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GENERAL INFORMATION Cindrigo Holdings Limited and its subsidiaries (together, the \u201cGroup\u201d) are engaged in the development and operation of renewable energy projects, focusing on biomass and geothermal heat and power generation. The Group\u2019s strategy is to be an active renewable energy developer, coordinating project owner with outsourced construction and operation supported by world class partners, both sub and on- surface. Development is based on proven technology with a modular, replicable expansion. The Company was incorporated on 24 November 2014, under Section II of the Companies (Guernsey) Law, 2008, as a Company limited by shares. It is registered in Guernsey under Company number 59383. The Company\u2019s ordinary shares are listed on the Equity Shares (Commercial Companies) sector of the Main Market of the London Stock Exchange with admission occurring on 31 October 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "2. MATERIAL ACCOUNTING POLICIES 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (\u201cEU\u201d). The Group\u2019s consolidated financial statements have been prepared on an accrual basis and under the historical cost convention, other than derivative call options and financial liabilities arising in relation to contingent consideration arrangement, which are measured at fair value. They have been prepared under the assumption the Group is a going concern, which assumes the Group will be able to discharge its liabilities as they fall due at least for a period of 12 months post balance sheet date. The preparation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the EU requires management to make certain critical accounting estimates and to apply judgement in selecting and applying the Group\u2019s accounting policies. Areas involving a higher degree of judgement or complexity, as well as areas where assumptions and estimates have a significant impact on the consolidated financial statements, are disclosed in Note 3. The financial information has been presented in Pounds Sterling (\u00a3), being the functional currency of the Group. 2.2 Basis of consolidation The Group\u2019s financial statements consolidate those of the parent Company and all of its subsidiaries at 31 December 2025. All subsidiaries have a reporting date of 31 December. All transactions and balances between the Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra- group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent
and the non-controlling interests based on their respective ownership interests.
The following companies are consolidated into the Group financial statements:
Name of Company
Country of
incorporation
Principal
activity
%
Owned
Method of
Consolidation
Cindrigo Ltd (\u201cCL\u201d)
UK
Cost Center
100%
Full Consolidation
Cindrigo Geothermal
Limited (\u201cCEGO UK\u201d)
UK
Holding
Company
100%
Full Consolidation
Kaipolan Energia Oy
(\u201cKaipola\u201d)
Finland
Biomass
90%
Full Consolidation
Zukunft Geoenergie
GmbH (\u201cZGE\u201d)
Germany
Geothermal
Energy
100%
Full Consolidation
(Incorporated in 2025)
Zukunft Geoenergie 1
GmbH (\u201cZGE 1\u201d)
Germany
Geothermal
Energy
100%
Full Consolidation
(Incorporated in 2025)
Zukunft Geoenergie 2
GmbH (\u201cZGE 2\u201d)
Germany
Geothermal
Energy
100%
Full Consolidation
(Incorporated in 2025)
Zukunft Geoenergie 3
GmbH (\u201cZGE 3\u201d)
Germany
Geothermal
Energy
100%
Full Consolidation
(Incorporated in 2025)
Kaipola is a wholly owned subsidiary of the Group and represents a major subsidiary undertaking for the
purposes of UKLR 6.6.1. As at 31 December 2025, Kaipola is not yet operational and remains in the
development stage.
During the year, the entity generated limited revenue of \u00a3263k, primarily from management fees and
personnel leasing arrangements.
As at the reporting date, Kaipola had total assets of approximately \u00a32,010k, comprising primarily
capitalised development expenditure. In addition, goodwill of \u00a315,909k and right-of-use assets of \u00a34,492k
are recognised in the Group\u2019s consolidated balance sheet in respect of Kaipola. These balances represent
a significant proportion of the Group\u2019s total assets.
The development of the Kaipola project is subject to a number of risks, including obtaining and maintaining
the necessary permits, securing project financing, and entering into key commercial agreements.
The subsidiary is currently funded through intercompany loans from the Group. Additional funding will be
required to progress the project to construction and ultimately to operational status.
The following subsidiaries have not been audited as at 31 December 2025. The UK subsidiary did not trade during the year. Four German subsidiaries were incorporated during the current year and incurred only early-stage project development expenditure. Management has used the latest available financial information of these subsidiaries for consolidation. The directors consider that any adjustments that may arise from an audit of these subsidiaries would not be material to the Group\u2019s financial statements. Name of Company Country of incorporation % Owned Cindrigo Geothermal Limited (\u201cCEGO UK\u201d) UK 100% Zukunft Geoenergie GmbH (\u201cZGE\u201d) Germany 100% Zukunft Geoenergie 1 GmbH (\u201cZGE 1\u201d) Germany 100% Zukunft Geoenergie 2 GmbH (\u201cZGE 2\u201d) Germany 100% Zukunft Geoenergie 3 GmbH (\u201cZGE 3\u201d) Germany 100% Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is obtained and are deconsolidated from the date that control ceases. The Group applies the acquisition method for business combinations. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses on transactions between Group companies are also eliminated unless they provide evidence of impairment. Each subsidiary maintains its own accounting policies. Where necessary and material, adjustments are made to align the accounting policies of subsidiaries with those of the Group for consolidation purpose. 2.3 Going concern The consolidated financial statements have been prepared on the assumption that the Group will continue as a going concern. Under this assumption, the Group is considered to be operating for the foreseeable future, with no intention or requirement to liquidate, cease trading, or seek protection from creditors under any applicable laws or regulations. In evaluating the appropriateness of the going concern assumption, the Directors have considered all relevant information available for the foreseeable future, being a period of at least twelve months from the date of approval of these consolidated financial statements, based on forecast cash flows through April 2027. The Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern involves significant judgement, particularly in relation to funding availability, project execution timelines and the timing of future cash inflows. As at the date of approval of these consolidated financial statements, the Group have secured funding commitments and guarantees in the amount of approximately \u00a311.3 million. o \u00a36.7 million equity investment into Cindrigo at a price of 12 pence per share. o \u20ac3 million been secured for the Fuelwood joint venture, this amount plus a \u20ac1 million development loan from Cindrigo, a total of \u20ac4 million which is sufficient to support Fuelwoods establishment and initial operational phase o Up to \u00a32 million under a separate subscription arrangement, which will be drawn if the Company\u2019s warrants due for exercise at the end of July are not exercised No cash has been received in respect of these arrangements as of publishing of the Annual Report, cash for the equity investment and Fuelwood is expected to be received during May 2026, and any potential cash related to the Warrant guarantee would be expected in August 2026. As such, the timing of receipt of these funds is a key assumption underpinning the Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern. The Directors have prepared detailed cash flow forecasts through to April 2027, reflecting the Group\u2019s expected funding inflows, expected operating costs and development plans. These forecasts indicate that the Group has sufficient financial resources to meet its obligations as they fall due for at least twelve months from the date of approval of these financial statements. The Directors have also performed reverse stress testing on the cash flow forecasts to assess the level of downside required to exhaust available liquidity. This analysis incorporated severe but plausible assumptions, including delays in the commencement of production at Kaipola, and the removal of any proceeds from the exercise of warrants. Under this combined downside scenario, the Group continues to maintain a positive cash position throughout the going\u2011concern assessment period and is able to meet its obligations as they fall due. The Directors\u2019 objective in managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. At the date of this financial information, the Group has been financed through a combination of equity and convertible notes. Going forward, the capital structure of the Group is expected to consist of convertible notes and equity attributable to equity holders of the Group, comprising issued share capital and reserves. Based on the above assessment, the Board do not believe that there are any material uncertainties that may cast significant doubt on the Group\u2019s ability to continue as a going concern. Accordingly, the Directors consider that the going concern basis of preparation remains appropriate. 2.4 New or revised Standards or Interpretations New standards, interpretations and amendments effective from 1 January 2025 The Group has applied the following new accounting standards and amendments effective from 1 January 2025. These changes did not have a significant impact on the consolidated financial statements for the reporting period. Lack of Exchangeability (Amendments to IAS 21) These amendments address currency translation issues when a currency cannot be freely exchanged into another and introduces related disclosures. Impact: The Group has reviewed this amendment and determined that it does not have a material impact on the consolidated financial statements for the year ended 31 December 2025. Disclosures are updated where applicable. Standards, amendments and interpretations to existing Standards that are not yet effective and have not been adopted early by the Group At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Group and no Interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors, including: two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes the classification of all income and expenses within the Statement of profit or loss in one of five categories a new requirement to disclose performance measures defined by management, and an improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes. Some of the disclosure requirements previously contained in IAS 1 have been transferred to IAS 8 without any material changes. This applies in particular to disclosures on accounting policies and sources of estimation uncertainty. As a result of these changes, IAS 8 will be renamed \u2018Basis of Preparation of Financial Statements\u2019. The publication of IFRS 18 also results in consequential amendments to other IFRS Accounting Standards, including IAS 7. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group has not yet completed its assessment of the impact of IFRS 18. At the reporting date, it is not practicable to provide a reasonable estimate of the expected effects. The area\u2019s most likely to be affected include the structure and subtotals in the statement of profit or loss and the disclosure of management- defined performance measures. Other new Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. 2.5 Business Combinations The acquisition method is used for all business combinations. The consideration transferred for the acquisition of a subsidiary includes the acquisition date fair values of: Assets transferred, Liabilities incurred, Equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement, Pre-existing equity interests in the subsidiary. Identifiable assets and liabilities acquired are generally measured at fair value at the acquisition date. Non- controlling interests in the acquired entity are recognised either at fair value or the proportionate share of net identifiable assets, depending on the acquisition. Acquisition-related costs are expensed as incurred. The excess of consideration transferred and the fair value of any non-controlling interest over the fair value of net identifiable assets acquired is recognised as goodwill. If this excess is negative, the difference is recognised as a bargain purchase in profit or loss. Deferred cash consideration is discounted to its present value using the Group's incremental borrowing rate. Contingent consideration is classified as either equity or a financial liability, with changes in fair value recognised in profit or loss only when contingent consideration is classified as financial liability. 2.6 Segment Reporting The Chief Operating Decision Maker (\u201cCODM\u201d), identified as the Board of Directors, is responsible for allocating resources and assessing the performance of the Group. The CODM reviews financial and operational performance primarily on a consolidated Group basis, including overall financial results, cash flow projections, and funding requirements. Internal reporting to the CODM focuses on the performance of the Group\u2019s integrated portfolio of energy-related projects and does not include regularly reviewed discrete financial information, such as profit or loss or other key performance measures, for individual subsidiaries, projects, or geographical regions. The Group\u2019s activities, including operational assets, development-stage projects, and management service arrangements, are managed and evaluated as a single integrated portfolio. Resource allocation decisions and performance assessments are made based on overall portfolio returns and strategic objectives rather than the performance of individual components. Although the Group operates in multiple jurisdictions and at different stages of the project lifecycle, and generates revenue from different sources, including energy production and management services, these activities are not separately monitored or managed as distinct operating segments by the CODM. Accordingly, management has determined that the Group operates as a single operating segment, being the identification, acquisition, development, and operation of energy-related projects. No separate reportable segments have been identified. Segment information is therefore presented on the same basis as that used in the preparation of the Group\u2019s consolidated financial statements. Revenue is currently generated from external customers primarily through the Group\u2019s Finnish subsidiary, Kaipolan Energia Oy, while other entities within the Group are in development or holding phases. This concentration of revenue does not result in separate operating segments, as it does not reflect the basis on which the CODM assesses performance or allocates resources. For impairment testing purposes, the Group has identified separate cash-generating units (\u201cCGUs\u201d) within the Group; however, these do not represent operating segments, as they are not reviewed separately by the CODM for performance assessment or resource allocation decisions. At the reporting date, the Group\u2019s non-current assets are located in Guernsey, the United Kingdom, Finland and Germany. 2.7 Foreign Currency Translation Functional and presentation currency The consolidated financial statements are presented in Pounds Sterling (\u201cGBP\u201d), which is also the functional currency of the parent company. Foreign currency transactions and balances Foreign currency transactions are translated into the functional currency of the respective Group entity using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currencies at the period-end exchange rates are recognised in profit or loss. Non-monetary items are not retranslated at the period-end. They are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value, which are translated using the exchange rates at the date when the fair value was determined. Foreign operations For the purposes of consolidation, the assets and liabilities of Group entities with a functional currency other than GBP are translated into GBP at the exchange rate prevailing at the reporting date. Income and expenses are translated at the average exchange rate for the reporting period, unless exchange rates fluctuate significantly, in which case the rate at the date of the transaction is used. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated into GBP at the closing exchange rate at the reporting date. Exchange differences arising from the translation of foreign operations are recognised in other comprehensive income and accumulated in the foreign currency translation reserve (FCTR) within equity. On disposal of a foreign operation, the cumulative amount of such exchange differences recognised in equity relating to that operation is reclassified to profit or loss and recognised as part of the gain or loss on disposal. 2.8 Income recognition Sale of energy Revenue represents the fair value of the consideration received or receivable for the sale of energy, including electricity and heat, in the ordinary course of the Group\u2019s activities. The Group identifies its performance obligations as the delivery of energy (electricity and heat) to customers. Each contract with a customer comprises a single performance obligation, as the customer simultaneously receives and consumes the benefits of the energy supplied. The transaction price is determined based on the agreed contractual price for the energy delivered. This price reflects the volume of energy supplied during the reporting period, adjusted for any variable consideration where applicable. Since each contract contains a single performance obligation\u2014the delivery of energy\u2014the entire transaction price is allocated to this performance obligation. Revenue from the sale of energy is recognised over time, on the basis that the customer simultaneously receives and consumes the benefits as the Group performs by delivering energy. Revenue is recognised based on the volume of energy delivered during the reporting period and the agreed price per unit. Management fees The Company charges management fees for operational support services provided through its personnel strictly in accordance with agreed contractual terms. Management fees are determined based on the nature and scope of services provided and are disclosed in client agreements and relevant product documentation. Fees are applied consistently in line with contractual arrangements and are subject to periodic internal review. Revenue from management services is recognised over time, as the services are performed, as the customer simultaneously receives and consumes the benefits of the services in accordance with IFRS 15.35(a), and measured based on the stage of completion of the services (e.g. time elapsed or services performed). Invoices are issued in accordance with contractual terms and do not determine the timing of revenue recognition. Interest income Interest income is recognised using the effective interest method in accordance with the terms of the intercompany loan agreements. If a financial asset becomes credit-impaired, the Group recognises interest income on the net carrying amount of the asset, applying the original effective interest rate Other income Other income comprises gains and receipts that are not part of the Group\u2019s primary activities. It is recognised when it is probable that future economic benefits will flow to the Group and the amount of income can be measured reliably. Income is recognised on an accrual basis, irrespective of the timing of cash receipts. 2.9 Goodwill Goodwill is measured as described under \"Business Combinations\" in note 2.5. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. The Group tests cash-generating units (CGUs) to which goodwill has been allocated for impairment annually, or more frequently where indicators of impairment exist. Goodwill is allocated to the Kaipola CGU (the \u201cPlant\u201d), which represents the lowest level within the Group at which goodwill is monitored for internal management purposes and is expected to benefit from the synergies of the business combination. 2.10 Exploration and Evaluation Expenditure Exploration and evaluation (\u201cE&E\u201d) expenditure comprises costs incurred in the search for geothermal and other energy resources prior to the demonstration of technical feasibility and commercial viability. In accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources, E&E expenditure is capitalised as an intangible asset on an area-of-interest basis when the Group has the right to explore in a specific area and it is expected that the costs will be recouped through successful development or sale, or where exploration activities have not yet reached a stage which permits a reasonable assessment of the existence of economically recoverable resources. Costs incurred prior to obtaining legal rights to explore are expensed as incurred. Capitalised E&E costs include licence acquisition costs, geological and geophysical studies, exploration drilling, sampling and directly attributable employee and contractor costs. Exploration and evaluation assets are initially recognised at cost, being the aggregate of consideration transferred and directly attributable expenditures incurred in obtaining and developing exploration rights. E&E assets are measured at cost less accumulated impairment losses and are not amortised while in the exploration and evaluation phase. E&E assets are assessed for impairment when facts and circumstances indicate that the carrying amount may exceed the recoverable amount. Such indicators include the expiry of exploration rights, a lack of planned substantive expenditure, or unsuccessful exploration results. Where indicators exist, the Group performs an impairment test in accordance with IAS 36 and recognises any impairment loss in statement of comprehensive income. Upon demonstration of technical feasibility and commercial viability, E&E assets are reclassified to development assets and subsequently accounted for in accordance with the applicable standard. The geothermal licence rights provide the Group with the legal right to explore and evaluate geothermal energy resources within specified licence areas, forming the basis for capitalisation of exploration and evaluation expenditure. E&E assets are derecognised when the rights to explore expire or when no future economic benefits are expected. 2.11 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. After initial recognition, property, plant and equipment are measured using the cost model and are carried at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recognised so as to write down the cost of assets to their residual values over their estimated useful lives, reflecting the pattern in which the assets\u2019 future economic benefits are expected to be consumed. Construction-related assets (e.g. assets under construction, development and upgrade costs): carried at cost and not depreciated until available for use. Once available for use, these assets are depreciated on a straight-line basis over up to 10 years. Tangible assets (e.g. plant, machinery, furniture and movables): written down value method at 25% per annum. The depreciation method reflects the expected pattern of consumption of the assets\u2019 future economic benefits. Residual values, useful lives and the depreciation method are reviewed at least annually and adjusted prospectively where appropriate. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. 2.12 Leases The Group accounts for leases in accordance with IFRS 16 Leases. At the commencement date, the Group recognises a right-of-use asset and a corresponding lease liability for all lease agreements, except for short-term leases (with a lease term of 12 months or less) and leases of low-value assets. The Group assesses whether a contract contains a lease at inception. A lease conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The right-of-use asset is initially measured at cost, comprising the initial lease liability, any initial direct costs, estimated dismantling or restoration costs, and any lease payments made in advance (net of incentives received). The right-of-use asset is depreciated on a straight-line basis over the shorter of the asset\u2019s useful life or the lease term and is assessed for impairment where indicators exist. The lease liability is initially measured at the present value of lease payments, discounted using the Group\u2019s incremental borrowing rate, as the interest rate implicit in the lease is generally not readily determinable. Lease payments included in the liability comprise fixed payments, variable payments based on an index or rate, and amounts expected under residual value guarantees. Subsequent to initial recognition, lease payments reduce the liability and are allocated between finance costs and principal repayment. The lease liability is remeasured when lease payments change due to modifications, reassessment of lease terms, options to purchase, or changes in payments linked to indices or floating interest rates. Remeasurements adjust the carrying amount of the right-of-use asset, except when the asset is fully written down, in which case any excess is recognised in profit or loss. Payments for short-term leases, low-value assets, and leases of assets under construction are expensed on a straight-line basis and disclosed separately as off-balance sheet commitments. As at 31 December 2025, the Group did not have any short-term leases, low-value asset leases, or leases of assets under construction, and accordingly no related expenses were recognised. 2.13 Impairment of Assets Cash-generating units to which goodwill or intangible assets that have an indefinite useful life or are not yet available for use have been allocated are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s (or cash-generating unit\u2019s) carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value- in-use. To determine the value-in-use, management estimates expected future cash flows from each cash- generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures is directly linked to the Group\u2019s latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors. Impairment losses for cash-generating units are first applied to reduce the carrying amount of any goodwill allocated to the cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets in the cash-generating unit. With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment loss is reversed if the asset\u2019s or cash- generating unit\u2019s recoverable amount exceeds its carrying amount. 2.14 Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade and other receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets are classified into one of the following categories: amortised cost fair value through profit or loss (FVTPL), or fair value through other comprehensive income (FVOCI). In the periods presented the Group does not have any financial assets categorised as FVOCI. The classification is determined by both: the Group\u2019s business model for managing the financial asset, and the contractual cash flow characteristics of the financial asset All revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Subsequent measurement of financial assets o Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions: they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. o Financial assets at fair value through profit or loss (FVTPL) Financial assets are classified as FVTPL if they are: held for trading, or derivatives (unless designated and effective as hedging instruments) Derivatives, including call options, are initially recognised at fair value on the date the Group becomes a party to the contractual provisions of the instrument and are subsequently remeasured at fair value at each reporting date. Gains or losses arising from changes in fair value are recognised immediately in statement of profit or loss and presented within finance income or finance costs Impairment of financial assets IFRS 9\u2019s impairment requirements apply to financial assets measured at amortised cost, including loans, trade receivables and contract assets recognised under IFRS 15. The Group applies the expected credit loss (ECL) model, which uses forward-looking information to recognise credit losses on these financial assets. For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, under which lifetime expected credit losses are recognised from initial recognition. For other financial instruments, the Group applies the general approach and classifies financial assets into the following categories based on changes in credit risk since initial recognition: Stage 1: Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk. Stage 2: Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low. Stage 3: Financial assets that have objective evidence of impairment at the reporting date. 12-month expected credit losses are recognised for Stage 1 assets, while lifetime expected credit losses are recognised for Stage 2 and Stage 3 assets. A significant increase in credit risk is assessed by comparing the risk of default at the reporting date with the risk of default at initial recognition, taking into account reasonable and supportable forward-looking information. Expected credit losses are measured as a probability-weighted estimate of credit losses over the expected life of the financial instrument. Financial assets are written off when there is no reasonable expectation of recovery, either in full or in part. Classification and measurement of financial liabilities The Group\u2019s financial liabilities include borrowings and trade and other payables, as well as certain financial liabilities in relation to contingent consideration arrangements which are measured at fair value through profit or loss (FVTPL). Financial liabilities are initially measured at fair value, and, where applicable, adjusted for directly attributable transaction costs. However, transaction costs are expensed immediately for financial liabilities classified at fair value through profit or loss. Subsequently, financial liabilities are measured as follows: financial liabilities measured at amortised cost are subsequently measured using the effective interest method; and financial liabilities measured at fair value through profit or loss are remeasured at each reporting date with gains or losses recognised in profit or loss. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in statement of comprehensive income are included within finance costs or finance income, except for fair value movements on financial liabilities at FVTPL, which are presented within finance income or finance costs depending on their nature. Financial liabilities are derecognised when the contractual obligations are discharged, cancelled or expire. Where a financial liability is modified or replaced, the Group assesses whether derecognition is appropriate in accordance with IFRS 9, including whether the modification is substantial. 2.15 Cash and cash equivalents For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.16 Inventories Inventories are initially measured at cost, which includes all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition. Subsequently, inventories are stated at the lower of cost and net realisable value. Cost includes all expenses directly attributable to the manufacturing process as well as appropriate allocations of production overheads, based on normal operating capacity. The cost of ordinarily interchangeable items is determined using the first-in, first-out (FIFO) method. Net realisable value is the estimated selling price in the ordinary course of business, less any costs necessary to make the sale. 2.17 Trade and Other Receivables Trade and Other Receivables are initially recognised at fair value including transaction costs that are directly attributable to their acquisition. The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit losses using a provision matrix. 2.18 Income taxes Income tax expense recognised in profit or loss comprises current tax and deferred tax, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax Current tax is based on taxable profit for the year and is calculated using tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period. The Group operates in multiple jurisdictions and, despite an overall loss position, incurs minor current income tax charges. Management applies judgement in assessing uncertain tax positions and recognises current tax liabilities where it is probable that the taxation authority will accept the tax treatment applied. Deferred tax Deferred tax is calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. This is assessed based on the Group\u2019s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. The Group has incurred recurring tax losses and, at the reporting date, there is no convincing evidence that sufficient taxable profits will be generated in the foreseeable future. Accordingly: No deferred tax assets have been recognised in respect of unused tax losses or deductible temporary differences. Deferred tax liabilities are generally recognised in full, although IAS 12 \u2018Income Taxes\u2019 specifies limited exemptions. As a result of these exemptions the Group does not recognise deferred tax on temporary differences relating to goodwill, or to its investments in subsidiaries (only to the extent that the Group control the timing of the reversal of the taxable temporary difference and that reversal is not likely to occur in the foreseeable future). The Group does not offset deferred tax assets and liabilities unless it has a legally enforceable right to do so and intends to settle on a net basis. 2.19 Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are classified as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. 2.20 Borrowings Borrowings are initially recognised at fair value, net of directly attributable transaction costs. Subsequent measurement depends on the nature of the borrowing instrument: Non-convertible loans are subsequently measured at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loan. Fees paid on the establishment of loan facilities are capitalised as part of the loan to the extent that it is probable that some or all of the facility will be drawn down. Where there is no evidence of probable drawdown, such fees are recognised as prepaid costs and amortised over the term of the facility. Convertible loans are assessed to determine whether they include an embedded derivative or qualify for split accounting. Where the conversion terms are variable and do not meet the \"fixed- for-fixed\" criterion, the entire instrument is classified as a financial liability at fair value through profit or loss (FVTPL), with changes in fair value recognised in profit or loss. Where the conversion option meets the fixed-for-fixed requirement, the instrument is split into a liability component (measured at amortised cost) and an equity component (representing the conversion feature), with the liability portion determined using a market interest rate for a comparable non-convertible loan 2.21 Employee benefits Short term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The obligations are presented as current liabilities in the statement of financial position if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. Share-based payments The fair value of equity-settled share options granted to employees, directors, and key management personnel is measured at the grant date in accordance with IFRS 2 Share-based Payment. The fair value is determined using an appropriate option pricing model, such as the Black-Scholes model, taking into account the terms and conditions upon which the options were granted, including that no market performance conditions are attached. The fair value determined at the grant date is recognised as a share-based payment expense in the statement of comprehensive income, with a corresponding increase in equity, over the vesting period, being the period over which all vesting conditions are to be satisfied. The total amount to be expensed is determined by reference to the fair value of the options granted: Includes: any market performance conditions (e.g., the entity\u2019s share price); Excludes: the impact of service and non-market performance vesting conditions (e.g., profitability, sales targets, or continued employment); and Includes: the impact of any non-vesting conditions (e.g., employee savings or shareholding requirements). At each reporting date, the Group reviews and updates its estimate of the number of options expected to vest, based on service and non-market performance conditions. Any adjustment to original estimates is recognised in profit or loss, with a corresponding impact on equity. The options are administered by the Board, which issues the relevant number of shares upon exercise. Proceeds received on exercise, net of any directly attributable transaction costs, are credited directly to equity. 2.22 Warrants The Company issues warrants that entitle holders to subscribe for ordinary shares at a fixed price over a defined exercise period. Warrants are assessed at inception to determine whether they fall within the scope of IFRS 2 \u2013 Share- based Payment or IAS 32 \u2013 Financial Instruments: Presentation, based on the nature of the counterparty and transaction. Warrants issued in exchange for goods or services are accounted for under IFRS 2 as equity-settled share- based payments. Warrants issued in a financing or capital raising context, where the counterparty acts in its capacity as an investor or lender, are accounted for under IAS 32 as equity instruments, provided they meet the fixed-for- fixed criterion. Warrants classified within IFRS 2 are measured at fair value at the grant date using an option pricing model and recognised in profit or loss over the vesting period, or immediately if vesting is immediate. Warrants classified within IAS 32 are measured at fair value at grant date using an option pricing model. Any difference between fair value and proceeds received is recognised directly in equity. No charge is recognised in profit or loss. The valuation of warrants is based on a Black-Scholes model using assumptions including expected volatility, expected life, risk-free interest rate, and dividend yield (assumed nil unless otherwise stated). Where limited historical data exists, volatility is derived from comparable listed entities. Warrants are classified as equity instruments where they meet the fixed-for-fixed requirement and do not confer voting or dividend rights until exercised. 2.23 Related Parties For the purposes of these consolidated financial statements, a party is considered to be related to the Group if: I. the party has the ability, directly or indirectly, through one or more intermediaries, to control the Group or exercise significant influence over the Group in making financial and operating policy decisions, or has joint control over the Group; II. the Group and the party are subject to common control; III. the party is an associate of the Group or a joint venture in which the Group is a joint venturer; IV. the party is a member of key management personnel of the Group or the Group\u2019s parent, or a close family member of such an individual, or is an entity under the control, joint control, or significant influence of such individuals; V. the party is a close family member of a party referred to in (i) or is an entity under the control, joint control, or significant influence of such individuals; VI. the party, or any member of a group of which it is part, provides key management personnel services to the Group or its parent. 2.24 Equity and reserves Share capital represents the total amount received by the Company in consideration for shares issued. This includes amounts received on the issuance of both ordinary and preference shares, net of any transaction costs directly attributable to the equity issuance. Other components of equity include the following: Equity component of convertible instruments (such as convertible loan notes) is recognised separately within equity when the instrument includes a conversion option that meets the definition of equity. The equity component is measured at the residual amount after deducting the fair value of the liability component from the fair value of the compound instrument as a whole at initial recognition. The equity component is not subsequently remeasured. On conversion, the related equity component is transferred within equity to share capital. If the instrument expires or is settled without conversion, the equity component remains in equity. Foreign Currency Translation reserve comprises foreign currency translation differences arising from the translation of financial statements of the Group\u2019s foreign entities into GBP. Share option reserve represents the cumulative fair value of equity-settled share-based payments granted to employees and others providing similar services. The reserve is increased by charges for the fair value of options over the vesting period. On lapse or forfeiture, the balance is transferred to retained earnings. Share warrant reserve represents the equity component of warrants issued by the Group. Warrants are initially recognised at fair value on the date of grant, with the corresponding credit recorded in the warrant reserve within equity. No subsequent remeasurement is made to the warrant reserve. When warrants are exercised, the proceeds received, together with the amount previously recognised in the warrant reserve, are transferred to share capital as appropriate. If warrants expire unexercised, the balance in the warrant reserve is retained within equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with IFRS
Accounting Standards as adopted by the European Union (\u201cEU\u201d). The Group\u2019s consolidated financial
statements have been prepared on an accrual basis and under the historical cost convention, other than
derivative call options and financial liabilities arising in relation to contingent consideration arrangement,
which are measured at fair value. They have been prepared under the assumption the Group is a going
concern, which assumes the Group will be able to discharge its liabilities as they fall due at least for a
period of 12 months post balance sheet date.
The preparation of the consolidated financial statements in accordance with IFRS Accounting Standards
as adopted by the EU requires management to make certain critical accounting estimates and to apply
judgement in selecting and applying the Group\u2019s accounting policies. Areas involving a higher degree of
judgement or complexity, as well as areas where assumptions and estimates have a significant impact on
the consolidated financial statements, are disclosed in Note 3.
The financial information has been presented in Pounds Sterling (\u00a3), being the functional currency of the
Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "
2.2 Basis of consolidation
The Group\u2019s financial statements consolidate those of the parent Company and all of its subsidiaries at 31
December 2025. All subsidiaries have a reporting date of 31 December.
All transactions and balances between the Group companies are eliminated on consolidation, including
unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-
group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a
Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where
necessary to ensure consistency with the accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are
recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable.
The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. The following companies are consolidated into the Group financial statements: Name of Company Country of incorporation Principal activity % Owned Method of Consolidation Cindrigo Ltd (\u201cCL\u201d) UK Cost Center 100% Full Consolidation Cindrigo Geothermal Limited (\u201cCEGO UK\u201d) UK Holding Company 100% Full Consolidation Kaipolan Energia Oy (\u201cKaipola\u201d) Finland Biomass 90% Full Consolidation Zukunft Geoenergie GmbH (\u201cZGE\u201d) Germany Geothermal Energy 100% Full Consolidation (Incorporated in 2025) Zukunft Geoenergie 1 GmbH (\u201cZGE 1\u201d) Germany Geothermal Energy 100% Full Consolidation (Incorporated in 2025) Zukunft Geoenergie 2 GmbH (\u201cZGE 2\u201d) Germany Geothermal Energy 100% Full Consolidation (Incorporated in 2025) Zukunft Geoenergie 3 GmbH (\u201cZGE 3\u201d) Germany Geothermal Energy 100% Full Consolidation (Incorporated in 2025) Kaipola is a wholly owned subsidiary of the Group and represents a major subsidiary undertaking for the purposes of UKLR 6.6.1. As at 31 December 2025, Kaipola is not yet operational and remains in the development stage. During the year, the entity generated limited revenue of \u00a3263k, primarily from management fees and personnel leasing arrangements. As at the reporting date, Kaipola had total assets of approximately \u00a32,010k, comprising primarily capitalised development expenditure. In addition, goodwill of \u00a315,909k and right-of-use assets of \u00a34,492k are recognised in the Group\u2019s consolidated balance sheet in respect of Kaipola. These balances represent a significant proportion of the Group\u2019s total assets. The development of the Kaipola project is subject to a number of risks, including obtaining and maintaining the necessary permits, securing project financing, and entering into key commercial agreements. The subsidiary is currently funded through intercompany loans from the Group. Additional funding will be required to progress the project to construction and ultimately to operational status.
The following subsidiaries have not been audited as at 31 December 2025. The UK subsidiary did not
trade during the year. Four German subsidiaries were incorporated during the current year and incurred
only early-stage project development expenditure. Management has used the latest available financial
information of these subsidiaries for consolidation. The directors consider that any adjustments that may
arise from an audit of these subsidiaries would not be material to the Group\u2019s financial statements.
Name of Company
Country of incorporation
% Owned
Cindrigo Geothermal Limited (\u201cCEGO UK\u201d)
UK
100%
Zukunft Geoenergie GmbH (\u201cZGE\u201d)
Germany
100%
Zukunft Geoenergie 1 GmbH (\u201cZGE 1\u201d)
Germany
100%
Zukunft Geoenergie 2 GmbH (\u201cZGE 2\u201d)
Germany
100%
Zukunft Geoenergie 3 GmbH (\u201cZGE 3\u201d)
Germany
100%
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to, or has
rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
obtained and are deconsolidated from the date that control ceases.
The Group applies the acquisition method for business combinations. Intercompany transactions,
balances, and unrealised gains on transactions between Group companies are eliminated on
consolidation. Unrealised losses on transactions between Group companies are also eliminated unless
they provide evidence of impairment.
Each subsidiary maintains its own accounting policies. Where necessary and material, adjustments are
made to align the accounting policies of subsidiaries with those of the Group for consolidation purpose.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
2.3 Going concern
The consolidated financial statements have been prepared on the assumption that the Group will continue
as a going concern. Under this assumption, the Group is considered to be operating for the foreseeable
future, with no intention or requirement to liquidate, cease trading, or seek protection from creditors under
any applicable laws or regulations.
In evaluating the appropriateness of the going concern assumption, the Directors have considered all
relevant information available for the foreseeable future, being a period of at least twelve months from the
date of approval of these consolidated financial statements, based on forecast cash flows through April
2027.
The Directors\u2019 assessment of the Group\u2019s ability to continue as a going concern involves significant
judgement, particularly in relation to funding availability, project execution timelines and the timing of future
cash inflows.
