Lease terms for production facilities are generally between 10 and 20 years, and lease terms for other properties (i.e., offices) are generally between one and 15 years. Lease terms for production equipment are generally between one and five years. The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability.


	2025		2024
Right-of-use assets
Land and buildings		26,592		31,172
Plant and machinery		11,315		14,383
Total		37,907		45,555
Lease liabilities
Non-current		24,729		31,724
Current		12,457		13,359
Total		37,186		45,083


	Land and buildings			Plant and machinery			Total
Cost
At January 1, 2024		92,573			31,782			124,355
Increases		1,643			1,263			2,906
Decreases(1)		(36,065	)		(3,376	)		(39,441	)
Exchange differences		(2,062	)		(1,491	)		(3,553	)
At December 31, 2024		56,089			28,178			84,267
Increases		1,064			194			1,258
Decreases(2)		(6,159	)		(3,861	)		(10,020	)
Exchange differences		3,858			2,543			6,401
At December 31, 2025		54,852			27,054			81,906
Accumulated depreciation and impairment
At January 1, 2024		(23,139	)		(12,823	)		(35,962	)
Depreciation		(7,418	)		(4,390	)		(11,808	)
Decreases		9,865			2,622			12,487
Impairment(3)		(4,809	)		—			(4,809	)
Exchange differences		584			796			1,380
At December 31, 2024		(24,917	)		(13,795	)		(38,712	)
Depreciation		(7,485	)		(3,869	)		(11,354	)
Decreases(2)		5,716			3,451			9,167
Exchange differences		(1,574	)		(1,526	)		(3,100	)
At December 31, 2025		(28,260	)		(15,739	)		(43,999	)
Cost, net accumulated depreciation and impairment
At December 31, 2024		31,172			14,383			45,555
At December 31, 2025		26,592			11,315			37,907

(1)

Primarily related to terminated lease contract due to the discontinued construction of the Group’s production facility in Peterborough, UK.

(2)

Decreases in Land and buildings relate primarily to cancelled and returned land lease due to the discontinued construction of the production facility in China (Asia III).

(3)

Included an asset impairment charge of $3.9 million due to the decision to discontinue the construction of the Group’s second production facility in China (Asia III).


	2025			2024			2023
Depreciation and impairment charge of right-of-use assets
Land and buildings		(7,485	)		(12,227	)		(14,276	)
Plant and machinery		(3,869	)		(4,390	)		(5,156	)
Total		(11,354	)		(16,617	)		(19,432	)
Interest expense (included in finance expenses)		(2,940	)		(4,682	)		(6,779	)
Expense relating to short-term leases and low-value assets		(272	)		(175	)		(1,177	)

The total cash outflow for leases in 2025 was $15.2 million (2024: 24.5 million).

The Group has the following lease agreements, which had not commenced as of December 31, 2025, but the Group is committed to: