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Balance as of 31 December 2025
Note 1 General company information
Information regarding Verisure plc
Verisure plc was incorporated on 9 May 2025, under the UK
Companies Act 2006 and registered and domiciled in England
and Wales with Reg. No. 16440137 and registered office in
London. The Company was up until September 2025 a private
company limited by shares founded in the United Kingdom
under English law and operating under English law. The
Company\u2019s form of association is governed by the UK
Companies Act 2006. Verisure plc\u2019s shares are listed on
Nasdaq\u00a0Stockholm since 8 October 2025.
The financial statements were approved by the Board of
Directors on 26 March 2026. The financial statements are
subject to approval by the Annual General Meeting
of\u00a0shareholders.
Comparative period
These consolidated financial statements are the first full
year\u00a0report for Verisure plc, the newly formed Group. The
comparative figures are presented as a continuation of the
Verisure Group Topholding AB\u2019s 2024 consolidated annual
accounts on the basis that Verisure plc was not established
as\u00a0the parent entity of Verisure Group Topholding AB until
7\u00a0October 2025. The reorganisation only affected the share
capital structure, not the underlying business, as detailed
below.
Share capital reorganisation and reduction
On 7 October 2025, the Company issued 742,900,000 shares
against a contribution by Aegis Lux 2 S.\u00e0 r.l. of 100% of the
shares in Verisure Group Topholding AB, whereby Verisure plc
became the ultimate parent company of the Verisure Group.
Total number of shares after the share issue on this day
equalled 800,000,000.
Stockholm Stock Exchange listing
On 8 October 2025, Verisure plc listed on Nasdaq Stockholm.
The listing price per share amounted to \u20ac13.25, which
corresponded to a market capitalisation value of \u20ac13.7bn.
The\u00a0listing process included issuance of 233,962,264 new shares
and the total number of shares after the share issue amounted
to 1,033,962,264.
Nature of operations
Verisure plc Group, hereafter referred to as \u2018the Group\u2019, is the
leading provider of monitored security services for homes
and\u00a0small businesses in Europe and Latin America. The Group
protects close to 6.2 million customers across 18 countries.
The consolidated financial statements
are\u00a0presented in euro (EUR/\u20ac), which is the parent company\u2019s
functional and presentation currency.
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"30000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-380": { "value": "30100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-381": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
The financial statements were approved by the Board of
Directors on 26 March 2026. The financial statements are
subject to approval by the Annual General Meeting
of\u00a0shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "Nature of operationsVerisure plc Group, hereafter referred to as \u2018the Group\u2019, is the leading provider of monitored security services for homes and\u00a0small businesses in Europe and Latin America. The Group protects close to 6.2 million customers across 18 countries.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "Verisure plc Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "Europe and Latin America", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
Note 2 Material accounting policies
The material accounting policies in the preparation of these
consolidated financial statements are described in this note.
These policies were applied consistently for all years presented,
unless otherwise stated.
Basis of presentation
Compliance with IFRS
These consolidated financial statements have been prepared
in\u00a0accordance with the International Financial Reporting
Standards (IFRS), as approved by the UK. The consolidated
financial statements also comply fully with IFRS Accounting
Standards as adopted by the European Union. The accounting
policies are unchanged compared with those applied in 2024
and have been applied consistently throughout the current
and\u00a0preceding year.
Historical cost convention
The consolidated financial statements have been prepared on
a\u00a0historical cost basis, except where a fair value measurement
is required according to IFRS (e.g. for derivative financial
instruments, which have been measured at fair value, and
pension liabilities related to defined benefit plans), and for
the\u00a0application of IAS 29 Financial reporting in hyperinflationary
economies regarding the Group\u2019s subsidiary in Argentina.
Historical cost is generally based on the fair value of the
consideration given up in exchange for the assets.
Basis of consolidation | IFRS 10 & IFRS 12
Subsidiaries are all entities of which the Group has control,
directly or indirectly. 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 to direct the activities of the entity.
All inter-company transactions, balances and unrealised gains
and losses attributable to inter-company transactions are
eliminated in the preparation of the consolidated financial
statements. The accounting principles used by subsidiaries
are\u00a0adjusted where necessary to ensure consistency with the
principles applied by the Group.
Going concern
The Group has continued to build on its good track record of
underlying profitable and resilient growth over the last years.
Verisure has continued to deliver good underlying results, both
operationally and financially. Our business model has proved
resilient to date, and we believe the fundamental customer
need for security and peace of mind remains unchanged. The
Group will consistently strive to maintain the highest levels of
customer satisfaction in the industry in order to reduce attrition.
The Directors of Verisure have made a judgment, at the time of
approving the consolidated financial statements of 2025, that
there are no material uncertainties that influence the Group\u2019s
ability to continue as a going concern. The judgment is made
based on the financial resources available, and with a
reasonable expectation that the Group has adequate resources
to continue the business at least over the assessed period, i.e.
from 31 December 2025 to 30 June 2027. In the assessment, the
Directors have contemplated the impact of potential severe but
reasonable downsides that may affect the activity of the Group.
The main severe but plausible downsides assessed are higher
attrition, higher cost per acquisition (CPA)/increased recurring
monthly cost (RMC) and with no compensating uplift in monthly
average revenue per user (ARPU).
The Directors have a reasonable expectation that the Group is
well placed to manage its business risks in a balanced way and
that it has sufficient resources to continue the operation over
the going concern period. Consequently, the Directors continue
to adopt the going concern concept in the preparation of these
consolidated full year financial statements.
Foreign currency translation | IAS 21
Functional and presentation currency
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency). On consolidation, the assets and
liabilities of the Group\u2019s foreign operations are translated at
exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average exchange
rates\u00a0for the period. The consolidated financial statements
are\u00a0presented in euro (EUR/\u20ac), which is the parent company\u2019s
functional and presentation currency.
Transactions and balances
Transactions in foreign currency are translated into an entity\u2019s
functional currency using the exchange rates on the dates of
the transactions. Exchange differences on monetary items are
recognised in the consolidated income statement when they
arise. Exchange differences from operating items are
recognised as either cost of sales or selling or administrative
expenses, while exchange differences from financial items are
recognised as financial income or financial expenses. When
preparing the financial statements of individual companies,
foreign currency denominated receivables and liabilities are
translated to the functional currency of the individual company
using the exchange rates at each balance sheet date.
Segment reporting | IFRS 8
The Group\u2019s operating segments are identified by grouping
together the business by revenue stream, as this is the basis on
which information is provided to the Chief Operating Decision
Maker (CODM) for the purposes of allocating resources within
the Group and assessing the performance of the Group\u2019s
businesses. The Group has identified the Group Management
Team as its CODM. The segments identified based on the
Group\u2019s operating activities are Customer Acquisition, Portfolio
Services and Adjacencies which are explained further in note 4.
Separately disclosed items (SDIs)
Separately disclosed items (SDIs) are income and costs that
have been recognised in the consolidated income statement
and which management believes, due to their nature, collective
size or incident, should be disclosed separately to give a more
comparable view of the year-on-year financial performance.
Subsequent adjustments to items previously recognised as an
SDI will normally also be reflected as an SDI in future periods.
Revenue recognition | IFRS 15
The Group\u2019s revenue is mainly generated from recurring
monthly fees in the Portfolio Services segment, which account
for approximately 85% of the Group's total revenue. This
revenue comes from providing monitored security services.
The\u00a0service includes 24/7 monitoring, expert verification and
response, customer care, maintenance, and professional
technical support. The remaining part of the revenue is
mainly\u00a0generated from security audits and installations in
the\u00a0Customer Acquisition segment, invoiced services, and
product\u00a0sales.
Within our customer contracts we have identified two
performance obligations, security audit and installation as
well\u00a0as monitoring. For security audit and installations, revenue
is recognised when the products are installed at a customer
premises. Income from alarm monitoring services is recognised
over time during the period to which the service relates.
For customer agreements containing multiple deliverables
(security audit and installation as well as monitoring services)
the transaction price is allocated to each performance
obligation based on the stand-alone selling prices. The stand-
alone selling price for the security audit and installation is
calculated based on the cost for the installation with a margin
based on external benchmarks. Any amount invoiced as
installation fee which differs from the calculated stand-alone
selling price for the installation service is recognised on a
linear\u00a0basis over the contract period.
Revenue from the sale of other products and services is
recognised when the product is transferred to the customer
or\u00a0when the service is performed.
Payment terms
Payment terms on the Groups invoices to customers varies
between the different markets where the Group operates.
The\u00a0payment terms varies between 7 days and 60 days.
Financing
To enhance payment flexibility to our customers, some of the
Group\u2019s entities offer to finance part of the upfront fee, i.e. the
customer is offered the opportunity to pay the financed amount
in monthly instalments typically over a three-year period. This
offered service supports the Group\u2019s growth and profitability
targets and may be arranged in two alternative ways: external
or internal financing.
Customer financing arrangements
The Group offers financing solutions to our customers, mainly
for payment of the upfront fee for the installation and security
audit. This could either be external financing - where a bank or
financing partner is involved, or internal financing - where the
Group offers the financing to the customer with internal
resources within the Group.
External financing
The Group enters into factoring arrangements whereby
customer receivables are transferred to a financing partner
in\u00a0exchange for cash. When the Group retains the customer
payment default risk on the factored customer receivables
the\u00a0Group continues to recognise these receivables in the
consolidated financial statements with a corresponding
financial liability until such time as the full amount of the
receivable is collected under the factoring arrangement
from\u00a0the customer.
Internal financing
In case of internal financing, the customer is first invoiced all
instalments relating to the financed upfront fee. The financed
upfront fee is broken down into monthly instalments which
are\u00a0collected from the customer by the Group. In this case the
Group assumes the credit risk.
Business combinations | IFRS 3
Acquisitions of subsidiaries and businesses are accounted
for\u00a0under IFRS 3. The consideration for each acquisition is
measured at the aggregate of the fair values at the acquisition
date of identifiable assets acquired, liabilities that arise or are
assumed and equity instruments issued by the Group. The
acquisition date is the date on which control is transferred to
the Group. The consideration for an acquisition also includes
any assets or liabilities arising from a contingent consideration
arrangement. If the consideration exceeds the net assets
acquired, that excess is recognised as goodwill. All acquisition-
related costs are recognised in the consolidated income
statement as incurred.
Deferred tax assets or liabilities and liabilities, or assets related
to employee benefit arrangements, are recognised and
measured in accordance with IAS 12 Income Taxes and IAS 19
Employee Benefits respectively.
Subsequent changes in fair values are adjusted against the cost
of the acquisition where they qualify as measurement period
adjustments and relate to information concerning facts and
circumstances that existed at the acquisition date within one
year from the acquisition date. Fair values and corresponding
value of goodwill are restated.
Operating expenses
The Group\u2019s business model involves sales and installations
carried out primarily by the same individuals. The costs of these
activities are recognised in gross profit. This means that \u2018cost
of\u00a0sales\u2019 includes some costs that are actually selling expenses
but cannot be allocated to a specific function.
Employee benefit expense | IAS 19
Post-employment obligations
Our employees in Norway, Denmark, Sweden, France, Belgium,
the Netherlands, the United Kingdom, Finland, Germany and
Switzerland participate in either defined contribution or
defined benefit pension plans. Defined contribution plans are
post-employment benefit schemes under which we pay fixed
contributions into a separate legal entity and have no legal or
constructive obligation to pay further contributions. Costs for
defined contribution schemes are expensed in the period
during which the employee carried out his or her work. Costs
are in line with the payments made during the period.
All pension liabilities in Sweden are classified as defined
contribution plans, except pensions for office-based staff which
are through a national multi-employer pension plan, which
is\u00a0funded in the same manner as a defined benefit plan. The
percentage of contribution depends on the level of employee
participation and salaries in each country.
Defined benefit plans are post-employment benefit schemes
other than defined contribution plans. The Group has defined
benefit plans of limited scope in France and Switzerland. For
these plans, amounts to be paid as retirement benefits are
determined by reference to an actuarial calculation, usually
based on employees\u2019 earnings and/or years of service.
Share-based payments | IFRS 2
The Group issues equity settled share-based payments to
certain employees. Equity settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of the equity settled share-based
payments is expensed on a straight line basis over the vesting
period. At each balance sheet date, the Group revises its
estimate of the number of equity instruments expected to vest.
The impact of the revision of the original estimates, if required,
is recognised in the consolidated income statement such that
the cumulative expense reflects the revised estimates with a
corresponding adjustment to the share-based compensation
equity reserve.
Taxes | IAS 12
Income taxes
Income taxes represent the sum of current and deferred tax.
These taxes have been calculated using tax rates that have
been enacted or substantively enacted at the reporting date.
Current tax
Current tax is based on taxable profit for the year or tax
assessment adjustments made to prior years. Taxable profit
differs from profit in the consolidated income statement
because it excludes items of income and expense that are
taxable or deductible in different years and it further excludes
items that are never taxable or deductible. Tax effects on
items\u00a0recognised in equity or other comprehensive income
are\u00a0recognised as such. The Group\u2019s current tax assets and
liabilities are calculated using tax rates that have been
enacted\u00a0or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised using the statement of financial
position liability method. Deferred tax is the tax expected to
be\u00a0payable or recoverable in the future arising from temporary
differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary
differences unless they arise from the initial recognition of
assets and liabilities in a transaction (other than in a business
combination) that affects neither the taxable profits nor the
accounting profit. Deferred tax liabilities are not recognised
on\u00a0differences arising from initial recognition of goodwill.
Deferred tax is calculated at tax rates that are expected to
apply in the period when the liability is settled, or the asset is
realised, based on laws and rates that have been enacted or
substantively enacted at the balance sheet date. Deferred tax
income or expense is reported in the consolidated income
statement, except when it relates to items recognised in other
comprehensive income in which case it is recognised as such.
Based on forecast data, deferred tax assets on losses carried
forward are recognised to the extent that it is probable that
future taxable profits will be available against which the
amounts can be utilised. Even if no statutory profits are
forecasted, deferred tax assets (resulting from both deductible
temporary differences, unused tax losses and unused tax
credits) are recognised up to the amount of deferred tax
liability if the reversals occur during the same period. The
carrying amount is reviewed on each balance sheet date
and\u00a0reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or
part\u00a0of\u00a0the asset to be recovered.
Current and deferred tax assets and liabilities are offset
when\u00a0they relate to income taxes levied by the same taxation
authority and the Group is able to, and intends to, settle its
current tax assets and liabilities on a net basis.
Property, plant and equipment | IAS 16 & IAS 36
Property, plant and equipment are recognised at cost less
accumulated depreciation and any cumulative impairment
losses.
Depreciation is calculated using the straight-line method to
allocate the cost of the assets, net of their residual values,
over\u00a0their estimated useful lives as follows:
Alarm equipment6\u201314 years
Other machinery and equipment3\u201310 years
The useful lives of Group assets are determined by
management, decided country by country as well as split by
residential and business customers, and applied at the time
of\u00a0installation and are reviewed annually. The assets\u2019 useful
lives are based primarily on historical attrition, as well as
anticipation of future events that may have an impact, such
as\u00a0technological tendencies and macroeconomic factors.
Alarm equipment is considered as devices installed in
customers\u2019 premises. Other machinery and equipment are
primarily IT-equipment and furniture.
An asset\u2019s residual value and value-in-use is annually reviewed,
and adjusted if appropriate, on the defined reporting date. If
the carrying amount is greater than the estimated recoverable
amount it is written down. Gains and losses on disposals are
recognised in the consolidated income statement as cost of
sales. Alarm equipment is retired at customer cancellation.
Leases | IFRS 16
The Group recognises a right-of-use asset and a lease liability
on the commencement date of the lease. The right-of-use
asset\u00a0is initially measured by cost, which comprises the
initial\u00a0amount of the lease liability adjusted with any direct
cost\u00a0incurred, lease payments made at or before the
commencement date and estimation of dismantling, removal
and restoration costs required by the terms and conditions of
the lease. The right-of-use asset is subsequently measured at
cost less accumulated depreciation and impairment losses.
Depreciation is charged to the consolidated income statement
from the lease commencement over the shorter of the useful
economic life of the leased asset and the lease term unless the
lease contains a bargain purchase option which is reasonably
certain to be exercised. The asset is always depreciated over
the useful economic life of the asset using a straight-line
method.
The lease liability is initially measured at the present value of
the lease payments not paid at the commencement date. This
includes fixed payments, variable lease payments that depend
on an index or rate, and the amounts expected to be payable
under a residual value guarantee.
The liability is measured at an amortised cost using the
effective interest method. The liability is generally discounted
using the lessees incremental borrowing rate except in rare
circumstances in which the rate implicit in the lease is easily
determinable. The incremental borrowing is determined for
each contract, with separate calculations per country, per
contract length as well as asset type, taking into account
securities for some types of assets. The incremental borrowing
rate is based on the calculation of the cost of debt in the
Group\u2019s overall weighted average cost of capital (WACC)
calculation.
The liability is remeasured when there is a change in future
lease payments arising from a change in an index or rate or if
the Group changes its assessment of whether it will exercise
an\u00a0extension or termination option. When the lease liability
is\u00a0remeasured, a corresponding adjustment is made to the
carrying amount of the right-of-use asset.
Costs in respect of lease arrangements that are short-term in
nature or relate to low-value assets are charged directly to the
consolidated income statement on a straight-line basis over
the term of the lease. Short-term leases are leases with a term
of 12\u00a0months or less and low value is normally below \u20ac10k.
For non-lease components are included in vehicle leases,
but\u00a0not in leases of buildings.
Intangible assets | IAS 36 & IAS 38
Goodwill
Goodwill arising on business combinations is recognised as
an\u00a0asset on the date that control is acquired (acquisition date).
Goodwill is measured as the excess of the acquisition cost over
the net fair value of identified assets, liabilities and contingent
liabilities of a subsidiary at the date of acquisition. Goodwill is
not amortised but is subject to an annual impairment test
or\u00a0more frequently if there is an indication of impairment.
Goodwill is allocated to cash-generating units (CGUs), the
lowest levels for which there are separately identifiable cash
flows. Any impairment loss recognised for goodwill cannot be
reversed in a subsequent period.
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Other intangible assets
Other intangible assets are primarily computer software,
development costs and trademarks. Trademarks are only
capitalised if acquired in a business combination.
Trademarks with an indefinite useful life, where no predictable
limit exists on the period during which the trademark is
expected to generate revenue, are carried at cost less any
accumulated impairment losses. These assets are not
amortised but are tested for impairment annually, or more
frequently if events or changes in circumstances indicate
that\u00a0their carrying amount may be impaired.
Trademarks with a finite useful life, where a predictable limit
exists on the period during which the trademark is expected
to\u00a0generate revenue, are amortised over their estimated useful
life. In determining the useful life, contractual terms and other
relevant factors are taken into consideration.
Development costs directly attributable to the design and
testing of identifiable and unique software products controlled
by the Group are recognised as intangible assets where the
capitalisation criteria are met. Directly attributable costs
capitalised as part of the software include employee costs and
an appropriate portion of relevant overheads.
Development costs related to configuration of cloud solutions
are not capitalised, but are reported as cost in the income
statement.
Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
ready\u00a0for use.
Amortisation times for intangible assets
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Internally developed intangible assets3\u201310 years
Other intangible assets 3\u201310 years
Trademarks (finite)6-10 years
For Customer Portfolio, the useful life ranges are calculated by
country, split between business and residential customers with
the weighted average useful life sitting towards the middle of
the range.
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Financial instruments | IFRS 9
Financial assets \u2013 classification and measurement
The Group classifies and measures its financial assets in the
categories at amortised cost and at fair value through profit or
loss. The classification depends on the Group\u2019s business model
for managing the financial assets and the contractual terms of
the cash flows.
Debt instruments
Financial assets measured at fair value through profit or loss
Assets that do not fulfil the conditions for measurement
at\u00a0amortised cost are initially measured at fair value and
subsequently remeasured at each reporting date. Changes
in\u00a0carrying value of derivatives not included in a hedging
relationship are recognised as net in the Consolidated income
statement. Accounting principles for derivatives for hedge
accounting are described under the section \u2018Derivatives and
hedge accounting\u2019 below.
Equity instruments
Equity instruments measured at fair value through profit or loss
The Group subsequently measures all equity investments at fair
value. Changes in the fair value of financial assets at FVPL are
recognised in the statement of profit or loss as applicable.
Financial liabilities \u2013 classification and measurement
Financial liabilities measured at amortised cost
The Group\u2019s financial liabilities consist of long-term borrowings,
other non-current liabilities, trade payables, short-term
borrowings and other current liabilities.
Impairment of financial assets recognised at
amortised\u00a0cost
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Trade receivables
Trade receivables represent amounts owed by customers where
the right to receive payment is conditional only by the passage
of time. These are recorded at amortised cost reduced by
allowance for estimated credit losses, unless they contain
significant financing components when they are recognised
at\u00a0fair value.
Cash and cash equivalents
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.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
Borrowing is classified under current liabilities unless the
Group has an unconditional right to defer payment of the
debt\u00a0for at least 12 months after the closing date.
Inventories | IAS 2
Inventories, consumables and supplies, are stated at the
lower\u00a0of cost and net realisable value. The cost includes the
reclassification from equity of any gains or losses on qualifying
cash flow hedges relating to purchases of inventories. Net
realisable value is the estimated selling price less all costs of
completion and costs to be incurred in selling and distribution.
The cost of inventories is determined by using the first-in first-
out method. Provisions for obsolescence are included in the
value for inventory.
Provisions | IAS 37
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it\u00a0is\u00a0probable that an outflow of economic resources will be
required to settle that obligation and a reliable estimate of the
amount can be made. Obligations expected to be settled within
12 months of the reporting date are included within current
liabilities.
Provisions are measured at the present value of management\u2019s
best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. Where a provision
is measured using the cash flows estimated to settle the
present obligation and the difference between the carrying
amount and the present value of those cash flows is material
to\u00a0the financial statements, the carrying amount is the present
value of those cash flows. The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage
of time is recognised as interest expense.
Hyperinflation | IAS 29
The Argentinian economy was designated as hyperinflationary
from 1 July 2018. The Group applies IAS 29 Financial Reporting in
Hyperinflationary Economies to its Argentinian operations. The
Argentine peso results and non-monetary assets and liabilities
have been revalued using the consumer price index issued by
the Argentine Federation of Professional Councils of Economic
Sciences (FACPCE).\u00a0
New standards and amendments
Certain new accounting standards and amendments to
accounting standards have been published that are mandatory
and have been adopted by the Group as of December 2025.
This\u00a0relates mainly to the amendments to IAS 21 \u2018The Effects of
Changes in Foreign Exchange Rates\u2019 which have been issued
and adopted. It is effective for periods beginning on or after
1\u00a0January 2025 and was endorsed by the United Kingdom
Endorsement Board (UKEB) in 2024. This amendment did not
have a significant impact on the Group\u2019s profit or loss or
financial position.
Certain new accounting standards and amendments to
accounting standards have been published that are not
mandatory as of the 31 December 2025 reporting period and
have not been early adopted by the Group. This mainly relates
to IFRS 18, explained more in detail below, as well as
amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7
\u2018Financial Instruments: Disclosures\u2019, effective for periods
beginning on or after 1 January 2026 \u2013 endorsed by the UKEB in
2025. The Group does not expect these amendments to have a
material impact on the operations or the Group financial
statements, except for IFRS 18 explained below.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of financial statements,
introducing new requirements to achieve better comparability
of the financial performance of similar entities. IFRS 18 is
expected to change the presentation of the Consolidated
Income statement and to differentiate between earnings
from\u00a0operating activities, investment activities and financing
activities, and will add additional disclosures. However, IFRS 18
will not change any accounting policies on recognition and
measurement, hence it will not change reported net profit.
IFRS\u00a018 is effective for annual reporting periods beginning
on\u00a0or\u00a0after\u00a01 January 2027.
Note 3 Critical accounting estimates
and significant judgments
In preparing the consolidated financial statements and
applying the Group\u2019s accounting policies, management must
make estimates and judgments that affect the amounts
recognised in the financial statements. Such estimates and
judgments are based on factors such as historical experience,
the observance of trends in the industries in which the Group
operates and information available from the Group\u2019s customers
and other outside sources. Although these estimates and
judgments are based on management\u2019s best information about
current circumstances and future events and actions, actual
results may differ and result in material variances.
The critical accounting estimates and judgments made in
applying the Group\u2019s accounting policies are set out below.
Critical accounting estimates
Revenue recognition
Revenue recognition requires management to make estimates,
mainly to determine stand alone selling prices. The stand alone
selling price determines how much of the revenue should be
recognised immediately and how much should be deferred. The
stand alone selling price used to determine security audit and
installation revenue is calculated using a cost plus method. It
relies on the estimated cost for installation and security audit
and a margin based on an external benchmark. If the stand
alone selling price would change +/- 5% compared to the
applied selling price, this would give an impact on the revenue
and operating profit for the year of +/- \u20ac13.5m.
Valuation of intangible assets arising from acquisition
The valuation of intangible assets arising on the acquisition of
ADT Mexico requires an assessment of the fair value of those
assets. Refer to note 5 Business combinations for further
information. That assessment requires the business to
determine the future benefits that a market participant would
expect to obtain from those assets as well as a discount rate
and so is subject to significant estimation. If different estimates
were used, the valuation of goodwill and intangible assets
arising on the acquisition would change. The profit would be
impacted due to changes in intangible assets which would
impact the amortisation going forward.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.
Other accounting estimates
Other estimates consists of estimates which are not the most
significant estimates for the Group, but which still hold enough
importance to inform specifically on these estimates.
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
Measurement of tax provisions and deferred income tax
assets and liabilities
The Group operates in a number of countries and is liable to
pay income taxes in numerous jurisdictions. The recognition of
a tax provision involves judgment based on interpretation of
applicable tax legislation on a country by country basis and an
assessment of the likely outcome of any open tax assessments.
The final resolution of some of these items may give rise to
differences between the tax charge in the full year consolidated
income statement, recognition of deferred taxes and tax
payments.
The complexity of the Group\u2019s structure makes the degree of
estimation and judgment more challenging. The resolution of
issues is not always within the control of the Group, and it is
often dependent on the efficiency of the legal processes in the
relevant taxing jurisdictions in which we operate. For further
information regarding tax provisions, refer to note 14 Taxes.
Significant accounting judgments
Alarm equipment classified as inventory
Inventory mainly consists of alarm equipment, most of which
is\u00a0held in our global logistic centres, and is subsequently
either\u00a0installed at a customer\u2019s premises, used for repairs
and\u00a0maintenance or sold via retail channels. Although a large
portion of the inventory will eventually be recognised as
an\u00a0item of Property, plant and equipment, the Group has
concluded that this alarm equipment is best represented as
inventory given the complexity and significant estimation
uncertainty in presenting a divided value of our inventory
pool\u00a0on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
Basis of presentation
Compliance with IFRS
These consolidated financial statements have been prepared
in\u00a0accordance with the International Financial Reporting
Standards (IFRS), as approved by the UK. The consolidated
financial statements also comply fully with IFRS Accounting
Standards as adopted by the European Union. The accounting
policies are unchanged compared with those applied in 2024
and have been applied consistently throughout the current
and\u00a0preceding year.
Historical cost convention
The consolidated financial statements have been prepared on
a\u00a0historical cost basis, except where a fair value measurement
is required according to IFRS (e.g. for derivative financial
instruments, which have been measured at fair value, and
pension liabilities related to defined benefit plans), and for
the\u00a0application of IAS 29 Financial reporting in hyperinflationary
economies regarding the Group\u2019s subsidiary in Argentina.
Historical cost is generally based on the fair value of the
consideration given up in exchange for the assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
Compliance with IFRS
These consolidated financial statements have been prepared
in\u00a0accordance with the International Financial Reporting
Standards (IFRS), as approved by the UK. The consolidated
financial statements also comply fully with IFRS Accounting
Standards as adopted by the European Union. The accounting
policies are unchanged compared with those applied in 2024
and have been applied consistently throughout the current
and\u00a0preceding year.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
Basis of consolidation | IFRS 10 & IFRS 12
Subsidiaries are all entities of which the Group has control,
directly or indirectly. 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 to direct the activities of the entity.
All inter-company transactions, balances and unrealised gains
and losses attributable to inter-company transactions are
eliminated in the preparation of the consolidated financial
statements. The accounting principles used by subsidiaries
are\u00a0adjusted where necessary to ensure consistency with the
principles applied by the Group.
Going concern
The Group has continued to build on its good track record of
underlying profitable and resilient growth over the last years.
Verisure has continued to deliver good underlying results, both
operationally and financially. Our business model has proved
resilient to date, and we believe the fundamental customer
need for security and peace of mind remains unchanged. The
Group will consistently strive to maintain the highest levels of
customer satisfaction in the industry in order to reduce attrition.
The Directors of Verisure have made a judgment, at the time of
approving the consolidated financial statements of 2025, that
there are no material uncertainties that influence the Group\u2019s
ability to continue as a going concern. The judgment is made
based on the financial resources available, and with a
reasonable expectation that the Group has adequate resources
to continue the business at least over the assessed period, i.e.
from 31 December 2025 to 30 June 2027. In the assessment, the
Directors have contemplated the impact of potential severe but
reasonable downsides that may affect the activity of the Group.
The main severe but plausible downsides assessed are higher
attrition, higher cost per acquisition (CPA)/increased recurring
monthly cost (RMC) and with no compensating uplift in monthly
average revenue per user (ARPU).
The Directors have a reasonable expectation that the Group is
well placed to manage its business risks in a balanced way and
that it has sufficient resources to continue the operation over
the going concern period. Consequently, the Directors continue
to adopt the going concern concept in the preparation of these
consolidated full year financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
Basis of consolidation | IFRS 10 & IFRS 12
Subsidiaries are all entities of which the Group has control,
directly or indirectly. 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 to direct the activities of the entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
Foreign currency translation | IAS 21
Functional and presentation currency
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency). On consolidation, the assets and
liabilities of the Group\u2019s foreign operations are translated at
exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average exchange
rates\u00a0for the period. The consolidated financial statements
are\u00a0presented in euro (EUR/\u20ac), which is the parent company\u2019s
functional and presentation currency.
Transactions and balances
Transactions in foreign currency are translated into an entity\u2019s
functional currency using the exchange rates on the dates of
the transactions. Exchange differences on monetary items are
recognised in the consolidated income statement when they
arise. Exchange differences from operating items are
recognised as either cost of sales or selling or administrative
expenses, while exchange differences from financial items are
recognised as financial income or financial expenses. When
preparing the financial statements of individual companies,
foreign currency denominated receivables and liabilities are
translated to the functional currency of the individual company
using the exchange rates at each balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
Foreign currency translation | IAS 21
Functional and presentation currency
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency). On consolidation, the assets and
liabilities of the Group\u2019s foreign operations are translated at
exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average exchange
rates\u00a0for the period. The consolidated financial statements
are\u00a0presented in euro (EUR/\u20ac), which is the parent company\u2019s
functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "Exchange differences from operating items are
recognised as either cost of sales or selling or administrative
expenses, while exchange differences from financial items are
recognised as financial income or financial expenses
The liability is measured at an amortised cost using the
effective interest method
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage
of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "Exchange differences from operating items are
recognised as either cost of sales or selling or administrative
expenses, while exchange differences from financial items are
recognised as financial income or financial expenses.
The liability is measured at an amortised cost using the
effective interest method.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
Provisions | IAS 37
Provisions are measured at the present value of management\u2019s
best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. Where a provision
is measured using the cash flows estimated to settle the
present obligation and the difference between the carrying
amount and the present value of those cash flows is material
to\u00a0the financial statements, the carrying amount is the present
value of those cash flows. The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage
of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Segment reporting | IFRS 8
The Group\u2019s operating segments are identified by grouping
together the business by revenue stream, as this is the basis on
which information is provided to the Chief Operating Decision
Maker (CODM) for the purposes of allocating resources within
the Group and assessing the performance of the Group\u2019s
businesses. The Group has identified the Group Management
Team as its CODM. The segments identified based on the
Group\u2019s operating activities are Customer Acquisition, Portfolio
Services and Adjacencies which are explained further in note 4", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Separately disclosed items (SDIs)
Separately disclosed items (SDIs) are income and costs that
have been recognised in the consolidated income statement
and which management believes, due to their nature, collective
size or incident, should be disclosed separately to give a more
comparable view of the year-on-year financial performance.
