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Note 14 - Financial instruments:

See Note 5 for information on how we determine fair value of our marketable securities.

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The following table presents the financial instruments that are not carried at fair value but which require fair value disclosure:

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At December 31, 2025 and March 31, 2026, the estimated market price of our 9.50% Senior Secured Notes due 2029 was €937 and €853 per €1,000 principal amount, respectively. The fair value of our Senior Secured Notes due 2029 was based on quoted market prices; however, these prices represented Level 2 inputs because the market in which the notes trade was not active. Due to the variable interest rate, the carrying amount of our revolving credit facility is deemed to approximate fair value. Due to their near-term maturities, the carrying amounts of accounts receivable and accounts payable are considered equivalent to fair value. See Notes 3 and 7.