As at the date of approval of these consolidated financial statements, the Group have secured funding
commitments and guarantees in the amount of approximately \u00a311.3 million.
o \u00a36.7 million equity investment into Cindrigo at a price of 12 pence per share.
o \u20ac3 million been secured for the Fuelwood joint venture, this amount plus a \u20ac1 million development loan
from Cindrigo, a total of \u20ac4 million which is sufficient to support Fuelwoods establishment and initial
operational phase
o Up to \u00a32 million under a separate subscription arrangement, which will be drawn if the Company\u2019s
warrants due for exercise at the end of July are not exercised
No cash has been received in respect of these arrangements as of publishing of the Annual Report, cash
for the equity investment and Fuelwood is expected to be received during May 2026, and any potential
cash related to the Warrant guarantee would be expected in August 2026.
As such, the timing of receipt of these funds is a key assumption underpinning the Directors\u2019 assessment
of the Group\u2019s ability to continue as a going concern.
The Directors have prepared detailed cash flow forecasts through to April 2027, reflecting the Group\u2019s
expected funding inflows, expected operating costs and development plans. These forecasts indicate that
the Group has sufficient financial resources to meet its obligations as they fall due for at least twelve
months from the date of approval of these financial statements.
The Directors have also performed reverse stress testing on the cash flow forecasts to assess the level of
downside required to exhaust available liquidity. This analysis incorporated severe but plausible
assumptions, including delays in the commencement of production at Kaipola, and the removal of any
proceeds from the exercise of warrants. Under this combined downside scenario, the Group continues to
maintain a positive cash position throughout the going\u2011concern assessment period and is able to meet its
obligations as they fall due.
The Directors\u2019 objective in managing capital is to safeguard the Group\u2019s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders. At the date of this
financial information, the Group has been financed through a combination of equity and convertible notes.
Going forward, the capital structure of the Group is expected to consist of convertible notes and equity
attributable to equity holders of the Group, comprising issued share capital and reserves.
Based on the above assessment, the Board do not believe that there are any material uncertainties that
may cast significant doubt on the Group\u2019s ability to continue as a going concern.
Accordingly, the Directors consider that the going concern basis of preparation remains appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "2.4 New or revised Standards or Interpretations New standards, interpretations and amendments effective from 1 January 2025 The Group has applied the following new accounting standards and amendments effective from 1 January 2025. These changes did not have a significant impact on the consolidated financial statements for the reporting period. Lack of Exchangeability (Amendments to IAS 21) These amendments address currency translation issues when a currency cannot be freely exchanged into another and introduces related disclosures. Impact: The Group has reviewed this amendment and determined that it does not have a material impact on the consolidated financial statements for the year ended 31 December 2025. Disclosures are updated where applicable. Standards, amendments and interpretations to existing Standards that are not yet effective and have not been adopted early by the Group At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Group and no Interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors, including: two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes the classification of all income and expenses within the Statement of profit or loss in one of five categories a new requirement to disclose performance measures defined by management, and an improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes. Some of the disclosure requirements previously contained in IAS 1 have been transferred to IAS 8 without any material changes. This applies in particular to disclosures on accounting policies and sources of estimation uncertainty. As a result of these changes, IAS 8 will be renamed \u2018Basis of Preparation of Financial Statements\u2019. The publication of IFRS 18 also results in consequential amendments to other IFRS Accounting Standards, including IAS 7. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group has not yet completed its assessment of the impact of IFRS 18. At the reporting date, it is not practicable to provide a reasonable estimate of the expected effects. The area\u2019s most likely to be affected include the structure and subtotals in the statement of profit or loss and the disclosure of management- defined performance measures. Other new Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
New standards, interpretations and amendments effective from 1 January 2025
The Group has applied the following new accounting standards and amendments effective from 1 January
2025. These changes did not have a significant impact on the consolidated financial statements for the
reporting period.
Lack of Exchangeability (Amendments to IAS 21)
These amendments address currency translation issues when a currency cannot be freely exchanged
into another and introduces related disclosures.
Impact: The Group has reviewed this amendment and determined that it does not have a material impact
on the consolidated financial statements for the year ended 31 December 2025. Disclosures are updated
where applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "Standards, amendments and interpretations to existing Standards that are not yet effective and have not been adopted early by the Group At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Group and no Interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date. Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors, including: two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes the classification of all income and expenses within the Statement of profit or loss in one of five categories a new requirement to disclose performance measures defined by management, and an improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes. Some of the disclosure requirements previously contained in IAS 1 have been transferred to IAS 8 without any material changes. This applies in particular to disclosures on accounting policies and sources of estimation uncertainty. As a result of these changes, IAS 8 will be renamed \u2018Basis of Preparation of Financial Statements\u2019. The publication of IFRS 18 also results in consequential amendments to other IFRS Accounting Standards, including IAS 7. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively with specific transitional provisions. The Group has not yet completed its assessment of the impact of IFRS 18. At the reporting date, it is not practicable to provide a reasonable estimate of the expected effects. The area\u2019s most likely to be affected include the structure and subtotals in the statement of profit or loss and the disclosure of management- defined performance measures. Other new Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "
2.5 Business Combinations
The acquisition method is used for all business combinations. The consideration transferred for the
acquisition of a subsidiary includes the acquisition date fair values of:
Assets transferred,
Liabilities incurred,
Equity interests issued by the Group, which includes the fair value of any asset or liability arising
from a contingent consideration arrangement,
Pre-existing equity interests in the subsidiary.
Identifiable assets and liabilities acquired are generally measured at fair value at the acquisition date. Non-
controlling interests in the acquired entity are recognised either at fair value or the proportionate share of
net identifiable assets, depending on the acquisition.
Acquisition-related costs are expensed as incurred.
The excess of consideration transferred and the fair value of any non-controlling interest over the fair value
of net identifiable assets acquired is recognised as goodwill. If this excess is negative, the difference is
recognised as a bargain purchase in profit or loss.
Deferred cash consideration is discounted to its present value using the Group's incremental borrowing
rate.
Contingent consideration is classified as either equity or a financial liability, with changes in fair value
recognised in profit or loss only when contingent consideration is classified as financial liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
2.6 Segment Reporting
The Chief Operating Decision Maker (\u201cCODM\u201d), identified as the Board of Directors, is responsible for
allocating resources and assessing the performance of the Group.
The CODM reviews financial and operational performance primarily on a consolidated Group basis,
including overall financial results, cash flow projections, and funding requirements. Internal reporting to the
CODM focuses on the performance of the Group\u2019s integrated portfolio of energy-related projects and does
not include regularly reviewed discrete financial information, such as profit or loss or other key performance
measures, for individual subsidiaries, projects, or geographical regions.
The Group\u2019s activities, including operational assets, development-stage projects, and management
service arrangements, are managed and evaluated as a single integrated portfolio. Resource allocation
decisions and performance assessments are made based on overall portfolio returns and strategic
objectives rather than the performance of individual components.
Although the Group operates in multiple jurisdictions and at different stages of the project lifecycle, and
generates revenue from different sources, including energy production and management services, these
activities are not separately monitored or managed as distinct operating segments by the CODM.
Accordingly, management has determined that the Group operates as a single operating segment, being
the identification, acquisition, development, and operation of energy-related projects. No separate
reportable segments have been identified.
Segment information is therefore presented on the same basis as that used in the preparation of the
Group\u2019s consolidated financial statements.
Revenue is currently generated from external customers primarily through the Group\u2019s Finnish subsidiary,
Kaipolan Energia Oy, while other entities within the Group are in development or holding phases. This
concentration of revenue does not result in separate operating segments, as it does not reflect the basis
on which the CODM assesses performance or allocates resources.
For impairment testing purposes, the Group has identified separate cash-generating units (\u201cCGUs\u201d) within
the Group; however, these do not represent operating segments, as they are not reviewed separately by
the CODM for performance assessment or resource allocation decisions.
At the reporting date, the Group\u2019s non-current assets are located in Guernsey, the United Kingdom, Finland
and Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
2.7 Foreign Currency Translation
Functional and presentation currency
The consolidated financial statements are presented in Pounds Sterling (\u201cGBP\u201d), which is also the
functional currency of the parent company.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency of the respective Group entity
using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign
exchange gains and losses resulting from the settlement of such transactions and from the remeasurement
of monetary items denominated in foreign currencies at the period-end exchange rates are recognised in
profit or loss.
Non-monetary items are not retranslated at the period-end. They are measured at historical cost
(translated using the exchange rates at the transaction date), except for non-monetary items measured at
fair value, which are translated using the exchange rates at the date when the fair value was determined.
Foreign operations
For the purposes of consolidation, the assets and liabilities of Group entities with a functional currency
other than GBP are translated into GBP at the exchange rate prevailing at the reporting date. Income and
expenses are translated at the average exchange rate for the reporting period, unless exchange rates
fluctuate significantly, in which case the rate at the date of the transaction is used. Goodwill and fair value
adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign
entity and translated into GBP at the closing exchange rate at the reporting date.
Exchange differences arising from the translation of foreign operations are recognised in other
comprehensive income and accumulated in the foreign currency translation reserve (FCTR) within equity.
On disposal of a foreign operation, the cumulative amount of such exchange differences recognised in
equity relating to that operation is reclassified to profit or loss and recognised as part of the gain or loss on
disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "Functional and presentation currency The consolidated financial statements are presented in Pounds Sterling (\u201cGBP\u201d), which is also the functional currency of the parent company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
2.8 Income recognition
Sale of energy
Revenue represents the fair value of the consideration received or receivable for the sale of energy,
including electricity and heat, in the ordinary course of the Group\u2019s activities. The Group identifies its
performance obligations as the delivery of energy (electricity and heat) to customers. Each contract with
a customer comprises a single performance obligation, as the customer simultaneously receives and
consumes the benefits of the energy supplied.
The transaction price is determined based on the agreed contractual price for the energy delivered. This
price reflects the volume of energy supplied during the reporting period, adjusted for any variable
consideration where applicable. Since each contract contains a single performance obligation\u2014the
delivery of energy\u2014the entire transaction price is allocated to this performance obligation.
Revenue from the sale of energy is recognised over time, on the basis that the customer simultaneously
receives and consumes the benefits as the Group performs by delivering energy. Revenue is recognised
based on the volume of energy delivered during the reporting period and the agreed price per unit.
Management fees
The Company charges management fees for operational support services provided through its personnel
strictly in accordance with agreed contractual terms. Management fees are determined based on the
nature and scope of services provided and are disclosed in client agreements and relevant product
documentation. Fees are applied consistently in line with contractual arrangements and are subject to
periodic internal review. Revenue from management services is recognised over time, as the services are
performed, as the customer simultaneously receives and consumes the benefits of the services in
accordance with IFRS 15.35(a), and measured based on the stage of completion of the services (e.g. time
elapsed or services performed). Invoices are issued in accordance with contractual terms and do not
determine the timing of revenue recognition.
Interest income
Interest income is recognised using the effective interest method in accordance with the terms of the
intercompany loan agreements. If a financial asset becomes credit-impaired, the Group recognises
interest income on the net carrying amount of the asset, applying the original effective interest rate
Other income
Other income comprises gains and receipts that are not part of the Group\u2019s primary activities. It is
recognised when it is probable that future economic benefits will flow to the Group and the amount of
income can be measured reliably. Income is recognised on an accrual basis, irrespective of the timing of
cash receipts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
2.9 Goodwill
Goodwill is measured as described under \"Business Combinations\" in note 2.5. Goodwill on acquisitions
of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment
annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and
is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include
the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. The Group tests cash-generating units (CGUs) to which goodwill has been allocated for impairment annually, or more frequently where indicators of impairment exist. Goodwill is allocated to the Kaipola CGU (the \u201cPlant\u201d), which represents the lowest level within the Group at which goodwill is monitored for internal management purposes and is expected to benefit from the synergies of the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
2.10 Exploration and Evaluation Expenditure
Exploration and evaluation (\u201cE&E\u201d) expenditure comprises costs incurred in the search for geothermal and
other energy resources prior to the demonstration of technical feasibility and commercial viability.
In accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources, E&E expenditure is
capitalised as an intangible asset on an area-of-interest basis when the Group has the right to explore in
a specific area and it is expected that the costs will be recouped through successful development or sale,
or where exploration activities have not yet reached a stage which permits a reasonable assessment of
the existence of economically recoverable resources. Costs incurred prior to obtaining legal rights to
explore are expensed as incurred.
Capitalised E&E costs include licence acquisition costs, geological and geophysical studies, exploration
drilling, sampling and directly attributable employee and contractor costs.
Exploration and evaluation assets are initially recognised at cost, being the aggregate of consideration
transferred and directly attributable expenditures incurred in obtaining and developing exploration rights.
E&E assets are measured at cost less accumulated impairment losses and are not amortised while in the
exploration and evaluation phase.
E&E assets are assessed for impairment when facts and circumstances indicate that the carrying amount
may exceed the recoverable amount. Such indicators include the expiry of exploration rights, a lack of
planned substantive expenditure, or unsuccessful exploration results. Where indicators exist, the Group
performs an impairment test in accordance with IAS 36 and recognises any impairment loss in statement
of comprehensive income.
Upon demonstration of technical feasibility and commercial viability, E&E assets are reclassified to
development assets and subsequently accounted for in accordance with the applicable standard.
The geothermal licence rights provide the Group with the legal right to explore and evaluate geothermal
energy resources within specified licence areas, forming the basis for capitalisation of exploration and
evaluation expenditure.
E&E assets are derecognised when the rights to explore expire or when no future economic benefits are
expected.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
2.11 Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in
the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Group and the cost of the item can
be measured reliably. The carrying amount of any component accounted for as a separate asset is
derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the
reporting period in which they are incurred.
After initial recognition, property, plant and equipment are measured using the cost model and are carried
at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is recognised so as to write down the cost of assets to their residual values over their
estimated useful lives, reflecting the pattern in which the assets\u2019 future economic benefits are expected to
be consumed.
Construction-related assets (e.g. assets under construction, development and upgrade costs):
carried at cost and not depreciated until available for use. Once available for use, these assets
are depreciated on a straight-line basis over up to 10 years.
Tangible assets (e.g. plant, machinery, furniture and movables): written down value method at
25% per annum. The depreciation method reflects the expected pattern of consumption of the
assets\u2019 future economic benefits. Residual values, useful lives and the depreciation method are
reviewed at least annually and adjusted prospectively where appropriate.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying
amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
2.12 Leases
The Group accounts for leases in accordance with IFRS 16 Leases. At the commencement date, the
Group recognises a right-of-use asset and a corresponding lease liability for all lease agreements, except
for short-term leases (with a lease term of 12 months or less) and leases of low-value assets.
The Group assesses whether a contract contains a lease at inception. A lease conveys the right to control
the use of an identified asset for a period of time in exchange for consideration.
The right-of-use asset is initially measured at cost, comprising the initial lease liability, any initial direct
costs, estimated dismantling or restoration costs, and any lease payments made in advance (net of
incentives received). The right-of-use asset is depreciated on a straight-line basis over the shorter of the
asset\u2019s useful life or the lease term and is assessed for impairment where indicators exist.
The lease liability is initially measured at the present value of lease payments, discounted using the
Group\u2019s incremental borrowing rate, as the interest rate implicit in the lease is generally not readily determinable. Lease payments included in the liability comprise fixed payments, variable payments based on an index or rate, and amounts expected under residual value guarantees. Subsequent to initial recognition, lease payments reduce the liability and are allocated between finance costs and principal repayment. The lease liability is remeasured when lease payments change due to modifications, reassessment of lease terms, options to purchase, or changes in payments linked to indices or floating interest rates. Remeasurements adjust the carrying amount of the right-of-use asset, except when the asset is fully written down, in which case any excess is recognised in profit or loss. Payments for short-term leases, low-value assets, and leases of assets under construction are expensed on a straight-line basis and disclosed separately as off-balance sheet commitments. As at 31 December 2025, the Group did not have any short-term leases, low-value asset leases, or leases of assets under construction, and accordingly no related expenses were recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
2.13 Impairment of Assets
Cash-generating units to which goodwill or intangible assets that have an indefinite useful life or are not
yet available for use have been allocated are tested for impairment at least annually. All other individual
assets or cash-generating units are tested for impairment whenever events or changes in circumstances
indicate the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset\u2019s (or cash-generating unit\u2019s) carrying
amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-
in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-
generating unit and determines a suitable discount rate in order to calculate the present value of those
cash flows. The data used for impairment testing procedures is directly linked to the Group\u2019s latest
approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset
enhancements. Discount factors are determined individually for each cash-generating unit and reflect
current market assessments of the time value of money and asset-specific risk factors.
Impairment losses for cash-generating units are first applied to reduce the carrying amount of any goodwill
allocated to the cash-generating unit. Any remaining impairment loss is charged pro rata to the other assets
in the cash-generating unit.
With the exception of goodwill, all assets are subsequently reassessed for indications that an impairment
loss previously recognised may no longer exist. An impairment loss is reversed if the asset\u2019s or cash-
generating unit\u2019s recoverable amount exceeds its carrying amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "2.14 Financial instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade and other receivables that do not contain a significant financing component and are
measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured
at fair value adjusted for transaction costs (where applicable).
Financial assets are classified into one of the following categories:
amortised cost
fair value through profit or loss (FVTPL), or
fair value through other comprehensive income (FVOCI).
In the periods presented the Group does not have any financial assets categorised as FVOCI.
The classification is determined by both:
the Group\u2019s business model for managing the financial asset, and
the contractual cash flow characteristics of the financial asset
All revenue and expenses relating to financial assets that are recognised in profit or loss are presented
within finance costs, finance income or other financial items, except for impairment of trade receivables
which is presented within other expenses.
Subsequent measurement of financial assets
o Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the following conditions:
they are held within a business model whose objective is to hold the financial assets and collect
its contractual cash flows, and
the contractual terms of the financial assets give rise to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial.
o Financial assets at fair value through profit or loss (FVTPL)
Financial assets are classified as FVTPL if they are:
held for trading, or
derivatives (unless designated and effective as hedging instruments)
Derivatives, including call options, are initially recognised at fair value on the date the Group becomes a
party to the contractual provisions of the instrument and are subsequently remeasured at fair value at each
reporting date.