Subsequent adjustments to items previously recognised as an
SDI will normally also be reflected as an SDI in future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Revenue recognition | IFRS 15
The Group\u2019s revenue is mainly generated from recurring
monthly fees in the Portfolio Services segment, which account
for approximately 85% of the Group's total revenue. This
revenue comes from providing monitored security services.
The\u00a0service includes 24/7 monitoring, expert verification and
response, customer care, maintenance, and professional
technical support. The remaining part of the revenue is
mainly\u00a0generated from security audits and installations in
the\u00a0Customer Acquisition segment, invoiced services, and
product\u00a0sales.
Within our customer contracts we have identified two
performance obligations, security audit and installation as
well\u00a0as monitoring. For security audit and installations, revenue
is recognised when the products are installed at a customer
premises. Income from alarm monitoring services is recognised
over time during the period to which the service relates.
For customer agreements containing multiple deliverables
(security audit and installation as well as monitoring services)
the transaction price is allocated to each performance
obligation based on the stand-alone selling prices. The stand-
alone selling price for the security audit and installation is
calculated based on the cost for the installation with a margin
based on external benchmarks. Any amount invoiced as
installation fee which differs from the calculated stand-alone
selling price for the installation service is recognised on a
linear\u00a0basis over the contract period.
Revenue from the sale of other products and services is
recognised when the product is transferred to the customer
or\u00a0when the service is performed.
Payment terms
Payment terms on the Groups invoices to customers varies
between the different markets where the Group operates.
The\u00a0payment terms varies between 7 days and 60 days.
Financing
To enhance payment flexibility to our customers, some of the
Group\u2019s entities offer to finance part of the upfront fee, i.e. the
customer is offered the opportunity to pay the financed amount
in monthly instalments typically over a three-year period. This
offered service supports the Group\u2019s growth and profitability
targets and may be arranged in two alternative ways: external
or internal financing.
Customer financing arrangements
The Group offers financing solutions to our customers, mainly
for payment of the upfront fee for the installation and security
audit. This could either be external financing - where a bank or
financing partner is involved, or internal financing - where the
Group offers the financing to the customer with internal
resources within the Group.
External financing
The Group enters into factoring arrangements whereby
customer receivables are transferred to a financing partner
in\u00a0exchange for cash. When the Group retains the customer
payment default risk on the factored customer receivables
the\u00a0Group continues to recognise these receivables in the
consolidated financial statements with a corresponding
financial liability until such time as the full amount of the
receivable is collected under the factoring arrangement
from\u00a0the customer.
Internal financing
In case of internal financing, the customer is first invoiced all
instalments relating to the financed upfront fee. The financed
upfront fee is broken down into monthly instalments which
are\u00a0collected from the customer by the Group. In this case the
Group assumes the credit risk.
Revenue recognition
Revenue recognition requires management to make estimates,
mainly to determine stand alone selling prices. The stand alone
selling price determines how much of the revenue should be
recognised immediately and how much should be deferred. The
stand alone selling price used to determine security audit and
installation revenue is calculated using a cost plus method. It
relies on the estimated cost for installation and security audit
and a margin based on an external benchmark. If the stand
alone selling price would change +/- 5% compared to the
applied selling price, this would give an impact on the revenue
and operating profit for the year of +/- \u20ac13.5m.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Business combinations | IFRS 3
Acquisitions of subsidiaries and businesses are accounted
for\u00a0under IFRS 3. The consideration for each acquisition is
measured at the aggregate of the fair values at the acquisition
date of identifiable assets acquired, liabilities that arise or are
assumed and equity instruments issued by the Group. The
acquisition date is the date on which control is transferred to
the Group. The consideration for an acquisition also includes
any assets or liabilities arising from a contingent consideration
arrangement. If the consideration exceeds the net assets
acquired, that excess is recognised as goodwill. All acquisition-
related costs are recognised in the consolidated income
statement as incurred.
Deferred tax assets or liabilities and liabilities, or assets related
to employee benefit arrangements, are recognised and
measured in accordance with IAS 12 Income Taxes and IAS 19
Employee Benefits respectively.
Subsequent changes in fair values are adjusted against the cost
of the acquisition where they qualify as measurement period
adjustments and relate to information concerning facts and
circumstances that existed at the acquisition date within one
year from the acquisition date. Fair values and corresponding
value of goodwill are restated.
Goodwill
Goodwill arising on business combinations is recognised as
an\u00a0asset on the date that control is acquired (acquisition date).
Goodwill is measured as the excess of the acquisition cost over
the net fair value of identified assets, liabilities and contingent
liabilities of a subsidiary at the date of acquisition. Goodwill is
not amortised but is subject to an annual impairment test
or\u00a0more frequently if there is an indication of impairment.
Goodwill is allocated to cash-generating units (CGUs), the
lowest levels for which there are separately identifiable cash
flows. Any impairment loss recognised for goodwill cannot be
reversed in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Business combinations | IFRS 3
Acquisitions of subsidiaries and businesses are accounted
for\u00a0under IFRS 3. The consideration for each acquisition is
measured at the aggregate of the fair values at the acquisition
date of identifiable assets acquired, liabilities that arise or are
assumed and equity instruments issued by the Group. The
acquisition date is the date on which control is transferred to
the Group. The consideration for an acquisition also includes
any assets or liabilities arising from a contingent consideration
arrangement. If the consideration exceeds the net assets
acquired, that excess is recognised as goodwill. All acquisition-
related costs are recognised in the consolidated income
statement as incurred.
Deferred tax assets or liabilities and liabilities, or assets related
to employee benefit arrangements, are recognised and
measured in accordance with IAS 12 Income Taxes and IAS 19
Employee Benefits respectively.
Subsequent changes in fair values are adjusted against the cost
of the acquisition where they qualify as measurement period
adjustments and relate to information concerning facts and
circumstances that existed at the acquisition date within one
year from the acquisition date. Fair values and corresponding
value of goodwill are restated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "All acquisition-
related costs are recognised in the consolidated income
statement as incurred.
Operating expenses
The Group\u2019s business model involves sales and installations
carried out primarily by the same individuals. The costs of these
activities are recognised in gross profit. This means that \u2018cost
of\u00a0sales\u2019 includes some costs that are actually selling expenses
but cannot be allocated to a specific function.
Employee benefit expense | IAS 19
Post-employment obligations
Our employees in Norway, Denmark, Sweden, France, Belgium,
the Netherlands, the United Kingdom, Finland, Germany and
Switzerland participate in either defined contribution or
defined benefit pension plans. Defined contribution plans are
post-employment benefit schemes under which we pay fixed
contributions into a separate legal entity and have no legal or
constructive obligation to pay further contributions. Costs for
defined contribution schemes are expensed in the period
during which the employee carried out his or her work. Costs
are in line with the payments made during the period.
All pension liabilities in Sweden are classified as defined
contribution plans, except pensions for office-based staff which
are through a national multi-employer pension plan, which
is\u00a0funded in the same manner as a defined benefit plan. The
percentage of contribution depends on the level of employee
participation and salaries in each country.
Defined benefit plans are post-employment benefit schemes
other than defined contribution plans. The Group has defined
benefit plans of limited scope in France and Switzerland. For
these plans, amounts to be paid as retirement benefits are
determined by reference to an actuarial calculation, usually
based on employees\u2019 earnings and/or years of service.
Share-based payments | IFRS 2
The Group issues equity settled share-based payments to
certain employees. Equity settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of the equity settled share-based
payments is expensed on a straight line basis over the vesting
period. At each balance sheet date, the Group revises its
estimate of the number of equity instruments expected to vest.
The impact of the revision of the original estimates, if required,
is recognised in the consolidated income statement such that
the cumulative expense reflects the revised estimates with a
corresponding adjustment to the share-based compensation
equity reserve.
Property, plant and equipment | IAS 16 & IAS 36
Property, plant and equipment are recognised at cost less
accumulated depreciation and any cumulative impairment
losses.
Depreciation is calculated using the straight-line method to
allocate the cost of the assets, net of their residual values,
over\u00a0their estimated useful lives as follows:
Alarm equipment6\u201314 years
Other machinery and equipment3\u201310 years
The useful lives of Group assets are determined by
management, decided country by country as well as split by
residential and business customers, and applied at the time
of\u00a0installation and are reviewed annually. The assets\u2019 useful
lives are based primarily on historical attrition, as well as
anticipation of future events that may have an impact, such
as\u00a0technological tendencies and macroeconomic factors.
Alarm equipment is considered as devices installed in
customers\u2019 premises. Other machinery and equipment are
primarily IT-equipment and furniture.
An asset\u2019s residual value and value-in-use is annually reviewed,
and adjusted if appropriate, on the defined reporting date. If
the carrying amount is greater than the estimated recoverable
amount it is written down. Gains and losses on disposals are
recognised in the consolidated income statement as cost of
sales. Alarm equipment is retired at customer cancellation.
Leases | IFRS 16
The right-of-use asset is subsequently measured at
cost less accumulated depreciation and impairment losses.
Depreciation is charged to the consolidated income statement
from the lease commencement over the shorter of the useful
economic life of the leased asset and the lease term unless the
lease contains a bargain purchase option which is reasonably
certain to be exercised. The asset is always depreciated over
the useful economic life of the asset using a straight-line
method.
Costs in respect of lease arrangements that are short-term in
nature or relate to low-value assets are charged directly to the
consolidated income statement on a straight-line basis over
the term of the lease. Short-term leases are leases with a term
of 12\u00a0months or less and low value is normally below \u20ac10k.
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Other intangible assets
Trademarks with a finite useful life, where a predictable limit
exists on the period during which the trademark is expected
to\u00a0generate revenue, are amortised over their estimated useful
life. In determining the useful life, contractual terms and other
relevant factors are taken into consideration.
Development costs directly attributable to the design and
testing of identifiable and unique software products controlled
by the Group are recognised as intangible assets where the
capitalisation criteria are met. Directly attributable costs
capitalised as part of the software include employee costs and
an appropriate portion of relevant overheads.
Development costs related to configuration of cloud solutions
are not capitalised, but are reported as cost in the income
statement.
Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
ready\u00a0for use.
Amortisation times for intangible assets
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Internally developed intangible assets3\u201310 years
Other intangible assets 3\u201310 years
Trademarks (finite)6-10 years
For Customer Portfolio, the useful life ranges are calculated by
country, split between business and residential customers with
the weighted average useful life sitting towards the middle of
the range.
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Impairment of financial assets recognised at
amortised\u00a0cost
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Employee benefit expense | IAS 19
Post-employment obligations
Our employees in Norway, Denmark, Sweden, France, Belgium,
the Netherlands, the United Kingdom, Finland, Germany and
Switzerland participate in either defined contribution or
defined benefit pension plans. Defined contribution plans are
post-employment benefit schemes under which we pay fixed
contributions into a separate legal entity and have no legal or
constructive obligation to pay further contributions. Costs for
defined contribution schemes are expensed in the period
during which the employee carried out his or her work. Costs
are in line with the payments made during the period.
All pension liabilities in Sweden are classified as defined
contribution plans, except pensions for office-based staff which
are through a national multi-employer pension plan, which
is\u00a0funded in the same manner as a defined benefit plan. The
percentage of contribution depends on the level of employee
participation and salaries in each country.
Defined benefit plans are post-employment benefit schemes
other than defined contribution plans. The Group has defined
benefit plans of limited scope in France and Switzerland. For
these plans, amounts to be paid as retirement benefits are
determined by reference to an actuarial calculation, usually
based on employees\u2019 earnings and/or years of service.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Share-based payments | IFRS 2
The Group issues equity settled share-based payments to
certain employees. Equity settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of the equity settled share-based
payments is expensed on a straight line basis over the vesting
period. At each balance sheet date, the Group revises its
estimate of the number of equity instruments expected to vest.
The impact of the revision of the original estimates, if required,
is recognised in the consolidated income statement such that
the cumulative expense reflects the revised estimates with a
corresponding adjustment to the share-based compensation
equity reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Share-based payments | IFRS 2
The Group issues equity settled share-based payments to
certain employees. Equity settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of the equity settled share-based
payments is expensed on a straight line basis over the vesting
period. At each balance sheet date, the Group revises its
estimate of the number of equity instruments expected to vest.
The impact of the revision of the original estimates, if required,
is recognised in the consolidated income statement such that
the cumulative expense reflects the revised estimates with a
corresponding adjustment to the share-based compensation
equity reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
Taxes | IAS 12
Income taxes
Income taxes represent the sum of current and deferred tax.
These taxes have been calculated using tax rates that have
been enacted or substantively enacted at the reporting date.
Current tax
Current tax is based on taxable profit for the year or tax
assessment adjustments made to prior years. Taxable profit
differs from profit in the consolidated income statement
because it excludes items of income and expense that are
taxable or deductible in different years and it further excludes
items that are never taxable or deductible. Tax effects on
items\u00a0recognised in equity or other comprehensive income
are\u00a0recognised as such. The Group\u2019s current tax assets and
liabilities are calculated using tax rates that have been
enacted\u00a0or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised using the statement of financial
position liability method. Deferred tax is the tax expected to
be\u00a0payable or recoverable in the future arising from temporary
differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary
differences unless they arise from the initial recognition of
assets and liabilities in a transaction (other than in a business
combination) that affects neither the taxable profits nor the
accounting profit. Deferred tax liabilities are not recognised
on\u00a0differences arising from initial recognition of goodwill.
Deferred tax is calculated at tax rates that are expected to
apply in the period when the liability is settled, or the asset is
realised, based on laws and rates that have been enacted or
substantively enacted at the balance sheet date. Deferred tax
income or expense is reported in the consolidated income
statement, except when it relates to items recognised in other
comprehensive income in which case it is recognised as such.
Based on forecast data, deferred tax assets on losses carried
forward are recognised to the extent that it is probable that
future taxable profits will be available against which the
amounts can be utilised. Even if no statutory profits are
forecasted, deferred tax assets (resulting from both deductible
temporary differences, unused tax losses and unused tax
credits) are recognised up to the amount of deferred tax
liability if the reversals occur during the same period. The
carrying amount is reviewed on each balance sheet date
and\u00a0reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or
part\u00a0of\u00a0the asset to be recovered.
Current and deferred tax assets and liabilities are offset
when\u00a0they relate to income taxes levied by the same taxation
authority and the Group is able to, and intends to, settle its
current tax assets and liabilities on a net basis.
Measurement of tax provisions and deferred income tax
assets and liabilities
The Group operates in a number of countries and is liable to
pay income taxes in numerous jurisdictions. The recognition of
a tax provision involves judgment based on interpretation of
applicable tax legislation on a country by country basis and an
assessment of the likely outcome of any open tax assessments.
The final resolution of some of these items may give rise to
differences between the tax charge in the full year consolidated
income statement, recognition of deferred taxes and tax
payments.
The complexity of the Group\u2019s structure makes the degree of
estimation and judgment more challenging. The resolution of
issues is not always within the control of the Group, and it is
often dependent on the efficiency of the legal processes in the
relevant taxing jurisdictions in which we operate. For further
information regarding tax provisions, refer to note 14 Taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Deferred tax
Deferred tax is recognised using the statement of financial
position liability method. Deferred tax is the tax expected to
be\u00a0payable or recoverable in the future arising from temporary
differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable temporary
differences unless they arise from the initial recognition of
assets and liabilities in a transaction (other than in a business
combination) that affects neither the taxable profits nor the
accounting profit. Deferred tax liabilities are not recognised
on\u00a0differences arising from initial recognition of goodwill.
Deferred tax is calculated at tax rates that are expected to
apply in the period when the liability is settled, or the asset is
realised, based on laws and rates that have been enacted or
substantively enacted at the balance sheet date. Deferred tax
income or expense is reported in the consolidated income
statement, except when it relates to items recognised in other
comprehensive income in which case it is recognised as such.
Based on forecast data, deferred tax assets on losses carried
forward are recognised to the extent that it is probable that
future taxable profits will be available against which the
amounts can be utilised. Even if no statutory profits are
forecasted, deferred tax assets (resulting from both deductible
temporary differences, unused tax losses and unused tax
credits) are recognised up to the amount of deferred tax
liability if the reversals occur during the same period. The
carrying amount is reviewed on each balance sheet date
and\u00a0reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or
part\u00a0of\u00a0the asset to be recovered.
Current and deferred tax assets and liabilities are offset
when\u00a0they relate to income taxes levied by the same taxation
authority and the Group is able to, and intends to, settle its
current tax assets and liabilities on a net basis.
Measurement of tax provisions and deferred income tax
assets and liabilities
The Group operates in a number of countries and is liable to
pay income taxes in numerous jurisdictions. The recognition of
a tax provision involves judgment based on interpretation of
applicable tax legislation on a country by country basis and an
assessment of the likely outcome of any open tax assessments.
The final resolution of some of these items may give rise to
differences between the tax charge in the full year consolidated
income statement, recognition of deferred taxes and tax
payments.
The complexity of the Group\u2019s structure makes the degree of
estimation and judgment more challenging. The resolution of
issues is not always within the control of the Group, and it is
often dependent on the efficiency of the legal processes in the
relevant taxing jurisdictions in which we operate. For further
information regarding tax provisions, refer to note 14 Taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Property, plant and equipment | IAS 16 & IAS 36
Property, plant and equipment are recognised at cost less
accumulated depreciation and any cumulative impairment
losses.
Depreciation is calculated using the straight-line method to
allocate the cost of the assets, net of their residual values,
over\u00a0their estimated useful lives as follows:
Alarm equipment6\u201314 years
Other machinery and equipment3\u201310 years
The useful lives of Group assets are determined by
management, decided country by country as well as split by
residential and business customers, and applied at the time
of\u00a0installation and are reviewed annually. The assets\u2019 useful
lives are based primarily on historical attrition, as well as
anticipation of future events that may have an impact, such
as\u00a0technological tendencies and macroeconomic factors.
Alarm equipment is considered as devices installed in
customers\u2019 premises. Other machinery and equipment are
primarily IT-equipment and furniture.
An asset\u2019s residual value and value-in-use is annually reviewed,
and adjusted if appropriate, on the defined reporting date. If
the carrying amount is greater than the estimated recoverable
amount it is written down. Gains and losses on disposals are
recognised in the consolidated income statement as cost of
sales. Alarm equipment is retired at customer cancellation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Property, plant and equipment | IAS 16 & IAS 36
Property, plant and equipment are recognised at cost less
accumulated depreciation and any cumulative impairment
losses.
Depreciation is calculated using the straight-line method to
allocate the cost of the assets, net of their residual values,
over\u00a0their estimated useful lives as follows:
Alarm equipment6\u201314 years
Other machinery and equipment3\u201310 years
The useful lives of Group assets are determined by
management, decided country by country as well as split by
residential and business customers, and applied at the time
of\u00a0installation and are reviewed annually. The assets\u2019 useful
lives are based primarily on historical attrition, as well as
anticipation of future events that may have an impact, such
as\u00a0technological tendencies and macroeconomic factors.
The Group recognises a right-of-use asset and a lease liability
on the commencement date of the lease. The right-of-use
asset\u00a0is initially measured by cost, which comprises the
initial\u00a0amount of the lease liability adjusted with any direct
cost\u00a0incurred, lease payments made at or before the
commencement date and estimation of dismantling, removal
and restoration costs required by the terms and conditions of
the lease. The right-of-use asset is subsequently measured at
cost less accumulated depreciation and impairment losses.
Depreciation is charged to the consolidated income statement
from the lease commencement over the shorter of the useful
economic life of the leased asset and the lease term unless the
lease contains a bargain purchase option which is reasonably
certain to be exercised. The asset is always depreciated over
the useful economic life of the asset using a straight-line
method.
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Other intangible assets
Trademarks with a finite useful life, where a predictable limit
exists on the period during which the trademark is expected
to\u00a0generate revenue, are amortised over their estimated useful
life. In determining the useful life, contractual terms and other
relevant factors are taken into consideration.
Development costs directly attributable to the design and
testing of identifiable and unique software products controlled
by the Group are recognised as intangible assets where the
capitalisation criteria are met. Directly attributable costs
capitalised as part of the software include employee costs and
an appropriate portion of relevant overheads.
Development costs related to configuration of cloud solutions
are not capitalised, but are reported as cost in the income
statement.
Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
ready\u00a0for use.
Amortisation times for intangible assets
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Internally developed intangible assets3\u201310 years
Other intangible assets 3\u201310 years
Trademarks (finite)6-10 years
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Leases | IFRS 16
The Group recognises a right-of-use asset and a lease liability
on the commencement date of the lease. The right-of-use
asset\u00a0is initially measured by cost, which comprises the
initial\u00a0amount of the lease liability adjusted with any direct
cost\u00a0incurred, lease payments made at or before the
commencement date and estimation of dismantling, removal
and restoration costs required by the terms and conditions of
the lease. The right-of-use asset is subsequently measured at
cost less accumulated depreciation and impairment losses.
Depreciation is charged to the consolidated income statement
from the lease commencement over the shorter of the useful
economic life of the leased asset and the lease term unless the
lease contains a bargain purchase option which is reasonably
certain to be exercised. The asset is always depreciated over
the useful economic life of the asset using a straight-line
method.
The lease liability is initially measured at the present value of
the lease payments not paid at the commencement date. This
includes fixed payments, variable lease payments that depend
on an index or rate, and the amounts expected to be payable
under a residual value guarantee.
The liability is measured at an amortised cost using the
effective interest method. The liability is generally discounted
using the lessees incremental borrowing rate except in rare
circumstances in which the rate implicit in the lease is easily
determinable. The incremental borrowing is determined for
each contract, with separate calculations per country, per
contract length as well as asset type, taking into account
securities for some types of assets. The incremental borrowing
rate is based on the calculation of the cost of debt in the
Group\u2019s overall weighted average cost of capital (WACC)
calculation.
The liability is remeasured when there is a change in future
lease payments arising from a change in an index or rate or if
the Group changes its assessment of whether it will exercise
an\u00a0extension or termination option. When the lease liability
is\u00a0remeasured, a corresponding adjustment is made to the
carrying amount of the right-of-use asset.
Costs in respect of lease arrangements that are short-term in
nature or relate to low-value assets are charged directly to the
consolidated income statement on a straight-line basis over
the term of the lease. Short-term leases are leases with a term
of 12\u00a0months or less and low value is normally below \u20ac10k.
For non-lease components are included in vehicle leases,
but\u00a0not in leases of buildings.
Impairment of non-financial assets | IAS 36
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
Impairment of goodwill and other non-financial assets
Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
The liability is measured at an amortised cost using the
effective interest method.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage
of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Intangible assets | IAS 36 & IAS 38
Goodwill
Goodwill arising on business combinations is recognised as
an\u00a0asset on the date that control is acquired (acquisition date).
Goodwill is measured as the excess of the acquisition cost over
the net fair value of identified assets, liabilities and contingent
liabilities of a subsidiary at the date of acquisition. Goodwill is
not amortised but is subject to an annual impairment test
or\u00a0more frequently if there is an indication of impairment.
Goodwill is allocated to cash-generating units (CGUs), the
lowest levels for which there are separately identifiable cash
flows. Any impairment loss recognised for goodwill cannot be
reversed in a subsequent period.
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Other intangible assets
Other intangible assets are primarily computer software,
development costs and trademarks. Trademarks are only
capitalised if acquired in a business combination.
Trademarks with an indefinite useful life, where no predictable
limit exists on the period during which the trademark is
expected to generate revenue, are carried at cost less any
accumulated impairment losses. These assets are not
amortised but are tested for impairment annually, or more
frequently if events or changes in circumstances indicate
that\u00a0their carrying amount may be impaired.
Trademarks with a finite useful life, where a predictable limit
exists on the period during which the trademark is expected
to\u00a0generate revenue, are amortised over their estimated useful
life. In determining the useful life, contractual terms and other
relevant factors are taken into consideration.
Development costs directly attributable to the design and
testing of identifiable and unique software products controlled
by the Group are recognised as intangible assets where the
capitalisation criteria are met. Directly attributable costs
capitalised as part of the software include employee costs and
an appropriate portion of relevant overheads.
Development costs related to configuration of cloud solutions
are not capitalised, but are reported as cost in the income
statement.
Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
ready\u00a0for use.
Amortisation times for intangible assets
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Internally developed intangible assets3\u201310 years
Other intangible assets 3\u201310 years
Trademarks (finite)6-10 years
For Customer Portfolio, the useful life ranges are calculated by
country, split between business and residential customers with
the weighted average useful life sitting towards the middle of
the range.
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
mpairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Intangible assets | IAS 36 & IAS 38
Goodwill
Goodwill arising on business combinations is recognised as
an\u00a0asset on the date that control is acquired (acquisition date).
Goodwill is measured as the excess of the acquisition cost over
the net fair value of identified assets, liabilities and contingent
liabilities of a subsidiary at the date of acquisition. Goodwill is
not amortised but is subject to an annual impairment test
or\u00a0more frequently if there is an indication of impairment.
Goodwill is allocated to cash-generating units (CGUs), the
lowest levels for which there are separately identifiable cash
flows. Any impairment loss recognised for goodwill cannot be
reversed in a subsequent period.
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Intangible assets | IAS 36 & IAS 38
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Other intangible assets
Other intangible assets are primarily computer software,
development costs and trademarks. Trademarks are only
capitalised if acquired in a business combination.
Trademarks with an indefinite useful life, where no predictable
limit exists on the period during which the trademark is
expected to generate revenue, are carried at cost less any
accumulated impairment losses. These assets are not
amortised but are tested for impairment annually, or more
frequently if events or changes in circumstances indicate
that\u00a0their carrying amount may be impaired.
Trademarks with a finite useful life, where a predictable limit
exists on the period during which the trademark is expected
to\u00a0generate revenue, are amortised over their estimated useful
life. In determining the useful life, contractual terms and other
relevant factors are taken into consideration.
Development costs directly attributable to the design and
testing of identifiable and unique software products controlled
by the Group are recognised as intangible assets where the
capitalisation criteria are met. Directly attributable costs
capitalised as part of the software include employee costs and
an appropriate portion of relevant overheads.
Development costs related to configuration of cloud solutions
are not capitalised, but are reported as cost in the income
statement.
Capitalised development costs are recorded as intangible
assets and amortised from the point at which the asset is
ready\u00a0for use.
Amortisation times for intangible assets
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Internally developed intangible assets3\u201310 years
Other intangible assets 3\u201310 years
Trademarks (finite)6-10 years
For Customer Portfolio, the useful life ranges are calculated by
country, split between business and residential customers with
the weighted average useful life sitting towards the middle of
the range.
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Valuation of intangible assets arising from acquisition
The valuation of intangible assets arising on the acquisition of
ADT Mexico requires an assessment of the fair value of those
assets. Refer to note 5 Business combinations for further
information. That assessment requires the business to
determine the future benefits that a market participant would
expect to obtain from those assets as well as a discount rate
and so is subject to significant estimation. If different estimates
were used, the valuation of goodwill and intangible assets
arising on the acquisition would change. The profit would be
impacted due to changes in intangible assets which would
impact the amortisation going forward.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Customer portfolio
The customer portfolio includes contract portfolios from
business combinations and customer acquisition costs.
Customer portfolios from business combinations are principally
represented by acquired customer portfolios and have finite
useful lives. These assets are recognised at fair value at the
acquisition date and amortised over their estimated useful
lives\u00a0on a straight-line basis.
Customer acquisition costs are the incremental costs the Group
incurred to obtain a contract with a customer, that it would not
have incurred if the contract had not been obtained. This is
mainly related to sales force commissions, paid when a new
contract is signed. Customer acquisition costs are recognised
at\u00a0cost less accumulated amortisation.
Amortisation is based on the asset\u2019s cost and allocated on a
straight-line basis over the estimated useful life. The estimation
of useful life is based on historical and statistical data which
includes attrition, showing how long until the customer cancels
the contract with the Group and is reviewed and updated where
required on an annual basis.
Amortisation of intangible assets is recognised to the
consolidated income statement, either as Cost of sales or as
Administrative expense, on a straight-line basis, as follows:
Customer portfolio4-16 years
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Impairment of non-financial assets | IAS 36
Assets with an indefinite useful life are not subject to
amortisation and are tested for impairment annually or as soon
as an indication emerges that they have decreased in value.
Assets subject to amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the
recoverable amount may fall short of the carrying amount. The
amount in excess of the recoverable amount is recognised in
the consolidated income statement as an impairment loss.
For the purposes of assessing impairment, assets are grouped
at the lowest levels for which there are separately identifiable
cash flows (CGUs).
Impairment of financial assets recognised at
amortised\u00a0cost
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Financial instruments | IFRS 9
Financial assets \u2013 classification and measurement
The Group classifies and measures its financial assets in the
categories at amortised cost and at fair value through profit or
loss. The classification depends on the Group\u2019s business model
for managing the financial assets and the contractual terms of
the cash flows.
Debt instruments
Financial assets measured at fair value through profit or loss
Assets that do not fulfil the conditions for measurement
at\u00a0amortised cost are initially measured at fair value and
subsequently remeasured at each reporting date. Changes
in\u00a0carrying value of derivatives not included in a hedging
relationship are recognised as net in the Consolidated income
statement. Accounting principles for derivatives for hedge
accounting are described under the section \u2018Derivatives and
hedge accounting\u2019 below.
Equity instruments
Equity instruments measured at fair value through profit or loss
The Group subsequently measures all equity investments at fair
value. Changes in the fair value of financial assets at FVPL are
recognised in the statement of profit or loss as applicable.
Financial liabilities \u2013 classification and measurement
Financial liabilities measured at amortised cost
The Group\u2019s financial liabilities consist of long-term borrowings,
other non-current liabilities, trade payables, short-term
borrowings and other current liabilities.
Impairment of financial assets recognised at
amortised\u00a0cost
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Trade receivables
Trade receivables represent amounts owed by customers where
the right to receive payment is conditional only by the passage
of time. These are recorded at amortised cost reduced by
allowance for estimated credit losses, unless they contain
significant financing components when they are recognised
at\u00a0fair value.
Cash and cash equivalents
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.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
Borrowing is classified under current liabilities unless the
Group has an unconditional right to defer payment of the
debt\u00a0for at least 12 months after the closing date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
Financial instruments | IFRS 9
Financial assets \u2013 classification and measurement
The Group classifies and measures its financial assets in the
categories at amortised cost and at fair value through profit or
loss. The classification depends on the Group\u2019s business model
for managing the financial assets and the contractual terms of
the cash flows.
Debt instruments
Financial assets measured at fair value through profit or loss
Assets that do not fulfil the conditions for measurement
at\u00a0amortised cost are initially measured at fair value and
subsequently remeasured at each reporting date. Changes
in\u00a0carrying value of derivatives not included in a hedging
relationship are recognised as net in the Consolidated income
statement. Accounting principles for derivatives for hedge
accounting are described under the section \u2018Derivatives and
hedge accounting\u2019 below.
Equity instruments
Equity instruments measured at fair value through profit or loss
The Group subsequently measures all equity investments at fair
value. Changes in the fair value of financial assets at FVPL are
recognised in the statement of profit or loss as applicable.
Impairment of financial assets recognised at
amortised\u00a0cost
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Trade receivables
Trade receivables represent amounts owed by customers where
the right to receive payment is conditional only by the passage
of time. These are recorded at amortised cost reduced by
allowance for estimated credit losses, unless they contain
significant financing components when they are recognised
at\u00a0fair value.
Cash and cash equivalents
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Financial instruments | IFRS 9
Financial assets measured at fair value through profit or loss
Assets that do not fulfil the conditions for measurement
at\u00a0amortised cost are initially measured at fair value and
subsequently remeasured at each reporting date. Changes
in\u00a0carrying value of derivatives not included in a hedging
relationship are recognised as net in the Consolidated income
statement. Accounting principles for derivatives for hedge
accounting are described under the section \u2018Derivatives and
hedge accounting\u2019 below.
Equity instruments
Equity instruments measured at fair value through profit or loss
The Group subsequently measures all equity investments at fair
value. Changes in the fair value of financial assets at FVPL are
recognised in the statement of profit or loss as applicable.
