Financial risk management (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure Of Financial Instruments [Line Items] |
|
| Summary of Aging of Groups Trade Receivables |
The aging of the Group’s trade receivables is as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Current |
|
|
93,425 |
|
|
|
86,760 |
|
1-30 days past due |
|
|
6,127 |
|
|
|
12,787 |
|
31-60 days past due |
|
|
2,941 |
|
|
|
2,527 |
|
61-90 days past due |
|
|
697 |
|
|
|
681 |
|
91- days past due |
|
|
1,627 |
|
|
|
1,389 |
|
Gross carrying amount |
|
|
104,817 |
|
|
|
104,144 |
|
Allowance for expected credit losses |
|
|
(1,295 |
) |
|
|
(778 |
) |
Net carrying amount |
|
|
103,522 |
|
|
|
103,366 |
|
|
| Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities |
The tables below analyze the Group’s financial liabilities into maturity groupings based on their contractual maturities for: a)all non-derivative financial liabilities; and b)derivative financial instruments for which the contractual maturities represent the timing of the cash flows. amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Less than
3 months |
|
|
Between
3 months
and
1 year |
|
|
Between 1
and 2
years |
|
|
Between
2 and
5 years |
|
|
After
5 years |
|
|
Total
contractual
cash flows |
|
|
Carrying
amount |
|
Non-derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
3,209 |
|
|
|
9,627 |
|
|
|
10,116 |
|
|
|
12,819 |
|
|
|
11,495 |
|
|
|
47,266 |
|
|
|
37,186 |
|
Convertible Notes (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
490,873 |
|
|
|
— |
|
|
|
490,873 |
|
|
|
333,145 |
|
Nordic Bonds (part of Non-Current and current interest-bearing loans and borrowings) |
|
|
4,834 |
|
|
|
12,562 |
|
|
|
16,749 |
|
|
|
221,425 |
|
|
|
— |
|
|
|
255,569 |
|
|
|
187,059 |
|
Liabilities to credit institutions (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
2,845 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,845 |
|
|
|
2,845 |
|
Trade payables |
|
|
66,481 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
66,481 |
|
|
|
66,481 |
|
Total non-derivatives |
|
|
74,524 |
|
|
|
25,034 |
|
|
|
26,865 |
|
|
|
725,117 |
|
|
|
11,495 |
|
|
|
863,034 |
|
|
|
626,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Less than
3 months |
|
|
Between
3 months
and
1 year |
|
|
Between 1
and 2
years |
|
|
Between
2 and
5 years |
|
|
After
5 years |
|
|
Total
contractual
cash flows |
|
|
Carrying
amount |
|
Non-derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities |
|
|
3,441 |
|
|
|
10,324 |
|
|
|
11,303 |
|
|
|
17,654 |
|
|
|
14,384 |
|
|
|
57,106 |
|
|
|
45,083 |
|
Convertible Notes (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
546,842 |
|
|
|
— |
|
|
|
546,842 |
|
|
|
324,395 |
|
Liabilities to credit institutions (part of Current interest-bearing loans and borrowings) |
|
|
5,142 |
|
|
|
13,624 |
|
|
|
16,684 |
|
|
|
151,977 |
|
|
|
— |
|
|
|
187,427 |
|
|
|
121,973 |
|
Trade payables |
|
|
60,152 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60,152 |
|
|
|
60,152 |
|
Total non-derivatives |
|
|
68,735 |
|
|
|
23,948 |
|
|
|
27,987 |
|
|
|
716,473 |
|
|
|
14,384 |
|
|
|
851,527 |
|
|
|
551,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency forward contracts- inflows |
|
|
(3,541 |
) |
|
|
(2,361 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,902 |
) |
|
|
— |
|
Foreign currency forward contracts- outflows |
|
|
3,552 |
|
|
|
2,378 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,930 |
|
|
|
— |
|
Total derivatives |
|
|
11 |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
2 |
|
|
| Trade receivables [member] |
|
| Disclosure Of Financial Instruments [Line Items] |
|
| Summary of Allowance for Expected Credit Losses of Trade Receivables |
The movements in the Group’s allowance for expected credit losses of trade receivables are as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
As at January 1 |
|
|
(778 |
) |
|
|
(1,220 |
) |
Increase of allowance recognized in statement of
operations during the year |