Gains or losses arising from changes in fair value are recognised immediately in statement of profit or loss
and presented within finance income or finance costs .
Impairment of financial assets
IFRS 9\u2019s impairment requirements apply to financial assets measured at amortised cost, including loans,
trade receivables and contract assets recognised under IFRS 15. The Group applies the expected credit
loss (ECL) model, which uses forward-looking information to recognise credit losses on these financial
assets.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS
9, under which lifetime expected credit losses are recognised from initial recognition.
For other financial instruments, the Group applies the general approach and classifies financial assets into
the following categories based on changes in credit risk since initial recognition:
Stage 1: Financial instruments that have not deteriorated significantly in credit quality since initial
recognition or that have low credit risk.
Stage 2: Financial instruments that have deteriorated significantly in credit quality since initial
recognition and whose credit risk is not low.
Stage 3: Financial assets that have objective evidence of impairment at the reporting date.
12-month expected credit losses are recognised for Stage 1 assets, while lifetime expected credit losses
are recognised for Stage 2 and Stage 3 assets.
A significant increase in credit risk is assessed by comparing the risk of default at the reporting date with
the risk of default at initial recognition, taking into account reasonable and supportable forward-looking
information.
Expected credit losses are measured as a probability-weighted estimate of credit losses over the expected
life of the financial instrument.
Financial assets are written off when there is no reasonable expectation of recovery, either in full or in part.
Classification and measurement of financial liabilities
The Group\u2019s financial liabilities include borrowings and trade and other payables, as well as certain
financial liabilities in relation to contingent consideration arrangements which are measured at fair value
through profit or loss (FVTPL).
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for directly
attributable transaction costs. However, transaction costs are expensed immediately for financial liabilities
classified at fair value through profit or loss.
Subsequently, financial liabilities are measured as follows:
financial liabilities measured at amortised cost are subsequently measured using the effective interest
method; and
financial liabilities measured at fair value through profit or loss are remeasured at each reporting date
with gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in
statement of comprehensive income are included within finance costs or finance income, except for fair
value movements on financial liabilities at FVTPL, which are presented within finance income or finance
costs depending on their nature.
Financial liabilities are derecognised when the contractual obligations are discharged, cancelled or expire.
Where a financial liability is modified or replaced, the Group assesses whether derecognition is appropriate
in accordance with IFRS 9, including whether the modification is substantial.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "o Financial assets at fair value through profit or loss (FVTPL) Financial assets are classified as FVTPL if they are: held for trading, or derivatives (unless designated and effective as hedging instruments) Derivatives, including call options, are initially recognised at fair value on the date the Group becomes a party to the contractual provisions of the instrument and are subsequently remeasured at fair value at each reporting date. Gains or losses arising from changes in fair value are recognised immediately in statement of profit or loss and presented within finance income or finance costs . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
2.15 Cash and cash equivalents
For the purpose of presentation in the consolidated statement of cash flows, cash and cash equivalents
include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
2.16 Inventories
Inventories are initially measured at cost, which includes all costs of purchase, costs of conversion, and
other costs incurred in bringing the inventories to their present location and condition.
Subsequently, inventories are stated at the lower of cost and net realisable value. Cost includes all
expenses directly attributable to the manufacturing process as well as appropriate allocations of production
overheads, based on normal operating capacity. The cost of ordinarily interchangeable items is determined
using the first-in, first-out (FIFO) method. Net realisable value is the estimated selling price in the ordinary
course of business, less any costs necessary to make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
2.17 Trade and Other Receivables
Trade and Other Receivables are initially recognised at fair value including transaction costs that are
directly attributable to their acquisition. The Group makes use of a simplified approach in accounting for
trade and other receivables as well as contract assets and records the loss allowance as lifetime expected
credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for
default at any point during the life of the financial instrument. In calculating, the Group uses its historical
experience, external indicators and forward-looking information to calculate the expected credit losses
using a provision matrix.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
2.18 Income taxes
Income tax expense recognised in profit or loss comprises current tax and deferred tax, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current tax is based on taxable profit for the year and is calculated using tax rates and tax laws that have
been enacted or substantively enacted at the end of the reporting period.
The Group operates in multiple jurisdictions and, despite an overall loss position, incurs minor current
income tax charges.
Management applies judgement in assessing uncertain tax positions and recognises current tax liabilities
where it is probable that the taxation authority will accept the tax treatment applied.
Deferred tax Deferred tax is calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. This is assessed based on the Group\u2019s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. The Group has incurred recurring tax losses and, at the reporting date, there is no convincing evidence that sufficient taxable profits will be generated in the foreseeable future. Accordingly: No deferred tax assets have been recognised in respect of unused tax losses or deductible temporary differences. Deferred tax liabilities are generally recognised in full, although IAS 12 \u2018Income Taxes\u2019 specifies limited exemptions. As a result of these exemptions the Group does not recognise deferred tax on temporary differences relating to goodwill, or to its investments in subsidiaries (only to the extent that the Group control the timing of the reversal of the taxable temporary difference and that reversal is not likely to occur in the foreseeable future). The Group does not offset deferred tax assets and liabilities unless it has a legally enforceable right to do so and intends to settle on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
Deferred tax
Deferred tax is calculated using the liability method on temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases.
Deferred tax assets are recognised to the extent it is probable that the underlying tax loss or deductible
temporary difference will be utilised against future taxable income. This is assessed based on the Group\u2019s
forecast of future operating results, adjusted for significant non-taxable income and expenses and specific
limits on the use of any unused tax loss or credit.
The Group has incurred recurring tax losses and, at the reporting date, there is no convincing evidence
that sufficient taxable profits will be generated in the foreseeable future. Accordingly:
No deferred tax assets have been recognised in respect of unused tax losses or deductible temporary
differences.
Deferred tax liabilities are generally recognised in full, although IAS 12 \u2018Income Taxes\u2019 specifies limited
exemptions. As a result of these exemptions the Group does not recognise deferred tax on temporary
differences relating to goodwill, or to its investments in subsidiaries (only to the extent that the Group
control the timing of the reversal of the taxable temporary difference and that reversal is not likely to occur
in the foreseeable future). The Group does not offset deferred tax assets and liabilities unless it has a
legally enforceable right to do so and intends to settle on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "2.19 Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are classified as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "2.20 Borrowings Borrowings are initially recognised at fair value, net of directly attributable transaction costs. Subsequent measurement depends on the nature of the borrowing instrument: Non-convertible loans are subsequently measured at amortised cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loan. Fees paid on the establishment of loan facilities are capitalised as part of the loan to the extent that it is probable that some or all of the facility will be drawn down. Where there is no evidence of probable drawdown, such fees are recognised as prepaid costs and amortised over the term of the facility. Convertible loans are assessed to determine whether they include an embedded derivative or qualify for split accounting. Where the conversion terms are variable and do not meet the \"fixed- for-fixed\" criterion, the entire instrument is classified as a financial liability at fair value through profit or loss (FVTPL), with changes in fair value recognised in profit or loss. Where the conversion option meets the fixed-for-fixed requirement, the instrument is split into a liability component (measured at amortised cost) and an equity component (representing the conversion feature), with the liability portion determined using a market interest rate for a comparable non-convertible loan . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
2.21 Employee benefits
Short term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are
expected to be settled wholly within 12 months after the end of the period in which the employees render
the related service are recognised in respect of employees\u2019 services up to the end of the reporting period
and are measured at the amounts expected to be paid when the liabilities are settled.
The obligations are presented as current liabilities in the statement of financial position if the entity does
not have an unconditional right to defer settlement for at least twelve months after the reporting period,
regardless of when the actual settlement is expected to occur.
Share-based payments
The fair value of equity-settled share options granted to employees, directors, and key management
personnel is measured at the grant date in accordance with IFRS 2 Share-based Payment. The fair value
is determined using an appropriate option pricing model, such as the Black-Scholes model, taking into
account the terms and conditions upon which the options were granted, including that no market
performance conditions are attached.
The fair value determined at the grant date is recognised as a share-based payment expense in the
statement of comprehensive income, with a corresponding increase in equity, over the vesting period,
being the period over which all vesting conditions are to be satisfied.
The total amount to be expensed is determined by reference to the fair value of the options granted:
Includes: any market performance conditions (e.g., the entity\u2019s share price);
Excludes: the impact of service and non-market performance vesting conditions (e.g., profitability,
sales targets, or continued employment); and
Includes: the impact of any non-vesting conditions (e.g., employee savings or shareholding
requirements).
At each reporting date, the Group reviews and updates its estimate of the number of options expected to
vest, based on service and non-market performance conditions. Any adjustment to original estimates is
recognised in profit or loss, with a corresponding impact on equity.
The options are administered by the Board, which issues the relevant number of shares upon exercise.
Proceeds received on exercise, net of any directly attributable transaction costs, are credited directly to
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "2.22 Warrants The Company issues warrants that entitle holders to subscribe for ordinary shares at a fixed price over a defined exercise period. Warrants are assessed at inception to determine whether they fall within the scope of IFRS 2 \u2013 Share- based Payment or IAS 32 \u2013 Financial Instruments: Presentation, based on the nature of the counterparty and transaction. Warrants issued in exchange for goods or services are accounted for under IFRS 2 as equity-settled share- based payments.
Warrants issued in a financing or capital raising context, where the counterparty acts in its capacity as an
investor or lender, are accounted for under IAS 32 as equity instruments, provided they meet the fixed-for-
fixed criterion.
Warrants classified within IFRS 2 are measured at fair value at the grant date using an option pricing model
and recognised in profit or loss over the vesting period, or immediately if vesting is immediate.
Warrants classified within IAS 32 are measured at fair value at grant date using an option pricing model.
Any difference between fair value and proceeds received is recognised directly in equity. No charge is
recognised in profit or loss.
The valuation of warrants is based on a Black-Scholes model using assumptions including expected
volatility, expected life, risk-free interest rate, and dividend yield (assumed nil unless otherwise stated).
Where limited historical data exists, volatility is derived from comparable listed entities.
Warrants are classified as equity instruments where they meet the fixed-for-fixed requirement and do not
confer voting or dividend rights until exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "3. CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS When preparing the Group\u2019s consolidated financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, revenue and expenses. The following are the judgements and estimates made by management in applying the accounting policies of the Group that have the most significant effect on these consolidated financial statements. Significant management judgements Capitalisation of plant development cost The Group applies judgement in determining whether costs incurred in the development, upgrade and pre- operational activities of plant assets meet the criteria for capitalisation in accordance with applicable accounting standards. Such costs are capitalised only where they are directly attributable to bringing the asset to the condition necessary for it to be capable of operating as intended by management and where they are expected to generate future economic benefits. During the year ended 31 December 2025, the Group capitalised \u00a31,218k (2024: \u00a3632k) of costs relating primarily to pre-operational and development activities for plant assets. These costs have been included within Development and Upgrade Costs. Management exercises judgement in assessing whether such costs are directly attributable to the construction and commissioning of the plant and whether the projects remain technically feasible and commercially viable. The recoverability of these capitalised amounts is dependent on the successful completion and commissioning of the plant assets and the generation of forecast future cash flows. The Group monitors the projects for indicators of impairment and considers factors including anticipated commissioning timelines, forecast energy output and expected tariff rates. Assessment of Deferred Tax Asset Recognition The Group assesses at each reporting date the recoverability of deferred tax assets arising from deductible temporary differences and unused tax losses. This assessment requires judgement in evaluating whether it is probable that sufficient future taxable profits will be available against which such amounts can be utilised, taking into account legal, regulatory and economic factors in the relevant tax jurisdictions. Based on this assessment, and given the Group\u2019s continued loss-making position and the uncertainty regarding the timing and level of future taxable profits, no deferred tax assets have been recognised in the consolidated financial statements. Significant estimates Impairment of goodwill During the current year, the Group performed its annual impairment assessment using recoverable amounts determined with reference to value-in-use and/or fair value less costs of disposal calculations. This assessment requires management to make significant estimates and assumptions in relation to future cash flows, including projected operating performance, capital expenditure and long-term growth assumptions, as well as the determination of appropriate discount rates. As part of the impairment assessment, the Group utilised an independent external valuation of the relevant plant assets that was performed in May 2025. The same valuation was used as an input into both the prior year and current year assessments, with management updating and assessing the underlying cash-flow assumptions to reflect conditions at the current reporting date. The plant assets represent a significant component of the related cash-generating units.
Management has reviewed and concurred with the assumptions and methodology used in the external
valuation. However, this assessment remains subject to estimation uncertainty, and any changes in key
assumptions may affect future impairment conclusions. Further details of the key assumptions used are
provided in Note 14.
Useful lives and residual values of depreciable assets
Management reviews its estimate of the useful lives and residual values of depreciable assets at each
reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to
technological obsolescence that may change the utility of certain software and IT equipment and
environmental regulations that can require polluting assets to be depreciated more quickly
Fair value measurement of derivative call option
The Group has entered into a call option agreement granting it the right to acquire a 100% equity interest
in another entity for a fixed cash consideration. The call option is classified as a derivative financial
instrument and is measured at fair value through profit or loss in accordance with IFRS 9.
The determination of the fair value of the call option involves significant management judgement, including
assessment of factors such as the probability of exercise, expected volatility of the underlying investment,
and market conditions. The fair value is subject to estimation uncertainty, and changes in these
judgements could materially affect the Group\u2019s profit or loss. Further details are disclosed in Note 6.
Leases \u2013 determination of the appropriate discount rate to measure lease liabilities
The Group enters into leases with third parties and as a consequence the rate implicit in the relevant lease
is not readily determinable. Therefore, the Group uses its incremental borrowing rate as the discount rate
for determining its lease liabilities at the lease commencement date. The incremental borrowing rate is the
rate of interest that the Group would have to pay to borrow over similar terms which requires estimations
when no observable rates are available. The Group consults with its main bankers to determine what
interest rate they would expect to charge the Group to borrow money to purchase a similar asset to that
which is being leased. These rates are, where necessary, then adjusted to reflect the creditworthiness of
the entity entering into the lease and the specific condition of the underlying leased asset. The estimated
incremental borrowing rate is higher than the parent company for leases entered into by its subsidiary
undertaking
Fair value measurement of contingent financial liabilities
The Group recognises certain contingent financial liabilities arising from contractual arrangements, which
are measured at fair value through profit or loss.
The fair value of these liabilities is determined using probability-weighted cash flow models, which require
management to estimate the likelihood and timing of future events, such as the achievement of specified
milestones or conditions. These cash flows are discounted using appropriate discount rates reflecting the
time value of money and risks specific to the liability.
Given the long-term and uncertain nature of these assumptions, the resulting fair value is subject to
significant estimation uncertainty. Changes in key assumptions, including probability assessments and
discount rates, may materially affect the carrying amount of the liability and the corresponding charge or
credit to profit or loss. Further information is provided in Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "
4. FINANCIAL RISK MANAGEMENT
This note explains the Group\u2019s exposure to financial risks and how these risks could affect the Group\u2019s
future financial performance. Current year profit and loss information has been included where relevant
to add further context.
The Group does not actively engage in the trading of financial assets for speculative purposes nor does
it write options. The most significant financial risks to which the Group is exposed are described below
4.1 Categories of financial assets and financial liabilities
31 December 2025
Amortised cost
\u00a3\u2019000
FVTPL
\u00a3\u2019000
Total
\u00a3\u2019000
Trade and other receivables
648
-
648
Cash and cash equivalents
706
-
706
Derivative asset
-
-
-
Total financial assets
1,354
-
1,354
31 December 2025
Amortised cost
\u00a3\u2019000
FVTPL
\u00a3\u2019000
Total
\u00a3\u2019000
Non-current borrowings
9,352
-
9,352
Financial liabilities \u2013 contingent consideration
-
2,792
2,792
Trade and other payables
1,126
-
1,126
Total financial liabilities
10,478
2,792
13,270
31 December 2024
Amortised cost
\u00a3\u2019000
FVTPL
\u00a3\u2019000
Total
\u00a3\u2019000
Trade and other receivables
413
-
413
Cash and cash equivalents
375
-
375
Total financial assets
788
-
788
31 December 2024
Amortised cost
\u00a3\u2019000
FVTPL
\u00a3\u2019000
Total
\u00a3\u2019000
Non-current borrowings
10,590
-
10,590
Current borrowings
390
-
390
Trade and other payables
1,525
-
1,525
Total financial liabilities
12,505
-
12,505
4.2 Financial risk management
I. Market risk analysis
Foreign exchange risk
Most of the Group\u2019s transactions are carried out in GBP. Exposures to currency exchange rates arise
from the Group\u2019s borrowings, some loans are denominated in Euro (EUR).
The Group mitigates its euro-currency exposure by maintaining a dedicated euro bank account for
seamless transfers and engaging a designated agent to convert funds at competitive rates; it also
executes early transfers of forecast euro inflows to match project outflows, closely monitors its net open
euro position.
