FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FINANCIAL INSTRUMENTS

Schedule of financial instruments


		Observable input (Level 2)		Financial instruments measured at fair value		Financial instruments measured at amortized cost		Total carrying value

2025
Financial assets
Loan receivables¹⁾		—		—		4.4		4.4
Trade receivables¹⁾		—		—		214.7		214.7
Other receivables³⁾		10.9		10.9		12.8		23.7
Cash and cash equivalents, including restricted cash¹⁾		—		—		163.5		163.5
Total		10.9		10.9		395.4		406.3

Financial liabilities
Borrowings¹⁾²⁾		—		—		1,003.1		1,003.1
Other non-current liabilities		—		—		3.3		3.3
Trade payables¹⁾		—		—		41.0		41.0
Other liabilities¹⁾³⁾		3.4		3.4		64.9		68.3
Total		3.4		3.4		1,112.3		1,115.7

2024
Financial assets
Loan receivables¹⁾		—		—		4.5		4.5
Trade receivables¹⁾		—		—		183.9		183.9
Other receivables³⁾		33.0		33.0		26.6		59.6
Cash and cash equivalents, including restricted cash¹⁾		—		—		291.2		291.2
Total		33.0		33.0		506.2		539.2

Financial liabilities
Borrowings¹⁾²⁾		—		—		1,226.3		1,226.3
Other non-current liabilities		—		—		2.9		2.9
Trade payables¹⁾		—		—		50.0		50.0
Other liabilities¹⁾³⁾		2.5		2.5		58.8		61.3
Total		2.5		2.5		1,338.0		1,340.5

2023
Financial assets
Loan receivables¹⁾		—		—		4.5		4.5
Trade receivables¹⁾		—		—		211.0		211.0
Other receivables³⁾		37.6		37.6		22.9		60.5
Cash and cash equivalents, including restricted cash¹⁾		—		—		295.6		295.6
Total		37.6		37.6		534.0		571.6

Financial liabilities
Borrowings¹⁾²⁾		—		—		1,059.6		1,059.6
Other non-current liabilities		—		—		3.0		3.0
Trade payables¹⁾		—		—		43.1		43.1
Other liabilities¹⁾³⁾		2.8		2.8		42.4		45.2
Total		2.8		2.8		1,148.1		1,150.9

1) Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value

2) See Note 20

3) Derivative financial instruments are presented in the balance sheet line "Other receivables" and "Other liabilities"