Financial liabilities and lease debts (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Text block1 [abstract] |
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| Detail of financial liabilities and lease debts |
Detail of financial liabilities and lease debts
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As of December 31, 2024 |
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As of December 31, 2025 |
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$ in thousands |
|
Conditional advances |
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3,189 |
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4,042 |
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Lease debts |
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34,245 |
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27,725 |
|
State Guaranteed loan « PGE » |
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3,599 |
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|
- |
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EIB loan |
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37,202 |
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47,175 |
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EIB warrants |
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6,010 |
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22,059 |
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Other non-current financial liabilities |
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|
881 |
|
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|
735 |
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Total non-current financial liabilities and non-current lease debts |
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85,127 |
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101,738 |
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Lease debts |
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8,385 |
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7,701 |
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State Guaranteed loan « PGE » |
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4,841 |
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4,090 |
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Other current financial liabilities |
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11,293 |
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6,369 |
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Total current financial liabilities and current lease debts |
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24,519 |
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18,161 |
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Trade payables |
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18,664 |
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17,277 |
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Other current liabilities |
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10,097 |
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12,342 |
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Total Financial liabilities and lease debts |
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138,408 |
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|
149,518 |
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| Disclosure of reconciliation of movements of liabilities to cash flows arising from financing liabilities |
Reconciliation of movements of liabilities to cash flows arising from financing liabilities is as follows:
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As of December 31, 2024 |
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Debt repayments |
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Other non-cash transactions |
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Reclassifications |
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Interest expense |
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Interest paid |
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Non-cash change in fair value |
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Currency translation adjustment |
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As of December 31, 2025 |
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$ in thousands |
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Conditional advances |
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3,189 |
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- |
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- |
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- |
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|
419 |
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- |
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- |
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|
435 |
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4,042 |
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Lease debts |
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34,245 |
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- |
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- |
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(7,512 |
) |
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- |
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- |
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- |
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|
992 |
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27,725 |
|
State Guaranteed loan « PGE » |
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3,599 |
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- |
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- |
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(3,912 |
) |
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- |
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- |
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- |
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313 |
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- |
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EIB loan |
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37,202 |
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- |
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(11 |
) |
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- |
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4,913 |
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- |
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- |
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5,072 |
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47,175 |
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EIB warrants |
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6,010 |
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- |
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- |
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- |
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- |
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- |
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14,668 |
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|
1,381 |
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22,059 |
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Other non-current financial liabilities |
|
881 |
|
|
- |
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- |
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(146 |
) |
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- |
|
|
- |
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|
- |
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|
- |
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|
735 |
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Total non-current financial liabilities and non-current lease debts |
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85,127 |
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|
- |
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(11 |
) |
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(11,571 |
) |
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5,332 |
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- |
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14,668 |
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|
8,193 |
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|
101,738 |
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Lease debts (1) |
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8,385 |
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(8,589 |
) |
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- |
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7,512 |
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2,225 |
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(2,225 |
) |
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- |
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|
392 |
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7,701 |
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State Guaranteed loan « PGE » |
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4,841 |
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(5,235 |
) |
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9 |
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3,912 |
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|
138 |
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(156 |
) |
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- |
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|
579 |
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|
4,090 |
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Other current financial liabilities (2) |
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11,293 |
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(136 |
) |
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(6,119 |
) |
|
146 |
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|
434 |
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(456 |
) |
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- |
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1,206 |
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6,369 |
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Total current financial liabilities and current lease debts |
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24,519 |
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(13,959 |
) |
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(6,110 |