Foreign currency denominated financial assets and liabilities, which expose the Group to currency risk, are disclosed below. The amounts presented represent those reported to key management, translated into GBP at the closing exchange rate. The Group\u2019s exposure arises primarily from its Finnish subsidiary, whose functional currency is EUR. Short-term exposure Long-term exposure EUR SEK EUR 31 December 2025 Financial assets - - 8,356 Financial liabilities - - (10,814) Total exposure - - (2,457) 31 December 2024 Financial assets - - 4,011 Financial liabilities - (72) (5,532) Total exposure - (72) (1,521) The following sensitivity analysis illustrates the impact of changes in foreign exchange rates on the Group\u2019s profit or loss, assuming all other variables remain constant. A change of \u00b15% has been applied to the relevant foreign exchange rates, which the Directors consider to be a reasonably possible change at the reporting date. In the prior year, different sensitivity percentages were applied to certain currencies; however, the Directors have standardised the sensitivity assumption in the current year to improve consistency and comparability across periods. If the GBP had strengthened against the EUR by 5% (2024: 5%). During the current year all SEK- denominated loans were fully settled and, accordingly, the Group had no SEK exposure at the reporting date. Profit for the year Equity Total EUR SEK EUR 31 December 2025 73 - 50 123 31 December 2024 67 5 9 81 If the GBP had weakened against the EUR by 5% (2024: 5%) and SEK by N/A (2024: 7%). During the current year all SEK-denominated loans were fully settled and, accordingly, the Group had no SEK exposure at the reporting date. Profit for the year Equity Total EUR SEK EUR 31 December 2025 (73) - (50) (123) 31 December 2024 (67) (5) (9) (81) During the year, Group has recorded \u00a324k foreign-exchange related losses [2024 \u2013 gain \u00a317k] were recognised in statement of comprehensive income. Interest rate risk The Group\u2019s fixed-rate borrowings, including compound financial instruments such as interest-free convertible loans, are carried at amortised cost. While market interest rates are used in the initial measurement of such instruments to allocate between liability and equity components, they do not give rise to ongoing interest rate risk. This is because the carrying amounts and future cash flows of these instruments are not remeasured based on changes in market interest rates.
Interest rate risk(continued)
The Group does not hold any variable-rate financial instruments. Accordingly, the Group is not exposed
to interest rate risk as defined under IFRS 7.
II. Credit risk
Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is
exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and
other receivables.
The credit risk is managed on a Group basis based on the Group\u2019s credit risk management policies and
procedures.
The Group\u2019s exposure to credit risk is primarily limited to its cash balances held in bank accounts and
trade receivables. To mitigate this risk, the Group holds the majority of its cash and cash equivalents
with reputable banks with strong credit profiles. Group\u2019s main cash resources are held with banks with
an external rating of B. Trade receivables majorly relate to a one customer, which concentrates credit
risk but is monitored regularly to ensure recoverability.
The Group applies the expected credit loss (\u201cECL\u201d) model in accordance with IFRS 9. No loss allowance
has been recognised as management considers the ECL to be immaterial. The Group\u2019s exposure to
credit risk is currently limited due to the nature and volume of its trade receivables and the Group being
in a pre-operational stage. Based on ongoing oversight by management, the Group considers the credit
risk associated with its trade receivables to be low. As the Group transitions into operational activities, it
will implement more formal credit risk assessment processes and policies appropriate to the scale and
nature of its operations.
As at the reporting date, the Group\u2019s maximum credit risk exposure corresponds to the carrying amount
of cash and cash equivalents and trade receivables on the balance sheet. This represents the maximum
amount that could be at risk should any counterparty fail to meet its obligations.
As at 31 December 2025, the Group\u2019s trade receivables, which are financial assets measured at
amortised cost, are all current. The following table provides an ageing analysis of trade receivables:
2025
\u00a3\u2019000
2024
\u00a3\u2019000
0 to 3 months
332
413
3 to 6 months
316
-
6 months +
-
-
Total
648
413
III. Liquidity Risk
Liquidity risk is that the Group might be unable to meet its obligations. The Group manages its liquidity
needs by monitoring scheduled debt servicing payments for long-term financial liabilities as well as
forecast cash inflows and outflows.
The Group\u2019s objective is to maintain cash and marketable securities to meet its liquidity requirements for
30-day periods at a minimum. The Group currently holds cash balances to provide funding for normal
trading activity. Trade and other payables are monitored as part of normal management routine.
As at 31 December 2025, all financial liabilities were classified at amortised cost. A maturity analysis of
the Group\u2019s non-derivative financial liabilities has contractual maturities (including interest payments
where applicable) as summarised below:
31 December 2025
Within 6
months
\u00a3\u2019000
6 to 12
months
\u00a3\u2019000
1 to 5
years
\u00a3\u2019000
Later
than 5
years
\u00a3\u2019000
Borrowings
-
-
4,572
8,359
Lease liabilities
157
157
1,257
13,568
Financial liabilities \u2013 contingent consideration
-
-
2,792
-
Trade and other payables
492
337
-
-
Total financial liabilities
649
494
8,621
21,927
31 December 2024
Within 6
months
\u00a3\u2019000
6 to 12
months
\u00a3\u2019000
1 to 5
years
\u00a3\u2019000
Later
than 5
years
\u00a3\u2019000
Borrowings
-
72
1,794
16,620
Lease liabilities
150
150
1,200
13,254
Trade and other payables
493
1,035
-
-
Total financial liabilities
643
1,257
2,994
29,874
4.3 Fair value measurement
The Group measures certain financial instruments at fair value in the statement of financial position.
These fair values are categorised into the fair value hierarchy based on the observability of significant
inputs, in accordance with IFRS 13 \u2013 Fair Value Measurement:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly or indirectly
Level 3: unobservable inputs for the asset or liability.
The following table summarises the Group\u2019s financial instruments measured at fair value:
Financial instruments
Level 1
\u00a3\u2019000
Level 2
\u00a3\u2019000
Level 3
\u00a3\u2019000
Total
\u00a3\u2019000
Financial assets - Derivative assets
-
-
-
-
Financial liability - Contingent
consideration
-
-
2,792
2,792
The Group currently has no Level 1 or Level 2 financial instruments measured at fair value; all fair value
amounts relate to Level 3 instruments.
No transfers occurred between levels.
Level 3 fair value measurement \u2013 Financial assets The fair value of derivative assets is determined using valuation techniques based on unobservable inputs. The Group has assessed the fair value of the call option and concluded that, as at the reporting date, its value is not material and has therefore been determined to be nil. Given the nil valuation, changes in significant unobservable inputs, including assumptions such as volatility and probability of exercise, would not result in a material impact on the financial statements. Accordingly, a sensitivity analysis has not been presented, more details are provided in Note 6. The valuation reflects management\u2019s assessment that the likelihood of the option being exercised and generating economic benefit is remote at the reporting date. Level 3 fair value measurement \u2013 Financial liabilities The Group measures contingent liability now recognised at fair value, using valuation techniques based on unobservable inputs. Key assumptions include the probability of settlement, expected timing of outflows, and applicable discount rates. Changes in these significant unobservable inputs could materially affect the fair value of the liability. A sensitivity analysis is provided in Note 22. The Group\u2019s finance team performs fair value measurements for reporting purposes. Valuation techniques are selected based on the characteristics of each instrument. The finance team reports directly to the CFO. Valuation processes and fair value changes are reviewed by the CFO and CEO at least annually in line with the Group\u2019s reporting dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "I. Market risk analysis Foreign exchange risk Most of the Group\u2019s transactions are carried out in GBP. Exposures to currency exchange rates arise from the Group\u2019s borrowings, some loans are denominated in Euro (EUR). The Group mitigates its euro-currency exposure by maintaining a dedicated euro bank account for seamless transfers and engaging a designated agent to convert funds at competitive rates; it also executes early transfers of forecast euro inflows to match project outflows, closely monitors its net open euro position.
Foreign currency denominated financial assets and liabilities, which expose the Group to currency risk,
are disclosed below. The amounts presented represent those reported to key management, translated
into GBP at the closing exchange rate. The Group\u2019s exposure arises primarily from its Finnish subsidiary,
whose functional currency is EUR.
Short-term exposure
Long-term
exposure
EUR
SEK
EUR
31 December 2025
Financial assets
-
-
8,356
Financial liabilities
-
-
(10,814)
Total exposure
-
-
(2,457)
31 December 2024
Financial assets
-
-
4,011
Financial liabilities
-
(72)
(5,532)
Total exposure
-
(72)
(1,521)
The following sensitivity analysis illustrates the impact of changes in foreign exchange rates on the
Group\u2019s profit or loss, assuming all other variables remain constant. A change of \u00b15% has been applied
to the relevant foreign exchange rates, which the Directors consider to be a reasonably possible change
at the reporting date. In the prior year, different sensitivity percentages were applied to certain currencies;
however, the Directors have standardised the sensitivity assumption in the current year to improve
consistency and comparability across periods.
If the GBP had strengthened against the EUR by 5% (2024: 5%). During the current year all SEK-
denominated loans were fully settled and, accordingly, the Group had no SEK exposure at the reporting
date.
Profit for the year
Equity
Total
EUR
SEK
EUR
31 December 2025
73
-
50
123
31 December 2024
67
5
9
81
If the GBP had weakened against the EUR by 5% (2024: 5%) and SEK by N/A (2024: 7%). During the
current year all SEK-denominated loans were fully settled and, accordingly, the Group had no SEK
exposure at the reporting date.
Profit for the year
Equity
Total
EUR
SEK
EUR
31 December 2025
(73)
-
(50)
(123)
31 December 2024
(67)
(5)
(9)
(81)
During the year, Group has recorded \u00a324k foreign-exchange related losses [2024 \u2013 gain \u00a317k] were
recognised in statement of comprehensive income.
Interest rate risk
The Group\u2019s fixed-rate borrowings, including compound financial instruments such as interest-free
convertible loans, are carried at amortised cost. While market interest rates are used in the initial
measurement of such instruments to allocate between liability and equity components, they do not give
rise to ongoing interest rate risk. This is because the carrying amounts and future cash flows of these
instruments are not remeasured based on changes in market interest rates.
The Group does not hold any variable-rate financial instruments. Accordingly, the Group is not exposed to interest rate risk as defined under IFRS 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "II. Credit risk Credit risk is the risk that a counterparty fails to discharge an obligation to the Group. The Group is exposed to credit risk from financial assets including cash and cash equivalents held at banks, trade and other receivables. The credit risk is managed on a Group basis based on the Group\u2019s credit risk management policies and procedures. The Group\u2019s exposure to credit risk is primarily limited to its cash balances held in bank accounts and trade receivables. To mitigate this risk, the Group holds the majority of its cash and cash equivalents with reputable banks with strong credit profiles. Group\u2019s main cash resources are held with banks with an external rating of B. Trade receivables majorly relate to a one customer, which concentrates credit risk but is monitored regularly to ensure recoverability. The Group applies the expected credit loss (\u201cECL\u201d) model in accordance with IFRS 9. No loss allowance has been recognised as management considers the ECL to be immaterial. The Group\u2019s exposure to credit risk is currently limited due to the nature and volume of its trade receivables and the Group being in a pre-operational stage. Based on ongoing oversight by management, the Group considers the credit risk associated with its trade receivables to be low. As the Group transitions into operational activities, it will implement more formal credit risk assessment processes and policies appropriate to the scale and nature of its operations. As at the reporting date, the Group\u2019s maximum credit risk exposure corresponds to the carrying amount of cash and cash equivalents and trade receivables on the balance sheet. This represents the maximum amount that could be at risk should any counterparty fail to meet its obligations. As at 31 December 2025, the Group\u2019s trade receivables, which are financial assets measured at amortised cost, are all current. The following table provides an ageing analysis of trade receivables: 2025 \u00a3\u2019000 2024 \u00a3\u2019000 0 to 3 months 332 413 3 to 6 months 316 - 6 months + - - Total 648 413 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "III. Liquidity Risk Liquidity risk is that the Group might be unable to meet its obligations. The Group manages its liquidity needs by monitoring scheduled debt servicing payments for long-term financial liabilities as well as forecast cash inflows and outflows. The Group\u2019s objective is to maintain cash and marketable securities to meet its liquidity requirements for 30-day periods at a minimum. The Group currently holds cash balances to provide funding for normal trading activity. Trade and other payables are monitored as part of normal management routine. As at 31 December 2025, all financial liabilities were classified at amortised cost. A maturity analysis of the Group\u2019s non-derivative financial liabilities has contractual maturities (including interest payments where applicable) as summarised below: 31 December 2025 Within 6 months \u00a3\u2019000 6 to 12 months \u00a3\u2019000 1 to 5 years \u00a3\u2019000 Later than 5 years \u00a3\u2019000 Borrowings - - 4,572 8,359 Lease liabilities 157 157 1,257 13,568 Financial liabilities \u2013 contingent consideration - - 2,792 - Trade and other payables 492 337 - - Total financial liabilities 649 494 8,621 21,927 31 December 2024 Within 6 months \u00a3\u2019000 6 to 12 months \u00a3\u2019000 1 to 5 years \u00a3\u2019000 Later than 5 years \u00a3\u2019000 Borrowings - 72 1,794 16,620 Lease liabilities 150 150 1,200 13,254 Trade and other payables 493 1,035 - - Total financial liabilities 643 1,257 2,994 29,874 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "5. CAPITAL MANAGEMENT POLICIES AND PROCEDURES The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain sufficient funding to support the development and operation of its on-going projects. The Group considers its capital to comprise total equity and borrowings. Management monitors capital based on the Group\u2019s cash position, available funding and overall equity position as presented in the consolidated statement of financial position. As the Group continues to develop its projects, it may incur operating losses and therefore relies on a combination of shareholder support and external financing to fund its activities. Management reviews the Group\u2019s capital requirements regularly and takes appropriate actions to ensure that adequate resources are available to meet its obligations as they fall due. The Group is not subject to any externally imposed capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
6. INVESTMENTS AND DEVELOPMENT AGREEMENTS
German Geothermal Development Structure
During the period, the Group entered into an agreement to establish a new investment structure in Germany
focused on the development of geothermal energy assets. The arrangement involved the creation of a
holding entity and underlying project companies to progress three geothermal projects.
Ownership and Governance
In March 2025, the Cindrigo Geothermal Limited a 100% subsidiary of the Company entered into an
investment agreement with Zukunft Geow\u00e4rme GmbH (\u201cZGG\u201d) for developing three geothermal projects
via dedicated SPVs.
The intention was that new companies would be established, comprising one new German holding
company and three SPVs, with Zukunft Geoenergie GmbH (\u201cZGE\u201d) serving as the holding entity. The Group
was to ultimately hold 85% of the shares in this holding company, with the remaining 15% held by ZGG.
However, due to administrative arrangements at the time of incorporation, the shares were initially
registered in the name of the parent company, Cindrigo Holdings Limited.
In addition, three project companies, ZGE 1, ZGE 2 and ZGE 3, have been incorporated in respect of each
geothermal licence, with 100% of their shares held by ZGE.
As at 31 December 2025, Cindrigo Holdings Limited held 100% of the shares in ZGE. The transfer of shares
to the agreed shareholding structure is expected to be completed subsequently. A shareholders\u2019 agreement
governs the rights and obligations of the parties.
Contingent Liabilities \u2013 BEW and KfW Funding Entitlements
Under the investment agreement, milestone bonuses of up to \u20ac1M per project are payable to ZGG\u2019s
shareholders if each project secures at least \u20ac15M of German federal funding (e.g., BEW/KfW). A pro-rata
bonus applies for funding between \u20ac10M to \u20ac15M, with no payment due if less than \u20ac10m of German federal
funding is received. An additional \u20ac5M per project is payable if, post-completion, average output across all
three plants meets or exceeds 22 MW.
While these payments are contractually contingent on future events, management has assessed that the
Group has a present obligation under the terms of the agreement and that an outflow of economic benefits
is probable. Accordingly, a provision has been recognised in the statement of financial position as at 31
December 2025. Further details of the provision, including measurement and key assumptions, are
disclosed in Note 22.
Call Option on ZGG Shareholding
The Group has entered into a call option agreement granting it the right, but not the obligation, to acquire
100% of the issued share capital of ZGG for a fixed consideration of \u20ac600,000, exercisable at any time up
to April 2027. A fee of \u00a364k (\u20ac75k) was paid on inception in respect of the grant of option.
o Accounting classification and initial recognition
The call option meets the definition of a derivative financial instrument under IFRS 9, as its value changes
in response to an underlying variable, it requires little or no initial net investment relative to other contracts
with a similar response to market factors, and it is settled at a future date. On initial recognition, the fee
paid of \u00a364k in respect of the grant of the option was recognised as a financial asset at fair value.
o Subsequent measurement
In accordance with IFRS 9, the call option is subsequently measured at fair value through profit or loss
(FVTPL) at each reporting date.
At 31 December 2025, the fair value of the option has been assessed as nil (see Fair Value Measurement
below). Accordingly, a fair value loss of \u00a364k has been recognised in profit or loss for the year (2024:
\u00a3nil).
o Fair value measurement
The fair value of the call option has been assessed in accordance with IFRS 13, which defines fair value
as the price that would be received to sell an asset in an orderly transaction between market participants
at the measurement date.
The underlying investment, ZGG, is a private limited company that does not currently generate operating
revenues and incurs only administrative expenses. Its principal assets comprise three geothermal licences,
which remain legally registered in ZGG\u2019s name but are not capitalised in its financial statements. These
licences are in early-stage development, with no secured project financing in place, and development
timelines are expected to extend beyond the remaining term of the option.
Although the option is currently out of the money relative to its \u20ac600,000 exercise price and was acquired
in March 2025, management has reassessed the relevance of the transaction price at the reporting date.
In light of the limited progress in the underlying project, the absence of financing, and the shortened
remaining term of approximately 16 months, the conditions and assumptions underpinning the initial
transaction price are no longer considered reflective of those that would be applied by market participants
at the measurement date.
Accordingly, the valuation reflect current circumstances, under which the likelihood of the option delivering
economic benefit prior to expiry is considered remote. On this basis, the fair value of the option at the
reporting date has been assessed as nil. Settlement of the option, if exercised, would be made in cash at
the contractual exercise price of \u20ac600,000.