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Equity instruments
Equity instruments measured at fair value through profit or loss
The Group subsequently measures all equity investments at fair
value. Changes in the fair value of financial assets at FVPL are
recognised in the statement of profit or loss as applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Financial liabilities \u2013 classification and measurement
Financial liabilities measured at amortised cost
The Group\u2019s financial liabilities consist of long-term borrowings,
other non-current liabilities, trade payables, short-term
borrowings and other current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
Financial liabilities \u2013 classification and measurement
Financial liabilities measured at amortised cost
The Group\u2019s financial liabilities consist of long-term borrowings,
other non-current liabilities, trade payables, short-term
borrowings and other current liabilities.
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
Borrowing is classified under current liabilities unless the
Group has an unconditional right to defer payment of the
debt\u00a0for at least 12 months after the closing date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Impairment of financial assets recognised at
amortised\u00a0cost
The Group assesses, on a forward-looking basis, the expected
credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified
approach, i.e. the reserve will correspond to the expected loss
over the lifetime of the trade receivables. To measure the
expected credit losses, trade receivables are grouped based on
days past due. Expected credit losses are based on historical
loss rates adjusted to reflect current and forward-looking
information on macroeconomic factors affecting the ability of
the customers to settle the receivables. When the Group has
more customer information than reflected in the statistical
model, a management overlay is made for those specific
customers. Expected credit losses are recognised under
\u2018cost\u00a0of\u00a0sales\u2019 in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
Derivatives that are not designated as hedging
instruments
Changes in the fair value of any derivative instrument that have
not been designated as hedging instruments are recognised
immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Derivatives and hedge accounting
Derivatives are reported at fair value in the Statement of
financial position on the date of contract, both initially and at
subsequent remeasurement. The method used to report the
gain or loss arising on remeasurement depends on whether the
derivative was designated as a hedging instrument, and if so,
the nature of the item hedged. The Group designates certain
derivatives as hedging of a particular risk attributable to a
highly probable forecast cash flow transaction (cash flow
hedging). The Group does not use derivative financial
instruments for speculative purposes.
When the Group enters into a transaction, the relationship
between the hedging instrument and the hedged item, as well
as the Group\u2019s objective for the risk management and the risk
management strategy relating to the hedge, is documented.
The\u00a0Group also documents its assessment, both initially and
subsequently, of whether the derivatives used in hedging
transactions have been and will continue to be effective as
regards countering changes in the cash flows attributable to
the hedged items.
Information regarding fair values of various derivatives used
for\u00a0hedging purposes is found in note 22 Financial risk
management. Fair values of derivatives not considered hedging
instruments are classified as non-current assets or liabilities
if\u00a0the remaining term of the hedged item is longer than 12
months, and as current assets or liabilities if shorter. Trading
derivatives are classified as current assets or liabilities.
Transaction exposure \u2013 cash flow hedging
Currency exposure relating to future contracted and forecast
cash flows is hedged through forward currency contracts. These
contracts are recognised in the Consolidated statement of
financial position at fair value. The effective portion of changes
in fair value is deferred to other comprehensive income. Hedge
effectiveness is determined at the inception of the hedge
relationship and through prospective assessments. When the
hedged item is ultimately recognised in the Consolidated
income statement the amounts previously recognised in
other\u00a0comprehensive income are reclassified to profit or loss.
The\u00a0ineffective portion of the change in value is recognised
immediately in the Consolidated income statement. If the
hedged forecast transaction is no longer expected to occur,
accumulated gains or losses are recognised in income. If the
Group fails to designate the hedging relationship before the
hedged transaction has occurred and the forecast transaction
is still expected to occur, the reported accumulated gain or loss
remains in the hedging reserve in equity and is recognised in
the same way as above when the transaction occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
Trade receivables
Trade receivables represent amounts owed by customers where
the right to receive payment is conditional only by the passage
of time. These are recorded at amortised cost reduced by
allowance for estimated credit losses, unless they contain
significant financing components when they are recognised
at\u00a0fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
Cash and cash equivalents
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Borrowing
Borrowings are recognised at amortised cost net of transaction
costs, applying the effective interest method. Transaction costs
that are directly attributable to the establishment of credit
facilities are deducted from the carrying amount of the related
borrowings and amortised over the expected term of the loan
using the effective interest rate when it is decided that the
facility is planned to be utilised.
Borrowing is classified under current liabilities unless the
Group has an unconditional right to defer payment of the
debt\u00a0for at least 12 months after the closing date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Inventories | IAS 2
Inventories, consumables and supplies, are stated at the
lower\u00a0of cost and net realisable value. The cost includes the
reclassification from equity of any gains or losses on qualifying
cash flow hedges relating to purchases of inventories. Net
realisable value is the estimated selling price less all costs of
completion and costs to be incurred in selling and distribution.
The cost of inventories is determined by using the first-in first-
out method. Provisions for obsolescence are included in the
value for inventory.
Alarm equipment classified as inventory
Inventory mainly consists of alarm equipment, most of which
is\u00a0held in our global logistic centres, and is subsequently
either\u00a0installed at a customer\u2019s premises, used for repairs
and\u00a0maintenance or sold via retail channels. Although a large
portion of the inventory will eventually be recognised as
an\u00a0item of Property, plant and equipment, the Group has
concluded that this alarm equipment is best represented as
inventory given the complexity and significant estimation
uncertainty in presenting a divided value of our inventory
pool\u00a0on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Provisions | IAS 37
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event,
it\u00a0is\u00a0probable that an outflow of economic resources will be
required to settle that obligation and a reliable estimate of the
amount can be made. Obligations expected to be settled within
12 months of the reporting date are included within current
liabilities.
Provisions are measured at the present value of management\u2019s
best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. Where a provision
is measured using the cash flows estimated to settle the
present obligation and the difference between the carrying
amount and the present value of those cash flows is material
to\u00a0the financial statements, the carrying amount is the present
value of those cash flows. The discount rate used to determine
the present value is a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific
to the liability. The increase in the provision due to the passage
of time is recognised as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Note 3 Critical accounting estimates
and significant judgments
In preparing the consolidated financial statements and
applying the Group\u2019s accounting policies, management must
make estimates and judgments that affect the amounts
recognised in the financial statements. Such estimates and
judgments are based on factors such as historical experience,
the observance of trends in the industries in which the Group
operates and information available from the Group\u2019s customers
and other outside sources. Although these estimates and
judgments are based on management\u2019s best information about
current circumstances and future events and actions, actual
results may differ and result in material variances.
The critical accounting estimates and judgments made in
applying the Group\u2019s accounting policies are set out below.
Critical accounting estimates
Revenue recognition
Revenue recognition requires management to make estimates,
mainly to determine stand alone selling prices. The stand alone
selling price determines how much of the revenue should be
recognised immediately and how much should be deferred. The
stand alone selling price used to determine security audit and
installation revenue is calculated using a cost plus method. It
relies on the estimated cost for installation and security audit
and a margin based on an external benchmark. If the stand
alone selling price would change +/- 5% compared to the
applied selling price, this would give an impact on the revenue
and operating profit for the year of +/- \u20ac13.5m.
Valuation of intangible assets arising from acquisition
The valuation of intangible assets arising on the acquisition of
ADT Mexico requires an assessment of the fair value of those
assets. Refer to note 5 Business combinations for further
information. That assessment requires the business to
determine the future benefits that a market participant would
expect to obtain from those assets as well as a discount rate
and so is subject to significant estimation. If different estimates
were used, the valuation of goodwill and intangible assets
arising on the acquisition would change. The profit would be
impacted due to changes in intangible assets which would
impact the amortisation going forward.
Impairment of goodwill and other non-financial assets
Goodwill and other intangible assets that have an indefinite
useful life and are not subject to amortisation. Instead, assets
with an indefinite useful life are tested annually for
impairment, or more frequently if events or changes in
circumstances indicate that their carrying values may be
impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
The recoverable amounts of cash-generating units (CGUs)
have\u00a0been determined based on value-in-use calculations.
The\u00a0value-in-use calculations are based on estimated future
cash flows. In calculating the net present value of the future
cash flow, certain assumptions are required to be made in
respect of\u00a0uncertain matters, mainly including management\u2019s
expectations of long-term sales growth rates, growth in
Portfolio Services Adjusted EBITDA and applied discount rates.
Changing the assumptions selected by management, especially
the assumptions regarding discount rate and long-term sales
growth rates, could significantly affect impairment evaluation
and hence the result. For further details refer to note 18.
Other accounting estimates
Other estimates consists of estimates which are not the most
significant estimates for the Group, but which still hold enough
importance to inform specifically on these estimates.
Useful lives for alarm equipment and customer portfolio
The useful lives of Group assets are determined by
management, decided country by country, split by residential
and business customers, applied at the time of installation
and\u00a0are reviewed and adjusted annually if necessary. The
calculations of useful lives for alarm equipment and customer
portfolio assets are two separate, but similar calculations. Both
calculations are based on the three-year average of customer
attrition and, when necessary, are adjusted to take into account
anticipation of future events that may impact the useful life
separately for each asset type. For alarm equipment this mainly
consists of technological evolution e.g. 2G/3G network
shutdown and macroeconomic factors, and for customer
portfolio it mainly consists of macroeconomic factors.
Measurement of tax provisions and deferred income tax
assets and liabilities
The Group operates in a number of countries and is liable to
pay income taxes in numerous jurisdictions. The recognition of
a tax provision involves judgment based on interpretation of
applicable tax legislation on a country by country basis and an
assessment of the likely outcome of any open tax assessments.
The final resolution of some of these items may give rise to
differences between the tax charge in the full year consolidated
income statement, recognition of deferred taxes and tax
payments.
The complexity of the Group\u2019s structure makes the degree of
estimation and judgment more challenging. The resolution of
issues is not always within the control of the Group, and it is
often dependent on the efficiency of the legal processes in the
relevant taxing jurisdictions in which we operate. For further
information regarding tax provisions, refer to note 14 Taxes.
Significant accounting judgments
Alarm equipment classified as inventory
Inventory mainly consists of alarm equipment, most of which
is\u00a0held in our global logistic centres, and is subsequently
either\u00a0installed at a customer\u2019s premises, used for repairs
and\u00a0maintenance or sold via retail channels. Although a large
portion of the inventory will eventually be recognised as
an\u00a0item of Property, plant and equipment, the Group has
concluded that this alarm equipment is best represented as
inventory given the complexity and significant estimation
uncertainty in presenting a divided value of our inventory
pool\u00a0on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "Note 3 Critical accounting estimates and significant judgments In preparing the consolidated financial statements and applying the Group\u2019s accounting policies, management must make estimates and judgments that affect the amounts recognised in the financial statements. Such estimates and judgments are based on factors such as historical experience, the observance of trends in the industries in which the Group operates and information available from the Group\u2019s customers and other outside sources. Although these estimates and judgments are based on management\u2019s best information about current circumstances and future events and actions, actual results may differ and result in material variances. The critical accounting estimates and judgments made in applying the Group\u2019s accounting policies are set out below. Critical accounting estimatesRevenue recognitionRevenue recognition requires management to make estimates, mainly to determine stand alone selling prices. The stand alone selling price determines how much of the revenue should be recognised immediately and how much should be deferred. The stand alone selling price used to determine security audit and installation revenue is calculated using a cost plus method. It relies on the estimated cost for installation and security audit and a margin based on an external benchmark. If the stand alone selling price would change +/- 5% compared to the applied selling price, this would give an impact on the revenue and operating profit for the year of +/- \u20ac13.5m.Valuation of intangible assets arising from acquisitionThe valuation of intangible assets arising on the acquisition of ADT Mexico requires an assessment of the fair value of those assets. Refer to note 5 Business combinations for further information. That assessment requires the business to determine the future benefits that a market participant would expect to obtain from those assets as well as a discount rate and so is subject to significant estimation. If different estimates were used, the valuation of goodwill and intangible assets arising on the acquisition would change. The profit would be impacted due to changes in intangible assets which would impact the amortisation going forward. Impairment of goodwill and other non-financial assetsGoodwill and other intangible assets that have an indefinite useful life and are not subject to amortisation. Instead, assets with an indefinite useful life are tested annually for impairment, or more frequently if events or changes in circumstances indicate that their carrying values may be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts of cash-generating units (CGUs) have\u00a0been determined based on value-in-use calculations. The\u00a0value-in-use calculations are based on estimated future cash flows. In calculating the net present value of the future cash flow, certain assumptions are required to be made in respect of\u00a0uncertain matters, mainly including management\u2019s expectations of long-term sales growth rates, growth in Portfolio Services Adjusted EBITDA and applied discount rates. Changing the assumptions selected by management, especially the assumptions regarding discount rate and long-term sales growth rates, could significantly affect impairment evaluation and hence the result. For further details refer to note 18. Impairment tests Based on the current available information used for the Group\u2019s annual impairment test, the Group does not consider that there are any reasonably possible scenarios that could arise that would result in an impairment charge being recognised. The recoverable amount for each CGU has been determined based on value-in-use calculations. The value-in-use calculations are based on cash flow forecasts derived from the most recent long-term financial plans presented to the Board of Directors. The forecast period used in the model is five years for mature markets and ten years for our fast scaling entities and new markets. The\u00a0reason to use ten years on fast scaling entities and new markets is the long-term business model, where our experience proves that the investments in portfolio growth in these markets require a longer period to catch the expected future profitability. The principal assumptions in the value-in-use calculations are long-term sales growth rates, growth in Portfolio Services Adjusted EBITDA and applied discount rates. For the period, subsequent to the long-term plan, cash flows generated by the CGUs have been\u00a0extrapolated on the basis of a projected annual growth rate of 2% (2% in 2024). The annual growth rate is based on historical experience as well as long-term inflation expectations. The discount rate applied in the impairment testing is the pre-tax weighted average cost of capital (WACC) for each CGU. Assumptions relating to the WACC have been calculated individually for each country and weighted for each CGU based on the countries\u2019 share of revenue in the CGU. These assumptions have been determined based on both internal judgment and external benchmarking. The pre-tax WACC rates applied for each CGU was 10.3% in Iberia and Nordics, 9.5% in Other Europe, 14.6% in Latin America, and 12.8% in Central and Other, while the post-tax WACC for each CGU was 7.8% in Iberia and Nordics and Other Europe as\u00a0well as 11.5% in Latin America, and 11.7% in Central and Other. In 2024 the pre-tax WACC rates applied were 11.5% for Northern Europe and 13.6% for Southern Europe and Latin America, while the post-tax WACC for each CGU were 9.4% for Northern Europe and 10.9% for Southern Europe and Latin America. The same WACC and projected annual growth rate has been applied for impairment testing on both goodwill and trademark. The Group has conducted sensitivity analyses for each of the key assumptions used in the impairment tests. The sensitivity analyses considered a 1 percentage point (ppt) isolated reduction to Portfolio Services Adjusted EBITDA and long-term growth respectively, or a 1 ppt increase in discount rates. A deterioration of each of the main assumptions included in the calculation of\u00a0value-in-use would, in isolation, disclose that the recoverable amount exceeds the carrying amount in all sensitivity testing conducted for the CGUs. Based on the this, the Directors have concluded that no impairment charge is required as of 31\u00a0December\u00a02025.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
Note 4 Segment reporting
The Group\u2019s operating segments are identified by grouping together the business by revenue stream, as this is the basis on which
information is provided to the Chief Operating Decision Maker (CODM) for the purposes of allocating resources within the Group
and assessing the performance of the Group\u2019s businesses. The Group has identified the Group Management Team as its CODM.
The\u00a0segments identified based on the Group\u2019s operating activities are Customer acquisition, Portfolio services and Adjacencies.
Separately disclosed items (SDIs) are not measured per segment.
Portfolio services
The Portfolio services segment provides a full security service to our customers for a monthly subscription fee. We typically enter
into self-renewing monitoring agreements with customers at the time of installation and the majority of customers pay via direct
debit. Our service includes 24/7 monitoring, expert verification and response, customer care, maintenance, and professional
technical support to existing customers.
Customer acquisition
This segment develops, sources, purchases, provides and installs alarm systems for new customers in return for an upfront
sales\u00a0or installation fee. Sales and installations can be performed both by our own employees and by external partners. Each new
customer generates installation income that is recognised once the installation of the alarm equipment has been completed.
The\u00a0Group\u2019s costs for materials, installation, administration and marketing generally exceed the non-recurring income, resulting
in\u00a0negative cash flow for the segment.
Adjacencies
The Adjacencies segment contains remote monitoring and assistance, services for senior protection as well as the sale of Arlo
cameras, video surveillance services in retail and online channels across Europe. These sales are not considered as part of our
core alarm business, and the revenue is therefore categorised as adjacencies.
\u20acm
2025
2024
Portfolio services
3,267.8
2,947.8
Customer acquisition
362.2
367.4
Adjacencies
115.4
92.8
Total revenue
3,745.4
3,408.0
There is no internal revenue between segments, therefore all the revenue in the table above is external revenue.
\u20acm
2025
2024
Portfolio services
2,409.1
2,141.9
Customer acquisition
(723.0)
(627.4)
Adjacencies
21.9
19.5
Adjusted EBITDA\u00b9
1,708.0
1,534.0
Separately disclosed items affecting EBITDA\u00b2
(170.6)
(32.1)
Share-based compensation
(21.2)
-
Depreciation and amortisation
(1,078.1)
(1,068.7)
Retirement of assets
(139.4)
(125.8)
Operating profit
298.7
307.4
Financial items
(494.9)
(495.5)
Profit or (loss) before tax
(196.2)
(188.1)
1) The Group does not analyse segment data below Adjusted EBITDA.
2) A more detailed explanation of the Separately disclosed items affecting EBITDA is provided in the sections 'Alternative performance measures and other performance
metrics' and 'Alternative performance measures reconciliation'.
Geographical distribution of revenue
Our operating segments Customer acquisition and Portfolio services are represented in all of the geographical regions presented.
The operating segment Adjacencies is only represented in the Iberia and Nordics and Central and other geographical regions.
\u20acm
2025
2024
Iberia and Nordics1
1,998.9
1,852.6
Other Europe2
1,340.4
1,200.5
Latin America
344.9
303.1
Central and other
61.2
51.8
Total
3,745.4
3,408.0
1) Of this, \u20ac1,302.7m (\u20ac1,186.5m in 2024) relates to revenue in Spain.
2) Of this, \u20ac649.9m (\u20ac593.6m in 2024) relates to revenue in France, and \u20ac109.1m (\u20ac102.6m in 2024) relates to the UK.
Geographical distribution of non-current assets
\u20acm
2025
2024
Spain
4,806.3
4,703.1
Sweden
2,363.9
3,206.6
France
2,241.9
1,903.0
UK
226.4
212.8
Remaining countries
5,447.7
4,874.6
Total
15,086.2
14,900.1
The above table comprises of the following balances presented in the consolidated statement of financial position: intangible assets, property, plant and equipment, right-of-
use assets, and other non-current receivables that are not financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
\u20acm
2025
2024
Portfolio services
3,267.8
2,947.8
Customer acquisition
362.2
367.4
Adjacencies
115.4
92.8
Total revenue
3,745.4
3,408.0
There is no internal revenue between segments, therefore all the revenue in the table above is external revenue.
Geographical distribution of revenue
Our operating segments Customer acquisition and Portfolio services are represented in all of the geographical regions presented.
The operating segment Adjacencies is only represented in the Iberia and Nordics and Central and other geographical regions.
\u20acm
2025
2024
Iberia and Nordics1
1,998.9
1,852.6
Other Europe2
1,340.4
1,200.5
Latin America
344.9
303.1
Central and other
61.2
51.8
Total
3,745.4
3,408.0
1) Of this, \u20ac1,302.7m (\u20ac1,186.5m in 2024) relates to revenue in Spain.
2) Of this, \u20ac649.9m (\u20ac593.6m in 2024) relates to revenue in France, and \u20ac109.1m (\u20ac102.6m in 2024) relates to the UK.
Note 27 Accrued expenses and deferred income
\u20acm
2025
2024
Deferred income
211.2
208.6
Employee related costs
226.3
184.4
Marketing-related and other external services
58.2
63.3
Goods received
13.9
13.5
Legal claims
17.1
15.4
Other items
122.8
91.6
Total
649.5
576.8
Unsatisfied long-term customer contracts
When the Group receives a payment but has not yet delivered the promised service, a contract liability arises which consists of
deferred income for prepaid installation and services. A contract liability is accounted for until the performance obligation is
performed or falls due for the customer to use and is then reported as revenue.
Aggregate amount of the customer contracts revenue allocated to long-term customer contracts that are partially or fully
unsatisfied as of 31 December 2025 amounts to \u20ac824.7 m (\u20ac823.7m in 2024). Management expects that 66.9% of the transaction price
allocated to the partly unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the year 2026, 28.0% is
expected to be recognised during 2027 and 5.1% during 2028 or later. The Group does not include committed revenue with\u00a0an
outstanding contract period of 12 months or less. Since the Group does not include all contracts and has cancellable subscriptions,
the amount of the outstanding unsatisfied performance obligations does not amount to expected revenue for future\u00a0periods.
Liabilities related to contracts with customers
Customer contract liabilities comprise the Group\u2019s obligation to fulfil performance obligations to its customers for which it has
received consideration in advance. This includes unearned revenue relating to prepaid services, installation revenue not
considered to be a separate performance obligation and other contract liabilities.
When a customer pays consideration in advance, before the transfer of services, the amount received is recognised under
prepayments in contract liabilities. The prepayments mainly include accrued subscriptions and prepayments according to
contracts. The Group has recognised the following liabilities related to contracts with customers.
2025
2024
\u20acm
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Balance at beginning of year
8.5
339.6
6.5
321.6
Prepayments taken as revenue
(24.1)
(282.1)
(24.9)
(300.2)
New prepayments
42.1
255.3
26.7
320.8
Translation differences
(0.2)
(0.7)
0.2
(2.6)
Balance at end of year
26.3
312.1
8.5
339.6
Balance as of 31 December consists of (and where this is reported in the Consolidated Statement of Financial Position):
\u20acm
2025
2024
Non-current assets, included in Trade and other receivables
6.5
0.4
Current assets, included in Prepayments and accrued income
19.8
8.1
Total assets related to contracts with customers
26.3
8.5
Non-current liabilities, included in Other non-current liabilities
100.9
131.0
Current liabilites, included in Accrued expenses and deferred income
211.2
208.6
Total liabilities related to contracts with customers
312.1
339.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
\u20acm
2025
2024
Portfolio services
3,267.8
2,947.8
Customer acquisition
362.2
367.4
Adjacencies
115.4
92.8
Total revenue
3,745.4
3,408.0
There is no internal revenue between segments, therefore all the revenue in the table above is external revenue.
Geographical distribution of revenue
Our operating segments Customer acquisition and Portfolio services are represented in all of the geographical regions presented.
The operating segment Adjacencies is only represented in the Iberia and Nordics and Central and other geographical regions.
\u20acm
2025
2024
Iberia and Nordics1
1,998.9
1,852.6
Other Europe2
1,340.4
1,200.5
Latin America
344.9
303.1
Central and other
61.2
51.8
Total
3,745.4
3,408.0
1) Of this, \u20ac1,302.7m (\u20ac1,186.5m in 2024) relates to revenue in Spain.
2) Of this, \u20ac649.9m (\u20ac593.6m in 2024) relates to revenue in France, and \u20ac109.1m (\u20ac102.6m in 2024) relates to the UK.
Note 27 Accrued expenses and deferred income
\u20acm
2025
2024
Deferred income
211.2
208.6
Employee related costs
226.3
184.4
Marketing-related and other external services
58.2
63.3
Goods received
13.9
13.5
Legal claims
17.1
15.4
Other items
122.8
91.6
Total
649.5
576.8
Unsatisfied long-term customer contracts
When the Group receives a payment but has not yet delivered the promised service, a contract liability arises which consists of
deferred income for prepaid installation and services. A contract liability is accounted for until the performance obligation is
performed or falls due for the customer to use and is then reported as revenue.
Aggregate amount of the customer contracts revenue allocated to long-term customer contracts that are partially or fully
unsatisfied as of 31 December 2025 amounts to \u20ac824.7 m (\u20ac823.7m in 2024). Management expects that 66.9% of the transaction price
allocated to the partly unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the year 2026, 28.0% is
expected to be recognised during 2027 and 5.1% during 2028 or later. The Group does not include committed revenue with\u00a0an
outstanding contract period of 12 months or less. Since the Group does not include all contracts and has cancellable subscriptions,
the amount of the outstanding unsatisfied performance obligations does not amount to expected revenue for future\u00a0periods.
Liabilities related to contracts with customers
Customer contract liabilities comprise the Group\u2019s obligation to fulfil performance obligations to its customers for which it has
received consideration in advance. This includes unearned revenue relating to prepaid services, installation revenue not
considered to be a separate performance obligation and other contract liabilities.
When a customer pays consideration in advance, before the transfer of services, the amount received is recognised under
prepayments in contract liabilities. The prepayments mainly include accrued subscriptions and prepayments according to
contracts. The Group has recognised the following liabilities related to contracts with customers.
2025
2024
\u20acm
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Balance at beginning of year
8.5
339.6
6.5
321.6
Prepayments taken as revenue
(24.1)
(282.1)
(24.9)
(300.2)
New prepayments
42.1
255.3
26.7
320.8
Translation differences
(0.2)
(0.7)
0.2
(2.6)
Balance at end of year
26.3
312.1
8.5
339.6
Balance as of 31 December consists of (and where this is reported in the Consolidated Statement of Financial Position):
\u20acm
2025
2024
Non-current assets, included in Trade and other receivables
6.5
0.4
Current assets, included in Prepayments and accrued income
19.8
8.1
Total assets related to contracts with customers
26.3
8.5
Non-current liabilities, included in Other non-current liabilities
100.9
131.0
Current liabilites, included in Accrued expenses and deferred income
211.2
208.6
Total liabilities related to contracts with customers
312.1
339.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
Note 5 Business combinations
On 31 October 2025, the Group acquired 100% of the shares and voting rights in ADT Private Security Services de Mexico S.A. de C.V.,
a company based in Mexico with corporate domicile in Mexico City. The total consideration paid was \u20ac207.5m, settled in cash at the
time of acquisition. No part of the consideration was contingent or deferred, and the consideration was settled through the
Group\u2019s existing cash and borrowing facilities.
The Company specialises in security, monitoring, and alarm systems for both residential and business customers. The acquisition
enhances the Group\u2019s strategy to continue to expand into high-potential markets and establishes the Group as the number one
provider of professionally monitored security services in Mexico.
This transaction has been accounted for as a business combination under IFRS 3. According to the preliminary purchase price
allocation, acquired intangible assets mainly relate to customer relationships (customer portfolio). The goodwill arising is, among
other things, attributable to extensive local market knowledge, workforce know-how and buyer-specific synergies going forward.
The recognised goodwill will not be deductible for tax purposes.
\u20acm
Fair value
Property, plant and equipment
7.7
Right-of-use assets
6.3
Customer portfolio
113.8
Other intangible assets - Brand right of use
24.9
Inventories
1.3
Trade and other receivables
6.5
Cash and cash equivalents
3.2
Trade and other liabilities
(13.0)
Lease liabilities
(6.3)
Net deferred tax
(35.9)
Net current tax
0.2
Other assets and liabilities
5.5
Total net asset value excluding goodwill
114.2
Goodwill
93.3
Total net asset value including goodwill/Total consideration paid in cash at time of acquisition
207.5
Less acquired cash and cash equivalents
(3.2)
Net cash outflow from business combinations
204.3
The acquired business contributed revenue of \u20ac13.7m and net profit of \u20ac2.7m to the Group for the period from 31 October to
31\u00a0December 2025. If the acquisition had occurred on 1 January 2025, consolidated pro-forma revenue and net profit for the year
would have been approximately \u20ac84.5m and \u20ac5.9m respectively.
Acquisition-related costs of \u20ac8.4m are included in administrative expenses in the Consolidated Income Statement and in cash flow
from operating activities in the Consolidated Statement of Cash Flows.
There were no business combinations in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
\u20acm
Fair value
Property, plant and equipment
7.7
Right-of-use assets
6.3
Customer portfolio
113.8
Other intangible assets - Brand right of use
24.9
Inventories
1.3
Trade and other receivables
6.5
Cash and cash equivalents
3.2
Trade and other liabilities
(13.0)
Lease liabilities
(6.3)
Net deferred tax
(35.9)
Net current tax
0.2
Other assets and liabilities
5.5
Total net asset value excluding goodwill
114.2
Goodwill
93.3
Total net asset value including goodwill/Total consideration paid in cash at time of acquisition
207.5
Less acquired cash and cash equivalents
(3.2)
Net cash outflow from business combinations
204.3
Note 10 Non-cash items
\u20acm
2025
2024
Non-cash cost related to share-based compensation
21.1
-
Adjustment of hyperinflation
(0.3)
2.1
Total
20.8
2.1
Cash flows related to borrowings
Non-Cash changes 2025
\u20acm
Carrying
amount
1 January
2025
Cash flows
Business
combination
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2025
Long-term borrowings
7,445.7
(2,626.3)
-
16.7
-
5.7
-
4,841.8
Short-term borrowings
216.6
(10.7)
-
-
-
-
-
205.9
Accrued interest
84.2
(84.2)
-
-
-
-
58.6
58.6
Lease liabilities
191.0
(66.7)
6.3
-
78.5
(0.1)
-
209.0
Total borrowings
7,937.5
(2,787.9)
6.3
16.7
78.5
5.6
58.6
5,315.3
Cash and cash equivalents
(30.1)
(2.1)
-
-
-
2.2
-
(30.0)
Total
7,907.4
(2,790.0)
6.3
16.7
78.5
7.8
58.6
5,285.3
Non-Cash changes 2024
\u20acm
Carrying
amount
1 January
2024
Cash flows
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2024
Long-term borrowings
7,302.4
128.6
19.0
-
(4.3)
-
7,445.7
Short-term borrowings
199.4
17.2
-
-
-
-
216.6
Accrued interest
87.8
(87.8)
-
-
-
84.2
84.2
Lease liabilities
162.3
(61.0)
-
90.4
(0.7)
-
191.0
Total borrowing
7,751.9
(3.0)
19.0
90.4
(5.0)
84.2
7,937.5
Cash and cash equivalents
(21.4)
(9.8)
-
-
1.1
-
(30.1)
Total
7,730.5
(12.8)
19.0
90.4
(3.9)
84.2
7,907.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
Acquisition-related costs of \u20ac8.4m are included in administrative expenses in the Consolidated Income Statement and in cash flow
from operating activities in the Consolidated Statement of Cash Flows.
Note 6 Operating expenses by type
\u20acm
Note
2025
2024
Employee benefit expense
8
1,366.8
1,243.6
Depreciation and amortisation expense
12
1,078.1
1,068.7
Retirement of assets
17
139.4
125.8
Cost of materials
71.1
75.6
Marketing and media-related costs
464.5
400.2
Other expenses
332.4
191.6
Total
3,452.3
3,105.5
\u20acm
2025
2024
Exchange rate differences included in operating profit
(0.5)
(5.4)
Exchange rate differences included in financial income and expenses are shown in note 13 Financial income and expenses.
Note 7 Auditor's remuneration
\u20acm
2025
2024
Fees payable to the Company's auditors and its associates for the audit of parent Company and
consolidated financial statements1
1.5
0.4
Fee payable to Company's auditors and its associates for other services:
Audit of the financial statements of the Company's subsidiaries
1.8
1.6
Audit-related assurance services 2
0.3
-
Other assurance services3
1.6
1.1
Services relating to corporate finance transactions 4
0.4
-
Tax advisory services
0.0
0.0
Total
5.6
3.1
1) Audit fees of \u20ac1.5m include \u20ac0.1m for the audit of the parent company financial statements and \u20ac1.4m for the audit of the consolidated financial statements.
2) Audit-relates assurance services include fees for limited assurance on the sustainability statement in accordance with CSRD requirements.
3) Other assurance services mainly include \u20ac1.1m for the preparation of the independent accountant's report included in the prospectus. These services are non-audit in nature
and are not covered under statutory audit or audit-related assurance.
