Lease terms for production facilities are generally between 10 and 20 years, and lease terms for other properties (i.e., offices) are generally between one and 15 years. Lease terms for production equipment are generally between one and five years. The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability.

Below is the roll-forward of lease right-of-use assets:


	Land and buildings			Plant and machinery			Total
Cost
At December 31, 2025		54,852			27,054			81,906
Increases		1,047			146			1,193
Decreases		(1,047	)		(1,047	)		(2,094	)
Exchange differences		(433	)		(257	)		(690	)
At June 30, 2026		54,419			25,896			80,315
Accumulated depreciation
At December 31, 2025		(28,260	)		(15,739	)		(43,999	)
Depreciation		(3,700	)		(1,813	)		(5,513	)
Decreases		729			1,132			1,861
Exchange differences		178			310			488
At June 30, 2026		(31,053	)		(16,110	)		(47,163	)
Cost, net accumulated depreciation
At December 31, 2025		26,592			11,315			37,907
At June 30, 2026		23,366			9,786			33,152

Depreciation expense for the three months ended June 30, 2026 was $2.7 million (2025: $2.9 million). Depreciation expense for the six months ended June 30, 2026 was $5.5 million (2025: $5.6 million)

Below is the maturity analysis of lease liabilities:


Lease liabilities	June 30, 2026
Maturity Analysis
Less than 3 months		3,096
Between 3 months and 1 year		9,287
Between 1 and 2 years		7,166
Between 2 and 5 years		11,524
After 5 years		9,749
Total lease commitments		40,822
Impact of discounting remaining lease payments		(9,528	)
Total lease liabilities at June 30, 2026		31,294
Lease liabilities included in the condensed consolidated statement of financial position at June 30, 2026
Non-current		19,265
Current		12,029
Total		31,294

The Group has the following lease agreements, which had not commenced as of June 30, 2026, but to which the Group is committed:

Note 11. Leases