The valuation relies on unobservable inputs and is classified as Level 3 in the IFRS 13 fair value hierarchy.
o Level 3 valuation technique and inputs
The fair value of the call option has been determined using a probability-weighted assessment of potential
outcomes, reflecting assumptions that market participants would apply at the measurement date.
Significant unobservable inputs include the probability of the underlying project achieving commercial
viability within the option term, the expected timing of development milestones, and assumptions regarding
the availability of project financing. Changes in these inputs are not expected to result in a material increase
to the fair value, which has been assessed as nil at 31 December 2025.
o Sensitivity analysis
The fair value is most sensitive to changes in the assumed probability of the project achieving commercial
viability prior to the option\u2019s expiry. Reasonably possible changes in these assumptions would not result in
a material increase in the fair value at the reporting date.
o Reconciliation
2025
\u00a3\u2019000
Opening balance 1 January 2025
-
Additions/fees paid
64
Fair value loss recognised in profit or loss
(64)
Settlements / exercises
-
Closing balance 31 December 2025
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "
7. REVENUE
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Management services
256
-
Personnel leasing
7
-
Sale of energy, Heat
-
85
Total
263
85
Revenue for the year comprises income from management services provided to Fuelwood Finland Oy,
which represents the Company\u2019s principal source of income in the current year.
In the year ended 31 December 2025, revenue of \u00a3256k arose from services provided to a single
external customer, representing 97% of Group\u2019s total revenue. In the year ended 31 December 2024,
revenue of \u00a385k arose from the sale of heat to a single external customer, representing 100% of the
Group\u2019s total revenue. Revenue was reported within the Group\u2019s single operating segment.
At 31 December 2025, the Group had no contract assets and no contract liabilities. Revenue is
recognised over time for management services because the customer simultaneously receives and
consumes the benefits as the Group performs. The transaction price is determined by agreed
contractual terms and does not include variable consideration. The Group applies the practical
expedient in IFRS 15 Revenue from Contracts with Customers paragraph 121 and therefore does not
disclose information about remaining performance obligations for contracts with an original expected
duration of one year or less.
Personnel leasing income is not a principal source of the Company\u2019s revenue and arises on a one-off,
non-recurring basis. Such income is recognised in the period in which the related services are provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "
8. OTHER INCOME
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Gain on settlement of deferred consideration
99
-
Total
99
-
In April 2024, the Group completed the acquisition of the issued share capital of Kaipola. Part of the
consideration for the acquisition was structured as deferred consideration payable in accordance with
the original share purchase agreement.
Subsequent to the initial agreement, the terms of the deferred consideration were amended to allow for
early settlement at a discounted amount, which the Group elected to exercise. The resulting reduction
in the deferred consideration liability has been recognised as a gain in the consolidated statement of
comprehensive income within \u201cother income\u201d for the period.
The discount obtained forms part of the maximum earn-out and is disclosed in the Note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "9. ADMINISTRATIVE EXPENSES Administrative expense comprise of following: 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Consulting fees 779 889 Bonus payments 155 775 Directors\u2019 fees 106 65 Termination benefits \u2013 director resignation 57 - Listing-related expenses 1,020 223 Legal and professional fees 158 129 IR, communication and marketing 186 103 Travelling 243 140 Audit, accountancy and related services 244 118 Development costs \u2013 German geothermal projects 66 - Foreign exchange (gain)/loss 24 (17) Other administrative costs 91 90 Share option expense (33) 674 Loan arrangement fees - 1,553 Wages and social security - 29 Loss on parent\u2019s settlement of ex-subsidiary debt - 62 Total 3,096 4,833 Included within administrative expenses for 2024 is \u00a31,553k relating to costs incurred in connection with securing financing for the acquisition of a new subsidiary, under arrangements whereby the lender was granted a 10% equity interest in the acquired entity as part of the financing terms. These costs were previously presented within finance costs but have been reclassified to administrative expenses in the current year to better reflect their nature as transaction-related arrangement costs associated with the acquisition and financing structure. This reclassification has no impact on loss for the year, total equity, net assets, or cash flows. In order to improve consistency, \u00a3223k of listing-related costs previously presented within \u201cLegal and professional fees\u201d in 2024 have been reclassified to \u201cListing-related expenses\u201d in that year. No totals are affected. Audit, accountancy and related services includes: 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Audit fees 188 50 Non-audit service fees 28 62 Other 28 6 Total 244 118 Fees for non-audit services were paid to auditors other than Grant Thornton.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
11. IMPAIRMENT OF FINANCIAL ASSETS
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Restated
Write-off of debtor balance
107
-
Intercompany loans write off
-
(25)
Total
107
(25)
During the year, the Group wrote off an irrecoverable trade debtor balance of \u00a3107k after concluding there
was no reasonable expectation of recovery in accordance with IFRS 9. The write-off resulted in a charge
recognised within Impairment of financial assets. No further recoveries are expected.
Dravacel \u2013 Reclassification of Prior Year Presentation
In the prior year, the Group recognised two amounts relating to Dravacel d.o.o.:
\u00a34,329k \u2013 write-off of intercompany balances due from Dravacel following its liquidation; and
\u00a31,184k \u2013 net impairment charge relating to the suspension of the Slatina 3 Project (being the
difference between a \u00a34,447k impairment of property, plant and equipment and a \u00a33,263k gain on
deconsolidation).
These amounts were aggregated and presented as \u201cImpairment loss on financial assets\u201d in the 2024
financial statements.
As part of the current-year review, the Group reassessed the presentation of the Dravacel-related charges
to ensure compliance with the relevant IFRS requirements. To provide clearer and more transparent
information to users, the Group has disaggregated the previously combined amounts and presented them
according to their nature.
The revised presentation is as follows:
\u00a34,447k \u2013 impairment and write-off of property, plant and equipment, now presented as \u201cImpairment
of non-financial assets\u201d in accordance with IAS 36; and
\u00a31,066k \u2013 net loss on loss of control of subsidiary, comprising the write-off of intercompany balances
of \u00a34,329k and the gain on deconsolidation of \u00a33,263k, now presented as \u201cLoss on loss of control of
subsidiary\u201d in accordance with IFRS 10.
This change relates solely to presentation. It does not affect the total net charge previously recognised,
nor does it impact the Group\u2019s profit, net assets, or cash flows for the prior year. The updated presentation
simply reflects the differing nature of the impairment and disposal-related items and enhances the clarity
of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "12. PROPERTY, PLANT AND EQUIPMENT The Group had no contractual commitments for the acquisition of property, plant and equipment as at 31 December 2025. Machinery and Equipment and furniture and other movables are assets held by the newly acquired subsidiary, Kaipola. During the year, the Group incurred additional costs relating to plant improvements and enhancements to operational infrastructure. Development/Upgrade Costs represent capitalised expenditures incurred in connection with plant improvements and infrastructure enhancements at the Kaipola facility. These investments are intended to modernise operations, improve production efficiency, and support the Group\u2019s long-term strategic. Land and assets under construction were related to the Slatina 3 Project, held through Dravacel, were fully impaired in the prior year, following the liquidation of the subsidiary, as the recoverable amount of these assets was assessed to be nil. Machinery Furniture and Development/ Assets under and other movables Upgrade cost Land construction Total equipment Gross carrying amount \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2025 73 2 632 - - 707 Additions 242 - 1,218 - - 1,460 At 31 December 2025 315 2 1,850 - - 2,167 Depreciation and Impairment As at 1 January 2025 (19) - - - - (19) Depreciation (74) (1) (63) - - (138) Impairment At 31 December 2025 (93) (1) (63) - - (157) Carrying amount 31 December 2025 222 1 1,787 - - 2,010 Machinery Furniture and Development/ Assets under and other movables Upgrade cost Land construction Total equipment Gross carrying amount \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 As at 1 January 2024 - - - 612 1,532 2,144 Additions 73 2 632 - 2,915 3,622 Disposal \u2013 liquidation of subsidiary - - - (612) - (612) At 31 December 2024 73 2 632 - 4,447 5,154 Depreciation and Impairment As at 1 January 2024 - - - - - - Depreciation (19) - - - - (19) Impairment - - - - (4,447) (4,447) At 31 December 2024 (19) - - - (4,447) (4,466) Carrying amount 31 December 2024 54 2 632 - - 68", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
13. LEASES
Right-of-use assets - Leased Plant - Reconciliation of Carrying Amounts
Lease liability
Lease liability is presented in the consolidated statement of financial position as follows:
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Current
16
14
Non-current
4,751
4,551
4,767
4,565
The Group has a single lease arrangement in respect of Kaipola plant with a lease term of 50 years (the
\u201cLease\u201d). The Lease is recognised in the consolidated statement of financial position as a right-of-use
asset and a corresponding lease liability. Under the Lease, a fixed rent of \u20ac30k per month is payable up
to 50% of the Plant\u2019s output, with a potential additional variable rent of up to \u20ac70k per month depending
on performance above 50% output. For the calculation of the right-of-use asset and lease liability, only
the fixed \u20ac30 monthly rent has been considered, and not the variable portion, as it is contingent upon
future output levels. These payments vary with actual production levels and are therefore excluded from
the lease liability under IFRS 16.27. Variable lease payments recognised in statement of comprehensive
income during the year were \u00a30k (2024: \u00a30k). The Group is exposed to future cash-flow variability as
these payments may become significant if output increases. Management monitors expected production
levels when assessing future lease-related cash flows.
The lease liability has been measured as the present value of the fixed lease payments over the lease
term, discounted using the Group\u2019s incremental borrowing rate of 6.27%, which represents the rate that
the Group would have to pay to borrow, over a similar term and with similar security, the funds necessary
to obtain an asset of a similar value in a similar economic environment.
The lease agreements restrict the Group\u2019s ability to transfer, sublease, or grant rights to third parties over
the leased assets or premises. Leases are generally non-cancellable, or may only be terminated upon
payment of a substantial termination fee.
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Gross carrying amount
As at 1 January
4,452
-
Additions
-
4,452
Disposal
-
-
Foreign exchange movement
211
At 31 December
4,663
4,452
Depreciation
As at 1 January
(74)
-
Depreciation
(91)
(74)
Foreign exchange movement
(6)
At 31 December
(171)
(74)
Carrying amount 31 December
4,492
4,378
Kaipola holds a pre-emption right against third parties if the Lessor decides to sell all or part of the
properties. In such cases, the transfer price shall be based on a bank-verified binding offer made by a
third party for the purchase of the leased property or a portion thereof. Any pre-emption transaction will
be conducted under the same terms and conditions as the binding offer from the third party.
Maturity analysis of undiscounted lease liabilities:
Within 1 year
1-5 years
After 5 years
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Lease liabilities at 31 December 2025
314
1,257
13,568
15,140
Lease liabilities at 31 December 2024
300
1,200
13,254
14,754
Interest expense of \u00a3293k (2024 - \u00a3213k) were incurred on lease liabilities.
Total cash outflow for the Lease for the year ended 31 December 2025 is \u00a3358k [(\u20ac420k)] (2024 \u2013 NIL),
rental payments totaling \u00a351k [(\u20ac60k)] were unpaid, are included in trade and other payables at the year
end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
14. GOODWILL
Impairment testing
The Group tests cash-generating units (CGUs) to which goodwill has been allocated for impairment
annually, or more frequently where indicators of impairment exist. Goodwill is allocated to the Kaipola
CGU (the \u201cPlant\u201d), which represents the lowest level within the Group at which goodwill is monitored for
internal management purposes and is expected to benefit from the synergies of the business
combination.
o Determination of recoverable amount
The recoverable amount of the Kaipola CGU is determined on the basis of its value-in-use (VIU).
As at 31 December 2025, management determined that the recoverable amount is based on the VIU
model:
a. Value-in-use (VIU): \u00a3133,017k (2024: \u00a3272,326k)
b. Carrying amount of CGU: \u00a322,411k
c. Headroom (a - b): \u00a3110,606k
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Gross carrying amount
As at 1 January
15,533
-
Acquired through business combination
-
15,533
Net exchange difference
376
-
At 31 December
15,909
15,533
Accumulated impairment
As at 1 January
-
-
Impairment loss recognised
-
-
At 31 December
-
-
Carrying amount 31 December
15,909
15,533
o Value-in-use (VIU)
The VIU was calculated using a discounted cash flow (DCF) model.
Key assumptions used in the VIU model are as follows:
Forecast period: 5 years, based on management-approved budgets and forecasts
Terminal value: A terminal value is applied at the end of the 5\u2011year forecast period to reflect
estimated cash flows over the remaining operational life of the plant of approximately 45 years,
being the balance of an estimated total operational life of 50 years.
Discount rate: 10% (pre-tax), reflecting current market assessments of the time value of money
and risks specific to the CGU, to the extent that such risks are not already incorporated in the
forecast cash flows.
Revenue growth: Revenue during the explicit forecast period is based on existing contracted
revenues. Beyond the forecast period, growth assumptions are conservative and aligned with
long\u2011term inflationary expectations, with no material volume expansion assumed.
Long-term growth rate: 2%, consistent with long\u2011term inflation. This rate does not include
speculative growth or incremental operational efficiencies, which are not assumed beyond existing
contractual arrangements
Capital expenditure assumptions include only committed and maintenance capital expenditure
and exclude uncommitted upgrades, expansions, or enhancements.
Operational efficiencies: Forecast cash flows assume only operational efficiencies already
identified and supported by existing contracts. No uncommitted or speculative efficiency
improvements are included
The VIU calculated using these assumptions is \u00a3133,017k.
o CGU composition and carrying amount
The carrying amount of the Kaipola CGU includes:
Asset class
Amount
\u00a3\u2019000
Goodwill
15,909
Property, plant and equipment directly attributable to the plant
2,010
Right-of-use asset capitalised, directly attribute to plant
4,492
Total CGU carrying amount
22,411
o Sensitivity analysis
The recoverable amount is sensitive primarily to the discount rate, terminal growth rate and forecast
operating cash flows.
Sensitivity Analysis \u2013 Value in Use (VIU)
Assumption
Base Case
Sensitivity
NPV / VIU
Change vs Base
Case
Discount rate
10%
+1% (11%)
\u00a3127,245k
\u2013\u00a35,772k
Terminal growth
rate
2.0%
\u20130.5% (1.5%)
\u00a3125,894k
\u2013\u00a37,123k
+0.5% (2.5%)
\u00a3141,091k
+\u00a38,074k
Operating cash
flows
Base cash flows
\u20135%
\u00a3126,367k
\u2013\u00a36,650k
o Conclusion
As at 31 December 2025, the recoverable amount of the Kaipola CGU exceeds its carrying amount.
Accordingly, no impairment loss has been recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
15. EXPLORATION AND EVALUATION ASSETS
Additions and recognition
During the year ended 31 December 2025, the Group entered into an investment agreement with an
investor ZGG (see Note 6). Under the agreement:
The Group assumed responsibility for ZGG\u2019s shareholder loans with an aggregate nominal amount
of \u00a387k (\u20ac100k) (the \u201cZGG shareholder loans\u201d). This assumption of liabilities constitutes
consideration for the acquisition of contractual rights to use geothermal licences held by a third party.
In addition, the Group incurred further exploration and evaluation (\u201cE&E\u201d) expenditure during the year
in connection with its geothermal projects, including costs relating to field appraisal studies and
technical assessments. An amount of \u00a3136k relating to such expenditure has been capitalised during
the year.
As at 31 December 2025, all three projects/licenses (ZGE 1, ZGE 2 and ZGE 3) are in the exploration and
evaluation phase. Activities undertaken to date include field appraisal studies and ongoing technical
assessments. No commercial production has commenced.
Level of Cash-Generating Units
For impairment assessment purposes, the Group has determined that the three licences collectively
constitute a single cash-generating unit (CGU). This reflects the integrated nature of the project: the
licences are expected to be developed together using shared infrastructure and funding, and the resulting
cash inflows are interdependent.
As a result, the Group does not capitalise costs separately per licence, but on a combined project basis.
Impairment assessments are performed at the project CGU level in accordance with IFRS 6 and IAS 36.
The CGU does not exceed the level of an operating segment as defined in IFRS 8.
Impairment of exploration and evaluation assets
In performing the impairment assessment, management considered the following indicators:
The Group retains the right to explore in the relevant licence areas.
Substantive expenditure on further exploration and evaluation is planned and budgeted.
Exploration activities have not led to a decision to discontinue the projects.
There is sufficient data to indicate that the carrying amount is expected to be recovered through
successful development or sale.
CONTRACTUAL
RIGHTS
\u00a3\u2019000
Gross carrying amount
As at 1 January 2025
-
Additions
223
Net exchange difference
-
At 31 December 2025
223
Accumulated impairment
As at 1 January 2025
-
Impairment losses
-
At 31 December 2025
-
Carrying amount 31 December 2025
223
Additional indicators assessed:
External indicators
Licences have been renewed for the current period
No adverse regulatory changes in Germany
No legal challenges or restrictions identified
Internal indicators
Ongoing field appraisal and technical evaluation activities
No intention to abandon or suspend the projects
Continued availability of financing and technical resources
Based on the assessment performed, management concluded that no impairment indicators were present
as at 31 December 2025, and therefore no impairment loss has been recognised.