4) Services relating to corporate finance transactions relate to the listing support services in connection with the Company's admission to trading on the Nasdaq Stockholm.
These services are non-audit in nature and are not covered under statutory audit or audit-related assurance.
Employee benefit expenses
\u20acm
2025
2024
Wages and salaries
995.3
929.0
Social security costs
288.4
257.8
Share-based payment expenses
22.8
1.7
Pension cost - defined contribution plans
59.3
54.2
Pension cost - defined benefit plans
1.0
0.9
Total
1,366.8
1,243.6
Expenses arising from options and awards
Total expenses (excluding social security contributions) arising from options and awards recognised as an operating expense
during the period was:
\u20acm
2025
2024
Legacy Employee Option Plan
3.6
1.7
Restricted Share Awards (RSUs)
19.2
-
Total
22.8
1.7
The social security contributions for the share-based compensation plans recognised as an operating expense was \u20ac2.0m
(\u20ac0.2m\u00a0in\u00a02024).
Amounts recognised in the Consolidated Income Statement are as follows:
\u20acm
2025
2024
Depreciation charge - right-of-use assets
72.6
64.1
Interest expense\u00b9
10.4
8.3
Expense relating to short-term leases\u00b2
1.6
2.7
Expenses relating to leases of low-value assets\u00b2
3.4
2.5
Total
88.0
77.6
1) Included in financial expenses.
2) Included in cost of sales, selling expenses and administrative expenses.
Note 12 Depreciation and amortisation
\u20acm
Note
2025
2024
Property, plant and equipment
Alarm equipment
212.2
200.5
Other
28.2
26.5
Total property, plant and equipment
17
240.4
227.0
Right-of-use assets
Buildings
30.1
28.3
Vehicles and other assets
42.5
35.8
Total right-of-use assets
11
72.6
64.1
Customer portfolio
Customer portfolio - Business Combinations acquired intangibles
422.9
435.9
Customer portfolio - Business Combination Variable sales commissions1
70.4
93.2
Total customer portfolio - Business combinations
493.3
529.1
Customer portfolio - Variable sales commissions
119.2
99.7
Total customer portfolio
19
612.5
628.8
Other intangible assets
Technology rights - Business combinations
22.4
22.9
Technology and other
1.2
1.6
Total technology and other
23.6
24.5
Internally developed intangible assets
111.9
107.6
Trademarks
17.1
16.7
Total other intangible assets
20
152.6
148.8
Total depreciation and amortisation
1,078.1
1,068.7
1) Relates to amortisation of variable sales commissions assets that were on the balance sheet prior to the 2020 Business Combination. As these costs would have been
amortised as an operating cost absent the 2020 Business Combination, it is considered more appropriate to include the related amortisation in operating profit and not as
an acquisition related SDI.
Depreciation and Amortisation - Business Combinations
\u20acm
2025
2024
Customer portfolio - Acquired intangibles
422.9
435.9
Technology rights
22.4
22.9
Trademarks
17.1
16.7
Total1
462.4
475.5
1) The purpose of separating the Business Combinations impact is to reflect the operating result absent acquisition related amortisation (mainly due to the 2020 Business
Combination) and present them separately. Refer to section 'Alternative performance measures and other performance metrics' and 'Alternative performance measures
reconciliation' for more details.
Depreciation and amortisation are reflected in the income statement as follows:
\u20acm
2025
2024
Cost of sales
382.5
342.5
Selling and administrative expenses
695.6
726.2
Total\u00a0
1,078.1
1,068.7
2025
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,949.9
158.3
2,108.2
Additions
441.9
61.1
503.0
Business combinations
7.4
0.3
7.7
Disposals/retirements of assets
(231.5)
(8.9)
(240.4)
Translation differences
2.2
0.1
2.3
Balance at end of year
2,169.9
210.9
2,380.8
Accumulated depreciation
Depreciation at beginning of year
(463.5)
(70.6)
(534.1)
Disposals/retirements of assets
90.7
8.8
99.5
Depreciation charge for the year
(212.2)
(28.2)
(240.4)
Translation differences
(3.6)
(0.3)
(3.9)
Accumulated depreciation at end of year
(588.6)
(90.3)
(678.9)
Net book value at end of year
1,581.3
120.6
1,701.9
2024
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,725.5
125.3
1,850.8
Additions
434.6
44.8
479.4
Disposals/retirements of assets
(187.7)
(10.3)
(198.0)
Translation differences
(22.5)
(1.5)
(24.0)
Balance at end of year
1,949.9
158.3
2,108.2
Accumulated depreciation
Depreciation at beginning of year
(344.1)
(56.0)
(400.1)
Disposals/retirements of assets
68.0
10.4
78.4
Depreciation charge for the year
(200.5)
(26.5)
(227.0)
Translation differences
13.1
1.5
14.6
Accumulated depreciation at end of year
(463.5)
(70.6)
(534.1)
Net book value at end of year
1,486.4
87.7
1,574.1
Disposals/retirements of assets are recognised in the Consolidated Income Statement as cost of sales. The cost corresponds
mainly to the write-off of remaining capitalised equipment, from the time customers leave the portfolio or upgrade to our
new\u00a0platform.
The cost of inventory recognised as an expense and included in \u2018cost of sales\u2019 was \u20ac 71.1m (\u20ac75.6m in 2024) in 2025.
Allowance for expected credit losses
\u20acm
2025
2024
Balance at beginning of year
104.2
152.0
Allowance for expected credit losses
54.2
46.0
Receivables written off during the year as uncollectible\u00b9
(54.8)
(87.3)
Unused amounts reversed
(1.8)
(2.5)
Translation differences
(0.3)
(4.0)
Balance at end of year
101.5
104.2
1) The increase in receivables written off as uncollectible in 2024 is due to a clean up of old receivables. The clean up has not had any impact on the consolidated income
statement.
Customer credit losses recognised in the Consolidated Income Statement totalled to \u20ac56.7 m in 2025 (\u20ac 45.4m\u00a0in\u00a02024 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
Acquisition-related costs of \u20ac8.4m are included in administrative expenses in the Consolidated Income Statement and in cash flow
from operating activities in the Consolidated Statement of Cash Flows.
Amounts recognised in the Consolidated Income Statement are as follows:
\u20acm
2025
2024
Depreciation charge - right-of-use assets
72.6
64.1
Interest expense\u00b9
10.4
8.3
Expense relating to short-term leases\u00b2
1.6
2.7
Expenses relating to leases of low-value assets\u00b2
3.4
2.5
Total
88.0
77.6
1) Included in financial expenses.
2) Included in cost of sales, selling expenses and administrative expenses.
Depreciation and amortisation are reflected in the income statement as follows:
\u20acm
2025
2024
Cost of sales
382.5
342.5
Selling and administrative expenses
695.6
726.2
Total\u00a0
1,078.1
1,068.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Note 6 Operating expenses by type
\u20acm
Note
2025
2024
Employee benefit expense
8
1,366.8
1,243.6
Depreciation and amortisation expense
12
1,078.1
1,068.7
Retirement of assets
17
139.4
125.8
Cost of materials
71.1
75.6
Marketing and media-related costs
464.5
400.2
Other expenses
332.4
191.6
Total
3,452.3
3,105.5
\u20acm
2025
2024
Exchange rate differences included in operating profit
(0.5)
(5.4)
Exchange rate differences included in financial income and expenses are shown in note 13 Financial income and expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Note 6 Operating expenses by type
\u20acm
Note
2025
2024
Employee benefit expense
8
1,366.8
1,243.6
Depreciation and amortisation expense
12
1,078.1
1,068.7
Retirement of assets
17
139.4
125.8
Cost of materials
71.1
75.6
Marketing and media-related costs
464.5
400.2
Other expenses
332.4
191.6
Total
3,452.3
3,105.5
Note 11 Leases
Right-of-use assets
2025
\u20acm
Buildings
Vehicles
Other assets
Total
Cost
Balance at beginning of year
169.8
98.6
1.4
269.8
Additions
26.0
59.0
0.2
85.2
Business combinations
5.5
0.8
-
6.3
Disposals/retirements of assets
(11.9)
(35.8)
-
(47.7)
Translation differences
0.4
(0.1)
-
0.3
Balance at end of year
189.8
122.5
1.6
313.9
Accumulated depreciation
Depreciation at beginning of year
(57.5)
(20.9)
(0.8)
(79.2)
Disposals/retirements of assets
10.5
32.8
-
43.3
Depreciation charge for the year
(30.1)
(42.5)
-
(72.6)
Translation differences
(0.3)
-
-
(0.3)
Accumulated depreciation at end of year
(77.4)
(30.6)
(0.8)
(108.8)
Net book value at end of year
112.4
91.9
0.8
205.1
2024
\u20acm
Buildings
Vehicles
Other assets
Total
Cost
Balance at beginning of year
144.5
72.9
1.4
218.8
Additions
46.2
55.2
0.1
101.5
Disposals/retirements of assets
(19.7)
(29.4)
-
(49.1)
Translation differences
(1.2)
(0.1)
(0.1)
(1.4)
Balance at end of year
169.8
98.6
1.4
269.8
Accumulated depreciation
Depreciation at beginning of year
(45.6)
(13.1)
(0.8)
(59.5)
Disposals/retirements of assets
15.7
28.0
-
43.7
Depreciation charge for the year
(28.3)
(35.7)
(0.1)
(64.1)
Translation differences
0.7
(0.1)
0.1
0.7
Accumulated depreciation at end of year
(57.5)
(20.9)
(0.8)
(79.2)
Net book value at end of year
112.3
77.7
0.6
190.6
Note 12 Depreciation and amortisation
\u20acm
Note
2025
2024
Property, plant and equipment
Alarm equipment
212.2
200.5
Other
28.2
26.5
Total property, plant and equipment
17
240.4
227.0
Right-of-use assets
Buildings
30.1
28.3
Vehicles and other assets
42.5
35.8
Total right-of-use assets
11
72.6
64.1
Customer portfolio
Customer portfolio - Business Combinations acquired intangibles
422.9
435.9
Customer portfolio - Business Combination Variable sales commissions1
70.4
93.2
Total customer portfolio - Business combinations
493.3
529.1
Customer portfolio - Variable sales commissions
119.2
99.7
Total customer portfolio
19
612.5
628.8
Other intangible assets
Technology rights - Business combinations
22.4
22.9
Technology and other
1.2
1.6
Total technology and other
23.6
24.5
Internally developed intangible assets
111.9
107.6
Trademarks
17.1
16.7
Total other intangible assets
20
152.6
148.8
Total depreciation and amortisation
1,078.1
1,068.7
1) Relates to amortisation of variable sales commissions assets that were on the balance sheet prior to the 2020 Business Combination. As these costs would have been
amortised as an operating cost absent the 2020 Business Combination, it is considered more appropriate to include the related amortisation in operating profit and not as
an acquisition related SDI.
Depreciation and Amortisation - Business Combinations
\u20acm
2025
2024
Customer portfolio - Acquired intangibles
422.9
435.9
Technology rights
22.4
22.9
Trademarks
17.1
16.7
Total1
462.4
475.5
1) The purpose of separating the Business Combinations impact is to reflect the operating result absent acquisition related amortisation (mainly due to the 2020 Business
Combination) and present them separately. Refer to section 'Alternative performance measures and other performance metrics' and 'Alternative performance measures
reconciliation' for more details.
Note 17 Property, plant and equipment
2025
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,949.9
158.3
2,108.2
Additions
441.9
61.1
503.0
Business combinations
7.4
0.3
7.7
Disposals/retirements of assets
(231.5)
(8.9)
(240.4)
Translation differences
2.2
0.1
2.3
Balance at end of year
2,169.9
210.9
2,380.8
Accumulated depreciation
Depreciation at beginning of year
(463.5)
(70.6)
(534.1)
Disposals/retirements of assets
90.7
8.8
99.5
Depreciation charge for the year
(212.2)
(28.2)
(240.4)
Translation differences
(3.6)
(0.3)
(3.9)
Accumulated depreciation at end of year
(588.6)
(90.3)
(678.9)
Net book value at end of year
1,581.3
120.6
1,701.9
2024
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,725.5
125.3
1,850.8
Additions
434.6
44.8
479.4
Disposals/retirements of assets
(187.7)
(10.3)
(198.0)
Translation differences
(22.5)
(1.5)
(24.0)
Balance at end of year
1,949.9
158.3
2,108.2
Accumulated depreciation
Depreciation at beginning of year
(344.1)
(56.0)
(400.1)
Disposals/retirements of assets
68.0
10.4
78.4
Depreciation charge for the year
(200.5)
(26.5)
(227.0)
Translation differences
13.1
1.5
14.6
Accumulated depreciation at end of year
(463.5)
(70.6)
(534.1)
Net book value at end of year
1,486.4
87.7
1,574.1
Note 19 Customer portfolio
2025
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,427.8
1,077.4
6,505.2
Additions
-
324.1
324.1
Business combinations
113.8
-
113.8
Disposals/retirements of assets
(17.0)
-
(17.0)
Translation differences
45.4
4.4
49.8
Balance at end of year
5,570.0
1,405.9
6,975.9
Accumulated amortisation
Amortisation at beginning of year
(2,107.5)
(196.2)
(2,303.7)
Disposals/retirements of assets
17.0
-
17.0
Amortisation charge for the year
(493.3)
(119.2)
(612.5)
Translation differences
(1.3)
(2.7)
(4.0)
Accumulated amortisation at end of year
(2,585.1)
(318.1)
(2,903.2)
Net book value at end of year
2,984.9
1,087.8
4,072.7
2024
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,474.2
790.4
6,264.6
Additions
0.5
301.5
302.0
Disposals/retirements of assets
(3.1)
(0.2)
(3.3)
Translation differences
(43.8)
(14.3)
(58.1)
Balance at end of year
5,427.8
1,077.4
6,505.2
Accumulated amortisation
Amortisation at beginning of year
(1,585.7)
(104.2)
(1,689.9)
Disposals/retirements of assets
3.1
0.2
3.3
Amortisation charge for the year
(529.1)
(99.7)
(628.8)
Translation differences
4.3
7.4
11.7
Accumulated amortisation at end of year
(2,107.5)
(196.2)
(2,303.7)
Net book value at end of year
3,320.3
881.2
4,201.5
Note 20 Other intangible assets
2025
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
546.1
121.6
1,766.2
Additions
-
160.7
0.9
161.6
Business combinations
24.9
-
-
24.9
Disposals/retirements of assets
-
(2.6)
-
(2.6)
Translation differences
0.4
(0.9)
-
(0.5)
Balance at end of year
1,123.8
703.3
122.5
1,949.6
Accumulated amortisation
Amortisation at beginning of year
(67.4)
(241.7)
(97.3)
(406.4)
Disposals/retirements of assets
-
2.5
-
2.5
Amortisation charge for the year
(17.1)
(111.9)
(23.6)
(152.6)
Translation differences
-
0.4
-
0.4
Accumulated amortisation at end of year
(84.5)
(350.7)
(120.9)
(556.1)
Net book value at end of year
1,039.3
352.6
1.6
1,393.5
2024
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
425.0
124.2
1,647.7
Additions
-
138.5
0.4
138.9
Disposals/retirements of assets
-
(16.5)
(2.8)
(19.3)
Translation differences
-
(0.9)
(0.2)
(1.1)
Balance at end of year
1,098.5
546.1
121.6
1,766.2
Accumulated amortisation
Amortisation at beginning of year
(50.7)
(143.1)
(75.8)
(269.6)
Disposals/retirements of assets
-
8.1
2.8
10.9
Amortisation charge for the year
(16.7)
(107.6)
(24.5)
(148.8)
Translation differences
-
0.9
0.2
1.1
Accumulated amortisation at end of year
(67.4)
(241.7)
(97.3)
(406.4)
Net book value at end of year
1,031.1
304.4
24.3
1,359.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
\u20acm
Note
2025
2024
Employee benefit expense
8
1,366.8
1,243.6
Depreciation and amortisation expense
12
1,078.1
1,068.7
Retirement of assets
17
139.4
125.8
Cost of materials
71.1
75.6
Marketing and media-related costs
464.5
400.2
Other expenses
332.4
191.6
Total
3,452.3
3,105.5
Note 8 Employee information
Monthly average number of employees (headcount)
Number
2025
2024
Sales and Marketing Acquisition
14,457
14,187
Customer Operations
10,655
9,880
Innovation & Technology
1,233
1,127
Support & Adjacencies
3,551
3,356
Total
29,896
28,550
Employee benefit expenses
\u20acm
2025
2024
Wages and salaries
995.3
929.0
Social security costs
288.4
257.8
Share-based payment expenses
22.8
1.7
Pension cost - defined contribution plans
59.3
54.2
Pension cost - defined benefit plans
1.0
0.9
Total
1,366.8
1,243.6
Key management personnel are defined, for the purpose of disclosure under IAS 24 \u2018Related Party Disclosures\u2019, as the Board of Directors and
the CEO. In 2025, short term employee benefits for key management personnel amounted to \u20ac3.3m (\u20ac2.1m in 2024), post employment benefits
corresponded to \u20ac0.1m (\u20ac0.1m in 2024) and the cost for share-based payments amounted to \u20ac1.9m (\u20ac0.4m in 2024). For further information
about key management personnel, see the Remuneration Report presented in the Governance Report in this document.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
\u20acm
2025
2024
Exchange rate differences included in operating profit
(0.5)
(5.4)
Exchange rate differences included in financial income and expenses are shown in note 13 Financial income and expenses
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Note 7 Auditor's remuneration
\u20acm
2025
2024
Fees payable to the Company's auditors and its associates for the audit of parent Company and
consolidated financial statements1
1.5
0.4
Fee payable to Company's auditors and its associates for other services:
Audit of the financial statements of the Company's subsidiaries
1.8
1.6
Audit-related assurance services 2
0.3
-
Other assurance services3
1.6
1.1
Services relating to corporate finance transactions 4
0.4
-
Tax advisory services
0.0
0.0
Total
5.6
3.1
1) Audit fees of \u20ac1.5m include \u20ac0.1m for the audit of the parent company financial statements and \u20ac1.4m for the audit of the consolidated financial statements.
2) Audit-relates assurance services include fees for limited assurance on the sustainability statement in accordance with CSRD requirements.
3) Other assurance services mainly include \u20ac1.1m for the preparation of the independent accountant's report included in the prospectus. These services are non-audit in nature
and are not covered under statutory audit or audit-related assurance.
4) Services relating to corporate finance transactions relate to the listing support services in connection with the Company's admission to trading on the Nasdaq Stockholm.
These services are non-audit in nature and are not covered under statutory audit or audit-related assurance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
Note 8 Employee information
Monthly average number of employees (headcount)
Number
2025
2024
Sales and Marketing Acquisition
14,457
14,187
Customer Operations
10,655
9,880
Innovation & Technology
1,233
1,127
Support & Adjacencies
3,551
3,356
Total
29,896
28,550
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Key management personnel are defined, for the purpose of disclosure under IAS 24 \u2018Related Party Disclosures\u2019, as the Board of Directors and
the CEO. In 2025, short term employee benefits for key management personnel amounted to \u20ac3.3m (\u20ac2.1m in 2024), post employment benefits
corresponded to \u20ac0.1m (\u20ac0.1m in 2024) and the cost for share-based payments amounted to \u20ac1.9m (\u20ac0.4m in 2024). For further information
about key management personnel, see the Remuneration Report presented in the Governance Report in this document.
Note 9 Share-based compensation
Restricted Share Awards (RSUs)
In October 2025, 8,745,146 shares were awarded to employees across the Group. 50% of the RSUs will vest on 30 October 2026 and
50% will vest on 30 October 2027. The RSUs are conditional on continued employment through to the applicable vesting dates and
are therefore subject to forfeiture over the vesting period. The awards will be settled by delivering shares to the participants.
The weighted average fair value at grant date for the awards outstanding was \u20ac13.3m. The weighted average remaining contractual
life of awards outstanding at end of period was 1.3 years.
The following awards were outstanding as at 31 December 2025 and 2024:
Awards
Options
Units
2025
2024
2025
2024
Balance at beginning of year
-
-
1,512,600
1,406,180
Granted during the year
8,745,146
-
131,737
161,800
Forfeited during the year
(18,389)
-
(35,992)
(41,940)
Exercised during the year
-
-
(18,426)
(13,440)
Balance at end of year
8,726,757
-
1,589,919
1,512,600
No options were exercisable by 31 December 2025 and no options expired during 2025.
Legacy Employee Option Plans
Certain employees of the Group participate in a management option plan and have been granted shares in Aegis Lux 2 S.\u00e0 r.l. as
a\u00a0part of their compensation. The options vest in instalments over a period of a maximum of 5 years and are settled in shares.
Pursuant to the IPO in October 2025, these legacy equity plans were discontinued and roll off agreements were established, giving
rise to a plan modification under IFRS 2. The roll off plan resulted in accelerated vesting conditions to 1 January 2026, forfeiture or
cancellation of unvested shares and a change from equity to cash settlement for any vested or unvested shares remaining.
At 31 December 2025, the fair value of the legacy option plans were zero, resulting in a credit of \u20ac1.8m to the income statement.
This plan modification resulted in a reclassification of the fair value of the options from equity to short-term liabilities. Total
expenses arising related to options issued under the legacy plans of \u20ac3.6m (\u20ac1.7m in 2024) have been recognised in the
Consolidated Income Statement of which \u20ac2.4m relates to the accelerated vesting.
Fair value of options granted
The fair value of the options at grant date is independently determined using an adjusted form of the Black-Scholes model which
includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the impact of dilution
(where material), the share price at grant date and expected price volatility of the underlying share, the risk-free interest rate for
the term of the option, and the correlations and volatilities of the peer group companies.
Equity plan
A limited number of leaders in the Group participate in an equity plan, which allows them to acquire shares at fair market value in
Aegis Lux 2 S.\u00e0 r.l., either directly or through a legal entity. As the investment is done at a fair market value and with participants\u2019
out-of-pocket resources, there is no benefit for the employees. This equity plan has no impact on the Group\u2019s Consolidated
Financial Statements.
Expenses arising from options and awards
Total expenses (excluding social security contributions) arising from options and awards recognised as an operating expense
during the period was:
\u20acm
2025
2024
Legacy Employee Option Plan
3.6
1.7
Restricted Share Awards (RSUs)
19.2
-
Total
22.8
1.7
The social security contributions for the share-based compensation plans recognised as an operating expense was \u20ac2.0m
(\u20ac0.2m\u00a0in\u00a02024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Note 9 Share-based compensation
Restricted Share Awards (RSUs)
In October 2025, 8,745,146 shares were awarded to employees across the Group. 50% of the RSUs will vest on 30 October 2026 and
50% will vest on 30 October 2027. The RSUs are conditional on continued employment through to the applicable vesting dates and
are therefore subject to forfeiture over the vesting period. The awards will be settled by delivering shares to the participants.
The weighted average fair value at grant date for the awards outstanding was \u20ac13.3m. The weighted average remaining contractual
life of awards outstanding at end of period was 1.3 years.
The following awards were outstanding as at 31 December 2025 and 2024:
Awards
Options
Units
2025
2024
2025
2024
Balance at beginning of year
-
-
1,512,600
1,406,180
Granted during the year
8,745,146
-
131,737
161,800
Forfeited during the year
(18,389)
-
(35,992)
(41,940)
Exercised during the year
-
-
(18,426)
(13,440)
Balance at end of year
8,726,757
-
1,589,919
1,512,600
No options were exercisable by 31 December 2025 and no options expired during 2025.
Legacy Employee Option Plans
Certain employees of the Group participate in a management option plan and have been granted shares in Aegis Lux 2 S.\u00e0 r.l. as
a\u00a0part of their compensation. The options vest in instalments over a period of a maximum of 5 years and are settled in shares.
Pursuant to the IPO in October 2025, these legacy equity plans were discontinued and roll off agreements were established, giving
rise to a plan modification under IFRS 2. The roll off plan resulted in accelerated vesting conditions to 1 January 2026, forfeiture or
cancellation of unvested shares and a change from equity to cash settlement for any vested or unvested shares remaining.
At 31 December 2025, the fair value of the legacy option plans were zero, resulting in a credit of \u20ac1.8m to the income statement.
This plan modification resulted in a reclassification of the fair value of the options from equity to short-term liabilities. Total
expenses arising related to options issued under the legacy plans of \u20ac3.6m (\u20ac1.7m in 2024) have been recognised in the
Consolidated Income Statement of which \u20ac2.4m relates to the accelerated vesting.
Fair value of options granted
The fair value of the options at grant date is independently determined using an adjusted form of the Black-Scholes model which
includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the impact of dilution
(where material), the share price at grant date and expected price volatility of the underlying share, the risk-free interest rate for
the term of the option, and the correlations and volatilities of the peer group companies.
Equity plan
A limited number of leaders in the Group participate in an equity plan, which allows them to acquire shares at fair market value in
Aegis Lux 2 S.\u00e0 r.l., either directly or through a legal entity. As the investment is done at a fair market value and with participants\u2019
out-of-pocket resources, there is no benefit for the employees. This equity plan has no impact on the Group\u2019s Consolidated
Financial Statements.
Expenses arising from options and awards
Total expenses (excluding social security contributions) arising from options and awards recognised as an operating expense
during the period was:
\u20acm
2025
2024
Legacy Employee Option Plan
3.6
1.7
Restricted Share Awards (RSUs)
19.2
-
Total
22.8
1.7
The social security contributions for the share-based compensation plans recognised as an operating expense was \u20ac2.0m
(\u20ac0.2m\u00a0in\u00a02024).
Note 16 Transactions with related parties
Transactions between Group companies have been eliminated upon consolidation and, therefore, are not disclosed in these
consolidated financial statements. The related parties mainly consists of the Groups previous parent company Aegis Lux 2 S.\u00e0 r.l.
and Genesys Cloud Services B.V., controlled by one of main shareholders of the Group, as well as key management and directors.
Disclosed below are all details of transactions between the Group and related parties. Refer to the Remuneration Report
presented in the Governance report in this document for further information on remuneration for key management personnel,
defined in the Group for the purpose of disclosure under IAS 24 \u2018Related Party Disclosures\u2019 as Board of Directors and CEO.
Transactions with related parties
\u20acm
2025
2024
Purchase of services, Genesys Cloud Services B.V.
(2.7)
(4.0)
Shareholder contribution, Aegis Lux 2 S.\u00e0 r.l.
3.6
1.7
Interest income, Aegis Lux 2 S.\u00e0 r.l.
0.5
0.3
Balances with related parties
\u20acm
2025
2024
Financial receivables\u00b9
19.7
-
Trade receivables\u00b2
-
0.1
Other current receivables\u00b9\u02d2\u00b2
-
-
1) Financial receivables are disclosed in tables below.
2) There is no allowance for doubtful debts recognised in relation to the outstanding balances, and no associated credit loss costs have been recorded
Shares in related parties
Shares purchased by Employee Benefit Trust
\u20acm
2025
2024
Balance at beginning of year
-
-
Shares purchased by Employee Benefit Trust
16.2
-
Fair value adjustment
1.3
-
Balance at end of year
17.5
-
Verisure plc established an Employee Benefit Trust (EBT) and funded the EBT with an irrecoverable gift to purchase certain
Management Shareholders\u2019 direct or indirect interest in Aegis Lux 2 S.\u00e0 r.l. on the day of listing. The value of the shares acquired
by\u00a0the EBT amounted at the day of acquisition to \u20ac16.2m and the cost was based on the offering price at time of listing.
Loans to related parties
Loan to Aegis Lux 2 S.\u00e0 r.l.
\u20acm
2025
2024
Balance at beginning of year
-
20.2
Loans advanced
15.0
-
Repayments received
(15.0)
(20.0)
Interest charged
0.5
0.3
Interest received
(0.5)
(0.5)
Balance at end of year
-
-
Loan to CFO
\u20acm
2025
2024
Balance at beginning of year
-
-
Loans advanced
2.2
-
Balance at end of year
2.2
-
During the fourth quarter of 2025 Verisure held a non-current financial receivable of \u20ac2.2m in respect of a loan to a related party.
The loan originated from Aegis Lux 2 S.\u00e0 r.l., the Company\u2019s previous immediate parent undertaking, and was transferred to
Verisure plc at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Note 9 Share-based compensation
Restricted Share Awards (RSUs)
In October 2025, 8,745,146 shares were awarded to employees across the Group. 50% of the RSUs will vest on 30 October 2026 and
50% will vest on 30 October 2027. The RSUs are conditional on continued employment through to the applicable vesting dates and
are therefore subject to forfeiture over the vesting period. The awards will be settled by delivering shares to the participants.
The weighted average fair value at grant date for the awards outstanding was \u20ac13.3m. The weighted average remaining contractual
life of awards outstanding at end of period was 1.3 years.
The following awards were outstanding as at 31 December 2025 and 2024:
Awards
Options
Units
2025
2024
2025
2024
Balance at beginning of year
-
-
1,512,600
1,406,180
Granted during the year
8,745,146
-
131,737
161,800
Forfeited during the year
(18,389)
-
(35,992)
(41,940)
Exercised during the year
-
-
(18,426)
(13,440)
Balance at end of year
8,726,757
-
1,589,919
1,512,600
No options were exercisable by 31 December 2025 and no options expired during 2025.
Legacy Employee Option Plans
Certain employees of the Group participate in a management option plan and have been granted shares in Aegis Lux 2 S.\u00e0 r.l. as
a\u00a0part of their compensation. The options vest in instalments over a period of a maximum of 5 years and are settled in shares.
Pursuant to the IPO in October 2025, these legacy equity plans were discontinued and roll off agreements were established, giving
rise to a plan modification under IFRS 2. The roll off plan resulted in accelerated vesting conditions to 1 January 2026, forfeiture or
cancellation of unvested shares and a change from equity to cash settlement for any vested or unvested shares remaining.
At 31 December 2025, the fair value of the legacy option plans were zero, resulting in a credit of \u20ac1.8m to the income statement.
This plan modification resulted in a reclassification of the fair value of the options from equity to short-term liabilities. Total
expenses arising related to options issued under the legacy plans of \u20ac3.6m (\u20ac1.7m in 2024) have been recognised in the
Consolidated Income Statement of which \u20ac2.4m relates to the accelerated vesting.
Fair value of options granted
The fair value of the options at grant date is independently determined using an adjusted form of the Black-Scholes model which
includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the impact of dilution
(where material), the share price at grant date and expected price volatility of the underlying share, the risk-free interest rate for
the term of the option, and the correlations and volatilities of the peer group companies.
Equity plan
A limited number of leaders in the Group participate in an equity plan, which allows them to acquire shares at fair market value in
Aegis Lux 2 S.\u00e0 r.l., either directly or through a legal entity. As the investment is done at a fair market value and with participants\u2019
out-of-pocket resources, there is no benefit for the employees. This equity plan has no impact on the Group\u2019s Consolidated
Financial Statements.
Expenses arising from options and awards
Total expenses (excluding social security contributions) arising from options and awards recognised as an operating expense
during the period was:
\u20acm
2025
2024
Legacy Employee Option Plan
3.6
1.7
Restricted Share Awards (RSUs)
19.2
-
Total
22.8
1.7
The social security contributions for the share-based compensation plans recognised as an operating expense was \u20ac2.0m
(\u20ac0.2m\u00a0in\u00a02024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
Note 11 Leases
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.
Amounts recognised in the Consolidated Income Statement are as follows:
\u20acm
2025
2024
Depreciation charge - right-of-use assets
72.6
64.1
Interest expense\u00b9
10.4
8.3
Expense relating to short-term leases\u00b2
1.6
2.7
Expenses relating to leases of low-value assets\u00b2
3.4
2.5
Total
88.0
77.6
1) Included in financial expenses.
2) Included in cost of sales, selling expenses and administrative expenses.
Total cash outflow for leases
\u20acm
2025
2024
Repayment of lease liabilities
66.7
61.0
Interest
10.4
8.3
Payments relating to leases of low-value assets and short-term contracts
5.0
5.2
Total cash outflow
82.1
74.5
Refer to note 25 Borrowings for more information regarding lease liabilities.
