10. Finance income and expenses


	2025			2024			2023
Interest income		4,493			10,297			12,666
Other financial income		155			201			329
Fair value changes on derivatives		—		—				611
Fair value changes on Convertible Notes		5,296			32,954			96,445
Net foreign exchange difference		—			14,306			7,825
Total finance income		9,944			57,758			117,876
Interest expenses on loans and borrowings		(58,792	)		(57,797	)		(42,554	)
Interest expenses on lease liabilities		(2,940	)		(4,682	)		(6,779	)
Fair value changes on derivatives		(34	)		(1,684	)	—
Other financial expenses		(22,088	)		(6,016	)		(19,696	)
Net foreign exchange difference		(3,278	)		—			—
Total finance expenses		(87,132	)		(70,179	)		(69,029	)

Fair value changes on Convertible Notes (as defined below) contain the fair value changes less the coupon rate and changes in credit risk. The coupon rate on the Convertible Notes is 9.25%. Interest expenses on loan and borrowings for the twelve months ended December 31, 2025, 2024 and 2023 contain interest expense on Convertible Notes of $36.0 million, $33.8 million and $22.4 million, respectively. See Note 3 “Financial risk management” and Note 25 “Interest-bearing loans and borrowings”.

Other financial expenses for the year ended December 31, 2025 mainly consist of $19.9 million in transaction costs relating to the Group’s financing arrangements.

Other financial expenses for year ended December 31, 2024 mainly consist of $5.0 million in transaction costs relating to amendments in the Group’s financing arrangements.

Other financial expenses for the year ended December 31, 2023 mainly consist of $17.5 million in transaction costs relating to the Group’s financing arrangements.