Future development
Upon demonstration of technical feasibility and commercial viability, the exploration and evaluation assets
will be reclassified to development or production assets. At that point, the assets will be amortised over
their expected useful lives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
16. SHARE CAPITAL
a. Issued and fully paid
Number of shares
Share capital
account
\u00a3\u2019000
At 1 January 2025
214,949,325
38,360
Shares issued and fully paid during the year
- Share issue, open offer
48,106,124
2,886
- Share issue, placing
17,006,996
2,041
- Share issue, advisor/introducer
759,442
15
- Share issue, loan settled by issue of shares
51,090,867
6,508
Transaction costs related to share issues
- Placing fees
(157)
- Other legal fees, charged by broker
(46)
- Allocated to share warrant reserve
(893)
At 31 December 2025
331,912,754
48,714
At 1 January 2024
142,041,530
22,583
Shares issued and fully paid during the year
- Share issue, Kaipola acquisition
13,636,364
12,778
- Share issue, open offer
59,271,431
3,556
Transaction costs related to share issues
- Placing fees
(557)*
At 31 December 2024
214,949,325
38,360
*Of the total placing costs of \u00a3557k incurred during the prior year, \u00a370k was settled in cash and is presented
as a financing cash outflow. The remaining \u00a3487k was settled by the issue of equity instruments and
represents a non-cash financing transaction in accordance with IAS7
The Company\u2019s ordinary shares have a nominal value of \u00a30.01 each. All issued ordinary shares are
uniform in all respects and constitute a single class for all purposes. The issued ordinary shares rank pari
passu and are entitled to all dividends and other distributions declared thereafter.
During the year, the Company issued a total of 48,106,124 ordinary shares, increasing share capital by \u00a32,886k, pursuant to open offer subscriptions. Placing fees directly attributable to this issue amounted to \u00a334k and were deducted from equity. Following approval by shareholders at an Extraordinary General Meeting held on 24 October 2025, the Company undertook a capital reorganisation whereby each ordinary share of \u00a32.667609 was subdivided into one ordinary share of \u00a30.01 and one deferred share of \u00a32.657609. The deferred shares have no voting or economic rights. The reorganisation had no impact on the total equity of the Company. In addition, on 31 October 2025 the issued and to be issued share capital of the Company was admitted to trading on London Stock Exchange and the company completed a placing of 17,006,996 ordinary shares of face value \u00a30.01 each at a price of \u00a30.12 per share, raising gross proceeds of \u00a32,041k before expenses. Costs directly attributable to this transaction is \u00a3123k placing fees, \u00a346k other legal fees charged by broker. Further 759,422 shares were issued to advisors/introducers in August 2020 to settle advisory services. The amount for these shares was initially recorded in the subscription reserve and has now been reclassified to share capital upon issuance. During the year, following Convertible Loan Notes were converted into ordinary shares in accordance with their respective terms. On conversion, the carrying value of the debt and the associated equity component were reclassified to share capital in accordance with IAS 32. No gain or loss arose on conversion of equity- classified instruments. CLN reference Conversion date Shares issued Debt conversion (\u00a3\u2019000) Equity reserve transferred (\u00a3\u2019000) Series 1 - YA II PN, Ltd 04 Nov 2025 1,090,856 529 270 Series 3 CLN - Danir AB 16 Dec 2025 6,122,594 465 237 Series 4 CLN - Danir AB 16 Dec 2025 15,750,000 1,128 579 Nil Coupon CLN 2031 - Danir AB 16 Dec 2025 25,399,333 1,027 557 May 2025 - Loan B - Danir AB 16 Dec 2025 2,247,884 1,579 107 May 2025 - Subscription agreement - Danir AB - partial settlement 16 Dec 2025 480,200 22 8 Total 51,090,867 4,750 1,758 Refer to Note 17 for details of warrants issued during the year. The net impact of \u00a3893k arising from the allocation of proceeds to warrants has been recognised within the share warrant reserve. b. Deferred shares Number of shares Nominal value Deferred shares 263,055,449 2.657609 On 24 October 2025, the Company completed a capital reorganisation. As part of this reorganisation, and following multiple share issues at prices below nominal value, 263,055,449 deferred shares were created. The deferred shares carry no voting rights and confer no rights to dividends or any other economic participation in the Company. Although the deferred shares have a nominal value of \u00a32.657609 each, they have no economic substance and are therefore excluded from recognised share capital. c. Shares subscription reserve As at 31 December 2025, the Company had received cash of \u00a324k in respect of share subscriptions. The corresponding 254,967 ordinary shares recorded within the Share Subscription Reserve as at the reporting date. Upon issuance after the year-end, the reserve will be transferred to Share Capital. In addition, a bank receipt of \u00a318k was received prior to the year-end; however, the payer has not yet been identified. As shares cannot be allocated until identification, the amount remains in the Subscription Reserve and no shares have been issued respect of this amount. 17. SHARE WARRANTS GRANTED Summary of Warrants Outstanding at Year End Class of warrants Counterparty Exercise price Vesting Expiry Number of warrants Accounting treatment Sponsor Warrants Sponsor \u00a30.12 per share 31 Oct 2025 31 Oct 2030 1,666,666 IFRS 2 Broker Warrants Broker \u00a30.12 per share 31 Oct 2025 31 Oct 2027 695,832 IFRS 2 Investor Warrants New investor \u00a30.12 per share 31 Oct 2025 31 Jul 2026 17,176,995 IAS 32 Loyalty Warrants Existing shareholders \u00a30.20 per share 31 Oct 2025 30 Apr 2026 13,000,000 IAS 32 Settlement Warrant Lender \u00a30.2729 per share 31 Oct 2025 30 Apr 2027 3,297,879 IAS 32 Nature of Warrants - Sponsor warrants were issued in consideration for advisory services provided in connection with the Company\u2019s listing on LSE. - Broker warrants were issued in consideration for services provided in connection with the Placing. - Investor warrants were issued as an incentive to subscribe for new ordinary shares. - Loyalty warrants were issued to certain existing shareholders who entered into lock-in agreements with the Company. - Settlement warrants were issued to two lenders in relation to loan facilities entered into by the Group. The warrants formed part of the original loan agreements but warrants were issued upon the listing of the Company during the year. Measurement of Fair Value o Warrants within scope of IFRS 2 Sponsor and Broker warrants have been accounted for as equity-settled share-based payments in accordance with IFRS 2 \u2013 Share-based Payment. The fair value of the warrants measured at the grant date using a Black-Scholes valuation model. Key assumptions used in the valuation included expected volatility, risk-free interest rate, expected life and a nil dividend yield. Expected volatility was determined by reference to comparable listed companies due to the limited trading history of the Company. The inputs into the Black-Scholes Pricing Model were as follows: Sponsor Warrants Broker Warrants Exercise price 0.12 0.12 Expected volatility 76% 79% Expected life 5 year 2 year Risk-free rate 3.912% 3.769% These warrants vested immediately and the full fair value was recognised in the income statement.
o Within scope of IAS 32
Investor and Loyalty warrants were issued to shareholders in their capacity as investors and not in
exchange for goods or services. Accordingly, these warrants fall outside the scope of IFRS 2 and have
been accounted for as equity instruments under IAS 32 \u2013 Financial Instruments: Presentation.
The fair value of the warrants measured at the grant date using a Black-Scholes valuation model.
The inputs into the Black-Scholes Pricing Model were as follows:
Investor Warrants
Loyalty Warrants
Settlement Warrant
Exercise price
0.12
0.20
0.2729
Expected volatility
92%
92%
79%
Expected life
9 months
6 months
18 months
Risk-free rate
3.688%
3.688%
3.769%
Investor and Loyalty warrants are treated as part of equity financing transactions, with fair value
recognised as a deduction from equity (as a reduction in share capital), and no charge has been
recognised in the income statement in respect of these warrants.
Settlement warrants, originally part of the loan agreement, were issued upon the Company\u2019s listing
as part of the overall financing arrangement. In accordance with IAS 32, their fair value was
determined at issue and recognised as a reduction in equity, with a corresponding credit to the
share warrant reserve.
As the warrants vested immediately, the full charge was recognised in the year.
Reconciliation of Warrants
Number of
shares
Value
\u00a3\u2019000
Outstanding at 1 January 2025
-
-
Granted
35,837,375
893
Exercised/expired
-
-
Outstanding at 31 December 2025
35,837,372
893
The value represents the cumulative fair value of the warrants recognised in the warrant reserve.
Potential Dilution
At the reporting date, the exercise of all outstanding warrants would result in the issue of 35,837,372
additional ordinary shares for gross proceeds of \u00a35,845k.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "18. CASH AND CASH EQUIVALENTS 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Cash at bank and in hand 706 375 Total 706 375 Cash and cash equivalents comprise cash at bank and in hand, held by the Group. As at the reporting date, all cash and cash equivalents are available for use by the Group without restriction. There are no balances that are pledged, held in escrow, or otherwise subject to restriction.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "19. INVENTORIES 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Raw materials and consumables 182 163 Total 182 163 For the years ended 31 December 2025 and 2024, inventories were recognised in statement of comprehensive income as part of cost of sales. The Group did not record any write-down of inventories to net realisable value during either reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
20. TRADE AND OTHER RECEIVABLES
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Prepayments and accrued income
46
32
Trade debtors
332
105
Other debtors
270
276
Total
648
413
All trade and other receivables ae classified as current. The net carrying amounts of these receivables
are considered to be a reasonable approximation of their fair value due to their short-term nature. As
at 31 December 2025, the Group has not recognised any impairment losses on trade receivables. The
Group continues to monitor credit risk and applies the simplified approach under IFRS 9 Financial
Instruments to measure expected credit losses, using a lifetime expected credit loss model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
21. BORROWINGS
2025
\u00a3\u2019000
2024
\u00a3\u2019000
Current
Other loans
-
390
-
390
Non-current
Other loans
4,032
-
Loan notes
5,320
10,590
9,352
10,590
Total
9,352
10,980
Details of the calculation of borrowings are set out in Table 1, while the terms and other relevant details
of each borrowing arrangement are provided in Table 2.
Table 1 \u2013 Loan notes (Debt components)
Non-current
Note
1
Note
2
Note
3
Note
4
Note
5
Note
6
Note
7
Note
8
Note
9
Note
10
Note
11
Note
12
Note
13
Note 14A
Note
14B
Note
15
Note
16
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance as at 1 January 2024
691
484
423
1,025
933
790
849
527
367
754
-
-
-
-
-
-
-
6,843
New loan notes issued
2,757
1,255
4,012
Equity Component of Conv. Loan
(1,564)
(107)
(1,671)
Finance Charge
34
24
21
51
47
28
32
31
14
28
197
57
61
10
23
658
FX gain/loss
(7)
(5)
(38)
(50)
Fair Value Gain/Loss on Derecog.
(2)
692
(12)
40
86
10
(16)
798
Restructuring of Loan (Note 13)
(816)
(546)
(2,885)
(1,291)
5,538
0
Restructuring of Loan (Note 14)
(1,573)
(421)
(868)
(72)
1,361
1,573
0
Balance as at 31 December 2024
725
508
444
1,076
980
-
-
-
-
-
-
-
4,035
1,333
1,489
-
-
10,590
New Loan notes issued
2,500
2,500
Restructuring of Loan*
278
278
Finance Charge
37
21
21
52
47
253
40
90
79
14
654
FX gain/loss
80
80
Loans settled by issue of shares
(529)
(465)
(1,128)
(1,027)
(22)
(1,579)
-
-
(4,750)
Balance as at 31 December 2025
762
-
-
-
-
-
-
-
-
-
-
-
4,266
1,453
-
2,579
292
9,352
Table 2 \u2013 Loan notes (Equity components)
Note
1
Note
2
Note
3
Note
4
Note
5
Note
6
Note
7
Note
8
Note
9
Note
10
Note
11
Note
12
Note
13
Note
14A
Note
14B
Note
15
Note
16
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance as at 1 January 2024
386
270
237
579
557
-
177
-
57
118
-
-
-
-
-
-
-
2,381
Equity Component of Conv. Loan
1,564
107
1,671
Balance moved to retained earnings
due to loan restructuring
(177)
(57)
(118)
**(352)
Balance as at 31 December 2024
386
270
237
579
557
-
-
-
-
-
-
-
**1,564
-
107
-
-
3,700
Reserve transferred to share capital \u2013
loans settled by issue of shares
(270)
(237)
(579)
(557)
-
-
-
-
-
-
-
(8)
-
(107)
(1,758)
Balance as at 31 December 2025
386
-
-
-
-
-
-
-
-
-
-
-
1,556
-
-
-
-
1,942
* During the year, the Group restructured certain loan notes with a carrying value of \u00a3318k, which were classified as current borrowings in the prior year. As part of this restructuring, the existing loan notes were extinguished
and replaced with new loan notes amounting to \u00a3278k issued to lenders. The remaining balance of \u00a340k, for which lender confirmation was not received, was derecognised and recognised as a gain on extinguishment of financial
liabilities in the statement of profit or loss. Following the restructuring and extension of maturity, the reissued loan notes have been classified as non-current at 31 December 2025.
**In the prior year, an amount of (\u00a3352) relating to the balance moved to retained earnings following loan restructuring was presented in an incorrect column within Note 13 (Loans), resulting in the total being
shown as \u00a31,608 instead of \u00a31,564. The presentation has been corrected in the current year comparative disclosure, with no impact on the primary financial statements, as the total was correctly stated.
Table 3 - Summary of Convertible Loan Note Terms
Note Ref
Instrument name/series
Investor /
Party
Instrument
amounts
Issue Date
Maturity
EIR
Coupon
rate
Convertible
?
Conversion
Price
Classification
Settled?
Note 1
Series 2 (unsecured, zero-
coupon, convertible and
transferable loan notes)
Yang Jun
\u00a31,000,000
30 Jul 2021
30 Jul 2031
5%
NA
Yes
\u00a30.5458
Compound instrument
No
Note 2
Series 1 (unsecured, zero-
coupon, convertible and
transferable loan notes)
YA II PN,
Ltd
\u00a3700,000
30 Jul 2021
30 Jul 2031
5%
NA
Yes
\u00a30.6417
Compound instrument
Yes
Note 3
Series 3 (unsecured, zero-
coupon, convertible and
transferable loan notes)
Danir AB
\u00a3612,260
30 Jul 2021
30 Jul 2031
5%
NA
Yes
\u00a30.10
Compound instrument
Yes
Note 4
Series 4 (unsecured, zero-
coupon, convertible and
transferable loan notes)
Danir AB
\u00a31,575,000
22 Oct 2021
22 Oct 2031
5%
NA
Yes
\u00a30.10
Compound instrument
Yes
Note 5
Nil Coupon Convertible Loan
notes 2031
Danir AB
\u00a33,800,900
9 Dec 2022
9 Dec 2032
5%
NA
Yes
\u00a30.15
Compound instrument
Yes
Note
6,8,11 and
12
Loans 6, 8, 11 and 12 were
merged prior to 31 Dec 2024
under a new subscription
agreement (Note 13).
Danir AB
-
-
-
-
-
-
-
-
-
Note
7,9,10 and
11
Notes 7, 9, 10 and 11,
including \u00a372k of interest,
were consolidated into Loan
14 prior to 31 Dec 2024 (Note
14).
Danir AB
-
-
-
-
-
-
-
-
-
Note 13
Subscription agreement to
subscribe 92,298,539 shares
in exchange of loans
Danir AB
\u00a35,537,912
3 Oct 2024
16 May 2034
6.27%
3%
Yes
\u00a30.06
Compound instrument
No, not
fully
Note 14A
New Loan agreement 16
May 2025
Danir AB
\u20ac1,586,700
3 Oct 2024
30 June 2027
N/A
3%
No
-
Debt instrument
No
Note 14B
Danir AB
\u00a31,573,519
3 Oct 2024
30 June 2027
6.27%
3%
Yes
\u00a30.70
Compound instrument
Yes
Note 15
Subscription agreement 16
May 2025
Danir AB
\u00a32,500,000
16 May
2025
30 June 2027
N/A
5%
No
-
Debt instrument
No
Note 16
\u00a3306,599 unlisted,
unsecured, 5% convertible
and transferable loan notes
2027
Various
lenders
\u00a3278,297
1 Jan 2025
a. Cash
payment - 31
Dec 2027
b .Conversion to
shares \u2013 Any
time after Oct
2025
N/A
5%
Yes
At the higher of
\u00a30.75 per share
or a 25%
discount to the
30-day VWAP.
Debt instrument
(Conversion option
out-of-the-money; no
derivative liability
recognized.)
No
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-158": { "value": "
22. FINANCIAL LIABILITIES \u2013 CONTINGENT CONSIDERATION
The Group has entered into contractual arrangements that give rise to contingent consideration liabilities
linked to the development and operational performance of two separate projects:
(a) Kaipola SPA Earn-Out
Under the Share Purchase Agreement (\u201cSPA\u201d) relating to the acquisition of Kaipola, the Seller is
entitled to an earn-out of up to \u20ac3.85 million, contingent on the Company\u2019s average EBITDA
performance during the first five years following the Commercial Operation Date. If the average
EBITDA exceeds \u20ac12,300k, the full earn-out is payable; for EBITDA between \u20ac7,400k and \u20ac12,300k,
a pro-rata amount is due. One-third of the earn-out is payable in cash and two-thirds through the
issuance of new shares of Cindrigo Holdings Limited at a 15% discount to the volume-weighted
average price (\u201cVWAP\u201d) at the date EBITDA is certified by the auditors.
(b) German Projects \u2013 Milestone Bonus Arrangement
Under the investment agreement relating to three German projects, milestone bonuses become
payable upon achieving:
o Funding bonuses linked to BEW/KfW federal funding approvals
o Generating bonuses linked to achieving 22 MW average output across the portfolio Maximum
exposure across all projects is \u20ac5.5 million.
Further details of the contractual arrangements are provided in Note 6 \u2013 Investment Agreement.
Both agreements were enforceable at 31 December 2025, and therefore recognition is required at that
date.
Fair Value Measurement (IFRS 13)
Both liabilities are valued using an income approach, specifically a probability-weighted expected
present value technique, consistent with IFRS 13.B10\u2013B11.