) |
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11,571 |
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2,798 |
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(2,837 |
) |
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- |
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2,178 |
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18,161 |
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As of December 31, 2023 |
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Proceeds from new debts |
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Debt repayments |
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Other non-cash transactions |
|
Reclassifications |
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Interest expense |
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Interest paid |
|
Non-cash change in fair value |
|
Currency translation adjustment |
|
As of December 31, 2024 |
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|
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$ in thousands |
|
Conditional advances |
|
1,448 |
|
|
1,656 |
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|
- |
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16 |
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|
- |
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|
232 |
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- |
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- |
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(163 |
) |
|
3,189 |
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Lease debts |
|
42,948 |
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|
- |
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- |
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|
408 |
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(8,513 |
) |
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- |
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|
- |
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- |
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(597 |
) |
|
34,245 |
|
State Guaranteed loan « PGE » |
|
8,950 |
|
|
- |
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|
- |
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|
- |
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(5,017 |
) |
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- |
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|
- |
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|
- |
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|
(334 |
) |
|
3,599 |
|
EIB loan |
|
18,046 |
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|
17,248 |
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- |
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|
79 |
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- |
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3,751 |
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- |
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- |
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(1,921 |
) |
|
37,202 |
|
EIB warrants |
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7,797 |
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|
4,297 |
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|
- |
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|
- |
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|
- |
|
|
- |
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|
- |
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(5,673 |
) |
|
(412 |
) |
|
6,010 |
|
Other non-current financial liabilities |
|
12,884 |
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|
- |
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|
- |
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- |
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(11,757 |
) |
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- |
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|
- |
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|
- |
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|
(246 |
) |
|
881 |
|
Total non-current financial liabilities and non-current lease debts |
|
92,073 |
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|
23,201 |
|
|
- |
|
|
502 |
|
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(25,288 |
) |
|
3,983 |
|
|
- |
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|
(5,673 |
) |
|
(3,671 |
) |
|
85,127 |
|
Lease debts (1) |
|
8,502 |
|
|
- |
|
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(8,426 |
) |
|
- |
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|
8,513 |
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|
2,636 |
|
|
(2,636 |
) |
|
- |
|
|
(203 |
) |
|
8,385 |
|
State Guaranteed loan « PGE » |
|
5,162 |
|
|
- |
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|
(5,001 |
) |
|
- |
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|
5,017 |
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|
130 |
|
|
(145 |
) |
|
- |
|
|
(322 |
) |
|
4,841 |
|
Other current financial liabilities |
|
126 |
|
|
- |
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|
- |
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|
- |
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|
11,757 |
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|
705 |
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(702 |
) |
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- |
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(594 |
) |
|
11,293 |
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Total current financial liabilities and current lease debts |
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13,790 |
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|
- |
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(13,427 |
) |
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- |
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25,288 |
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|
3,471 |
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(3,483 |
) |
|
- |
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(1,119 |
) |
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24,519 |
|
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| Disclosure of assumptions and results of the warrant valuation |
The assumptions and results of the warrants valuation are detailed in the following tables:
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|
Warrants Tranche A |
Grant date * |
4/17/2023 |
Expiration date |
4/17/2043 |
Number of options granted |
2,779,188 |
Share entitlement per option |
1 |
Exercise price (in euros per option) |
1.92 |
Valuation method |
Longstaff Schwartz |
* The grant date retained is the collection date of the Tranche A as this is the issuance date defined in the contract.
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Warrants Tranche A |
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As of April 17, 2023 |
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As of December 31, 2024 |
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As of December 31, 2025 |
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Number of warrants granted |
2,779,188 |
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|
2,779,188 |
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|
2,779,188 |
|
Share price (in euros) |
1.87 |
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|
1.63 |
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|
4.20 |
|
Average life of options (in years) |
|
20.00 |
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|
18.55 |
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|
17.30 |
|
Expected volatility |
81.3% |
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|
45.6 |
% |
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|
89.7 |
% |
Risk free rate |
|
2.85 |
% |
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|
2.4 |
% |
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|
3.3 |
% |
Expected dividends |
|
0 |
% |
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|
0 |
% |
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|
0 |
% |
Fair value per option (in euros per share) |
1.73 |
|
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|
1.19 |
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|
3.84 |
|
Fair value in $ thousands |
|
5,280 |
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|
3,447 |
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|
12,546 |
|
The assumptions and results of the warrants valuation for Tranche B are detailed in the following tables:
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Warrants Tranche B |
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Grant date * |
1/25/2024 |
|
Expiration date |
1/25/2044 |
|
Number of options granted |
|
1,460,053 |
|
Share entitlement per option |
1 |
|
Exercise price (in euros per option) |
|
2.53 |
|
Valuation method |
Longstaff Schwartz |
|
* The grant date retained is the disbursement date of the Tranche B as this is the issuance date defined in the contract.
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Warrants Tranche B |
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As of January 25, 2024 |
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As of December 31, 2024 |
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As of December 31, 2025 |
|
Number of warrants granted |
|
1,460,053 |
|
|
|
1,460,053 |
|
|
|
1,460,053 |
|
Share price (in euros) |
|
2.51 |
|
|
|
1.63 |
|
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|
4.20 |
|
Average life of options (in years) |
|
20.00 |
|
|
|
19.09 |
|
|
|
18.09 |
|
Expected volatility |
|
60.4 |
% |
|
|
45.6 |
% |
|
|
89.7 |
% |
Risk free rate |
|
2.7 |
% |
|
|
2.4 |
% |
|
|
3.3 |
% |
Expected dividends |
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Fair value per options (in euros per share) |
|
2.22 |
|
|
|
1.15 |
|
|
|
3.89 |
|
Fair value in $ thousands |
|
3,534 |
|
|
|
1,750 |
|
|
|
6,679 |
|
The assumptions and results of the warrants valuation for Tranche C are detailed in the following tables:
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Warrants Tranche C |
|
Grant date * |
12/18/2024 |
|
Expiration date |
12/18/2044 |
|
Number of options granted |
|
611,426 |
|
Share entitlement per option |
1 |
|
Exercise price (in euros per option) |
|
1.70 |
|
Valuation method |
Longstaff Schwartz |
|
* The grant date retained is the disbursement date of the Tranche C as this is the issuance date defined in the contract.
