Changes in liabilities arising from financing activities


	January 1, 2026		Payments			Proceeds from long-term debt		Transaction costs incurred for long-term debt			Reclassifications and other			March 31, 2026
(in USD and thousands)
Current portion of long-term debt	$	374,607	$	(234,909	)	$	—	$	—		$	37,296		$	176,994
Long-term debt		5,127,368		—			336,073		(3,662	)		(41,518	)		5,418,261
Short-term portion of lease liabilities		26,484		(6,854	)		—		—			8,310			27,940
Long-term portion of lease liabilities		212,437		—			—		—			(6,830	)		205,607
Total liabilities from financing activities	$	5,740,896	$	(241,763	)	$	336,073	$	(3,662	)	$	(2,742	)	$	5,828,802


	January 1, 2025		Payments			Proceeds from long-term debt		Transaction costs incurred for long-term debt		Reclassifications and other			March 31, 2025
(in USD and thousands)
Current portion of long-term debt	$	469,766	$	(54,054	)	$	—	$	—	$	51,285		$	466,997
Long-term debt		4,866,159		—			—		—		(20,606	)		4,845,553
Short-term portion of lease liabilities		28,944		(6,726	)		—		—		6,370			28,588
Long-term portion of lease liabilities		207,594		—			—		—		(12,712	)		194,882
Total liabilities from financing activities	$	5,572,463	$	(60,780	)	$	—	$	—	$	24,337		$	5,536,020

The ‘Reclassifications and other’ column primarily includes the effect of reclassification of long-term debt to current portion of long-term debt, amortization of debt issuance costs, foreign currency on debt 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 March 31, 2026 and December 31, 2025, except for fixed interest debt, as outlined below:


	Carrying amount				Fair value
(in USD and thousands)	March 31,		December 31,		March 31,		December 31,
Financial assets	2026		2025		2026		2025
Forward foreign currency contracts	$	26,484	$	40,615	$	26,484	$	40,615
Accounts and other receivables and prepaid expenses and other current assets		11,019		20,000		11,019		20,000
Other non-current assets		45,202		34,984		45,202		34,984
Total financial assets	$	82,705	$	95,599	$	82,705	$	95,599

Total current	$	37,503	$	60,615	$	37,503	$	60,615
Total non-current	$	45,202	$	34,984	$	45,202	$	34,984

	Carrying amount				Fair value
(in USD and thousands)	March 31,		December 31,		March 31,		December 31,
Financial liabilities	2026		2025		2026		2025
Forward foreign currency contracts	$	4,823	$	—	$	4,823	$	—
Debt		5,595,255		5,501,975		5,863,438		5,735,931
Total financial liabilities	$	5,600,078	$	5,501,975	$	5,868,261	$	5,735,931

Total current	$	177,920	$	374,607	$	200,120	$	401,464
Total non-current	$	5,422,158	$	5,127,368	$	5,668,141	$	5,334,467

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 months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025, 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)	March 31,		December 31,		March 31,		December 31,
Financial assets	2026		2025		2026		2025
Level 1
Cash deposits	$	56,221	$	54,984	$	56,221	$	54,984
Level 2
Forward foreign currency contracts		26,484		40,615		26,484		40,615
Total financial assets	$	82,705	$	95,599	$	82,705	$	95,599

	Carrying amount				Fair value
(in USD and thousands)	March 31,		December 31,		March 31,		December 31,
Financial liabilities	2026		2025		2026		2025
Level 2
Forward foreign currency contracts	$	4,823	$	—	$	4,823	$	—
Debt		5,595,255		5,501,975		5,863,438		5,735,931
Total financial liabilities	$	5,600,078	$	5,501,975	$	5,868,261	$	5,735,931

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 based on terms and remaining maturities. The fair value of the Notes were based on pricing from secondary markets for the Notes that are observable 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.