|
|
(1,347 |
) |
|
|
(383 |
) |
Receivables written off during the year as uncollectible |
|
|
438 |
|
|
|
170 |
|
Unused amount reversed |
|
|
434 |
|
|
|
617 |
|
Translation differences |
|
|
(42 |
) |
|
|
38 |
|
As at December 31 |
|
|
(1,295 |
) |
|
|
(778 |
) |
|
| Currency Risk |
|
| Disclosure Of Financial Instruments [Line Items] |
|
| Summary of Exposure to Foreign Currency Risk |
The Group’s primary exposure to foreign currency risk at the end of the reporting period, expressed in thousands of USD was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
(in thousands of U.S. dollars) |
|
SEK/USD |
|
|
SEK/EUR |
|
|
SEK/CNY |
|
|
SEK/SGD |
|
|
USD/SEK |
|
Accounts receivables |
|
|
2,257 |
|
|
|
10,152 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other receivables |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,997 |
|
|
|
5,060 |
|
Nordic Bonds (part of Non-Current and current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(187,059 |
) |
Intercompany long-term receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
185,147 |
|
Trade payables |
|
|
(2,925 |
) |
|
|
(16,425 |
) |
|
|
(41,579 |
) |
|
|
(44,219 |
) |
|
|
(1,382 |
) |
Lease liabilities |
|
|
— |
|
|
|
(1,342 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other liabilities |
|
|
(15,095 |
) |
|
|
(22,002 |
) |
|
|
— |
|
|
|
— |
|
|
|
(152,800 |
) |
Total |
|
|
(15,763 |
) |
|
|
(29,617 |
) |
|
|
(41,579 |
) |
|
|
(29,222 |
) |
|
|
(151,034 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
As of December 31, 2024 |
|
(in thousands of U.S. dollars) |
|
SEK/USD |
|
|
SEK/EUR |
|
|
SEK/GBP |
|
|
SEK/CNY |
|
|
SEK/SGD |
|
|
SEK/NOK |
|
|
USD/SEK |
|
|
SGD/CNY |
|
|
GBP/EUR |
|
Accounts receivables |
|
|
— |
|
|
|
8,957 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
259 |
|
|
|
— |
|
Other receivables |
|
|
112,180 |
|
|
|
— |
|
|
|
12,500 |
|
|
|
— |
|
|
|
5,074 |
|
|
|
23,175 |
|
|
|
72,493 |
|
|
|
— |
|
|
|
— |
|
S-T deposits |
|
|
40,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Liabilities to credit institutions (part of Current interest-bearing loans and borrowings) |
|
|
(131,290 |
) |
|
|
(1,320 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Trade payables |
|
|
(1,496 |
) |
|
|
(11,170 |
) |
|
|
— |
|
|
|
(22,761 |
) |
|
|
(1,232 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Lease liabilities |
|
|
— |
|
|
|
(1,789 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other current liabilities |
|
|
— |
|
|
|
(5,654 |
) |
|
|
(21,830 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(158,710 |
) |
|
|
— |
|
|
|
(4,528 |
) |
Total |
|
|
19,394 |
|
|
|
(10,977 |
) |
|
|
(9,330 |
) |
|
|
(22,761 |
) |
|
|
3,842 |
|
|
|
23,175 |
|
|
|
(86,217 |
) |
|
|
259 |
|
|
|
(4,528 |
) |
|
| Summary of Sensitivity Analysis |
The Group is primarily exposed to changes in SEK/USD, SEK/EUR, SEK/CNY, SEK/SGD and USD/SEK exchange rates. The Group’s risk exposure in foreign currencies:
|
|
|
|
|
|
|
|
|
Impact on loss
before tax |
|
|
2025 |
|
2024 |
|
2023 |
SEK/USD exchange rate - increase/decrease 10 % |
|
+/- 1,576 |
|
+/- 1,939 |
|
+/- 2,760 |
SEK/EUR exchange rate - increase/decrease 10 % |
|
+/- 2,962 |
|
+/- 1,098 |
|
+/- 1,116 |
SEK/CNY exchange rate - increase/decrease 10 % |
|
+/- 4,158 |
|
+/- 2,276 |
|
+/- 4,773 |
SEK/SGD exchange rate - increase/decrease 10 % |
|
+/- 2,922 |
|
+/- 384 |
|
+/- 1,788 |
USD/SEK exchange rate - increase/decrease 10 % |
|
+/- 15,103 |
|
+/- 8,622 |
|
+/- 201 |
|
| Interest rate risk [member] |
|
| Disclosure Of Financial Instruments [Line Items] |
|
| Summary of Sensitivity Analysis |
Profit or loss is sensitive to higher/lower interest expense primarily from interest-bearing loans and borrowings as a result of changes in interest rates.
|
|
|
|
|
|
|
|
|
Impact on loss
before tax |
|
|
2025 |
|
2024 |
|
2023 |
Interest rates - increase by 100 basis points |
|
+231 |
|
+391 |
|
+28 |
Interest rates - decrease by 100 basis points |
|
-461 |
|
-1,294 |
|
-375 |
|