Right-of-use assets
2025
\u20acm
Buildings
Vehicles
Other assets
Total
Cost
Balance at beginning of year
169.8
98.6
1.4
269.8
Additions
26.0
59.0
0.2
85.2
Business combinations
5.5
0.8
-
6.3
Disposals/retirements of assets
(11.9)
(35.8)
-
(47.7)
Translation differences
0.4
(0.1)
-
0.3
Balance at end of year
189.8
122.5
1.6
313.9
Accumulated depreciation
Depreciation at beginning of year
(57.5)
(20.9)
(0.8)
(79.2)
Disposals/retirements of assets
10.5
32.8
-
43.3
Depreciation charge for the year
(30.1)
(42.5)
-
(72.6)
Translation differences
(0.3)
-
-
(0.3)
Accumulated depreciation at end of year
(77.4)
(30.6)
(0.8)
(108.8)
Net book value at end of year
112.4
91.9
0.8
205.1
2024
\u20acm
Buildings
Vehicles
Other assets
Total
Cost
Balance at beginning of year
144.5
72.9
1.4
218.8
Additions
46.2
55.2
0.1
101.5
Disposals/retirements of assets
(19.7)
(29.4)
-
(49.1)
Translation differences
(1.2)
(0.1)
(0.1)
(1.4)
Balance at end of year
169.8
98.6
1.4
269.8
Accumulated depreciation
Depreciation at beginning of year
(45.6)
(13.1)
(0.8)
(59.5)
Disposals/retirements of assets
15.7
28.0
-
43.7
Depreciation charge for the year
(28.3)
(35.7)
(0.1)
(64.1)
Translation differences
0.7
(0.1)
0.1
0.7
Accumulated depreciation at end of year
(57.5)
(20.9)
(0.8)
(79.2)
Net book value at end of year
112.3
77.7
0.6
190.6
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
Amounts recognised in the Consolidated Income Statement are as follows:
\u20acm
2025
2024
Depreciation charge - right-of-use assets
72.6
64.1
Interest expense\u00b9
10.4
8.3
Expense relating to short-term leases\u00b2
1.6
2.7
Expenses relating to leases of low-value assets\u00b2
3.4
2.5
Total
88.0
77.6
1) Included in financial expenses.
2) Included in cost of sales, selling expenses and administrative expenses.
Depreciation and amortisation are reflected in the income statement as follows:
\u20acm
2025
2024
Cost of sales
382.5
342.5
Selling and administrative expenses
695.6
726.2
Total\u00a0
1,078.1
1,068.7
2025
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,949.9
158.3
2,108.2
Additions
441.9
61.1
503.0
Business combinations
7.4
0.3
7.7
Disposals/retirements of assets
(231.5)
(8.9)
(240.4)
Translation differences
2.2
0.1
2.3
Balance at end of year
2,169.9
210.9
2,380.8
Accumulated depreciation
Depreciation at beginning of year
(463.5)
(70.6)
(534.1)
Disposals/retirements of assets
90.7
8.8
99.5
Depreciation charge for the year
(212.2)
(28.2)
(240.4)
Translation differences
(3.6)
(0.3)
(3.9)
Accumulated depreciation at end of year
(588.6)
(90.3)
(678.9)
Net book value at end of year
1,581.3
120.6
1,701.9
2024
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,725.5
125.3
1,850.8
Additions
434.6
44.8
479.4
Disposals/retirements of assets
(187.7)
(10.3)
(198.0)
Translation differences
(22.5)
(1.5)
(24.0)
Balance at end of year
1,949.9
158.3
2,108.2
Accumulated depreciation
Depreciation at beginning of year
(344.1)
(56.0)
(400.1)
Disposals/retirements of assets
68.0
10.4
78.4
Depreciation charge for the year
(200.5)
(26.5)
(227.0)
Translation differences
13.1
1.5
14.6
Accumulated depreciation at end of year
(463.5)
(70.6)
(534.1)
Net book value at end of year
1,486.4
87.7
1,574.1
Disposals/retirements of assets are recognised in the Consolidated Income Statement as cost of sales. The cost corresponds
mainly to the write-off of remaining capitalised equipment, from the time customers leave the portfolio or upgrade to our
new\u00a0platform.
The cost of inventory recognised as an expense and included in \u2018cost of sales\u2019 was \u20ac 71.1m (\u20ac75.6m in 2024) in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Details of borrowings are presented in note 25 Borrowings.
Note 22 Financial risk management
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
The valuation hierarchy applied is as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Other observable data than quoted prices included at Level 1, either directly (i.e. as price quotations) or indirectly (i.e.
derived from price quotations). The valuation techniques for currency related instruments are based on published forwards rates
and discounted contractual cash flows, and in terms of interest rate instruments the fair valuation is based on forward interest
rates prepared on the basis of observable interest data and discounted contractual cash flows.
Level 3: Non-observable market data. For certain assets and liabilities, the carrying amount is assumed to be a reasonable
approximation of fair value.
There have been no transfers of assets or liabilities between levels.
Derivatives
The Group\u2019s operations expose it to financial risks arising from movements in foreign exchange rates and interest rates. The Group
uses derivative financial instruments in accordance with its Treasury Policy, which is approved by the Board of Directors. The
Treasury Policy sets out written principles governing the use of derivatives and is aligned with the Group\u2019s overall risk
management strategy. Derivatives are entered into solely for risk management (economic hedging) purposes and are not used for
speculative or trading purposes.
Where the relevant requirements for hedge accounting are met, the Group designates derivatives as hedging instruments and
applies hedge accounting to reduce potential accounting mismatches between the hedging instrument and the hedged item.
Derivatives that are not designated in qualifying hedging relationships are, for accounting purposes, classified as \u2018held for trading\u2019
and measured at fair value through the income statement. Derivative assets and liabilities are presented as current when they are
expected to be realised or settled within 12 months after the end of the reporting period (and otherwise as non-current).
The Group currently uses the following derivatives:
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Change in hedging reserve
\u20acm
Change in cash
flow reserves
1 January 2024
(3.2)
Change in fair value of hedging instruments
13.2
Deferred tax
(2.7)
31 December 2024
7.3
Change in fair value of hedging instruments
(15.0)
Deferred tax
3.2
31 December 2025
(4.5)
Impact of hedge accounting on the Group\u2019s financial position and comprehensive income
Hedging instruments outstanding at year end and the impact of currency risk on the Group\u2019s financial position:
Derivatives \u2013 currency forwards - liabilities
\u20acm
2025
2024
Carrying amount
6.0
-
Notional amount, currency USD
151.4
-
Maturity date
January-December
2026
-
Hedge ratio
1:1
-
Change in discounted spot value of outstanding hedging instruments since inception of the
hedge
6.0
-
Change in value of hedged item to determine ineffectivness
(6.0)
-
Weighted average for outstanding hedging instruments in USD (including forward points)
SEK 9.72: 1 USD
EUR 1.15 : 1 USD
-
Derivatives \u2013 currency forwards - assets
\u20acm
2025
2024
Carrying amount
0.1
9.1
Notional amount, currency USD
26.0
209.7
Maturity date
July-September 2026
January-December 2025
Hedge ratio
1:1
1:1
Change in discounted spot value of outstanding hedging instruments since inception of
the hedge
0.1
9.1
Change in value of hedged item to determine ineffectivness
(0.1)
-9.1
Weighted average for outstanding hedging instruments in USD (including forward points)
EUR 1.19 : 1 USD
SEK 10.42: 1 USD
EUR 1.10 : 1 USD
Credit risk from trade receivables
Credit risk in the Group arises mainly from credit exposure to customers, including outstanding trade receivables, but also from
other financial assets such as cash and cash equivalents, derivative instruments and other investments. The maximum exposure to
credit risk corresponds to the carrying value of these assets in the Consolidated Statement of Financial Position, which amounted
to \u20ac542.5m as of 31 December 2025 (\u20ac497.6m in 2024).
The Group\u2019s credit risk management is governed by a Credit Policy that includes the use of credit ratings, credit limits, defined
approval and decision-making processes, and active monitoring and management of overdue and doubtful receivables. The
objective of this policy is to ensure that sales are made only to customers with an appropriate credit profile. Although trade
receivables generally reflect the geographical footprint of the Group\u2019s operations, the Group does not consider itself exposed to
significant customer concentration risk, as it serves a large and diversified customer base across multiple countries with no single
customer being individually significant. Overdue trade receivables are regularly reviewed to monitor any changes in credit risk, in
order to catch any credit-impaired financial assets. Trade receivables are written off where there is no reasonable expectation of
recovery. For further information, see note 24 Trade receivables.
Financial credit risk
The Group\u2019s objective is to minimise counterparty credit risk arising from financial transactions while maintaining an appropriate
level of liquidity and financial flexibility. Financial credit risk is managed by conducting transactions only with external banks and
other financial counterparties that, to the extent possible, have investment-grade credit ratings. In accordance with the Group\u2019s
Treasury Policy, excess liquidity may be invested only in Government securities with a minimum long-term sovereign credit rating
of Aa1 (Moody\u2019s) and/or AA+ (Standard & Poor\u2019s); or Money market funds with a minimum credit rating of Aa1 (Moody\u2019s) and/or AA+
(Standard & Poor\u2019s), managed by a Global Systemically Important Bank (G-SIB); or Bank deposits with banks holding a short-term
investment-grade credit rating. The Group had no investments of excess liquid funds as of 31 December 2025 and
31\u00a0December\u00a02024.
Interest bearing liabilities per currency
\u20acm
2025
2024
Long-term borrowings (principal amount)
EUR liabilities
4,991.9
7,475.5
SEK liabilities
5.9
136.4
Other currencies
24.8
21.9
Total
5,022.6
7,633.8
Short-term borrowings (carrying amount)
EUR liabilities
315.5
345.4
SEK liabilities
3.5
4.4
Other currencies
10.8
7.7
Total
329.8
357.5
Credit facilities as of 31 December 2025
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
950
884
2030
Term loan A
EUR
1,290
-
2030
Term loan B
EUR
1,250
-
2032
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Credit facilities as of 31 December 2024
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
700
500
2027
Term loan B
EUR
2,000
-
2028
Term loan B
EUR
525
-
2030
Senior Secured Notes
EUR
800
-
2026
Senior Secured Notes
EUR
1,150
-
2027
Senior Secured Notes
EUR
400
-
2027
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Senior Unsecured Notes (SUN)
SEK
1,500
-
2029
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due or that funding can only be
obtained at increased or high cost. The Group\u2019s objective is to maintain sufficient liquidity at all times to meet its business needs.
Short-term liquidity is managed through a liquidity reserve referred to as Available Funds, defined as cash and cash equivalents,
bank deposits, short-term investments and the undrawn portion of committed credit facilities. Under the Group\u2019s treasury policy,
Available Funds must at all times exceed a minimum threshold. Liquidity is closely monitored against rolling cash flow forecasts,
and the Group actively manages its funding and operations to ensure adequate headroom. The Group has a \u20ac950m Revolving
Credit Facility (RCF) in place (\u20ac700m in 2024). As of 31 December 2025, Available Funds \u2013 comprising undrawn committed RCF
amounts and cash and cash equivalents \u2013 amounted to \u20ac914m (\u20ac509m in 2024).
Refinancing risk
Refinancing risk is the risk that a significant portion of the Group\u2019s funding matures within a short period, at a time when access to
funding may be restricted or available only at an increased cost. The Group mitigates the risk by actively managing and staggering
the maturity profile of its external funding. The Group has no material debt maturities until February 2028, when \u20ac450m falls due.
The table below presents a maturity analysis of the Group\u2019s financial liabilities by relevant time buckets based on their contractual
maturities. It includes: Non-derivative financial liabilities and Derivative financial instruments (both gross- and net-settled) where
contractual maturities are necessary to understand the timing of cash flows. For interest rate swaps, cash flows have been
estimated using the spot interest rates applicable at the end of the reporting period.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
Interest rate risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the Group\u2019s financial performance and cash
flow. Borrowings at variable interest rates expose the Group to cash flow interest rate risk, while borrowings at fixed interest rates
expose the Group to fair value interest rate risk. During 2025 and 2024, the Group\u2019s variable-rate borrowings were denominated in
euro and Swedish krona. To reduce its exposure to interest rate risk, the Group enters into interest rate swaps to economically
hedge the variability of cash flows arising from the Group\u2019s long-term debt. The Group targets a fixed-debt share of 50-75% of
total\u00a0borrowings, including the effect of derivatives. Currently, all interest rate swaps are used to exchange floating-debt interest
payments for fixed-debt payments. Excluding derivatives, approximately 45% of the Group\u2019s borrowings (excluding factoring
financing) are at fixed rates. Including derivatives, approximately 65% of the Group\u2019s borrowings (excluding factoring financing)
are\u00a0at fixed rates. In addition, currency swaps are used to actively manage the Group\u2019s cash positions and to reduce interest costs
charged by banks in the Group\u2019s cash pool structures. Refer to note 25 Borrowings for more information. As of 31 December 2025,
based on current financing terms and derivatives in place, a 100-basis point increase in EURIBOR/STIBOR fixings would increase
the Group\u2019s total interest expense by approximately \u20ac16m (negative impact).
Foreign currency risk
Transaction risk
The Group\u2019s foreign exchange exposure arises primarily from forecast purchases of materials denominated in USD. The main
currency pairs are EUR/USD and SEK/USD. Exposures are continuously monitored and are partly hedged using foreign exchange
forward contracts. The Group\u2019s policy is to hedge 25-75% of forecast USD material purchases on a 12-month rolling basis. In 2025,
the notional maturities of FX forwards corresponded to approximately 48% of USD material purchases for the year. Where the
relevant requirements are met, the Group applies hedge accounting to these contracts. As of 31 December 2025, the Group\u2019s USD
exposure in trade payables amounted to $33.3m ($48.8m in 2024). Of this amount, $30.2m ($43.7m in 2024) relates to entities with
the EUR as functional currency and $3.1m ($5.1m in 2024) relates to entities with the SEK as functional currency.
The Group has no outstanding SEK-denominated loans at 31 December 2025. As of year-end 2024, SEK denominated loans
amounted to SEK 1,500m. The translation of non-EUR borrowings into EUR may impact the Group\u2019s consolidated income statement.
To mitigate this exposure, the Group uses foreign exchange derivatives (cross currency swaps) to economically hedge the related
foreign exchange risk.
Interest rate and foreign currency sensitivity analysis
The sensitivity analysis table shows the estimated effect that a 100\u2011basis\u2011point increase or decrease in EURIBOR/STIBOR rates
would have on profit or loss and on total comprehensive income, excluding tax. The table also presents the impact of a 10%
change in the USD exchange rate relative to SEK/EUR.
The sensitivity of profit before tax related to transaction risk arises from the remeasurement of USD\u2011denominated monetary items
(including financial assets and liabilities). The sensitivity of other components of equity (OCI) reflects changes in the fair value of
foreign exchange forward contracts that are designated as cash flow hedges.
Sensitivity per risk
2025
2024
Effect
Effect
\u20acthousand
Impact on profit
before tax
Impact on
other components
of equity, before
tax
Impact on profit
before tax
Impact on
other components
of equity, before
tax
Interest rate risk
Interest rate +1 percentage point
(16.1)
(16.1)
(20.1)
(20.1)
Interest rate -1 percentage point
16.1
16.1
20,1
20.1
Transaction risk
Currency rate SEK/USD +10 percentage point
(0.3)
0.2
(0.5)
0.1
Currency rate SEK/USD -10 percentage point
0.3
(0.2)
0.5
(0.1)
Currency rate EUR/USD +10 percentage point
(2.6)
0.4
(4.2)
0.8
Currency rate EUR/USD -10 percentage point
2.6
(0.4)
4.2
(0.8)
Note 24 Trade receivables
Non-current
\u20acm
2025
2024
Trade receivables before allowance for expected credit losses
180.8
152.5
Allowance for expected credit losses
(44.6)
(34.4)
Total
136.2
118.1
Current
\u20acm
2025
2024
Trade receivables before allowance for expected credit losses
404.1
386.1
Allowance for expected credit losses
(56.9)
(69.8)
Total
347.2
316.3
Allowance for expected credit losses
\u20acm
2025
2024
Balance at beginning of year
104.2
152.0
Allowance for expected credit losses
54.2
46.0
Receivables written off during the year as uncollectible\u00b9
(54.8)
(87.3)
Unused amounts reversed
(1.8)
(2.5)
Translation differences
(0.3)
(4.0)
Balance at end of year
101.5
104.2
1) The increase in receivables written off as uncollectible in 2024 is due to a clean up of old receivables. The clean up has not had any impact on the consolidated income
statement.
Customer credit losses recognised in the Consolidated Income Statement totalled to \u20ac56.7 m in 2025 (\u20ac 45.4m\u00a0in\u00a02024 ).
Trade receivables and loss allowance \u2013 Months past due
2025
2024
\u20acm
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Not due
438.0
14.2
404.1
10.3
Past due 0\u20133 months
53.6
9.4
46.6
16.2
Past due 3\u20136 months
19.1
12.5
16.4
12.1
Past due 6\u20139 months
16.4
12.0
14.6
12.5
Past due 9\u201312 months
14.9
12.1
13.2
11.2
Past due >12 months
42.9
41.3
43.7
41.9
Total
584.9
101.5
538.6
104.2
Factoring
The carrying amounts of trade receivables include receivables which are subject to a factoring arrangement. Under this
arrangement the Group has transferred its rights to receive cash flows from the relevant receivables to a financing partner in
exchange for cash. However, the Group has substantially retained all of the risks and rewards of ownership. The Group therefore
continues to recognise the full receivable amount in the statement of financial position, amounting to \u20ac109.4m (\u20ac148.2m in
2024)\u00a0as total trade receivables related to those under the factoring agreement. The liability related to the customer default risk
amount under the factoring agreement is presented as a financial liability under borrowings, amounting to \u20ac241.3m
(\u20ac289.5m\u00a0in\u00a02024).
Note 25 Borrowings
2025
2024
\u20acm
Principal
amount
Adjustment
amortised costs
Carrying
amount
Principal
amount
Adjustment
amortised costs
Carrying
amount
Non-current liabilities
Secured
Senior Secured Notes
975.0
(6.2)
968.8
3,325.0
(18.8)
3,306.2
Term loan A
1,290.0
(9.8)
1,280.2
-
-
-
Term Loan B
1,250.0
(6.3)
1,243.7
2,525.0
(19.7)
2,505.3
Revolving Credit Facility
66.3
(8.1)
58.2
200.0
(5.9)
194.1
Unsecured
Senior Unsecured Notes
1,175.0
(6.7)
1,168.3
1,305.9
(9.4)
1,296.5
Liabilities to other creditors1
122.6
-
122.6
143.6
-
143.6
Lease liabilities
143.7
-
143.7
134.3
-
134.3
Long-term borrowings
5,022.6
(37.1)
4,985.5
7,633.8
(53.8)
7,580.0
Current liabilities
Accrued interest expenses
58.6
-
58.6
84.2
-
84.2
Liabilities to other creditors1
205.9
-
205.9
216.6
-
216.6
Lease liabilities
65.3
-
65.3
56.7
-
56.7
Short-term borrowings
329.8
-
329.8
357.5
-
357.5
Total
5,352.4
(37.1)
5,315.3
7,991.3
(53.8)
7,937.5
1) Liabilities to other creditors mainly consists of factoring liabilities. The non-current factoring liability amounted to \u20ac85.6m (\u20ac114.1m in 2024), and the current factoring
liability amounted to \u20ac155.7m (\u20ac175.3m in 2024).
The Group\u2019s secured borrowings are jointly and severally guaranteed by some of the Group\u2019s direct and indirect subsidiaries and
secured by liens on substantially all of their assets. An analysis of the security given is presented in note 28 Pledged assets and
contingent liabilities.
Refer to note 11 Leases for more information regarding leasing.
Borrowings, currency and interest rate profile
The currency and interest rate profile of outstanding borrowing principals, excluding factoring financing and after taking into
account the effect of the Group\u2019s currency and interest rate hedging activities, was as follows:
Floating interest rate
Fixed interest rate
2025
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,422.5
5.1%
3,150.0
4.8%
3.6
4,572.5
SEK
275.0
5.4%
-
-
-
275.0
Total
1,697.5
-
3,150.0
-
-
4,847.5
Floating interest rate
Fixed interest rate
2024
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,450.1
7.8%
5,500.0
4.7%
3.0
6,950.1
SEK
405.9
7.1%
-
-
-
405.9
Total
1,856.0
-
5,500.0
-
-
7,356.0
Cash flows related to borrowings
Non-Cash changes 2025
\u20acm
Carrying
amount
1 January
2025
Cash flows
Business
combination
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2025
Long-term borrowings
7,445.7
(2,626.3)
-
16.7
-
5.7
-
4,841.8
Short-term borrowings
216.6
(10.7)
-
-
-
-
-
205.9
Accrued interest
84.2
(84.2)
-
-
-
-
58.6
58.6
Lease liabilities
191.0
(66.7)
6.3
-
78.5
(0.1)
-
209.0
Total borrowings
7,937.5
(2,787.9)
6.3
16.7
78.5
5.6
58.6
5,315.3
Cash and cash equivalents
(30.1)
(2.1)
-
-
-
2.2
-
(30.0)
Total
7,907.4
(2,790.0)
6.3
16.7
78.5
7.8
58.6
5,285.3
Non-Cash changes 2024
\u20acm
Carrying
amount
1 January
2024
Cash flows
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2024
Long-term borrowings
7,302.4
128.6
19.0
-
(4.3)
-
7,445.7
Short-term borrowings
199.4
17.2
-
-
-
-
216.6
Accrued interest
87.8
(87.8)
-
-
-
84.2
84.2
Lease liabilities
162.3
(61.0)
-
90.4
(0.7)
-
191.0
Total borrowing
7,751.9
(3.0)
19.0
90.4
(5.0)
84.2
7,937.5
Cash and cash equivalents
(21.4)
(9.8)
-
-
1.1
-
(30.1)
Total
7,730.5
(12.8)
19.0
90.4
(3.9)
84.2
7,907.4
Note 27 Accrued expenses and deferred income
\u20acm
2025
2024
Deferred income
211.2
208.6
Employee related costs
226.3
184.4
Marketing-related and other external services
58.2
63.3
Goods received
13.9
13.5
Legal claims
17.1
15.4
Other items
122.8
91.6
Total
649.5
576.8
Unsatisfied long-term customer contracts
When the Group receives a payment but has not yet delivered the promised service, a contract liability arises which consists of
deferred income for prepaid installation and services. A contract liability is accounted for until the performance obligation is
performed or falls due for the customer to use and is then reported as revenue.
Aggregate amount of the customer contracts revenue allocated to long-term customer contracts that are partially or fully
unsatisfied as of 31 December 2025 amounts to \u20ac824.7 m (\u20ac823.7m in 2024). Management expects that 66.9% of the transaction price
allocated to the partly unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the year 2026, 28.0% is
expected to be recognised during 2027 and 5.1% during 2028 or later. The Group does not include committed revenue with\u00a0an
outstanding contract period of 12 months or less. Since the Group does not include all contracts and has cancellable subscriptions,
the amount of the outstanding unsatisfied performance obligations does not amount to expected revenue for future\u00a0periods.
Liabilities related to contracts with customers
Customer contract liabilities comprise the Group\u2019s obligation to fulfil performance obligations to its customers for which it has
received consideration in advance. This includes unearned revenue relating to prepaid services, installation revenue not
considered to be a separate performance obligation and other contract liabilities.
When a customer pays consideration in advance, before the transfer of services, the amount received is recognised under
prepayments in contract liabilities. The prepayments mainly include accrued subscriptions and prepayments according to
contracts. The Group has recognised the following liabilities related to contracts with customers.
2025
2024
\u20acm
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Balance at beginning of year
8.5
339.6
6.5
321.6
Prepayments taken as revenue
(24.1)
(282.1)
(24.9)
(300.2)
New prepayments
42.1
255.3
26.7
320.8
Translation differences
(0.2)
(0.7)
0.2
(2.6)
Balance at end of year
26.3
312.1
8.5
339.6
Balance as of 31 December consists of (and where this is reported in the Consolidated Statement of Financial Position):
\u20acm
2025
2024
Non-current assets, included in Trade and other receivables
6.5
0.4
Current assets, included in Prepayments and accrued income
19.8
8.1
Total assets related to contracts with customers
26.3
8.5
Non-current liabilities, included in Other non-current liabilities
100.9
131.0
Current liabilites, included in Accrued expenses and deferred income
211.2
208.6
Total liabilities related to contracts with customers
312.1
339.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
The Group currently uses the following derivatives:
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Change in hedging reserve
\u20acm
Change in cash
flow reserves
1 January 2024
(3.2)
Change in fair value of hedging instruments
13.2
Deferred tax
(2.7)
31 December 2024
7.3
Change in fair value of hedging instruments
(15.0)
Deferred tax
3.2
31 December 2025
(4.5)
Impact of hedge accounting on the Group\u2019s financial position and comprehensive income
Hedging instruments outstanding at year end and the impact of currency risk on the Group\u2019s financial position:
Derivatives \u2013 currency forwards - liabilities
\u20acm
2025
2024
Carrying amount
6.0
-
Notional amount, currency USD
151.4
-
Maturity date
January-December
2026
-
Hedge ratio
1:1
-
Change in discounted spot value of outstanding hedging instruments since inception of the
hedge
6.0
-
Change in value of hedged item to determine ineffectivness
(6.0)
-
Weighted average for outstanding hedging instruments in USD (including forward points)
SEK 9.72: 1 USD
EUR 1.15 : 1 USD
-
Derivatives \u2013 currency forwards - assets
\u20acm
2025
2024
Carrying amount
0.1
9.1
Notional amount, currency USD
26.0
209.7
Maturity date
July-September 2026
January-December 2025
Hedge ratio
1:1
1:1
Change in discounted spot value of outstanding hedging instruments since inception of
the hedge
0.1
9.1
Change in value of hedged item to determine ineffectivness
(0.1)
-9.1
Weighted average for outstanding hedging instruments in USD (including forward points)
EUR 1.19 : 1 USD
SEK 10.42: 1 USD
EUR 1.10 : 1 USD
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
The Group currently uses the following derivatives:
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Note 13 Financial income and expenses
\u20acm
2025
2024
Interest income, other
2.0
1.9
Fair value changes in derivatives
-
16.9
Other financial income
-
9.2
Financial income
2.0
28.0
Interest cost, borrowings
(353.3)
(424.0)
Interest cost, leasing
(10.4)
(8.3)
Interest cost, factoring
(20.2)
(34.5)
Interest cost, other
(2.7)
(5.0)
Fair value changes in derivatives
(11.4)
-
Prepaid financing fee
(25.3)
(4.6)
Bond call premium
(10.6)
-
Bank charges
(24.1)
(24.8)
Exchange rate differences, net
(35.5)
(10.7)
Other financial expenses
(3.4)
(11.6)
Financial expenses
(496.9)
(523.5)
Financial income and expenses
(494.9)
(495.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
Note 14 Taxes
Tax (expense)/credit
\u20acm
2025
2024
Current tax1
(118.2)
60.3%
(119.3)
63.4%
Deferred tax2
58.5
(29.8)%
122.5
(65.1)%
Total
(59.7)
30.4%
3.2
(1.7)%
1) In 2025 and 2024, the total amount of current tax was related to overseas.
2) Of this, \u20ac8.3m and (4.2)% (\u20ac(3.1)m and 1.7% in 2024) related to the UK and \u20ac50.2m and (25.6)% (\u20ac125.6m and (66.8)% in 2024) related to overseas.
Reconciliation of effective tax and tax rate
\u20acm
2025
2024
Profit or (loss) before tax
(196.2)
(188.1)
Tax according to the applicable tax rate for the parent company,
25.0% (20.6% in 2024)
49.0
(25.0)%
38.7
(20.6)%
Difference between tax rate in United Kingdom (Sweden in 2024) and
weighted tax rates applicable to foreign subsidiaries
15.2
(7.7)%
17.0
(9.0)%
Non-taxable income
2.1
(1.1)%
18.4
(9.8)%
Non-deductible expenses
(80.9)
41.2%
(79.8)
42.4%
Recognition and utilisation of tax losses
3.2
(1.6)%
(24.2)
12.9%
Tax attributable to prior periods
(2.9)
1.5%
51.2
(27.2)%
Effect of tax rates changed
(22.5)
11.5%
0.7
(0.4)%
Tax not based on income
(25.2)
12.8%
(18.2)
9.7%
Other items
2.3
(1.2)%
(0.6)
0.3%
Total
(59.7)
30.4%
3.2
(1.7)%
Changes in tax rates
As of 2025, the Group has a new parent company with its registered office in the UK (previously Sweden). This change has affected
the statutory tax rate in 2025, which has increased from 20.6% in Sweden to 25.0% in the UK. During the financial year beginning
1 January 2025, changes in enacted tax rates resulted in a limited remeasurement of certain deferred tax balances, primarily
reflecting the impact of progressive tax rate systems in specific jurisdictions. No other material legislative changes affecting the
Group\u2019s tax position were identified during the period. In 2024, deferred tax balances were also adjusted to reflect developments
in progressive tax rate systems in certain jurisdictions.
Uncertainty over income tax treatments
Verisure operates in various countries and is subject to taxation where the legislation is often complex and subject to
interpretation by management and the government authorities.
Due to uncertainty regarding the appropriate tax treatment among our entities, management has estimated the most likely
outcome and recognised a tax provision. The provision is reported in the current tax liabilities on the Consolidated Statement of
Financial Position, reflecting the amount expected to be payable in the event of unfavourable tax ruling.
OECD Pillar Two model rules
With effect from 1 January 2024, the Group is subject to the OECD Pillar II GloBE Rules which has implemented a global minimum
effective tax regime. The Group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets
and liabilities related to Pillar II income taxes.
The transitional safe harbour relief has been applied in the majority of the Group\u2019s tax jurisdictions. In 2024, the application of the
Pillar II rules did not result in any additional tax liability for the Group. This year, in certain limited circumstances, where the safe
harbour conditions are not met, the Group expects to be subject to additional Pillar II taxes, including qualified domestic minimum
top-up taxes. Sufficient tax accruals have been recognised in the year and the impact is expected to be immaterial to the Group\u2019s
consolidated financial statements.
Other comprehensive income
Tax recognised in other comprehensive income
\u20acm
2025
2024
Deferred tax on re-measurements of defined benefit pension plans
0.0
0.3
Deferred tax on hedging reserve
3.2
(2.7)
Total
3.2
(2.4)
Deferred Taxes
The following are the major deferred tax assets and liabilities recognised by the Group:
Deferred tax assets attributable to:
\u20acm
2025
2024
Property, plant and equipment
4.6
19.3
Lease liabilities
51.9
44.8
Customer portfolio
4.5
4.5
Other intangible assets\u00b9
16.2
14.1
Tax loss carry forwards
101.5
88.5
Pension provisions and employee related liabilities
29.7
10.4
Accrued revenue
4.6
4.2
Specific tax credit
38.9
52.0
Derivatives
6.9
7.0
Expected credit losses
10.9
10.2
Other temporary differences2
29.2
31.6
Total deferred tax assets
298.9
286.6
Netted deferred tax liabilities
(220.7)
(149.7)
Total
78.2
136.9
1) Relates to other intangible assets such as trademark and technology rights.
2) Other temporary differences relates to non-deductible interest, risk liabilities and provisions.
Deferred tax liabilities attributable to:
\u20acm
2025
2024
Property, plant and equipment
12.0
26.5
Right-of-use assets
49.9
43.2
Goodwill
3.3
3.1
Customer portfolio
1,057.2
1,073.7
Other intangible assets\u00b9
51.4
37.0
Pension provisions and employee related liabilities
1.6
1.3
Prepaid revenue
26.4
19.1
Derivatives
1.4
4.6
Other temporary differences2
31.4
24.5
Total deferred tax liabilities
1,234.6
1,233.0
Netted against deferred tax assets
(220.7)
(149.7)
Total
1,013.9
1,083.3
1) Relates to other intangible assets such as R&D and IT.
2) Other temporary differences relates to bad debt and hyperinflation in Argentina.