Both liabilities are classified as Level 3, due to significant unobservable inputs.
Key Inputs and Assumptions
o Probability distributions of EBITDA outcomes (Kaipola)
o Probability distributions of BEW/KfW funding and output performance (German projects)
o Discount rates: 10\u201315% (Kaipola), 12\u201315% (German projects)
o VWAP discount (15%) and share-settlement gross-up (Kaipola)
o Expected settlement timing (2027\u20132029)
o Non-performance risk incorporated via discount rate spreads
Both liabilities are remeasured at each reporting date, with changes in fair value recognised in profit
or loss.
Recognised Amounts at 31 December 2025
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Kaipola SPA Earn-Out
2,249
-
German Projects Milestone Bonus
543
-
2,792
-
22. FINANCIAL LIABILITIES \u2013 CONTINGENT CONSIDERATION (CONTINUED)
The maximum potential undiscounted amount payable under the contingent consideration arrangements
is \u00a33.36m (\u20ac3.85m) in respect of the Kaipola acquisition and \u00a34.80m (\u20ac5.5m) in respect of the German
acquisitions.
Movement in Contingent Consideration Liabilities
2025
\u00a3\u2019000
Opening balance
-
Initial recognition \u2013 Kaipola
2,249
Initial recognition \u2013 German projects
543
Closing balance
2,792
All initial recognition impacts were recorded in profit or loss.
Sensitivity Analysis
Kaipola SPA Earn-Out
Key sensitivities:
o
EBITDA probability distribution sensitivity
Probability
Fair value
Scenario
weighting
(\u00a3\u2019000)
Base case
As modelled
2,249
-5% change in EBITDA probability distribution
Adjusted probabilities
2,055
o
Discount-rate sensitivity:
Discount rate
Fair value (\u00a3\u2019000)
% change
10.0%
2,470
9.88%
13.5%
2,249
0.0%
15.0%
2,162
-3.83%
German Projects Milestone Bonus
o
Discount-rate sensitivity
Discount rate
Fair value (\u00a3\u2019000)
% change
12.0%
1,137
+109.4%
13.5%
543
0.0%
15.0%
237
\u201356.4%
o
Scenario
Funding probability distribution
Probability weighting
Fair value (\u00a3\u2019000)
Base case
As modelled
543
+5% change in funding probability distribution
Adjusted probabilities
814
-5% change in funding probability distribution
Adjusted probabilities
272
o
Scenario
Output probability distribution
Probability weighting
Fair value (\u00a3\u2019000)
Base case
As modelled
543
+5% change in output probability distribution
Adjusted probabilities
574
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "Fair Value Measurement (IFRS 13) Both liabilities are valued using an income approach, specifically a probability-weighted expected present value technique, consistent with IFRS 13.B10\u2013B11. Both liabilities are classified as Level 3, due to significant unobservable inputs. Key Inputs and Assumptions o Probability distributions of EBITDA outcomes (Kaipola) o Probability distributions of BEW/KfW funding and output performance (German projects) o Discount rates: 10\u201315% (Kaipola), 12\u201315% (German projects) o VWAP discount (15%) and share-settlement gross-up (Kaipola) o Expected settlement timing (2027\u20132029) o Non-performance risk incorporated via discount rate spreads Both liabilities are remeasured at each reporting date, with changes in fair value recognised in profit or loss.
Recognised Amounts at 31 December 2025
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Kaipola SPA Earn-Out
2,249
-
German Projects Milestone Bonus
543
-
2,792
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "24. FINANCE INCOME AND COSTS Finance costs for the reporting periods consist of the following: 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Interest on loan notes 654 658 Interest on other loans - 65 Interest expense on lease arrangements 293 112 Interest expenses on trade payables 9 - Total interest expense 956 835 Fair Value Loss on Loan Restructuring - 288 Total finance cost 956 1,123 Comparative finance costs for 2024 have been reduced by \u00a31,553k following the reclassification of loan arrangement costs to administrative expenses, to better reflect their nature as transaction-related arrangement costs. This reclassification has no impact on loss for the year, total equity, net assets, or cash flows. Finance income for the reporting periods consist of the following: 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Gain on debt extinguishment 40 - Total finance income 40 - During the period, CL (100% Subsidiary) derecognized certain historical loan liabilities that were no longer legally enforceable. Cindrigo Holdings Limited subsequently issued new loan notes to the original lenders to compensate them. In the process of derecognizing the liabilities and recording the corresponding financial obligation in Cindrigo Holdings Limited, approvals from some noteholders were not obtained. As a result, a gain on debt extinguishment of \u00a340k was recognized, reflecting the release of the legal obligation. This gain has been presented under finance income in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
25. TRADE AND OTHER PAYABLES
2025
2024
\u00a3\u2019000
\u00a3\u2019000
Trade payables
675
395
Accrued expense
302
88
Other payables
149
1,042
Total
1,126
1,525
All amounts are short term. The carrying values of trade and other payables are considered to approximate
their fair values.
The decrease in other payables primarily relates to deferred consideration payable in respect of the
Kaipola acquisition, which had an outstanding balance of \u00a31,035k at the beginning of the year and was
fully settled during the current year as follows:
Opening balance
Cash settlement
Gain on early
settlement
FX movement
Closing balance
1,035
(867)
(99)
(69)
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
26. SHARE BASED PAYMENT
As at 31 December 2025, the Group operated a share-based payment scheme for senior management
and key consultants engaged by the Group. Under this programme, options have been granted to key
consultants, with a maximum term ending on 1 January 2027.
Scheme Description
Under the scheme, options granted entitle the holder to subscribe for one ordinary share at an exercise
price of \u00a30.05 per share. The options have a contractual life of 10 years from the grant date. At 31
December 2025, the weighted average remaining contractual life of options outstanding was 8.5 years.
Vesting Conditions and Period
The options vest in tranches as follows:
6,875,000 options vested in October 2024
6,150,000 options vested in June 2025
4,350,000 options vest in January 2027
Accordingly, the scheme contains service-based vesting conditions over a period ending in January 2027.
Options granted under the scheme vest subject to the option holder remaining in service with the Group
until the relevant vesting date. There are no market-based or non-market performance conditions attached
to the options, and vesting is dependent solely on the satisfaction of the service condition.
Measurement of Fair Value
The weighted average assumptions used in the model for measurement of fair value were as follows:
Expected volatility: 68%
Risk-free interest rate: 3.95%
Expected life: 6.26 years
Dividend yield: 0%
Share price at grant date: \u00a30.06
Exercise price: \u00a30.05
The use of an option pricing model reflects the time value and optionality of the instruments, in line with
IFRS 2 requirements.
Expense Recognition
Total share-based payment expense recognised for the current year was \u00a3195k, offset by \u00a315k relating to
forfeited options, resulting in a net charge of \u00a3180k.
During the year, the Group identified an immaterial prior-period error in the IFRS 2 fair value measurement
of share options. A correction of \u00a3213k relating to prior periods has been recognised in the current year in
accordance with IAS 8, as the amount was not considered material to require restatement of comparative
figures. Accordingly, the prior year share-based payment expense originally reported as \u00a3674k is reduced
to an adjusted amount of \u00a3461k.
Forfeitures
At the grant date, management assessed the expected forfeiture rate as 0%, reflecting the absence of
historical forfeiture data and the fact that awards were granted solely to directors, for whom turnover is
historically low. This estimate is reassessed at each reporting date.
During the year, 700,000 options were forfeited due to consultant leaving before completing the vesting
period. The impact of these forfeitures has been recognised through a revision of the number of options
expected to vest.
Movement in Share Options
Share options and weighted average exercise prices are as follows for the reporting:
Number of
shares
Weighted
average exercise
price per share
Outstanding at 1 January 2025
18,075,000
0.05
Granted
Forfeited
(700,000)
0.05
Exercised
-
-
Outstanding at 31 December 2025
17,375,000
0.05
Exercisable at 31 December 2025
13,025,000
0.05
All options outstanding at the reporting date were granted in prior financial periods. No new options were
granted during the year, and narrative disclosures throughout the financial statements are consistent with
this treatment.
The weighted average remaining contractual life of options outstanding was 8.5 years.
No options were exercised in 2025 and 2024.
Reconciliation to Share Option Reserve:
Amount
\u00a3\u2019000
Opening balance
674
Less: Current-year correction of prior-period fair-value error (IFRS 2)
(213)
Add: Expense recognised in the year
195
Less: Lapsed/forfeited options
(15)
Closing balance
641
During the year, the Group identified an error in the prior-year measurement of the fair value of share
options arising from the use of a valuation input that did not comply with IFRS 2. As the impact of the error
was assessed as immaterial to prior periods, the correction of \u00a3213k has been recognised in the current
year and prior-year comparatives have not been restated.
In September 2025, the Board of Directors approved a share option scheme for the potential grant of up
to 17,144,630 share options to eligible participants. As at 31 December 2025, no options had been granted
and, accordingly, no amounts have been recognised in these financial statements in accordance with IFRS
2 Share-based Payment. This disclosure is provided on a voluntary basis to highlight the potential future
share-based payment arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
27. DIRECTORS\u2019 EMOLUMENTS
Directors received fees totalling \u00a3106k during the year (2024: \u00a365k). At 31 December 2025, \u00a32k (2024:
nil) remained outstanding in respect of J\u00f6rgen Andersson and is included within trade and other payables.
No other amounts were outstanding with related parties at the reporting date or in the prior year.
In addition to directors\u2019 fees, consultancy fees of \u00a3300k (2024: \u00a3276k) were paid in respect of services
provided by the Chief Executive Officer, Chief Financial Officer and Chief Commercial Officer. These
services were provided through director-related service companies under contractual consultancy
arrangements entered into in the ordinary course of business and on terms consistent with those applied
to similar services provided to the Group. The fees were recognised within administrative expenses. No
amounts were outstanding at the reporting date (2024: nil).
During the period, a one-off success bonus of \u00a3102k was paid to Directors in connection with the listing of
the Company. In the prior year, the Group recognised share-based bonus payments totalling \u00a3720k in
respect of Directors.
During the period, termination benefits of \u00a357k were paid to Mustaq Patel in connection with his
resignation, comprising \u00a38k of directors\u2019 fees and \u00a349k of consultancy fees.
The Directors were the key management personnel of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
28. TAXATION
Cindrigo Holdings Limited is a Company incorporated in Guernsey and is subject to a corporate income
tax rate of 0% as at 31 December 2025. Accordingly, no current taxation arises on the Company\u2019s results
for the year.
The Group operates through subsidiaries in a number of jurisdictions and is therefore subject to taxation
in the countries in which those subsidiaries operate.
For the year ended 31 December 2025, none of the Group\u2019s subsidiaries recognised a material tax liability,
except for Kaipola, which recognised a current tax charge of \u00a35k (2024: \u00a33k).
Reconciliation of tax expense
The tax charge for the year differs from the theoretical amount that would arise using the Guernsey
standard rate of income tax as follows:
2025
\u00a3\u2019000
2024
\u00a3\u2019000
Loss before taxation
6,850
11,457
Domestic tax rate \u2013 0%
0%
0%
Expected tax expense
-
-
Tax effect of profits arising in overseas subsidiaries
5
3
Actual tax expense
5
3
Tax expense comprises:
- Current tax expense
5
3
Unrecognised deferred tax assets
At 31 December 2025, the Group had unused tax losses of \u00a313,488k (2024: \u00a313,460k) available for offset
against future taxable profits. These losses arise in subsidiaries operating in taxable jurisdictions, primarily
the United Kingdom and Germany, and will be carried forward indefinitely.
Losses arising in the Group\u2019s Guernsey holding company have not been separately tracked as they are
not subject to tax and therefore do not give rise to deferred tax assets.
No deferred tax asset has been recognised in respect of these losses at the reporting date because the
Directors consider that it is not probable that sufficient future taxable profits will be available against which
the losses can be utilised.
Accordingly, the potential deferred tax benefit associated with these losses has not been recognised in
the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
29. EARNINGS PER SHARE
The calculation for earnings per share (basic and diluted) for the relevant period is based on the profit /
loss after income tax attributable to equity holder for the period ending 31 December 2025 and is as
follows:
31 December 2025
Loss for the year (\u00a3)
(6,791,000)
Weighted average number of shares of \u00a30.01 each
257,060,630
Loss per share basic (\u00a3)
(0.026)
Weighted average number of shares for dilutive calculation
257,060,630
Loss per share diluted (\u00a3)
(0.026)
31 December 2024
Loss for the year as (\u00a3)
(10,987,000)
Weighted average number of shares of \u00a32.667609 each
152,097,735
Loss per share basic (\u00a3)
(0.072)
Weighted average number of shares for dilutive calculation
152,097,735
Loss per share diluted (\u00a3)
(0.072)
Basic earnings per share is calculated by dividing the loss after tax attributable to the equity holders of the
Group by the weighted average number of shares in issue during the year.
In accordance with IAS 33 Earnings per Share, the Group reports a loss for the period, diluted earnings
per share is equal to basic earnings per share, as the inclusion of potential ordinary shares would be anti-
dilutive.
Potential ordinary shares relating to 93,650,494 shares from convertible loan notes, 22,837,372 shares from warrants, and 17,375,000 shares from stock options have been excluded from the diluted earnings per share calculation, as their inclusion would reduce the loss per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
30. NON-CASH ADJUSTMENTS
Note
2025
\u00a3\u2019000
2024
\u00a3\u2019000
Impairment of financial assets
-
5,488
Loan arrangement (Paid in shares)
-
1,553
Consultant bonus payments (Paid in shares)
-
775
Gain on settlement of purchase consideration
8
(99)
-
Fair value losses
22
2,856
287
Interest expense
24
956
835
Gain on Debt extinguishment
24
(40)
-
Depreciation and amortisation
229
93
Foreign exchange gains/losses
31
(49)
Share-based payment expenses
26
(33)
674
Total adjustment
3,900
9,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
31. RELATED PARTY TRANSACTIONS
The following payments were made to directors or entities controlled by them during the current year:
Name of Director
Directors
Fees
Payment
made on
resignation
Share
option
expense
Share
option
expense -
previous
year
adjustment
Consultant
Bonus
Consultant
fees
Total
IMM International -
Lars Guldstrand
15,000
-
79,391
(90,509)
37,500
180,000
221,382
Fitzrovia Advisory -
Mustaq Patel
12,944
56,500
21,655
(24,164)
20,000
90,839
177,774
Jorgen Andersson
22,000
-
25,196
(40,383)
10,000
-
16,813
Dag Andresen
15,000
-
24,525
(24,164)
20,000
30,000
65,361
Johan Glennmo
15,000
-
5,255
(2,124)
5,000
-
23,131
Alan Boyd
15,000
-
5,255
(2,124)
5,000
-
23,131
Jack Clipsham
10,625
-
-
-
5,000
-
15,625
Share option expense includes amounts recognised in the current year in respect of prior periods. These
are presented as \u2018previous year adjustment\u2019 and have not been restated due to immateriality (refer to the
share-based payment note for further details).
The following payments were made to directors or entities controlled by them during the previous year:
Name of Director
Directors
Fees
Insurance
Share
option
expense
Consultant
Bonus
Consultant
fees
Total
IMM International - Lars
Guldstrand
15,000
1,734
285,818
450,000
175,000
927,552
Fitzrovia Advisory -
Mustaq Patel
15,000
-
76,309
15,000
86,350
192,659
Jorgen Andersson
22,000
-
127,527
230,000
-
379,527
Dag Andresen
15,000
-
76,309
15,000
35,000
141,309
Johan Glennmo
11,250
-
6,709
5,000
-
22,959
Alan Boyd
7,500
-
6,709
5,000
-
19,209
As at year-end, the outstanding balance of loans received from Danir AB amounted to \u00a38,298k (2024: \u00a39,357k). Danir AB is a related party, holding 29% of the Company\u2019s issued share capital. The loan facility includes a conversion option, allowing Danir to convert part or all of the outstanding loan into equity of the Company; further details of the loans are provided in Note 21 to the consolidated financial statements. All arrangements entered into with Danir AB during the 2025 year of assessment were all arm\u2019s length transactions at market related terms and conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
32. COMMITMENTS
The Group had not entered into any material commitments as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
33. CONTINGENT LIABILITIES
Further information regarding the Group\u2019s contingent liability is provided in Note 22, which sets out the
underlying terms and conditions of the arrangement.
As disclosed in Note 22, the arrangement meets the definition of a financial liability under IFRS Accounting
Standards, and accordingly the Group has recognised a financial liability in respect of this obligation. The
remaining exposure that does not meet the recognition criteria continues to be disclosed as a contingent
liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "34. SUBSEQUENT EVENTS Short-Term Financing Support After the year end, the Group received additional financial support from its largest shareholder, Danir AB. Danir has provided guarantees in respect of a short-term loan facility of approximately \u00a30.4 million to support the Group\u2019s working capital requirements. This facility provides liquidity to the Group during the post-year-end period. Other non-adjusting events Agreed financing arrangements Following the year end, the Group entered into a number of financing arrangements to support its ongoing development activities. These agreements were signed after the reporting date and therefore represent non-adjusting events under IAS 10. The key arrangements are as follows: - \u00a36.7 million equity investment into Cindrigo at a price of 12 pence per share. - \u20ac3 million been secured for the Fuelwood joint venture, this amount plus a \u20ac1 million development loan from Cindrigo, a total of \u20ac4 million which is sufficient to support Fuelwoods establishment and initial operational phase. - Up to \u00a32 million under a separate subscription arrangement, which will be drawn if the Company\u2019s warrants due for exercise at the end of July are not exercised. No other adjusting or non-adjusting events requiring disclosure have occurred between the reporting date and the date of approval of these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T424TYEZ5PLE75", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }