (assuming there is any) exceeds the balance of the fair values, as determined at the time of acquisition, of the identifiable assets acquired and the lia­bilities taken on. If the difference is found to be negative – even following another assessment – it will be recognized as income directly through profit or loss. No goodwill had to be recognized in the consolidated financial statements for fiscal year 2025.

If the consideration transferred contains an element of a contingent consideration, it is measured at the fair value at the time of acqui­si­tion. Changes in the fair value of the contingent consideration within the valuation period of twelve months are corrected retrospectively and recorded against goodwill accordingly. Accounting for changes in the fair value of the contingent consideration that do not consti­tute corrections during the valuation period will depend on how the contingent consideration needs to be classified. If the contingent consideration relates to equity, there will be no subsequent valuation on subsequent reporting dates; its fulfillment will be accounted for as part of equity. Any other contingent consideration that falls within the scope of IFRS 9 will be measured at fair value through profit or loss on subsequent reporting dates in accordance with IFRS 9. Contingent considerations not falling within the scope of IFRS 9 must likewise be measured at fair value through profit or loss.

2. Associates Summary

Associates are companies where Flughafen München GmbH has the power to participate in the financial and operating decision process­es but does not control or jointly control these decisions.

The basis of inclusion is the most recent financial statements of the associate. When reporting dates differ, the associate or jointly con­trolled entity must prepare interim financial statements. Should this not be possible, financial statements with different reporting dates may be used in applying the equity method, unless the difference between the reporting dates is more than three months. In such cases, the associate’s financial statements are adjusted for trans­actions and events with material effects that occurred between the reporting dates.

At the time of acquisition, investments in companies accounted for using the equity method are measured at amortized cost. After initial recognition, the carrying amount of the investment is increased or decreased to recognize the pro rata changes in the equity of the associate on each reporting date. In the process, changes in the associate’s equity are recognized in other comprehensive income. Otherwise changes are recognized in profit or loss.

At each reporting date following the time of acquisition, an assess­ment is carried out to determine if the carrying amount has exceed­ed the recoverable amount and an im­pairment or reversal of an impairment is necessary.

Profits or losses resulting from transactions between a fully-con­solidated company and a company accounted at using the equity method are eliminated in accordance with the percentage of owner­ship provided the assets transferred have not already been impaired in the financial statements of the associate.

The accounting and measurement methods presented in Section IV are also applied to the associates that are included in the consoli­dated financial statements.

3. Joint operations

Joint arrangements in which two or more parties have joint control over an activity are classified as either joint operations or joint ventures.

In the case of joint operations, the assets and liabilities and the rela­ted income and expenses are included in the consolidated financial statements of Munich Airport on a pro rata basis.

Where the Group engages in transactions involving a joint operation, any resulting unrealized profits or losses are eliminated in proportion to the Group’s share of the profits or losses.

Joint operations that have an immaterial impact on the Group’s assets, liabilities, financial position and results of operations are measured at fair value or, if this cannot be reliably determined for unlisted equity instruments, at amortized cost and reported under non-current other financial assets.

4. Foreign currency Summary

When preparing the financial statements for each individual Group company, transactions denominated in currencies other than the functional currency of the Group company (foreign currencies) are translated at the closing rate. On each reporting date, monetary items in foreign currencies are translated at the exchange rate valid on the reporting date. Non-monetary items in foreign currencies that are measured at fair value are translated at the exchange rates valid at the time the fair value is determined. Non-monetary items mea­sured at acquisition or production cost are translated at the exchange rate valid at the time of initial recognition.

Exchange differences from monetary items are recognized through profit or loss in the period in which occur. The following exceptions apply:

• Exchange differences arising from borrowings denominated in foreign currencies, which occur for assets under construction provided for productive use. These are assigned to the manu­facturing costs if they represent adjustments in the interest ex­pense from these borrowings denominated in foreign currency

• Exchange differences from transactions entered into to hedge specific foreign currency risks

• Exchange differences arising from monetary items to be received from/paid to a foreign operation that are neither planned nor likely to be settled and therefore form part of the net investment in that foreign operation, which are initially recognized in other compre­hensive income and reclassified from equity to profit or loss on disposal

During the preparation of the consolidated financial statements, the assets and liabilities of the foreign business operations of the Group are translated into euro (EUR) using the exchange rates valid on the reporting date. Income and expenses are translated at the average rate for the period, unless the translation rates were subject to sharp fluctuations during the period. In this case, the translation rates at the time of the transaction apply. Differences arising from the trans­lation of assets and liabilities into the Group currency are recorded in other comprehensive income and accumulated in equity.

On disposal of a foreign operation that leads to the loss of control, joint control or material influence, the corresponding amount recog­nized up to this point cumulatively in the foreign currency translation reserve is reclassified to profit or loss as part of the proceeds of dis­posal. In the event of only a partial disposal without loss of control of a subsidiary that encompasses a foreign operation, the correspond­ing part of the cumulated exchange difference is assigned to the non-controlling interests. If the Group disposes of a part of an asso­ciate or jointly controlled entity that includes a foreign business operation but retains material influence or joint control, the cor­responding share of the cumulative foreign currency exchange difference is reclassified into profit or loss.

Goodwill arising from the acquisition of a foreign business operation and adjustments to the fair value of identifiable assets and liabilities are treated as assets or liabilities of the foreign operation and trans­lated at the exchange rate as of the reporting date. Resultant ex­change differences are recorded in the foreign currency translation reserve. No goodwill had to be recognized in the consolidated finan­cial statements for fiscal year 2025.

5. Composition of the scope of consolidation Summary

a) Subsidiaries

The disposals of the shares in Cargogate Munich Airport GmbH and aerogate München Gesellschaft für Luftverkehrsabfertigungen mbH during the reporting year did not have any material impact on Flug­hafen München GmbH’s consolidated financial statements.

Apart from the parent company itself, Flughafen München GmbH’s scope of consolidation comprises the following subsidiaries:

b) Associates and companies that are not included

The following companies are associates. They are measured using the equity method:

The Group sold 74.9% of its stake in Cargogate Munich Airport GmbH with effect from January 2, 2025. As a result, the company is accounted for as an associate as of December 31, 2025. In the pre­vious year, the investment was fully consolidated as a subsidiary.

The following company is assessed as a joint operation:

The following subsidiaries and joint ventures are not included in the consolidated financial statements:

Due to the non-inclusion of the above-mentioned company, which would have to be included as a fully consolidated subsidiaries, Group revenue is reported as being less than 1% (2024: less than 1%) lower.