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Warrants Tranche C |
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As of December 18, 2024 |
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|
As of December 31, 2024 |
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|
As of December 31, 2025 |
|
Number of warrants granted |
|
611,426 |
|
|
|
611,426 |
|
|
|
611,426 |
|
Share price (in euros) |
|
1.56 |
|
|
|
1.63 |
|
|
|
4.20 |
|
Average life of options (in years) |
|
20.00 |
|
|
|
19.97 |
|
|
|
18.97 |
|
Expected volatility |
|
45.3 |
% |
|
|
45.6 |
% |
|
|
89.7 |
% |
Risk free rate |
|
2.2 |
% |
|
|
2.4 |
% |
|
|
3.3 |
% |
Expected dividends |
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
Fair value per options (in euros per share) |
|
1.19 |
|
|
|
1.28 |
|
|
|
3.94 |
|
Fair value in $ thousands |
|
755 |
|
|
|
813 |
|
|
|
2,834 |
|
|
| Disclosure of sensitivity analysis on the expected volatility |
We conducted sensitivity analysis on the expected volatility of 5% as a standard practice. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
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|
As of April 17, 2023 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
5,261 |
|
Expected volatility |
|
5,280 |
|
Expected volatility +5% |
|
5,286 |
|
|
|
|
|
As of December 31, 2024 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
3,236 |
|
Expected volatility |
|
3,447 |
|
Expected volatility +5% |
|
3,627 |
|
|
|
|
|
As of December 31, 2025 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
12,257 |
|
Expected volatility |
|
12,546 |
|
Expected volatility +5% |
|
12,835 |
|
We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
|
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|
|
As of January 25, 2024 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
3,358 |
|
Expected volatility |
|
3,534 |
|
Expected volatility +5% |
|
3,711 |
|
|
|
|
|
As of December 31, 2024 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
1,613 |
|
Expected volatility |
|
1,750 |
|
Expected volatility +5% |
|
1,869 |
|
|
|
|
|
As of December 31, 2025 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
6,274 |
|
Expected volatility |
|
6,679 |
|
Expected volatility +5% |
|
6,840 |
|
We conducted sensitivity analysis on the expected volatility. As shown in the tables below, the sensitivity of the fair value to the expected volatility is not significant:
|
|
|
|
As of December 18, 2024 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
712 |
|
Expected volatility |
|
755 |
|
Expected volatility +5% |
|
791 |
|
|
|
|
|
As of December 31, 2024 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
766 |
|
Expected volatility |
|
813 |
|
Expected volatility +5% |
|
856 |
|
|
|
|
|
As of December 31, 2025 |
Fair value in $ thousands |
|
Expected volatility -5% |
|
2,782 |
|
Expected volatility |
|
2,834 |
|
Expected volatility +5% |
|
2,862 |
|
|
| Remaining contractual maturities of financial liabilities |
14.2 Due dates of the financial liabilities and lease debt The following remaining contractual maturities are undiscounted amounts, they include future interest to be paid.
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|
Balance as of December 31, 2025 |
|
Book value |
|
|
Less than One Year |
|
|
One to Five Years |
|
|
More than Five Years |
|
|
|
$ in thousands |
|
Lease debts |
|
|
35,426 |
|
|
|
10,151 |
|
|
|
25,406 |
|
|
|
7,881 |
|
Financial liabilities |
|
|
84,472 |
|
|
|
10,722 |
|
|
|
79,206 |
|
|
|
34 |
|
Trade payables |
|
|
17,277 |
|
|
|
17,277 |
|
|
|
- |
|
|
|
- |
|
Other current liabilities |
|
|
12,342 |
|
|
|
12,342 |
|
|
|
- |
|
|
|
- |
|
Total financial liabilities and lease debts |
|
|
149,518 |
|
|
|
50,492 |
|
|
|
104,613 |
|
|
|
7,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
Book value |
|
|
Less than One Year |
|
|
One to Five Years |
|
|
More than Five Years |
|
|
|
$ in thousands |
|
Lease debts |
|
|
42,630 |
|
|
|
10,558 |
|
|
|
28,657 |
|
|
|
12,782 |
|
Other financial liabilities |
|
|
67,016 |
|
|
|
16,573 |
|
|
|
36,618 |
|
|
|
36,538 |
|
Trade payables |
|
|
18,664 |
|
|
|
18,664 |
|
|
|
- |
|
|
|
- |
|
Other current liabilities |
|
|
10,097 |
|
|
|
10,097 |
|
|
|
- |
|
|
|
- |
|
Total financial liabilities and lease debts |
|
|
138,408 |
|
|
|
55,893 |
|
|
|
65,275 |
|
|
|
49,321 |
|
|