Changes in Liabilities Arising from Financing Activities


	January 1, 2025		Principal payments			Proceeds from borrowings		Transaction costs incurred for borrowings			Reclassifications and other			June 30, 2025
(in USD and thousands)
Short-term portion of bank loans and financial liabilities	$	220,116	$	(122,886	)	$	—	$	—		$	152,616		$	249,846
Long-term portion of bank loans and financial liabilities		1,823,657		—			430,507		(41,912	)		(69,297	)		2,142,955
Secured Notes		1,017,501		—			—		—			961			1,018,462
Short-term portion of Unsecured Notes		249,650		(250,000	)		—		—			350			—
Long-term portion of Unsecured Notes		2,025,001		—			—		—			2,022			2,027,023
Short-term portion of lease liabilities		28,944		(13,503	)		—		—			13,165			28,606
Long-term portion of lease liabilities		207,594		—			—		—			(15,678	)		191,916
Total liabilities from financing activities	$	5,572,463	$	(386,389	)	$	430,507	$	(41,912	)	$	84,139		$	5,658,808


	January 1, 2024		Principal payments			Series C Conversion to ordinary shares			Reclassifications and other			June 30, 2024
(in USD and thousands)
Short-term portion of bank loans and financial liabilities	$	253,020	$	(167,894	)	$	—		$	105,679		$	190,805
Long-term portion of bank loans and financial liabilities		1,757,372		(38,980	)		—			(115,317	)		1,603,075
Secured Notes		1,015,657		—			—			909			1,016,566
Short-term portion of Unsecured Notes		—		—						249,198			249,198
Long-term portion of Unsecured Notes		2,270,246		—			—			(247,195	)		2,023,051
Private Placement liability		1,394,552		—			(1,397,960	)		3,408			—
Short-term portion of lease liabilities		24,670		(12,574	)		—			12,562			24,658
Long-term portion of lease liabilities		227,956		—			—			(12,571	)		215,385
Total liabilities from financing activities	$	6,943,473	$	(219,448	)	$	(1,397,960	)	$	(3,327	)	$	5,322,738

The ‘Reclassifications and other’ column primarily includes the effect of reclassification of long-term portion of bank loans and financial liabilities to short-term, amortization of debt issuance costs, foreign currency on loans and changes in lease liabilities other than principal payments.

The carrying amounts of the Group’s financial assets and liabilities all approximate the fair values of those assets and liabilities as of June 30, 2025 and December 31, 2024, except for fixed interest bank loans and financial liabilities, and secured and unsecured notes, as outlined below:


	Carrying amount				Fair value
(in USD and thousands)	June 30,		December 31,		June 30,		December 31,
Financial assets	2025		2024		2025		2024
Forward foreign currency contracts	$	71,250	$	—	$	71,250	$	—
Accounts and other receivables and prepaid expenses and other current assets		10,777		11,122		10,777		11,122
Other non-current assets		45,155		41,987		45,155		41,987
Total financial assets	$	127,182	$	53,109	$	127,182	$	53,109

Total current	$	54,085	$	11,122	$	54,085	$	11,122
Total non-current	$	73,097	$	41,987	$	73,097	$	41,987

	Carrying amount				Fair value
(in USD and thousands)	June 30,		December 31,		June 30,		December 31,
Financial liabilities	2025		2024		2025		2024
Forward foreign currency contracts	$	—	$	39,797	$	—	$	39,797
Bank loans and financial liabilities		2,392,801		2,043,773		2,495,301		2,084,552
Secured Notes		1,018,462		1,017,501		1,021,304		1,001,756
Unsecured Notes		2,027,023		2,274,651		2,106,604		2,345,481
Other non-current liabilities		2,767		1,991		2,767		1,991
Total financial liabilities	$	5,441,053	$	5,377,713	$	5,625,976	$	5,473,577

Total current	$	249,846	$	494,568	$	260,549	$	499,237
Total non-current	$	5,191,207	$	4,883,145	$	5,365,427	$	4,974,340

The following hierarchy for inputs used in measuring fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available:

Level 1 – Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.

Level 2 – Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.

Level 3 – Significant unobservable inputs the Group believes market participants would use in pricing the asset or liability based on the best information available.

For assets and liabilities that are recognized in the interim financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group had no transfers between levels in the hierarchy during the three and six months ended June 30, 2025 and 2024.

As of June 30, 2025 and December 31, 2024, designation within the fair value hierarchy for the Group’s financial assets and liabilities is outlined below:


	Carrying amount				Fair value
(in USD and thousands)	June 30,		December 31,		June 30,		December 31,
Financial assets	2025		2024		2025		2024
Level 1
Cash deposits	$	55,932	$	51,384	$	55,932	$	51,384
Level 2
Forward foreign currency contracts		71,250		—		71,250		—
Other		—		1,725		—		1,725
Total financial assets	$	127,182	$	53,109	$	127,182	$	53,109

	Carrying amount				Fair value
(in USD and thousands)	June 30,		December 31,		June 30,		December 31,
Financial liabilities	2025		2024		2025		2024
Level 2
Forward foreign currency contracts	$	—	$	39,797	$	—	$	39,797
Bank loans and financial liabilities		2,392,801		2,043,773		2,495,301		2,084,552
Secured Notes		1,018,462		1,017,501		1,021,304		1,001,756
Unsecured Notes		2,027,023		2,274,651		2,106,604		2,345,481
Level 3
Other		2,767		1,991		2,767		1,991
Total financial liabilities	$	5,441,053	$	5,377,713	$	5,625,976	$	5,473,577

The fair value of the Group’s fixed interest bank loans and financial liabilities were calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The Unsecured Notes and the Secured Notes use pricing from secondary markets for the Group’s issued notes that are observable for the notes throughout the duration of the term. The Group designated these financial liabilities as Level 2 fair value instruments as valuation techniques contain observable inputs used by market participants.

Forward foreign currency contracts are designated as Level 2 fair value instruments as the fair values are measured based on inputs that are readily available in public markets or can be derived from information in publicly quoted markets. The valuation is determined using present value calculations that incorporate inputs such as foreign exchange spot and forward rates and yield curves of the respective currencies.