Deferred tax related to tax loss carryforwards
Deferred tax assets are recognised in respect of tax loss carryforwards to the extent that the realisation of the related tax benefit
through taxable profits is probable. At the balance sheet date, the Group had unused tax losses of \u20ac673.1m (\u20ac722.5m in 2024)
available for offset against future profits. A deferred tax asset of \u20ac101.5m (\u20ac88.5m in 2024) has been recognised in respect of
\u20ac428.2m (\u20ac328.3m in 2024) of such losses based on existing taxable temporary differences generating future taxable profits against
which the assets can be recovered in the relevant jurisdictions. No deferred tax asset has been recognised in respect of the
remaining tax loss carry forwards of \u20ac244.9m (\u20ac394.2m in 2024 ) where the likelihood that sufficient taxable profits are
not\u00a0probable. The deferred tax assets related to tax losses carried forward which is dependent on future taxable profits in excess
of the profits arising from the reversal of existing taxable temporary differences related to subsidiaries which have suffered a loss
in their taxable result in either this or the previous year amount to \u20ac52.8m (\u20ac48.4m in 2024).
Deferred tax assets related to tax losses are mainly arising from Germany, the UK, Ireland, Argentina, and Brazil. Loss utilisation is
subject to annual caps in Germany, the UK and Brazil while in Argentina and Ireland, restrictions apply based on the source, trade,
or type of income. Tax loss carry forwards are unlimited in time in Brazil, Germany, Ireland, and the UK, but limited to five years
in\u00a0Argentina. If the entities do not generate sufficient taxable profit in the future, these deferred tax assets may be subject
to\u00a0impairment.
Deferred tax movements
Reflects the pre-offset figures as follows:
\u20acm
2025
2024
Deferred tax assets
298.9
286.6
Deferred tax liabilities
(1,234.6)
(1,233.0)
Deferred tax assets/(liabilities), net
(935.7)
(946.4)
Deferred tax change analysis
A reconciliation of pre-offset deferred tax is shown in the table below:
\u20acm
2025
2024
Balance at beginning of year
(946.4)
(1,075.1)
Movement recognised in the consolidated income statement
58.5
122.5
Directly to equity
3.2
(2.4)
Business combinations
(35.9)
-
Translation differences
(15.1)
8.6
Balance at end of year
(935.7)
(946.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
Deferred Taxes
The following are the major deferred tax assets and liabilities recognised by the Group:
Deferred tax assets attributable to:
\u20acm
2025
2024
Property, plant and equipment
4.6
19.3
Lease liabilities
51.9
44.8
Customer portfolio
4.5
4.5
Other intangible assets\u00b9
16.2
14.1
Tax loss carry forwards
101.5
88.5
Pension provisions and employee related liabilities
29.7
10.4
Accrued revenue
4.6
4.2
Specific tax credit
38.9
52.0
Derivatives
6.9
7.0
Expected credit losses
10.9
10.2
Other temporary differences2
29.2
31.6
Total deferred tax assets
298.9
286.6
Netted deferred tax liabilities
(220.7)
(149.7)
Total
78.2
136.9
1) Relates to other intangible assets such as trademark and technology rights.
2) Other temporary differences relates to non-deductible interest, risk liabilities and provisions.
Deferred tax liabilities attributable to:
\u20acm
2025
2024
Property, plant and equipment
12.0
26.5
Right-of-use assets
49.9
43.2
Goodwill
3.3
3.1
Customer portfolio
1,057.2
1,073.7
Other intangible assets\u00b9
51.4
37.0
Pension provisions and employee related liabilities
1.6
1.3
Prepaid revenue
26.4
19.1
Derivatives
1.4
4.6
Other temporary differences2
31.4
24.5
Total deferred tax liabilities
1,234.6
1,233.0
Netted against deferred tax assets
(220.7)
(149.7)
Total
1,013.9
1,083.3
1) Relates to other intangible assets such as R&D and IT.
2) Other temporary differences relates to bad debt and hyperinflation in Argentina.
Deferred tax related to tax loss carryforwards
Deferred tax assets are recognised in respect of tax loss carryforwards to the extent that the realisation of the related tax benefit
through taxable profits is probable. At the balance sheet date, the Group had unused tax losses of \u20ac673.1m (\u20ac722.5m in 2024)
available for offset against future profits. A deferred tax asset of \u20ac101.5m (\u20ac88.5m in 2024) has been recognised in respect of
\u20ac428.2m (\u20ac328.3m in 2024) of such losses based on existing taxable temporary differences generating future taxable profits against
which the assets can be recovered in the relevant jurisdictions. No deferred tax asset has been recognised in respect of the
remaining tax loss carry forwards of \u20ac244.9m (\u20ac394.2m in 2024 ) where the likelihood that sufficient taxable profits are
not\u00a0probable. The deferred tax assets related to tax losses carried forward which is dependent on future taxable profits in excess
of the profits arising from the reversal of existing taxable temporary differences related to subsidiaries which have suffered a loss
in their taxable result in either this or the previous year amount to \u20ac52.8m (\u20ac48.4m in 2024).
Deferred tax assets related to tax losses are mainly arising from Germany, the UK, Ireland, Argentina, and Brazil. Loss utilisation is
subject to annual caps in Germany, the UK and Brazil while in Argentina and Ireland, restrictions apply based on the source, trade,
or type of income. Tax loss carry forwards are unlimited in time in Brazil, Germany, Ireland, and the UK, but limited to five years
in\u00a0Argentina. If the entities do not generate sufficient taxable profit in the future, these deferred tax assets may be subject
to\u00a0impairment.
Deferred tax movements
Reflects the pre-offset figures as follows:
\u20acm
2025
2024
Deferred tax assets
298.9
286.6
Deferred tax liabilities
(1,234.6)
(1,233.0)
Deferred tax assets/(liabilities), net
(935.7)
(946.4)
Deferred tax change analysis
A reconciliation of pre-offset deferred tax is shown in the table below:
\u20acm
2025
2024
Balance at beginning of year
(946.4)
(1,075.1)
Movement recognised in the consolidated income statement
58.5
122.5
Directly to equity
3.2
(2.4)
Business combinations
(35.9)
-
Translation differences
(15.1)
8.6
Balance at end of year
(935.7)
(946.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Note 15 Earnings per share
The calculation of basic and diluted earnings per share (EPS) is based on the following data:
\u20acm
2025
2024
Net profit or (loss) for the period
(255.9)
(184.9)
Weighted average number of shares for basic EPS
854,484,363
800,000,000
EPS basic1, \u20ac
(0.30)
(0.23)
1) Earnings per share (EPS), basic, is calculated based on the weighted average number of outstanding shares in the period. The outstanding number of shares prior to the
listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time of listing on Nasdaq Stockholm on 8 October
2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative period.
\u20acm
2025
2024
Net profit or (loss) for the period
(255.9)
(184.9)
Weighted average number of shares for basic EPS
854,484,363
800,000,000
Dilution - shares subject to service conditions
509,515
-
Weighted average number of shares for diluted EPS
854,993,878
800,000,000
EPS diluted1, \u20ac
(0.30)
(0.23)
1) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding number of shares prior
to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time of listing on Nasdaq Stockholm on 8
October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
Shares in related parties
Shares purchased by Employee Benefit Trust
\u20acm
2025
2024
Balance at beginning of year
-
-
Shares purchased by Employee Benefit Trust
16.2
-
Fair value adjustment
1.3
-
Balance at end of year
17.5
-
Verisure plc established an Employee Benefit Trust (EBT) and funded the EBT with an irrecoverable gift to purchase certain
Management Shareholders\u2019 direct or indirect interest in Aegis Lux 2 S.\u00e0 r.l. on the day of listing. The value of the shares acquired
by\u00a0the EBT amounted at the day of acquisition to \u20ac16.2m and the cost was based on the offering price at time of listing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
Note 17 Property, plant and equipment
2025
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,949.9
158.3
2,108.2
Additions
441.9
61.1
503.0
Business combinations
7.4
0.3
7.7
Disposals/retirements of assets
(231.5)
(8.9)
(240.4)
Translation differences
2.2
0.1
2.3
Balance at end of year
2,169.9
210.9
2,380.8
Accumulated depreciation
Depreciation at beginning of year
(463.5)
(70.6)
(534.1)
Disposals/retirements of assets
90.7
8.8
99.5
Depreciation charge for the year
(212.2)
(28.2)
(240.4)
Translation differences
(3.6)
(0.3)
(3.9)
Accumulated depreciation at end of year
(588.6)
(90.3)
(678.9)
Net book value at end of year
1,581.3
120.6
1,701.9
2024
\u20acm
Alarm equipment
Other
Total
Cost
Balance at beginning of year
1,725.5
125.3
1,850.8
Additions
434.6
44.8
479.4
Disposals/retirements of assets
(187.7)
(10.3)
(198.0)
Translation differences
(22.5)
(1.5)
(24.0)
Balance at end of year
1,949.9
158.3
2,108.2
Accumulated depreciation
Depreciation at beginning of year
(344.1)
(56.0)
(400.1)
Disposals/retirements of assets
68.0
10.4
78.4
Depreciation charge for the year
(200.5)
(26.5)
(227.0)
Translation differences
13.1
1.5
14.6
Accumulated depreciation at end of year
(463.5)
(70.6)
(534.1)
Net book value at end of year
1,486.4
87.7
1,574.1
Property, plant, and equipment mainly consist of alarm equipment installed at customer premises. Other equipment is mainly IT-
equipment and furniture.
Disposals/retirements of assets are recognised in the Consolidated Income Statement as cost of sales. The cost corresponds
mainly to the write-off of remaining capitalised equipment, from the time customers leave the portfolio or upgrade to our
new\u00a0platform.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Note 18 Goodwill and intangible assets with indefinite useful lives
Goodwill
\u20acm
2025
2024
Balance at beginning of year
7,570.4
7,651.0
Translation differences
39.1
(80.6)
Business combination
93.3
-
Balance at end of year
7,702.8
7,570.4
The carrying amount of goodwill at the end of the\u00a0year is related\u00a0to the 2020 Business Combination as well as the acquisition of
ADT Private Security Services de Mexico S.A. de C.V. in 2025. The 2020 Business Combination refers to when Hellman & Friedman
in\u00a0December 2020 reviewed and extended their long-term commitment to Verisure by completing a transfer of its indirect
shareholdings in Verisure. In accordance with IFRS 3 \u2018Business Combinations\u2019, this transfer of shareholdings resulted in a change
in\u00a0control and a significant uplift in asset values due to the fair valuation adjustment at the time of transfer, and a recognition
of\u00a0goodwill.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives relate to goodwill and a trademark, which are not amortised but rather tested for
impairment annually. The goodwill and the trademark have primarily arisen from the 2020 Business Combination. Refer to
note\u00a020\u00a0Other intangible assets for further disclosures regarding the trademark.
Allocation of goodwill and intangible assets with indefinite useful lives
Goodwill acquired through business combinations is allocated to cash-generating units (CGUs) that are expected to benefit from
the synergies of the combination. For the purpose of impairment testing, the goodwill and the trademark are grouped at the
lowest level for which there are separately identifiable cash flows.
Goodwill and the trademark are allocated to the following CGUs:
2025
\u20acm
Goodwill
Trademark
Iberia and Nordics
4,408.6
636.1
Other Europe
2,602.1
267.1
Latin America
692.1
48.3
Central and Other
-
13.7
Total
7,702.8
965.2
2024
\u20acm
Goodwill
Trademark
Northern Europe
4,312.0
478.2
Southern Europe and Latin America
3,258.4
487.0
Total
7,570.4
965.2
Update in CGUs and reallocation of goodwill
In 2025, the Group implemented several changes in how geographical clusters are managed and reported. The change resulted in
four defined geographical clusters (Iberia and Nordics, Other Europe, Latin America, and Central and Other) compared to the
previous two clusters (Northern Europe and Southern Europe and Latin America). These changes have triggered a redefinition of
our impairment CGUs which also resulted in a subsequent reallocation of goodwill. A relative value approach has been applied in
accordance with IAS 36 \u2018Impairment of assets\u2019 to reallocate the total carrying amount of goodwill between the four newly defined
CGUs. The allocation key used is the weighted value of the new CGUs\u2019 forecasted 3-years average EBITDA aligned with the
underlying assumptions and estimates used for goodwill impairment testing. The reallocation also affected the underlying
currency denomination of goodwill.
Impairment tests
Based on the current available information used for the Group\u2019s annual impairment test, the Group does not consider that there
are any reasonably possible scenarios that could arise that would result in an impairment charge being recognised. The
recoverable amount for each CGU has been determined based on value-in-use calculations. The value-in-use calculations are
based on cash flow forecasts derived from the most recent long-term financial plans presented to the Board of Directors. The
forecast period used in the model is five years for mature markets and ten years for our fast scaling entities and new markets.
The\u00a0reason to use ten years on fast scaling entities and new markets is the long-term business model, where our experience
proves that the investments in portfolio growth in these markets require a longer period to catch the expected future profitability.
The principal assumptions in the value-in-use calculations are long-term sales growth rates, growth in Portfolio Services Adjusted
EBITDA and applied discount rates. For the period, subsequent to the long-term plan, cash flows generated by the CGUs have
been\u00a0extrapolated on the basis of a projected annual growth rate of 2% (2% in 2024). The annual growth rate is based on historical
experience as well as long-term inflation expectations.
The discount rate applied in the impairment testing is the pre-tax weighted average cost of capital (WACC) for each CGU.
Assumptions relating to the WACC have been calculated individually for each country and weighted for each CGU based on the
countries\u2019 share of revenue in the CGU. These assumptions have been determined based on both internal judgment and external
benchmarking. The pre-tax WACC rates applied for each CGU was 10.3% in Iberia and Nordics, 9.5% in Other Europe, 14.6% in Latin
America, and 12.8% in Central and Other, while the post-tax WACC for each CGU was 7.8% in Iberia and Nordics and Other Europe
as\u00a0well as 11.5% in Latin America, and 11.7% in Central and Other. In 2024 the pre-tax WACC rates applied were 11.5% for Northern
Europe and 13.6% for Southern Europe and Latin America, while the post-tax WACC for each CGU were 9.4% for Northern Europe
and 10.9% for Southern Europe and Latin America. The same WACC and projected annual growth rate has been applied for
impairment testing on both goodwill and trademark.
The Group has conducted sensitivity analyses for each of the key assumptions used in the impairment tests. The sensitivity
analyses considered a 1 percentage point (ppt) isolated reduction to Portfolio Services Adjusted EBITDA and long-term growth
respectively, or a 1 ppt increase in discount rates. A deterioration of each of the main assumptions included in the calculation
of\u00a0value-in-use would, in isolation, disclose that the recoverable amount exceeds the carrying amount in all sensitivity testing
conducted for the CGUs. Based on the this, the Directors have concluded that no impairment charge is required as of
31\u00a0December\u00a02025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
Note 18 Goodwill and intangible assets with indefinite useful lives
Goodwill
\u20acm
2025
2024
Balance at beginning of year
7,570.4
7,651.0
Translation differences
39.1
(80.6)
Business combination
93.3
-
Balance at end of year
7,702.8
7,570.4
The carrying amount of goodwill at the end of the\u00a0year is related\u00a0to the 2020 Business Combination as well as the acquisition of
ADT Private Security Services de Mexico S.A. de C.V. in 2025. The 2020 Business Combination refers to when Hellman & Friedman
in\u00a0December 2020 reviewed and extended their long-term commitment to Verisure by completing a transfer of its indirect
shareholdings in Verisure. In accordance with IFRS 3 \u2018Business Combinations\u2019, this transfer of shareholdings resulted in a change
in\u00a0control and a significant uplift in asset values due to the fair valuation adjustment at the time of transfer, and a recognition
of\u00a0goodwill.
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives relate to goodwill and a trademark, which are not amortised but rather tested for
impairment annually. The goodwill and the trademark have primarily arisen from the 2020 Business Combination. Refer to
note\u00a020\u00a0Other intangible assets for further disclosures regarding the trademark.
Allocation of goodwill and intangible assets with indefinite useful lives
Goodwill acquired through business combinations is allocated to cash-generating units (CGUs) that are expected to benefit from
the synergies of the combination. For the purpose of impairment testing, the goodwill and the trademark are grouped at the
lowest level for which there are separately identifiable cash flows.
Goodwill and the trademark are allocated to the following CGUs:
2025
\u20acm
Goodwill
Trademark
Iberia and Nordics
4,408.6
636.1
Other Europe
2,602.1
267.1
Latin America
692.1
48.3
Central and Other
-
13.7
Total
7,702.8
965.2
2024
\u20acm
Goodwill
Trademark
Northern Europe
4,312.0
478.2
Southern Europe and Latin America
3,258.4
487.0
Total
7,570.4
965.2
Update in CGUs and reallocation of goodwill
In 2025, the Group implemented several changes in how geographical clusters are managed and reported. The change resulted in
four defined geographical clusters (Iberia and Nordics, Other Europe, Latin America, and Central and Other) compared to the
previous two clusters (Northern Europe and Southern Europe and Latin America). These changes have triggered a redefinition of
our impairment CGUs which also resulted in a subsequent reallocation of goodwill. A relative value approach has been applied in
accordance with IAS 36 \u2018Impairment of assets\u2019 to reallocate the total carrying amount of goodwill between the four newly defined
CGUs. The allocation key used is the weighted value of the new CGUs\u2019 forecasted 3-years average EBITDA aligned with the
underlying assumptions and estimates used for goodwill impairment testing. The reallocation also affected the underlying
currency denomination of goodwill.
Impairment tests
Based on the current available information used for the Group\u2019s annual impairment test, the Group does not consider that there
are any reasonably possible scenarios that could arise that would result in an impairment charge being recognised. The
recoverable amount for each CGU has been determined based on value-in-use calculations. The value-in-use calculations are
based on cash flow forecasts derived from the most recent long-term financial plans presented to the Board of Directors. The
forecast period used in the model is five years for mature markets and ten years for our fast scaling entities and new markets.
The\u00a0reason to use ten years on fast scaling entities and new markets is the long-term business model, where our experience
proves that the investments in portfolio growth in these markets require a longer period to catch the expected future profitability.
The principal assumptions in the value-in-use calculations are long-term sales growth rates, growth in Portfolio Services Adjusted
EBITDA and applied discount rates. For the period, subsequent to the long-term plan, cash flows generated by the CGUs have
been\u00a0extrapolated on the basis of a projected annual growth rate of 2% (2% in 2024). The annual growth rate is based on historical
experience as well as long-term inflation expectations.
The discount rate applied in the impairment testing is the pre-tax weighted average cost of capital (WACC) for each CGU.
Assumptions relating to the WACC have been calculated individually for each country and weighted for each CGU based on the
countries\u2019 share of revenue in the CGU. These assumptions have been determined based on both internal judgment and external
benchmarking. The pre-tax WACC rates applied for each CGU was 10.3% in Iberia and Nordics, 9.5% in Other Europe, 14.6% in Latin
America, and 12.8% in Central and Other, while the post-tax WACC for each CGU was 7.8% in Iberia and Nordics and Other Europe
as\u00a0well as 11.5% in Latin America, and 11.7% in Central and Other. In 2024 the pre-tax WACC rates applied were 11.5% for Northern
Europe and 13.6% for Southern Europe and Latin America, while the post-tax WACC for each CGU were 9.4% for Northern Europe
and 10.9% for Southern Europe and Latin America. The same WACC and projected annual growth rate has been applied for
impairment testing on both goodwill and trademark.
The Group has conducted sensitivity analyses for each of the key assumptions used in the impairment tests. The sensitivity
analyses considered a 1 percentage point (ppt) isolated reduction to Portfolio Services Adjusted EBITDA and long-term growth
respectively, or a 1 ppt increase in discount rates. A deterioration of each of the main assumptions included in the calculation
of\u00a0value-in-use would, in isolation, disclose that the recoverable amount exceeds the carrying amount in all sensitivity testing
conducted for the CGUs. Based on the this, the Directors have concluded that no impairment charge is required as of
31\u00a0December\u00a02025.
Note 19 Customer portfolio
2025
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,427.8
1,077.4
6,505.2
Additions
-
324.1
324.1
Business combinations
113.8
-
113.8
Disposals/retirements of assets
(17.0)
-
(17.0)
Translation differences
45.4
4.4
49.8
Balance at end of year
5,570.0
1,405.9
6,975.9
Accumulated amortisation
Amortisation at beginning of year
(2,107.5)
(196.2)
(2,303.7)
Disposals/retirements of assets
17.0
-
17.0
Amortisation charge for the year
(493.3)
(119.2)
(612.5)
Translation differences
(1.3)
(2.7)
(4.0)
Accumulated amortisation at end of year
(2,585.1)
(318.1)
(2,903.2)
Net book value at end of year
2,984.9
1,087.8
4,072.7
2024
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,474.2
790.4
6,264.6
Additions
0.5
301.5
302.0
Disposals/retirements of assets
(3.1)
(0.2)
(3.3)
Translation differences
(43.8)
(14.3)
(58.1)
Balance at end of year
5,427.8
1,077.4
6,505.2
Accumulated amortisation
Amortisation at beginning of year
(1,585.7)
(104.2)
(1,689.9)
Disposals/retirements of assets
3.1
0.2
3.3
Amortisation charge for the year
(529.1)
(99.7)
(628.8)
Translation differences
4.3
7.4
11.7
Accumulated amortisation at end of year
(2,107.5)
(196.2)
(2,303.7)
Net book value at end of year
3,320.3
881.2
4,201.5
The net book value at year end includes \u20ac2,871.1m (\u20ac3,320.3m in 2024) relating to acquired intangibles arising from the 2020
Business Combination.
Management has assessed the recoverability of the carrying amount of the customer portfolio as of the acquisition date. The
customer portfolio is tested for impairment if there is an indication of impairment. Potential indicators are monitored on the
respective CGU level. During the year there have been no indications of impairment and therefore no impairment test on assets
with definite useful lives have been performed. Annual impairment tests are described in note 18 Goodwill and intangible assets
with indefinite useful lives.
Note 20 Other intangible assets
2025
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
546.1
121.6
1,766.2
Additions
-
160.7
0.9
161.6
Business combinations
24.9
-
-
24.9
Disposals/retirements of assets
-
(2.6)
-
(2.6)
Translation differences
0.4
(0.9)
-
(0.5)
Balance at end of year
1,123.8
703.3
122.5
1,949.6
Accumulated amortisation
Amortisation at beginning of year
(67.4)
(241.7)
(97.3)
(406.4)
Disposals/retirements of assets
-
2.5
-
2.5
Amortisation charge for the year
(17.1)
(111.9)
(23.6)
(152.6)
Translation differences
-
0.4
-
0.4
Accumulated amortisation at end of year
(84.5)
(350.7)
(120.9)
(556.1)
Net book value at end of year
1,039.3
352.6
1.6
1,393.5
2024
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
425.0
124.2
1,647.7
Additions
-
138.5
0.4
138.9
Disposals/retirements of assets
-
(16.5)
(2.8)
(19.3)
Translation differences
-
(0.9)
(0.2)
(1.1)
Balance at end of year
1,098.5
546.1
121.6
1,766.2
Accumulated amortisation
Amortisation at beginning of year
(50.7)
(143.1)
(75.8)
(269.6)
Disposals/retirements of assets
-
8.1
2.8
10.9
Amortisation charge for the year
(16.7)
(107.6)
(24.5)
(148.8)
Translation differences
-
0.9
0.2
1.1
Accumulated amortisation at end of year
(67.4)
(241.7)
(97.3)
(406.4)
Net book value at end of year
1,031.1
304.4
24.3
1,359.8
The net book value at year end includes \u20ac965.2m (\u20ac965.2m in 2024 )\u00a0relating to\u00a0an acquired\u00a0trademark\u00a0intangible\u00a0that arose from
the 2020 Business Combination. This acquired trademark\u00a0is not amortised\u00a0but\u00a0tested for impairment annually.\u00a0Refer to note 18
Goodwill and intangible assets with indefinite useful lives for further details on impairment\u00a0testing.
During the year there have been no indications of impairment and therefore no impairment test on assets with definite useful lives
have been performed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Note 18 Goodwill and intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives relate to goodwill and a trademark, which are not amortised but rather tested for
impairment annually. The goodwill and the trademark have primarily arisen from the 2020 Business Combination. Refer to
note\u00a020\u00a0Other intangible assets for further disclosures regarding the trademark.
Allocation of goodwill and intangible assets with indefinite useful lives
Goodwill acquired through business combinations is allocated to cash-generating units (CGUs) that are expected to benefit from
the synergies of the combination. For the purpose of impairment testing, the goodwill and the trademark are grouped at the
lowest level for which there are separately identifiable cash flows.
Goodwill and the trademark are allocated to the following CGUs:
2025
\u20acm
Goodwill
Trademark
Iberia and Nordics
4,408.6
636.1
Other Europe
2,602.1
267.1
Latin America
692.1
48.3
Central and Other
-
13.7
Total
7,702.8
965.2
2024
\u20acm
Goodwill
Trademark
Northern Europe
4,312.0
478.2
Southern Europe and Latin America
3,258.4
487.0
Total
7,570.4
965.2
Note 19 Customer portfolio
2025
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,427.8
1,077.4
6,505.2
Additions
-
324.1
324.1
Business combinations
113.8
-
113.8
Disposals/retirements of assets
(17.0)
-
(17.0)
Translation differences
45.4
4.4
49.8
Balance at end of year
5,570.0
1,405.9
6,975.9
Accumulated amortisation
Amortisation at beginning of year
(2,107.5)
(196.2)
(2,303.7)
Disposals/retirements of assets
17.0
-
17.0
Amortisation charge for the year
(493.3)
(119.2)
(612.5)
Translation differences
(1.3)
(2.7)
(4.0)
Accumulated amortisation at end of year
(2,585.1)
(318.1)
(2,903.2)
Net book value at end of year
2,984.9
1,087.8
4,072.7
2024
\u20acm
Customer Portfolio -
Business combinations
Customer Portfolio -
Variable sales commissions
Total
Cost
Balance at beginning of year
5,474.2
790.4
6,264.6
Additions
0.5
301.5
302.0
Disposals/retirements of assets
(3.1)
(0.2)
(3.3)
Translation differences
(43.8)
(14.3)
(58.1)
Balance at end of year
5,427.8
1,077.4
6,505.2
Accumulated amortisation
Amortisation at beginning of year
(1,585.7)
(104.2)
(1,689.9)
Disposals/retirements of assets
3.1
0.2
3.3
Amortisation charge for the year
(529.1)
(99.7)
(628.8)
Translation differences
4.3
7.4
11.7
Accumulated amortisation at end of year
(2,107.5)
(196.2)
(2,303.7)
Net book value at end of year
3,320.3
881.2
4,201.5
The net book value at year end includes \u20ac2,871.1m (\u20ac3,320.3m in 2024) relating to acquired intangibles arising from the 2020
Business Combination.
Note 20 Other intangible assets
2025
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
546.1
121.6
1,766.2
Additions
-
160.7
0.9
161.6
Business combinations
24.9
-
-
24.9
Disposals/retirements of assets
-
(2.6)
-
(2.6)
Translation differences
0.4
(0.9)
-
(0.5)
Balance at end of year
1,123.8
703.3
122.5
1,949.6
Accumulated amortisation
Amortisation at beginning of year
(67.4)
(241.7)
(97.3)
(406.4)
Disposals/retirements of assets
-
2.5
-
2.5
Amortisation charge for the year
(17.1)
(111.9)
(23.6)
(152.6)
Translation differences
-
0.4
-
0.4
Accumulated amortisation at end of year
(84.5)
(350.7)
(120.9)
(556.1)
Net book value at end of year
1,039.3
352.6
1.6
1,393.5
2024
\u20acm
Trademarks
Internally
Developed
Intangible assets
Technology and
other
Total
Cost
Balance at beginning of year
1,098.5
425.0
124.2
1,647.7
Additions
-
138.5
0.4
138.9
Disposals/retirements of assets
-
(16.5)
(2.8)
(19.3)
Translation differences
-
(0.9)
(0.2)
(1.1)
Balance at end of year
1,098.5
546.1
121.6
1,766.2
Accumulated amortisation
Amortisation at beginning of year
(50.7)
(143.1)
(75.8)
(269.6)
Disposals/retirements of assets
-
8.1
2.8
10.9
Amortisation charge for the year
(16.7)
(107.6)
(24.5)
(148.8)
Translation differences
-
0.9
0.2
1.1
Accumulated amortisation at end of year
(67.4)
(241.7)
(97.3)
(406.4)
Net book value at end of year
1,031.1
304.4
24.3
1,359.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
Allocation of goodwill and intangible assets with indefinite useful lives
Goodwill acquired through business combinations is allocated to cash-generating units (CGUs) that are expected to benefit from
the synergies of the combination. For the purpose of impairment testing, the goodwill and the trademark are grouped at the
lowest level for which there are separately identifiable cash flows.
Goodwill and the trademark are allocated to the following CGUs:
2025
\u20acm
Goodwill
Trademark
Iberia and Nordics
4,408.6
636.1
Other Europe
2,602.1
267.1
Latin America
692.1
48.3
Central and Other
-
13.7
Total
7,702.8
965.2
2024
\u20acm
Goodwill
Trademark
Northern Europe
4,312.0
478.2
Southern Europe and Latin America
3,258.4
487.0
Total
7,570.4
965.2
Update in CGUs and reallocation of goodwill
In 2025, the Group implemented several changes in how geographical clusters are managed and reported. The change resulted in
four defined geographical clusters (Iberia and Nordics, Other Europe, Latin America, and Central and Other) compared to the
previous two clusters (Northern Europe and Southern Europe and Latin America). These changes have triggered a redefinition of
our impairment CGUs which also resulted in a subsequent reallocation of goodwill. A relative value approach has been applied in
accordance with IAS 36 \u2018Impairment of assets\u2019 to reallocate the total carrying amount of goodwill between the four newly defined
CGUs. The allocation key used is the weighted value of the new CGUs\u2019 forecasted 3-years average EBITDA aligned with the
underlying assumptions and estimates used for goodwill impairment testing. The reallocation also affected the underlying
currency denomination of goodwill.
Impairment tests
Based on the current available information used for the Group\u2019s annual impairment test, the Group does not consider that there
are any reasonably possible scenarios that could arise that would result in an impairment charge being recognised. The
recoverable amount for each CGU has been determined based on value-in-use calculations. The value-in-use calculations are
based on cash flow forecasts derived from the most recent long-term financial plans presented to the Board of Directors. The
forecast period used in the model is five years for mature markets and ten years for our fast scaling entities and new markets.
The\u00a0reason to use ten years on fast scaling entities and new markets is the long-term business model, where our experience
proves that the investments in portfolio growth in these markets require a longer period to catch the expected future profitability.
The principal assumptions in the value-in-use calculations are long-term sales growth rates, growth in Portfolio Services Adjusted
EBITDA and applied discount rates. For the period, subsequent to the long-term plan, cash flows generated by the CGUs have
been\u00a0extrapolated on the basis of a projected annual growth rate of 2% (2% in 2024). The annual growth rate is based on historical
experience as well as long-term inflation expectations.
The discount rate applied in the impairment testing is the pre-tax weighted average cost of capital (WACC) for each CGU.
Assumptions relating to the WACC have been calculated individually for each country and weighted for each CGU based on the
countries\u2019 share of revenue in the CGU. These assumptions have been determined based on both internal judgment and external
benchmarking. The pre-tax WACC rates applied for each CGU was 10.3% in Iberia and Nordics, 9.5% in Other Europe, 14.6% in Latin
America, and 12.8% in Central and Other, while the post-tax WACC for each CGU was 7.8% in Iberia and Nordics and Other Europe
as\u00a0well as 11.5% in Latin America, and 11.7% in Central and Other. In 2024 the pre-tax WACC rates applied were 11.5% for Northern
Europe and 13.6% for Southern Europe and Latin America, while the post-tax WACC for each CGU were 9.4% for Northern Europe
and 10.9% for Southern Europe and Latin America. The same WACC and projected annual growth rate has been applied for
impairment testing on both goodwill and trademark.
The Group has conducted sensitivity analyses for each of the key assumptions used in the impairment tests. The sensitivity
analyses considered a 1 percentage point (ppt) isolated reduction to Portfolio Services Adjusted EBITDA and long-term growth
respectively, or a 1 ppt increase in discount rates. A deterioration of each of the main assumptions included in the calculation
of\u00a0value-in-use would, in isolation, disclose that the recoverable amount exceeds the carrying amount in all sensitivity testing
conducted for the CGUs. Based on the this, the Directors have concluded that no impairment charge is required as of
31\u00a0December\u00a02025.
