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https://support.fairphone.com/hc/en-us/articles/9979180437393-Fairphone-s-Operating-System
They promise 8 years (possibly 10), so at least until late 2031.
Im pretty sure it will end up being cheaper for me on the long run, especially compared to an iPhone. Im kind of amazed that its not more expensive considering they probably spend like twice as much for the components (or rather for the conditions they are produced under), while still being more or less competitive. But I guess its possible if you dont go for 200% profit margin.