Financial instruments per category (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Disclosure of detailed information about financial instruments [abstract] |
|
| Summary of Financial Instruments Per Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
Fair value through
profit or loss |
At amortized cost |
|
Assets in the consolidated statement of financial position |
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current receivables |
|
|
— |
|
|
— |
|
|
|
42,617 |
|
|
|
44,206 |
|
Derivatives (part of Other non-current receivables) |
|
|
4,375 |
|
|
|
125 |
|
|
|
— |
|
|
— |
|
Trade receivables |
|
|
— |
|
|
— |
|
|
|
103,522 |
|
|
|
103,366 |
|
Other current receivables |
|
|
— |
|
|
— |
|
|
|
9,518 |
|
|
|
8,297 |
|
Derivatives (part of Other current receivables) |
|
|
129 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
Cash and cash equivalents |
|
|
— |
|
|
|
— |
|
|
|
64,345 |
|
|
|
98,923 |
|
Total |
|
|
4,504 |
|
|
|
125 |
|
|
|
220,002 |
|
|
|
254,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
|
Fair value through
profit or loss |
At amortized cost |
|
Liabilities in the consolidated statement of financial position |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes (part of Current interest-bearing loans and borrowings) |
|
|
333,145 |
|
|
|
324,395 |
|
|
|
— |
|
|
|
— |
|
Nordic Bonds (part of Non-Current and current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
187,059 |
|
|
|
— |
|
Liabilities to credit institutions (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
2,845 |
|
|
|
121,973 |
|
Trade payables |
|
|
— |
|
|
|
— |
|
|
|
66,481 |
|
|
|
60,152 |
|
Derivatives (part of Other current liabilities) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
Accrued expenses |
|
|
— |
|
|
|
— |
|
|
|
79,223 |
|
|
|
79,435 |
|
Total |
|
|
333,145 |
|
|
|
324,397 |
|
|
|
335,608 |
|
|
|
261,560 |
|
|
| Summary of Fair Value of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring fair value measurements at December 31, 2025 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial assets |
|
|
|
|
|
|
|
|
|
Derivatives (part of Other non-current receivables) |
|
|
— |
|
|
|
4,375 |
|
|
|
— |
|
Derivatives (part of Other current receivables) |
|
|
— |
|
|
|
129 |
|
|
|
— |
|
Total financial assets |
|
|
— |
|
|
|
4,504 |
|
|
|
— |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
Convertible Notes (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
333,145 |
|
Total financial liabilities |
|
|
— |
|
|
|
— |
|
|
|
333,145 |
|
|
|
|
|
|
|
|
|
|
|
Recurring fair value measurements at December 31, 2024 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Financial assets |
|
|
|
|
|
|
|
|
|
Derivatives (part of Other non-current receivables) |
|
|
— |
|
|
|
125 |
|
|
|
— |
|
Total financial assets |
|
|
— |
|
|
|
125 |
|
|
|
— |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
Convertible Notes (part of Current interest-bearing loans and borrowings) |
|
|
— |
|
|
|
— |
|
|
|
324,395 |
|
Derivatives (part of Other current liabilities) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Total financial liabilities |
|
|
— |
|
|
|
2 |
|
|
|
324,395 |
|
|
| Summary of Convertible Notes |
Convertible Notes
|
|
|
|
|
|
|
Convertible Notes |
|
At January 1, 2024 |
|
|
323,528 |
|
Fair value changes (including interest expenses) recognized in the consolidated statement of operations |
|
|
867 |
|
At December 31, 2024 |
|
|
324,395 |
|
Fair value changes (including interest expenses) recognized in the consolidated statement of operations |
|
|
30,739 |
|
Change in fair value recognized in consolidated statement of comprehensive loss |
|
|
16,355 |
|
Repurchase of U.S. Notes |
|
|
(38,344 |
) |
At December 31, 2025 |
|
|
333,145 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Carrying amount |
|
|
333,145 |
|
|
|
324,395 |
|
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity |
|
|
490,873 |
|
|
|
546,842 |
|
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity |
|
|
(157,728 |
) |
|
|
(222,447 |
) |
|
| Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note |
The following table lists the key inputs and assumptions used in the valuation model as of December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Conversion price per ADS ($)(1) |
|
27.2-28.2 |
|
|
27.2-37.8 |
|
ADS price at valuation date ($) |
|
10.69 |
|
|
|
13.26 |
|
Expected price volatility of the Company ADS (%) |
|
|
60.00 |
|
|
|
70.00 |
|
Risk-free interest rate (%) |
|
|
3.53 |
|
|
|
4.30 |
|
Market interest rate (%) |
|
|
18.00 |
|
|
|
20.00 |
|
(1) The U.S. Notes (as defined below) are convertible at the option of each holder at a conversion price of $27.20 per ADS, subject to customary anti-dilution adjustments. The HH Notes (as defined below) are convertible at the option of each holder at a conversion price of $28.20 per ADS, subject to customary anti-dilution adjustments. The Swedish Notes (as defined below) are convertible at the option of each holder at a conversion price of $1.36 per ordinary share, subject to customary anti-dilution adjustments. For further details on the Convertible Notes see Note 25 “Interest-bearing loans and borrowings”.
|
| Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes |
The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
ADS price decrease 30% |
|
|
322,377 |
|
|
|
303,849 |
|
ADS price increase 30% |
|
|
346,524 |
|
|
|
346,372 |
|
Volatility decrease 10 percentage points |
|
|
327,779 |
|
|
|
319,311 |
|
Volatility increase 10 percentage points |
|
|
336,942 |
|
|
|
329,108 |
|
Risk-free interest rate decrease 1 percentage point |
|
|
332,581 |
|
|
|
323,810 |
|
Risk-free interest rate increase 1 percentage point |
|
|
333,707 |
|
|
|
324,954 |
|
Market interest rate decrease 1 percentage point |
|
|
340,451 |
|
|
|
333,154 |
|
Market interest rate increase 1 percentage point |
|
|
326,065 |
|
|
|
315,973 |
|
|