Management has assessed the recoverability of the carrying amount of the customer portfolio as of the acquisition date. The
customer portfolio is tested for impairment if there is an indication of impairment. Potential indicators are monitored on the
respective CGU level. During the year there have been no indications of impairment and therefore no impairment test on assets
with definite useful lives have been performed. Annual impairment tests are described in note 18 Goodwill and intangible assets
with indefinite useful lives.
The net book value at year end includes \u20ac965.2m (\u20ac965.2m in 2024 )\u00a0relating to\u00a0an acquired\u00a0trademark\u00a0intangible\u00a0that arose from
the 2020 Business Combination. This acquired trademark\u00a0is not amortised\u00a0but\u00a0tested for impairment annually.\u00a0Refer to note 18
Goodwill and intangible assets with indefinite useful lives for further details on impairment\u00a0testing.
During the year there have been no indications of impairment and therefore no impairment test on assets with definite useful lives
have been performed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
Note 21 Prepayments and accrued income
\u20acm
2025
2024
Accrued sales income
3.9
2.3
Prepaid expenses
126.6
89.3
Other accrued income
13.2
2.4
Total
143.7
94.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Note 22 Financial risk management
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Cash flows related to borrowings
Non-Cash changes 2025
\u20acm
Carrying
amount
1 January
2025
Cash flows
Business
combination
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2025
Long-term borrowings
7,445.7
(2,626.3)
-
16.7
-
5.7
-
4,841.8
Short-term borrowings
216.6
(10.7)
-
-
-
-
-
205.9
Accrued interest
84.2
(84.2)
-
-
-
-
58.6
58.6
Lease liabilities
191.0
(66.7)
6.3
-
78.5
(0.1)
-
209.0
Total borrowings
7,937.5
(2,787.9)
6.3
16.7
78.5
5.6
58.6
5,315.3
Cash and cash equivalents
(30.1)
(2.1)
-
-
-
2.2
-
(30.0)
Total
7,907.4
(2,790.0)
6.3
16.7
78.5
7.8
58.6
5,285.3
Non-Cash changes 2024
\u20acm
Carrying
amount
1 January
2024
Cash flows
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2024
Long-term borrowings
7,302.4
128.6
19.0
-
(4.3)
-
7,445.7
Short-term borrowings
199.4
17.2
-
-
-
-
216.6
Accrued interest
87.8
(87.8)
-
-
-
84.2
84.2
Lease liabilities
162.3
(61.0)
-
90.4
(0.7)
-
191.0
Total borrowing
7,751.9
(3.0)
19.0
90.4
(5.0)
84.2
7,937.5
Cash and cash equivalents
(21.4)
(9.8)
-
-
1.1
-
(30.1)
Total
7,730.5
(12.8)
19.0
90.4
(3.9)
84.2
7,907.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
The valuation hierarchy applied is as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Other observable data than quoted prices included at Level 1, either directly (i.e. as price quotations) or indirectly (i.e.
derived from price quotations). The valuation techniques for currency related instruments are based on published forwards rates
and discounted contractual cash flows, and in terms of interest rate instruments the fair valuation is based on forward interest
rates prepared on the basis of observable interest data and discounted contractual cash flows.
Level 3: Non-observable market data. For certain assets and liabilities, the carrying amount is assumed to be a reasonable
approximation of fair value.
There have been no transfers of assets or liabilities between levels.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Credit risk from trade receivables
Credit risk in the Group arises mainly from credit exposure to customers, including outstanding trade receivables, but also from
other financial assets such as cash and cash equivalents, derivative instruments and other investments. The maximum exposure to
credit risk corresponds to the carrying value of these assets in the Consolidated Statement of Financial Position, which amounted
to \u20ac542.5m as of 31 December 2025 (\u20ac497.6m in 2024).
The Group\u2019s credit risk management is governed by a Credit Policy that includes the use of credit ratings, credit limits, defined
approval and decision-making processes, and active monitoring and management of overdue and doubtful receivables. The
objective of this policy is to ensure that sales are made only to customers with an appropriate credit profile. Although trade
receivables generally reflect the geographical footprint of the Group\u2019s operations, the Group does not consider itself exposed to
significant customer concentration risk, as it serves a large and diversified customer base across multiple countries with no single
customer being individually significant. Overdue trade receivables are regularly reviewed to monitor any changes in credit risk, in
order to catch any credit-impaired financial assets. Trade receivables are written off where there is no reasonable expectation of
recovery. For further information, see note 24 Trade receivables.
Note 24 Trade receivables
Non-current
\u20acm
2025
2024
Trade receivables before allowance for expected credit losses
180.8
152.5
Allowance for expected credit losses
(44.6)
(34.4)
Total
136.2
118.1
Current
\u20acm
2025
2024
Trade receivables before allowance for expected credit losses
404.1
386.1
Allowance for expected credit losses
(56.9)
(69.8)
Total
347.2
316.3
Allowance for expected credit losses
\u20acm
2025
2024
Balance at beginning of year
104.2
152.0
Allowance for expected credit losses
54.2
46.0
Receivables written off during the year as uncollectible\u00b9
(54.8)
(87.3)
Unused amounts reversed
(1.8)
(2.5)
Translation differences
(0.3)
(4.0)
Balance at end of year
101.5
104.2
1) The increase in receivables written off as uncollectible in 2024 is due to a clean up of old receivables. The clean up has not had any impact on the consolidated income
statement.
Customer credit losses recognised in the Consolidated Income Statement totalled to \u20ac56.7 m in 2025 (\u20ac 45.4m\u00a0in\u00a02024 ).
Trade receivables and loss allowance \u2013 Months past due
2025
2024
\u20acm
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Not due
438.0
14.2
404.1
10.3
Past due 0\u20133 months
53.6
9.4
46.6
16.2
Past due 3\u20136 months
19.1
12.5
16.4
12.1
Past due 6\u20139 months
16.4
12.0
14.6
12.5
Past due 9\u201312 months
14.9
12.1
13.2
11.2
Past due >12 months
42.9
41.3
43.7
41.9
Total
584.9
101.5
538.6
104.2
Factoring
The carrying amounts of trade receivables include receivables which are subject to a factoring arrangement. Under this
arrangement the Group has transferred its rights to receive cash flows from the relevant receivables to a financing partner in
exchange for cash. However, the Group has substantially retained all of the risks and rewards of ownership. The Group therefore
continues to recognise the full receivable amount in the statement of financial position, amounting to \u20ac109.4m (\u20ac148.2m in
2024)\u00a0as total trade receivables related to those under the factoring agreement. The liability related to the customer default risk
amount under the factoring agreement is presented as a financial liability under borrowings, amounting to \u20ac241.3m
(\u20ac289.5m\u00a0in\u00a02024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Interest bearing liabilities per currency
\u20acm
2025
2024
Long-term borrowings (principal amount)
EUR liabilities
4,991.9
7,475.5
SEK liabilities
5.9
136.4
Other currencies
24.8
21.9
Total
5,022.6
7,633.8
Short-term borrowings (carrying amount)
EUR liabilities
315.5
345.4
SEK liabilities
3.5
4.4
Other currencies
10.8
7.7
Total
329.8
357.5
Credit facilities as of 31 December 2025
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
950
884
2030
Term loan A
EUR
1,290
-
2030
Term loan B
EUR
1,250
-
2032
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Credit facilities as of 31 December 2024
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
700
500
2027
Term loan B
EUR
2,000
-
2028
Term loan B
EUR
525
-
2030
Senior Secured Notes
EUR
800
-
2026
Senior Secured Notes
EUR
1,150
-
2027
Senior Secured Notes
EUR
400
-
2027
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Senior Unsecured Notes (SUN)
SEK
1,500
-
2029
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
Note 25 Borrowings
2025
2024
\u20acm
Principal
amount
Adjustment
amortised costs
Carrying
amount
Principal
amount
Adjustment
amortised costs
Carrying
amount
Non-current liabilities
Secured
Senior Secured Notes
975.0
(6.2)
968.8
3,325.0
(18.8)
3,306.2
Term loan A
1,290.0
(9.8)
1,280.2
-
-
-
Term Loan B
1,250.0
(6.3)
1,243.7
2,525.0
(19.7)
2,505.3
Revolving Credit Facility
66.3
(8.1)
58.2
200.0
(5.9)
194.1
Unsecured
Senior Unsecured Notes
1,175.0
(6.7)
1,168.3
1,305.9
(9.4)
1,296.5
Liabilities to other creditors1
122.6
-
122.6
143.6
-
143.6
Lease liabilities
143.7
-
143.7
134.3
-
134.3
Long-term borrowings
5,022.6
(37.1)
4,985.5
7,633.8
(53.8)
7,580.0
Current liabilities
Accrued interest expenses
58.6
-
58.6
84.2
-
84.2
Liabilities to other creditors1
205.9
-
205.9
216.6
-
216.6
Lease liabilities
65.3
-
65.3
56.7
-
56.7
Short-term borrowings
329.8
-
329.8
357.5
-
357.5
Total
5,352.4
(37.1)
5,315.3
7,991.3
(53.8)
7,937.5
1) Liabilities to other creditors mainly consists of factoring liabilities. The non-current factoring liability amounted to \u20ac85.6m (\u20ac114.1m in 2024), and the current factoring
liability amounted to \u20ac155.7m (\u20ac175.3m in 2024).
The Group\u2019s secured borrowings are jointly and severally guaranteed by some of the Group\u2019s direct and indirect subsidiaries and
secured by liens on substantially all of their assets. An analysis of the security given is presented in note 28 Pledged assets and
contingent liabilities.
Refer to note 11 Leases for more information regarding leasing.
Borrowings, currency and interest rate profile
The currency and interest rate profile of outstanding borrowing principals, excluding factoring financing and after taking into
account the effect of the Group\u2019s currency and interest rate hedging activities, was as follows:
Floating interest rate
Fixed interest rate
2025
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,422.5
5.1%
3,150.0
4.8%
3.6
4,572.5
SEK
275.0
5.4%
-
-
-
275.0
Total
1,697.5
-
3,150.0
-
-
4,847.5
Floating interest rate
Fixed interest rate
2024
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,450.1
7.8%
5,500.0
4.7%
3.0
6,950.1
SEK
405.9
7.1%
-
-
-
405.9
Total
1,856.0
-
5,500.0
-
-
7,356.0
Cash flows related to borrowings
Non-Cash changes 2025
\u20acm
Carrying
amount
1 January
2025
Cash flows
Business
combination
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2025
Long-term borrowings
7,445.7
(2,626.3)
-
16.7
-
5.7
-
4,841.8
Short-term borrowings
216.6
(10.7)
-
-
-
-
-
205.9
Accrued interest
84.2
(84.2)
-
-
-
-
58.6
58.6
Lease liabilities
191.0
(66.7)
6.3
-
78.5
(0.1)
-
209.0
Total borrowings
7,937.5
(2,787.9)
6.3
16.7
78.5
5.6
58.6
5,315.3
Cash and cash equivalents
(30.1)
(2.1)
-
-
-
2.2
-
(30.0)
Total
7,907.4
(2,790.0)
6.3
16.7
78.5
7.8
58.6
5,285.3
Non-Cash changes 2024
\u20acm
Carrying
amount
1 January
2024
Cash flows
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2024
Long-term borrowings
7,302.4
128.6
19.0
-
(4.3)
-
7,445.7
Short-term borrowings
199.4
17.2
-
-
-
-
216.6
Accrued interest
87.8
(87.8)
-
-
-
84.2
84.2
Lease liabilities
162.3
(61.0)
-
90.4
(0.7)
-
191.0
Total borrowing
7,751.9
(3.0)
19.0
90.4
(5.0)
84.2
7,937.5
Cash and cash equivalents
(21.4)
(9.8)
-
-
1.1
-
(30.1)
Total
7,730.5
(12.8)
19.0
90.4
(3.9)
84.2
7,907.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Interest bearing liabilities per currency
\u20acm
2025
2024
Long-term borrowings (principal amount)
EUR liabilities
4,991.9
7,475.5
SEK liabilities
5.9
136.4
Other currencies
24.8
21.9
Total
5,022.6
7,633.8
Short-term borrowings (carrying amount)
EUR liabilities
315.5
345.4
SEK liabilities
3.5
4.4
Other currencies
10.8
7.7
Total
329.8
357.5
Credit facilities as of 31 December 2025
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
950
884
2030
Term loan A
EUR
1,290
-
2030
Term loan B
EUR
1,250
-
2032
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Credit facilities as of 31 December 2024
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
700
500
2027
Term loan B
EUR
2,000
-
2028
Term loan B
EUR
525
-
2030
Senior Secured Notes
EUR
800
-
2026
Senior Secured Notes
EUR
1,150
-
2027
Senior Secured Notes
EUR
400
-
2027
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Senior Unsecured Notes (SUN)
SEK
1,500
-
2029
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
Note 25 Borrowings
2025
2024
\u20acm
Principal
amount
Adjustment
amortised costs
Carrying
amount
Principal
amount
Adjustment
amortised costs
Carrying
amount
Non-current liabilities
Secured
Senior Secured Notes
975.0
(6.2)
968.8
3,325.0
(18.8)
3,306.2
Term loan A
1,290.0
(9.8)
1,280.2
-
-
-
Term Loan B
1,250.0
(6.3)
1,243.7
2,525.0
(19.7)
2,505.3
Revolving Credit Facility
66.3
(8.1)
58.2
200.0
(5.9)
194.1
Unsecured
Senior Unsecured Notes
1,175.0
(6.7)
1,168.3
1,305.9
(9.4)
1,296.5
Liabilities to other creditors1
122.6
-
122.6
143.6
-
143.6
Lease liabilities
143.7
-
143.7
134.3
-
134.3
Long-term borrowings
5,022.6
(37.1)
4,985.5
7,633.8
(53.8)
7,580.0
Current liabilities
Accrued interest expenses
58.6
-
58.6
84.2
-
84.2
Liabilities to other creditors1
205.9
-
205.9
216.6
-
216.6
Lease liabilities
65.3
-
65.3
56.7
-
56.7
Short-term borrowings
329.8
-
329.8
357.5
-
357.5
Total
5,352.4
(37.1)
5,315.3
7,991.3
(53.8)
7,937.5
1) Liabilities to other creditors mainly consists of factoring liabilities. The non-current factoring liability amounted to \u20ac85.6m (\u20ac114.1m in 2024), and the current factoring
liability amounted to \u20ac155.7m (\u20ac175.3m in 2024).
The Group\u2019s secured borrowings are jointly and severally guaranteed by some of the Group\u2019s direct and indirect subsidiaries and
secured by liens on substantially all of their assets. An analysis of the security given is presented in note 28 Pledged assets and
contingent liabilities.
Refer to note 11 Leases for more information regarding leasing.
Borrowings, currency and interest rate profile
The currency and interest rate profile of outstanding borrowing principals, excluding factoring financing and after taking into
account the effect of the Group\u2019s currency and interest rate hedging activities, was as follows:
Floating interest rate
Fixed interest rate
2025
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,422.5
5.1%
3,150.0
4.8%
3.6
4,572.5
SEK
275.0
5.4%
-
-
-
275.0
Total
1,697.5
-
3,150.0
-
-
4,847.5
Floating interest rate
Fixed interest rate
2024
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,450.1
7.8%
5,500.0
4.7%
3.0
6,950.1
SEK
405.9
7.1%
-
-
-
405.9
Total
1,856.0
-
5,500.0
-
-
7,356.0
Cash flows related to borrowings
Non-Cash changes 2025
\u20acm
Carrying
amount
1 January
2025
Cash flows
Business
combination
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2025
Long-term borrowings
7,445.7
(2,626.3)
-
16.7
-
5.7
-
4,841.8
Short-term borrowings
216.6
(10.7)
-
-
-
-
-
205.9
Accrued interest
84.2
(84.2)
-
-
-
-
58.6
58.6
Lease liabilities
191.0
(66.7)
6.3
-
78.5
(0.1)
-
209.0
Total borrowings
7,937.5
(2,787.9)
6.3
16.7
78.5
5.6
58.6
5,315.3
Cash and cash equivalents
(30.1)
(2.1)
-
-
-
2.2
-
(30.0)
Total
7,907.4
(2,790.0)
6.3
16.7
78.5
7.8
58.6
5,285.3
Non-Cash changes 2024
\u20acm
Carrying
amount
1 January
2024
Cash flows
Change in
adjustment
amortised
cost
New leases
Foreign
exchange
movement
New
accrued
interest
Carrying
amount
31 December
2024
Long-term borrowings
7,302.4
128.6
19.0
-
(4.3)
-
7,445.7
Short-term borrowings
199.4
17.2
-
-
-
-
216.6
Accrued interest
87.8
(87.8)
-
-
-
84.2
84.2
Lease liabilities
162.3
(61.0)
-
90.4
(0.7)
-
191.0
Total borrowing
7,751.9
(3.0)
19.0
90.4
(5.0)
84.2
7,937.5
Cash and cash equivalents
(21.4)
(9.8)
-
-
1.1
-
(30.1)
Total
7,730.5
(12.8)
19.0
90.4
(3.9)
84.2
7,907.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
Financial instruments by category and valuation level
2025
2024
\u20acm
Financial
Asset
Financial
Liability
Financial
Asset
Financial
Liability
Hedge accounting
FX forwards\u00b9
0.1
6.0
9.1
-
Fair value
FX swaps\u00b9
0.0
0.1
-
0.0
Cross currency swaps\u00b9
-
3.8
12.6
-
Interest rate swaps\u00b9
-
16.6
-
24.9
Other receivables, non-current\u00b2
28.9
-
11.4
-
Amortised cost
Trade and other receivables, non-current
144.2
-
123.8
-
Trade receivables, current\u2074
347.2
-
316.3
-
Other current receivables\u2074
33.6
-
27.6
-
Cash and cash equivalents
30.0
-
30.1
-
Long-term borrowings\u00b3\u02d2\u2075
-
4,841.8
-
7,445.7
Other non-current liabilities
-
1.1
-
1.1
Trade payables, current\u2074
-
179.5
-
176.0
Accrued expenses, current\u2074
-
221.8
-
189.0
Short-term borrowings\u2074\u02d2\u2075
-
264.6
-
300.8
Other current liabilities\u2074
-
27.2
-
45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable.
2) Other receivables, non-current, measured at fair value includes \u20ac17.5m (nil in 2024) classified as level 2 where significant inputs are observable. The observed input consists
of a market valuation of the underlying asset. They also include \u20ac11.4m (\u20ac11.4m in 2024) classified as level 3 where significant inputs are unobservable where cost has been
deemed an appropriate representation of fair value. The assets classified as level 3 are unchanged during the year.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to \u20ac2,184m (\u20ac4,673m on 31 December 2024) and fair value for the Term Loan B is
\u20ac1,257m (\u20ac2,536m on 31 December 2024), being the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted market price in an active
market. For the Group\u2019s remaining borrowings, book values approximate to their fair values.
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other current liabilities, their
carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 25 Borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
Derivatives
The Group\u2019s operations expose it to financial risks arising from movements in foreign exchange rates and interest rates. The Group
uses derivative financial instruments in accordance with its Treasury Policy, which is approved by the Board of Directors. The
Treasury Policy sets out written principles governing the use of derivatives and is aligned with the Group\u2019s overall risk
management strategy. Derivatives are entered into solely for risk management (economic hedging) purposes and are not used for
speculative or trading purposes.
Where the relevant requirements for hedge accounting are met, the Group designates derivatives as hedging instruments and
applies hedge accounting to reduce potential accounting mismatches between the hedging instrument and the hedged item.
Derivatives that are not designated in qualifying hedging relationships are, for accounting purposes, classified as \u2018held for trading\u2019
and measured at fair value through the income statement. Derivative assets and liabilities are presented as current when they are
expected to be realised or settled within 12 months after the end of the reporting period (and otherwise as non-current).
The Group currently uses the following derivatives:
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
Credit risk from trade receivables
Credit risk in the Group arises mainly from credit exposure to customers, including outstanding trade receivables, but also from
other financial assets such as cash and cash equivalents, derivative instruments and other investments. The maximum exposure to
credit risk corresponds to the carrying value of these assets in the Consolidated Statement of Financial Position, which amounted
to \u20ac542.5m as of 31 December 2025 (\u20ac497.6m in 2024).
The Group\u2019s credit risk management is governed by a Credit Policy that includes the use of credit ratings, credit limits, defined
approval and decision-making processes, and active monitoring and management of overdue and doubtful receivables. The
objective of this policy is to ensure that sales are made only to customers with an appropriate credit profile. Although trade
receivables generally reflect the geographical footprint of the Group\u2019s operations, the Group does not consider itself exposed to
significant customer concentration risk, as it serves a large and diversified customer base across multiple countries with no single
customer being individually significant. Overdue trade receivables are regularly reviewed to monitor any changes in credit risk, in
order to catch any credit-impaired financial assets. Trade receivables are written off where there is no reasonable expectation of
recovery. For further information, see note 24 Trade receivables.
Financial credit risk
The Group\u2019s objective is to minimise counterparty credit risk arising from financial transactions while maintaining an appropriate
level of liquidity and financial flexibility. Financial credit risk is managed by conducting transactions only with external banks and
other financial counterparties that, to the extent possible, have investment-grade credit ratings. In accordance with the Group\u2019s
Treasury Policy, excess liquidity may be invested only in Government securities with a minimum long-term sovereign credit rating
of Aa1 (Moody\u2019s) and/or AA+ (Standard & Poor\u2019s); or Money market funds with a minimum credit rating of Aa1 (Moody\u2019s) and/or AA+
(Standard & Poor\u2019s), managed by a Global Systemically Important Bank (G-SIB); or Bank deposits with banks holding a short-term
investment-grade credit rating. The Group had no investments of excess liquid funds as of 31 December 2025 and
31\u00a0December\u00a02024.
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due or that funding can only be
obtained at increased or high cost. The Group\u2019s objective is to maintain sufficient liquidity at all times to meet its business needs.
Short-term liquidity is managed through a liquidity reserve referred to as Available Funds, defined as cash and cash equivalents,
bank deposits, short-term investments and the undrawn portion of committed credit facilities. Under the Group\u2019s treasury policy,
Available Funds must at all times exceed a minimum threshold. Liquidity is closely monitored against rolling cash flow forecasts,
and the Group actively manages its funding and operations to ensure adequate headroom. The Group has a \u20ac950m Revolving
Credit Facility (RCF) in place (\u20ac700m in 2024). As of 31 December 2025, Available Funds \u2013 comprising undrawn committed RCF
amounts and cash and cash equivalents \u2013 amounted to \u20ac914m (\u20ac509m in 2024).
Refinancing risk
Refinancing risk is the risk that a significant portion of the Group\u2019s funding matures within a short period, at a time when access to
funding may be restricted or available only at an increased cost. The Group mitigates the risk by actively managing and staggering
the maturity profile of its external funding. The Group has no material debt maturities until February 2028, when \u20ac450m falls due.
The table below presents a maturity analysis of the Group\u2019s financial liabilities by relevant time buckets based on their contractual
maturities. It includes: Non-derivative financial liabilities and Derivative financial instruments (both gross- and net-settled) where
contractual maturities are necessary to understand the timing of cash flows. For interest rate swaps, cash flows have been
estimated using the spot interest rates applicable at the end of the reporting period.
Interest rate risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the Group\u2019s financial performance and cash
flow. Borrowings at variable interest rates expose the Group to cash flow interest rate risk, while borrowings at fixed interest rates
expose the Group to fair value interest rate risk. During 2025 and 2024, the Group\u2019s variable-rate borrowings were denominated in
euro and Swedish krona. To reduce its exposure to interest rate risk, the Group enters into interest rate swaps to economically
hedge the variability of cash flows arising from the Group\u2019s long-term debt. The Group targets a fixed-debt share of 50-75% of
total\u00a0borrowings, including the effect of derivatives. Currently, all interest rate swaps are used to exchange floating-debt interest
payments for fixed-debt payments. Excluding derivatives, approximately 45% of the Group\u2019s borrowings (excluding factoring
financing) are at fixed rates. Including derivatives, approximately 65% of the Group\u2019s borrowings (excluding factoring financing)
are\u00a0at fixed rates. In addition, currency swaps are used to actively manage the Group\u2019s cash positions and to reduce interest costs
charged by banks in the Group\u2019s cash pool structures. Refer to note 25 Borrowings for more information. As of 31 December 2025,
based on current financing terms and derivatives in place, a 100-basis point increase in EURIBOR/STIBOR fixings would increase
the Group\u2019s total interest expense by approximately \u20ac16m (negative impact).
Foreign currency risk
Transaction risk
The Group\u2019s foreign exchange exposure arises primarily from forecast purchases of materials denominated in USD. The main
currency pairs are EUR/USD and SEK/USD. Exposures are continuously monitored and are partly hedged using foreign exchange
forward contracts. The Group\u2019s policy is to hedge 25-75% of forecast USD material purchases on a 12-month rolling basis. In 2025,
the notional maturities of FX forwards corresponded to approximately 48% of USD material purchases for the year. Where the
relevant requirements are met, the Group applies hedge accounting to these contracts. As of 31 December 2025, the Group\u2019s USD
exposure in trade payables amounted to $33.3m ($48.8m in 2024). Of this amount, $30.2m ($43.7m in 2024) relates to entities with
the EUR as functional currency and $3.1m ($5.1m in 2024) relates to entities with the SEK as functional currency.
The Group has no outstanding SEK-denominated loans at 31 December 2025. As of year-end 2024, SEK denominated loans
amounted to SEK 1,500m. The translation of non-EUR borrowings into EUR may impact the Group\u2019s consolidated income statement.
To mitigate this exposure, the Group uses foreign exchange derivatives (cross currency swaps) to economically hedge the related
foreign exchange risk.
Interest rate and foreign currency sensitivity analysis
The sensitivity analysis table shows the estimated effect that a 100\u2011basis\u2011point increase or decrease in EURIBOR/STIBOR rates
would have on profit or loss and on total comprehensive income, excluding tax. The table also presents the impact of a 10%
change in the USD exchange rate relative to SEK/EUR.
The sensitivity of profit before tax related to transaction risk arises from the remeasurement of USD\u2011denominated monetary items
(including financial assets and liabilities). The sensitivity of other components of equity (OCI) reflects changes in the fair value of
foreign exchange forward contracts that are designated as cash flow hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
\u2022 Interest rate swaps: to hedge exposure to variability in future cash flows attributable to changes in interest rates on the Group\u2019s
variable-rate long-term debt.
\u2022 Cross currency swaps: to hedge foreign exchange risk associated with the Group\u2019s financing activities by synthetically increasing
the proportion of SEK-denominated debt and better aligning the EUR/SEK debt mix with the Group\u2019s EUR/SEK revenue mix.
\u2022 FX swaps: to manage short-term currency positions and liquidity within the Group\u2019s multi-currency cash pool.
\u2022 FX forwards: to hedge forecast foreign-currency cash flows by locking in the exchange rate for exposures where the transaction
currency differs from the relevant subsidiary\u2019s functional currency. The Group enters into USD forward contracts only against
EUR\u00a0and SEK.
The Group\u2019s derivative financial instruments are recognised in the Consolidated Statement of Financial Position under the
following line items.
\u20acm
2025
2024
Non-current liabilities
Interest rate swaps - held for trading
16.6
24.9
Cross currency swaps - held for trading
3.8
0.0
Total
20.4
24.9
Current liabilities
FX forwards - cash flow hedges
6.0
-
FX swaps - held for trading
0.1
0.0
Total
6.1
0.0
Current receivables
Cross currency swaps - held for trading
-
12.6
FX swaps - held for trading
0.1
-
FX forwards - cash flow hedges
0.1
9.1
Total
0.2
21.7
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
Change in hedging reserve
\u20acm
Change in cash
flow reserves
1 January 2024
(3.2)
Change in fair value of hedging instruments
13.2
Deferred tax
(2.7)
31 December 2024
7.3
Change in fair value of hedging instruments
(15.0)
Deferred tax
3.2
31 December 2025
(4.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Change in hedging reserve
\u20acm
Change in cash
flow reserves
1 January 2024
(3.2)
Change in fair value of hedging instruments
13.2
Deferred tax
(2.7)
31 December 2024
7.3
Change in fair value of hedging instruments
(15.0)
Deferred tax
3.2
31 December 2025
(4.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
Derivatives \u2013 currency forwards - liabilities
\u20acm
2025
2024
Carrying amount
6.0
-
Notional amount, currency USD
151.4
-
Maturity date
January-December
2026
-
Hedge ratio
1:1
-
Change in discounted spot value of outstanding hedging instruments since inception of the
hedge
6.0
-
Change in value of hedged item to determine ineffectivness
(6.0)
-
Weighted average for outstanding hedging instruments in USD (including forward points)
SEK 9.72: 1 USD
EUR 1.15 : 1 USD
-
Derivatives \u2013 currency forwards - assets
\u20acm
2025
2024
Carrying amount
0.1
9.1
Notional amount, currency USD
26.0
209.7
Maturity date
July-September 2026
January-December 2025
Hedge ratio
1:1
1:1
Change in discounted spot value of outstanding hedging instruments since inception of
the hedge
0.1
9.1
Change in value of hedged item to determine ineffectivness
(0.1)
-9.1
Weighted average for outstanding hedging instruments in USD (including forward points)
EUR 1.19 : 1 USD
SEK 10.42: 1 USD
EUR 1.10 : 1 USD
Interest bearing liabilities per currency
\u20acm
2025
2024
Long-term borrowings (principal amount)
EUR liabilities
4,991.9
7,475.5
SEK liabilities
5.9
136.4
Other currencies
24.8
21.9
Total
5,022.6
7,633.8
Short-term borrowings (carrying amount)
EUR liabilities
315.5
345.4
SEK liabilities
3.5
4.4
Other currencies
10.8
7.7
Total
329.8
357.5
Credit facilities as of 31 December 2025
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
950
884
2030
Term loan A
EUR
1,290
-
2030
Term loan B
EUR
1,250
-
2032
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Credit facilities as of 31 December 2024
Credit frame
Currency
Facility
amount \u20acm
Available
amount \u20acm
Maturity
Revolving Credit Facility (RCF)
Multi-currency (EUR)
700
500
2027
Term loan B
EUR
2,000
-
2028
Term loan B
EUR
525
-
2030
Senior Secured Notes
EUR
800
-
2026
Senior Secured Notes
EUR
1,150
-
2027
Senior Secured Notes
EUR
400
-
2027
Senior Secured Notes
EUR
450
-
2028
Senior Secured Notes
EUR
525
-
2030
Senior Unsecured Notes (SUN)
EUR
1,175
-
2029
Senior Unsecured Notes (SUN)
SEK
1,500
-
2029
Liquidity risk
Liquidity risk is the risk that the Group is unable to meet its financial obligations as they fall due or that funding can only be
obtained at increased or high cost. The Group\u2019s objective is to maintain sufficient liquidity at all times to meet its business needs.
Short-term liquidity is managed through a liquidity reserve referred to as Available Funds, defined as cash and cash equivalents,
bank deposits, short-term investments and the undrawn portion of committed credit facilities. Under the Group\u2019s treasury policy,
Available Funds must at all times exceed a minimum threshold. Liquidity is closely monitored against rolling cash flow forecasts,
and the Group actively manages its funding and operations to ensure adequate headroom. The Group has a \u20ac950m Revolving
Credit Facility (RCF) in place (\u20ac700m in 2024). As of 31 December 2025, Available Funds \u2013 comprising undrawn committed RCF
amounts and cash and cash equivalents \u2013 amounted to \u20ac914m (\u20ac509m in 2024).
Refinancing risk
Refinancing risk is the risk that a significant portion of the Group\u2019s funding matures within a short period, at a time when access to
funding may be restricted or available only at an increased cost. The Group mitigates the risk by actively managing and staggering
the maturity profile of its external funding. The Group has no material debt maturities until February 2028, when \u20ac450m falls due.
The table below presents a maturity analysis of the Group\u2019s financial liabilities by relevant time buckets based on their contractual
maturities. It includes: Non-derivative financial liabilities and Derivative financial instruments (both gross- and net-settled) where
contractual maturities are necessary to understand the timing of cash flows. For interest rate swaps, cash flows have been
estimated using the spot interest rates applicable at the end of the reporting period.
Liquidity report
The below liquidity report consists of undiscounted future cash flows.
2025
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(148.5)
(455.1)
(2,990.0)
(1,250.0)
(4,843.6)
Interest payments borrowings
(227.0)
(424.8)
(245.0)
(97.0)
(993.8)
Other non-current liabilities
-
(0.1)
(1.0)
0.0
(1.1)
Lease liabilities
(74.5)
(99.3)
(36.8)
(22.8)
(233.4)
Trade payables
(179.5)
-
-
-
(179.5)
Accrued expenses and deferred income
(649.5)
-
-
-
(649.5)
Other current liabilities
(249.0)
-
-
-
(249.0)
Total non-derivatives
(1,528.0)
(979.3)
(3,272.8)
(1,369.8)
(7,149.9)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
20.2
40.3
31.4
-
91.9
\u00a0 Derivative contracts - outflow
(27.1)
(54.1)
(42.1)
-
(123.3)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
14.5
26.3
-
-
40.8
\u00a0 Derivative contracts - outflow
(14.8)
(27.0)
-
-
(41.8)
Total derivatives
(7.2)
(14.5)
(10.7)
0.0
(32.4)
2024
\u20acm
Less than 1 year
1-2 years
3-4 years
5 years or more
Total
Non-derivatives
Liabilities to credit institutions, principal amounts
(80.8)
(2,539.9)
(3,755.9)
(1,050.0)
(7,426.6)
Interest payments borrowings
(394.7)
(701.0)
(233.8)
(22.8)
(1,352.3)
Other non-current liabilities
-
-
(1.1)
-
(1.1)
Lease liabilities
(65.6)
(87.8)
(36.6)
(26.3)
(216.3)
Trade payables
(176.0)
-
-
-
(176.0)
Accrued expenses and deferred income
(576.8)
-
-
-
(576.8)
Other current liabilities
(234.7)
-
-
-
(234.7)
Total non-derivatives
(1,528.6)
(3,328.7)
(4,027.4)
(1,099.1)
(9,983.8)
Derivatives
Interest rate derivatives
\u00a0 Derivative contracts - inflow
26.8
41.6
-
-
68.4
\u00a0 Derivative contracts - outflow
(30.7)
(47.7)
-
-
(78.4)
Foreign exchange derivatives
\u00a0 Derivative contracts - inflow
13.1
-
-
-
13.1
\u00a0 Derivative contracts - outflow
(14.6)
-
-
-
(14.6)
Total derivatives
(5.4)
(6.1)
-
-
(11.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Credit risk from trade receivables
Credit risk in the Group arises mainly from credit exposure to customers, including outstanding trade receivables, but also from
other financial assets such as cash and cash equivalents, derivative instruments and other investments. The maximum exposure to
credit risk corresponds to the carrying value of these assets in the Consolidated Statement of Financial Position, which amounted
to \u20ac542.5m as of 31 December 2025 (\u20ac497.6m in 2024).
The Group\u2019s credit risk management is governed by a Credit Policy that includes the use of credit ratings, credit limits, defined
approval and decision-making processes, and active monitoring and management of overdue and doubtful receivables. The
objective of this policy is to ensure that sales are made only to customers with an appropriate credit profile. Although trade
receivables generally reflect the geographical footprint of the Group\u2019s operations, the Group does not consider itself exposed to
significant customer concentration risk, as it serves a large and diversified customer base across multiple countries with no single
customer being individually significant. Overdue trade receivables are regularly reviewed to monitor any changes in credit risk, in
order to catch any credit-impaired financial assets. Trade receivables are written off where there is no reasonable expectation of
recovery. For further information, see note 24 Trade receivables.
Financial credit risk
The Group\u2019s objective is to minimise counterparty credit risk arising from financial transactions while maintaining an appropriate
level of liquidity and financial flexibility. Financial credit risk is managed by conducting transactions only with external banks and
other financial counterparties that, to the extent possible, have investment-grade credit ratings. In accordance with the Group\u2019s
Treasury Policy, excess liquidity may be invested only in Government securities with a minimum long-term sovereign credit rating
of Aa1 (Moody\u2019s) and/or AA+ (Standard & Poor\u2019s); or Money market funds with a minimum credit rating of Aa1 (Moody\u2019s) and/or AA+
(Standard & Poor\u2019s), managed by a Global Systemically Important Bank (G-SIB); or Bank deposits with banks holding a short-term
investment-grade credit rating. The Group had no investments of excess liquid funds as of 31 December 2025 and
31\u00a0December\u00a02024.
Allowance for expected credit losses
\u20acm
2025
2024
Balance at beginning of year
104.2
152.0
Allowance for expected credit losses
54.2
46.0
Receivables written off during the year as uncollectible\u00b9
(54.8)
(87.3)
Unused amounts reversed
(1.8)
(2.5)
Translation differences
(0.3)
(4.0)
Balance at end of year
101.5
104.2
1) The increase in receivables written off as uncollectible in 2024 is due to a clean up of old receivables. The clean up has not had any impact on the consolidated income
statement.
Customer credit losses recognised in the Consolidated Income Statement totalled to \u20ac56.7 m in 2025 (\u20ac 45.4m\u00a0in\u00a02024 ).
Trade receivables and loss allowance \u2013 Months past due
2025
2024
\u20acm
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Gross carrying
amount \u2013 trade
receivables
Loss allowance
Not due
438.0
14.2
404.1
10.3
Past due 0\u20133 months
53.6
9.4
46.6
16.2
Past due 3\u20136 months
19.1
12.5
16.4
12.1
Past due 6\u20139 months
16.4
12.0
14.6
12.5
Past due 9\u201312 months
14.9
12.1
13.2
11.2
Past due >12 months
42.9
41.3
43.7
41.9
Total
584.9
101.5
538.6
104.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Interest rate risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the Group\u2019s financial performance and cash
flow. Borrowings at variable interest rates expose the Group to cash flow interest rate risk, while borrowings at fixed interest rates
expose the Group to fair value interest rate risk. During 2025 and 2024, the Group\u2019s variable-rate borrowings were denominated in
euro and Swedish krona. To reduce its exposure to interest rate risk, the Group enters into interest rate swaps to economically
hedge the variability of cash flows arising from the Group\u2019s long-term debt. The Group targets a fixed-debt share of 50-75% of
total\u00a0borrowings, including the effect of derivatives. Currently, all interest rate swaps are used to exchange floating-debt interest
payments for fixed-debt payments. Excluding derivatives, approximately 45% of the Group\u2019s borrowings (excluding factoring
financing) are at fixed rates. Including derivatives, approximately 65% of the Group\u2019s borrowings (excluding factoring financing)
are\u00a0at fixed rates. In addition, currency swaps are used to actively manage the Group\u2019s cash positions and to reduce interest costs
charged by banks in the Group\u2019s cash pool structures. Refer to note 25 Borrowings for more information. As of 31 December 2025,
based on current financing terms and derivatives in place, a 100-basis point increase in EURIBOR/STIBOR fixings would increase
the Group\u2019s total interest expense by approximately \u20ac16m (negative impact).
Foreign currency risk
Transaction risk
The Group\u2019s foreign exchange exposure arises primarily from forecast purchases of materials denominated in USD. The main
currency pairs are EUR/USD and SEK/USD. Exposures are continuously monitored and are partly hedged using foreign exchange
forward contracts. The Group\u2019s policy is to hedge 25-75% of forecast USD material purchases on a 12-month rolling basis. In 2025,
the notional maturities of FX forwards corresponded to approximately 48% of USD material purchases for the year. Where the
relevant requirements are met, the Group applies hedge accounting to these contracts. As of 31 December 2025, the Group\u2019s USD
exposure in trade payables amounted to $33.3m ($48.8m in 2024). Of this amount, $30.2m ($43.7m in 2024) relates to entities with
the EUR as functional currency and $3.1m ($5.1m in 2024) relates to entities with the SEK as functional currency.
The Group has no outstanding SEK-denominated loans at 31 December 2025. As of year-end 2024, SEK denominated loans
amounted to SEK 1,500m. The translation of non-EUR borrowings into EUR may impact the Group\u2019s consolidated income statement.
To mitigate this exposure, the Group uses foreign exchange derivatives (cross currency swaps) to economically hedge the related
foreign exchange risk.
Interest rate and foreign currency sensitivity analysis
The sensitivity analysis table shows the estimated effect that a 100\u2011basis\u2011point increase or decrease in EURIBOR/STIBOR rates
would have on profit or loss and on total comprehensive income, excluding tax. The table also presents the impact of a 10%
change in the USD exchange rate relative to SEK/EUR.
The sensitivity of profit before tax related to transaction risk arises from the remeasurement of USD\u2011denominated monetary items
(including financial assets and liabilities). The sensitivity of other components of equity (OCI) reflects changes in the fair value of
foreign exchange forward contracts that are designated as cash flow hedges.
Sensitivity per risk
2025
2024
Effect
Effect
\u20acthousand
Impact on profit
before tax
Impact on
other components
of equity, before
tax
Impact on profit
before tax
Impact on
other components
of equity, before
tax
Interest rate risk
Interest rate +1 percentage point
(16.1)
(16.1)
(20.1)
(20.1)
Interest rate -1 percentage point
16.1
16.1
20,1
20.1
Transaction risk
Currency rate SEK/USD +10 percentage point
(0.3)
0.2
(0.5)
0.1
Currency rate SEK/USD -10 percentage point
0.3
(0.2)
0.5
(0.1)
Currency rate EUR/USD +10 percentage point
(2.6)
0.4
(4.2)
0.8
Currency rate EUR/USD -10 percentage point
2.6
(0.4)
4.2
(0.8)
Borrowings, currency and interest rate profile
The currency and interest rate profile of outstanding borrowing principals, excluding factoring financing and after taking into
account the effect of the Group\u2019s currency and interest rate hedging activities, was as follows:
Floating interest rate
Fixed interest rate
2025
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,422.5
5.1%
3,150.0
4.8%
3.6
4,572.5
SEK
275.0
5.4%
-
-
-
275.0
Total
1,697.5
-
3,150.0
-
-
4,847.5
Floating interest rate
Fixed interest rate
2024
\u20acm
Weighted
average
interest rate
%
\u20acm
Weighted
average
interest rate
%
Weighted
average
period of
which
rate is fixed,
years
Total
\u20acm
EUR
1,450.1
7.8%
5,500.0
4.7%
3.0
6,950.1
SEK
405.9
7.1%
-
-
-
405.9
Total
1,856.0
-
5,500.0
-
-
7,356.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Capital management
The Group\u2019s capital management objective is to ensure that its financial resources are appropriately structured to support ongoing
operations and future growth, provide financial resilience and comfort to lenders, and deliver sustainable returns to shareholders.
This includes maintaining adequate liquidity to fund investments for continued development, both organically and through
acquisitions. The capital that is being managed consists of shareholders' equity, borrowings, and cash and cash equivalents.
The Revolving Credit Facility (\u2018RCF\u2019) includes a springing financial maintenance covenant. The Total Net Leverage Ratio is tested
only if drawings under the RCF exceed 45% (\u20ac427.5m) of total commitments (\u20ac950m) at a Revolving Test Date. If the covenant is
triggered, compliance is assessed semi-annually on 30 June and 31 December. The Total Net Leverage Ratio must not exceed 5.50:1
until 10 October 2028, and 5.00:1 thereafter.
As of 31 December 2025, RCF utilisation was below 45% and, accordingly, no financial covenant test was required. The Group
complied with all applicable covenants during the reporting period. Further information on net debt and leverage is provided in
note 25 Borrowings.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Note 23 Inventories
\u20acm
2025
2024
Materials and consumables, gross
295.8
330.0
Provision for obsolescence
(14.1)
(13.8)
Inventory, net
281.7
316.2
The cost of inventory recognised as an expense and included in \u2018cost of sales\u2019 was \u20ac 71.1m (\u20ac75.6m in 2024) in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
\u20acm
2025
2024
Materials and consumables, gross
295.8
330.0
Provision for obsolescence
(14.1)
(13.8)
Inventory, net
281.7
316.2
Note 26 Other provisions
2025
\u20acm
Staff-related
provisions
Service related
provisions
Provisions for
legal claims
Other
provisions
Total
Balance at beginning of year
3.5
0.9
37.0
0.7
42.1
Acquired through business combination
-
-
-
2.9
2.9
Reclassifications
-
-
(3.5)
3.5
-
Additional provisions
1.3
-
35.6
2.8
39.7
Utilised provisions
(1.4)
(0.9)
(19.1)
(1.1)
(22.5)
Reversal of provisions not used
-
-
(14.0)
-
(14.0)
Translation differences
-
-
-
-
-
Balance at end of year
3.4
-
36.0
8.8
48.2
The timing of utilisation of the provisions is uncertain and have therefore been included in non-current liabilities. The Group
expects to utilise these provisions in more than 1 year, but in less than 5 years.
Legal claims
Legal claims provisions mainly relates to various general and product liability claims in the normal course of business. While the
Group cannot predict the outcome of individual legal actions, where the exposure can be reliably measured and an outflow of
economic benefits is considered probable, provisions are recognised following legal advice. There were no individually material
provisions as at 31 December 2025.
Note 28 Pledged assets and contingent liabilities
Contingent liabilities
\u20acm
2025
2024
Guarantees
42.7
41.3
Guarantees relate mainly to warranties provided to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
\u20acm
2025
2024
Materials and consumables, gross
295.8
330.0
Provision for obsolescence
(14.1)
(13.8)
Inventory, net
281.7
316.2
Note 26 Other provisions
2025
\u20acm
Staff-related
provisions
Service related
provisions
Provisions for
legal claims
Other
provisions
Total
Balance at beginning of year
3.5
0.9
37.0
0.7
42.1
Acquired through business combination
-
-
-
2.9
2.9
Reclassifications
-
-
(3.5)
3.5
-
Additional provisions
1.3
-
35.6
2.8
39.7
Utilised provisions
(1.4)
(0.9)
(19.1)
(1.1)
(22.5)
Reversal of provisions not used
-
-
(14.0)
-
(14.0)
Translation differences
-
-
-
-
-
Balance at end of year
3.4
-
36.0
8.8
48.2
The timing of utilisation of the provisions is uncertain and have therefore been included in non-current liabilities. The Group
expects to utilise these provisions in more than 1 year, but in less than 5 years.
Legal claims
Legal claims provisions mainly relates to various general and product liability claims in the normal course of business. While the
Group cannot predict the outcome of individual legal actions, where the exposure can be reliably measured and an outflow of
economic benefits is considered probable, provisions are recognised following legal advice. There were no individually material
provisions as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Allowance for expected credit losses
\u20acm
2025
2024
Balance at beginning of year
104.2
152.0
Allowance for expected credit losses
54.2
46.0
Receivables written off during the year as uncollectible\u00b9
(54.8)
(87.3)
Unused amounts reversed
(1.8)
(2.5)
Translation differences
(0.3)
(4.0)
Balance at end of year
101.5
104.2
1) The increase in receivables written off as uncollectible in 2024 is due to a clean up of old receivables. The clean up has not had any impact on the consolidated income
statement.
Customer credit losses recognised in the Consolidated Income Statement totalled to \u20ac56.7 m in 2025 (\u20ac 45.4m\u00a0in\u00a02024 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
Note 27 Accrued expenses and deferred income
\u20acm
2025
2024
Deferred income
211.2
208.6
Employee related costs
226.3
184.4
Marketing-related and other external services
58.2
63.3
Goods received
13.9
13.5
Legal claims
17.1
15.4
Other items
122.8
91.6
Total
649.5
576.8
Unsatisfied long-term customer contracts
When the Group receives a payment but has not yet delivered the promised service, a contract liability arises which consists of
deferred income for prepaid installation and services. A contract liability is accounted for until the performance obligation is
performed or falls due for the customer to use and is then reported as revenue.
Aggregate amount of the customer contracts revenue allocated to long-term customer contracts that are partially or fully
unsatisfied as of 31 December 2025 amounts to \u20ac824.7 m (\u20ac823.7m in 2024). Management expects that 66.9% of the transaction price
allocated to the partly unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the year 2026, 28.0% is
expected to be recognised during 2027 and 5.1% during 2028 or later. The Group does not include committed revenue with\u00a0an
outstanding contract period of 12 months or less. Since the Group does not include all contracts and has cancellable subscriptions,
the amount of the outstanding unsatisfied performance obligations does not amount to expected revenue for future\u00a0periods.
Liabilities related to contracts with customers
Customer contract liabilities comprise the Group\u2019s obligation to fulfil performance obligations to its customers for which it has
received consideration in advance. This includes unearned revenue relating to prepaid services, installation revenue not
considered to be a separate performance obligation and other contract liabilities.
When a customer pays consideration in advance, before the transfer of services, the amount received is recognised under
prepayments in contract liabilities. The prepayments mainly include accrued subscriptions and prepayments according to
contracts. The Group has recognised the following liabilities related to contracts with customers.
2025
2024
\u20acm
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Balance at beginning of year
8.5
339.6
6.5
321.6
Prepayments taken as revenue
(24.1)
(282.1)
(24.9)
(300.2)
New prepayments
42.1
255.3
26.7
320.8
Translation differences
(0.2)
(0.7)
0.2
(2.6)
Balance at end of year
26.3
312.1
8.5
339.6
Balance as of 31 December consists of (and where this is reported in the Consolidated Statement of Financial Position):
\u20acm
2025
2024
Non-current assets, included in Trade and other receivables
6.5
0.4
Current assets, included in Prepayments and accrued income
19.8
8.1
Total assets related to contracts with customers
26.3
8.5
Non-current liabilities, included in Other non-current liabilities
100.9
131.0
Current liabilites, included in Accrued expenses and deferred income
211.2
208.6
Total liabilities related to contracts with customers
312.1
339.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Note 27 Accrued expenses and deferred income
\u20acm
2025
2024
Deferred income
211.2
208.6
Employee related costs
226.3
184.4
Marketing-related and other external services
58.2
63.3
Goods received
13.9
13.5
Legal claims
17.1
15.4
Other items
122.8
91.6
Total
649.5
576.8
Unsatisfied long-term customer contracts
When the Group receives a payment but has not yet delivered the promised service, a contract liability arises which consists of
deferred income for prepaid installation and services. A contract liability is accounted for until the performance obligation is
performed or falls due for the customer to use and is then reported as revenue.
Aggregate amount of the customer contracts revenue allocated to long-term customer contracts that are partially or fully
unsatisfied as of 31 December 2025 amounts to \u20ac824.7 m (\u20ac823.7m in 2024). Management expects that 66.9% of the transaction price
allocated to the partly unsatisfied contracts as of 31 December 2025 will be recognised as revenue during the year 2026, 28.0% is
expected to be recognised during 2027 and 5.1% during 2028 or later. The Group does not include committed revenue with\u00a0an
outstanding contract period of 12 months or less. Since the Group does not include all contracts and has cancellable subscriptions,
the amount of the outstanding unsatisfied performance obligations does not amount to expected revenue for future\u00a0periods.
Liabilities related to contracts with customers
Customer contract liabilities comprise the Group\u2019s obligation to fulfil performance obligations to its customers for which it has
received consideration in advance. This includes unearned revenue relating to prepaid services, installation revenue not
considered to be a separate performance obligation and other contract liabilities.
When a customer pays consideration in advance, before the transfer of services, the amount received is recognised under
prepayments in contract liabilities. The prepayments mainly include accrued subscriptions and prepayments according to
contracts. The Group has recognised the following liabilities related to contracts with customers.
2025
2024
\u20acm
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Assets related to
contracts with
customers
Liabilities related
to contracts with
customers
Balance at beginning of year
8.5
339.6
6.5
321.6
Prepayments taken as revenue
(24.1)
(282.1)
(24.9)
(300.2)
New prepayments
42.1
255.3
26.7
320.8
Translation differences
(0.2)
(0.7)
0.2
(2.6)
Balance at end of year
26.3
312.1
8.5
339.6
Balance as of 31 December consists of (and where this is reported in the Consolidated Statement of Financial Position):
\u20acm
2025
2024
Non-current assets, included in Trade and other receivables
6.5
0.4
Current assets, included in Prepayments and accrued income
19.8
8.1
Total assets related to contracts with customers
26.3
8.5
Non-current liabilities, included in Other non-current liabilities
100.9
131.0
Current liabilites, included in Accrued expenses and deferred income
211.2
208.6
Total liabilities related to contracts with customers
312.1
339.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
Note 28 Pledged assets and contingent liabilities
Pledged assets
\u20acm
2025
2024
Net assets of subsidiaries
13,515.7
14,309.5
Bank accounts
6.5
6.2
Accounts receivables
253.5
363.4
Inventories
1.1
1.1
Other operating assets
68.2
65.8
Trademark
48.5
34.8
Endowment insurance
0.5
0.5
The Group has pledged shares in subsidiaries, certain bank accounts, trade receivables, intangible property rights, certain
inventory assets, rights under insurance contracts, rights under acquisition agreements, and rights for the Group as collateral for
bank borrowings, as disclosed in note 25 Borrowings. Guarantees relate mainly to warranties provided to suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Note 28 Pledged assets and contingent liabilities
Contingent liabilities
\u20acm
2025
2024
Guarantees
42.7
41.3
Guarantees relate mainly to warranties provided to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
Note 28 Pledged assets and contingent liabilities
Contingent liabilities
\u20acm
2025
2024
Guarantees
42.7
41.3
Guarantees relate mainly to warranties provided to suppliers.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
Note 29 Events after the reporting period
There have been no significant events after the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "The address of the registered office is 111 Buckingham Palace Road, London SW1W 0SR,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
Subsidiary name
Reg. no
Reg. office
Share of capital
and voting rights
Verisure Group Topholding AB1
559336-2071
Box 392, 201 23 Malm\u00f6, Sweden
100%
\u00a0 Verisure Midholding AB (publ)1
556854-1402
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Holding AB (publ) 1
556854-1410
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Group AB (publ)1
556222-9012
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Sales Sverige AB1
556955-2978
Box 2511, 580 02 Link\u00f6ping, Sweden
100%
Verisure Sverige AB1
556153-2176
Box 2511, 580 02 Link\u00f6ping, Sweden\u00a0
100%
Securitas Direct Sverige AB1
556893-9010
Box 314, 581 02 Link\u00f6ping, Sweden
100%
Verisure Logistics AB1
556702-0747
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Innovation AB 1
556723-5329
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure International AB1
559132-9569
Box 392, 201 23 Malm\u00f6, Sweden
100%
ESML SD Iberia Holding S.A.U. 1
A85537363
Calle Pri\u00e9gola, 2; Pozuelo de Alarc\u00f3n, 28224 Madrid, Spain
100%
Securitas Direct Espa\u00f1a S.A.U.1
A26106013
Calle Pri\u00e9gola, 2; Pozuelo de Alarc\u00f3n, 28224 Madrid, Spain
100%
Verisure Mexico S.A. de C.V.1
VME24099097J6
Blvd. Miguel de Cervantes Saavedra 259, 2\u00ba Piso Edificio B.
Granada, Miguel Hidalgo, Mexico
100%
ADT Private Security Services de Mexico
S.A. de C.V. 1
APS080728RT5
Avenida Insurgentes Sur 1106, Tlacoquemecatl Del Valle,
Benito Ju\u00e0rez, Mexico
100%
Verisure Per\u00fa S.A.C.1
12880228
Av. Primavera N\u00b0 1050 Oficina 501, Chacarilla del Estanque,
Peru
100%
Verisure Italy S.R.L.2
RM-1375571
Viale dell'Oceano Pacifico 171/173, Italy
100%
Verisure Brazil Monitoramento de
Alarmes SA 1
11660106000138
Av. das Na\u00e7\u00f5es Unidas, 14401 - Torre Jatob\u00e1, 14, 15 and 16
floors - Parque da Cidade - Ch\u00e1cara Santo Ant\u00f4nio,
04794-000, S\u00e3o Paulo, Brasil
100%
Securitas Direct Portugal Unipessoal
LDA 2
505760320
Praceta Professor Alfredo de Sousa, 3, 1495-241, Alg\u00e9s,
Portugal
100%
Verisure Chile SPA1
76058647-1
Enrique Foster N\u00ba 20 oficina 301, las Condes, Chile
100%
Verisure Argentina Monitoreo de
Alarmas S.A. 1
24704
Avenida Eduardo Madero 900, Piso 16, C1106ACV, Argentina
100%
Verisure SAS1
345006027
1 place du G\u00e9n\u00e9ral De Gaulle, 92160 Antony, France
100%
Verisure S\u00e0rl2
CHE300209613
Chemin Jean-Baptiste Vandelle 3A, Switzerland
100%
Verisure Services Portugal Unip. LDA 2
516730266
Praceta Professor Alfredo de Sousa, 3, 1495-241, Alg\u00e9s,
Portugal
100%
Verisure Assistance SAS1
979091667
1 place du G\u00e9n\u00e9ral De Gaulle, 92160 Antony, France
100%
OPSEC International BV 1
74814990
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Securitas Direct BV1
17158925
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Verisure Installation and Monitoring BV1
71133607
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Verisure NV1
0459.866.904
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Academy BV1
0781.455.655
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Security BV1
0877.035.396
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Holding AS1
997434366
Drammensveien 211, 0281 Oslo, Norway
100%
Verisure AS1
929120825
Drammensveien 211, 0281 Oslo, Norway
100%
Verisure A/S1
25019202
Hovedvejen 2, 2600 Glostrup, Denmark
100%
FAV A/S1
38049380
Hovedvejen 2, 2600 Glostrup, Denmark
100%
Verisure Oy1
1773522-2
Televisiokatu 4, 00240 Helsinki, Finland
100%
Verisure Services (UK) Limited1
8840095
Q12 Quorum Business Park Benton Lane, Newcastle Upon
Tyne, NE12 8BU, UK
100%
Verisure Arlo Europe DAC1
658538
Regus City Gate (Office 216), 1000, Units 1201 & 1202, City Gate
Mahon,, Mahon, CORK, T12 W7CV, Ireland
100%
Verisure Deutschland GmbH2
HRB85120
Balcke-D\u00fcrr-Allee 2, 40882 Ratingen, Germany
100%
Verisure Ireland DAC1
696619
F2 Eastpoint Business Park Dublin 3 Ireland
100%
Verisure Employee Benefit Trust
-
-
-
1) Shareholding by ordinary shares.
2) Shareholding by participation quotas/ownership interest.
The following German domestic, fully consolidated subsidiary made use of the exempting provisions for the financial year 2025 according to the exempting provisions in
Section 264 (3) of the German Commercial Code HGB: Verisure Deutschland GmbH, Ratingen (AG D\u00fcsseldorf, HRB85120).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
Subsidiary name
Reg. no
Reg. office
Share of capital
and voting rights
Verisure Group Topholding AB1
559336-2071
Box 392, 201 23 Malm\u00f6, Sweden
100%
\u00a0 Verisure Midholding AB (publ)1
556854-1402
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Holding AB (publ) 1
556854-1410
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Group AB (publ)1
556222-9012
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Sales Sverige AB1
556955-2978
Box 2511, 580 02 Link\u00f6ping, Sweden
100%
Verisure Sverige AB1
556153-2176
Box 2511, 580 02 Link\u00f6ping, Sweden\u00a0
100%
Securitas Direct Sverige AB1
556893-9010
Box 314, 581 02 Link\u00f6ping, Sweden
100%
Verisure Logistics AB1
556702-0747
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure Innovation AB 1
556723-5329
Box 392, 201 23 Malm\u00f6, Sweden
100%
Verisure International AB1
559132-9569
Box 392, 201 23 Malm\u00f6, Sweden
100%
ESML SD Iberia Holding S.A.U. 1
A85537363
Calle Pri\u00e9gola, 2; Pozuelo de Alarc\u00f3n, 28224 Madrid, Spain
100%
Securitas Direct Espa\u00f1a S.A.U.1
A26106013
Calle Pri\u00e9gola, 2; Pozuelo de Alarc\u00f3n, 28224 Madrid, Spain
100%
Verisure Mexico S.A. de C.V.1
VME24099097J6
Blvd. Miguel de Cervantes Saavedra 259, 2\u00ba Piso Edificio B.
Granada, Miguel Hidalgo, Mexico
100%
ADT Private Security Services de Mexico
S.A. de C.V. 1
APS080728RT5
Avenida Insurgentes Sur 1106, Tlacoquemecatl Del Valle,
Benito Ju\u00e0rez, Mexico
100%
Verisure Per\u00fa S.A.C.1
12880228
Av. Primavera N\u00b0 1050 Oficina 501, Chacarilla del Estanque,
Peru
100%
Verisure Italy S.R.L.2
RM-1375571
Viale dell'Oceano Pacifico 171/173, Italy
100%
Verisure Brazil Monitoramento de
Alarmes SA 1
11660106000138
Av. das Na\u00e7\u00f5es Unidas, 14401 - Torre Jatob\u00e1, 14, 15 and 16
floors - Parque da Cidade - Ch\u00e1cara Santo Ant\u00f4nio,
04794-000, S\u00e3o Paulo, Brasil
100%
Securitas Direct Portugal Unipessoal
LDA 2
505760320
Praceta Professor Alfredo de Sousa, 3, 1495-241, Alg\u00e9s,
Portugal
100%
Verisure Chile SPA1
76058647-1
Enrique Foster N\u00ba 20 oficina 301, las Condes, Chile
100%
Verisure Argentina Monitoreo de
Alarmas S.A. 1
24704
Avenida Eduardo Madero 900, Piso 16, C1106ACV, Argentina
100%
Verisure SAS1
345006027
1 place du G\u00e9n\u00e9ral De Gaulle, 92160 Antony, France
100%
Verisure S\u00e0rl2
CHE300209613
Chemin Jean-Baptiste Vandelle 3A, Switzerland
100%
Verisure Services Portugal Unip. LDA 2
516730266
Praceta Professor Alfredo de Sousa, 3, 1495-241, Alg\u00e9s,
Portugal
100%
Verisure Assistance SAS1
979091667
1 place du G\u00e9n\u00e9ral De Gaulle, 92160 Antony, France
100%
OPSEC International BV 1
74814990
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Securitas Direct BV1
17158925
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Verisure Installation and Monitoring BV1
71133607
Burgemeester Stramanweg 108F, 1101 AA Amsterdam
100%
Verisure NV1
0459.866.904
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Academy BV1
0781.455.655
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Security BV1
0877.035.396
Raketstraat 66, 1130 Brussels, Belgium
100%
Verisure Holding AS1
997434366
Drammensveien 211, 0281 Oslo, Norway
100%
Verisure AS1
929120825
Drammensveien 211, 0281 Oslo, Norway
100%
Verisure A/S1
25019202
Hovedvejen 2, 2600 Glostrup, Denmark
100%
FAV A/S1
38049380
Hovedvejen 2, 2600 Glostrup, Denmark
100%
Verisure Oy1
1773522-2
Televisiokatu 4, 00240 Helsinki, Finland
100%
Verisure Services (UK) Limited1
8840095
Q12 Quorum Business Park Benton Lane, Newcastle Upon
Tyne, NE12 8BU, UK
100%
Verisure Arlo Europe DAC1
658538
Regus City Gate (Office 216), 1000, Units 1201 & 1202, City Gate
Mahon,, Mahon, CORK, T12 W7CV, Ireland
100%
Verisure Deutschland GmbH2
HRB85120
Balcke-D\u00fcrr-Allee 2, 40882 Ratingen, Germany
100%
Verisure Ireland DAC1
696619
F2 Eastpoint Business Park Dublin 3 Ireland
100%
Verisure Employee Benefit Trust
-
-
-
1) Shareholding by ordinary shares.
2) Shareholding by participation quotas/ownership interest.
The following German domestic, fully consolidated subsidiary made use of the exempting provisions for the financial year 2025 according to the exempting provisions in
Section 264 (3) of the German Commercial Code HGB: Verisure Deutschland GmbH, Ratingen (AG D\u00fcsseldorf, HRB85120).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:636700ZY9PP0NGXTA943", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }