Leases

6 Months Ended

Jun. 30, 2026

Note 6. Leases

The Company leases offices, manufacturing facilities, vehicles, and other equipment.

Operating lease ROU assets are included in other

non-current

assets in the consolidated statements of financial position. The current portion of operating lease liabilities is included in Other current liabilities, and the long-term portion is included in Other

non-current

liabilities in the consolidated statements of financial position. Operating lease expense is included within Cost of equipment and products sold, Cost of services sold and selling, general and administrative expenses within the consolidated statements of operations.


(in millions of $)	June 30, 2026		December 31, 2025
Current portion of operating lease liability		21.0		18.4
Non-current portion of operating lease liability		60.3		50.9

Total operating lease liability		81.3		69.3

Finance lease ROU assets are included within Property, plant and equipment—net in the consolidated statement of financial position. The current portion of finance lease liabilities is included in Other current liabilities, and the long-term portion is included in Other

non-current

liabilities in the consolidated statements of financial position.


(in millions of $)	June 30, 2026		December 31, 2025
Current portion of finance lease liability		8.5		2.7
Non-current portion of finance lease liability		18.0		15.1

Total finance lease liability		26.5		17.8

The break out of the Company’s lease expenses are as follows:


	Three Months Ended June 30,
(in millions of $)	2026		2025
Operating lease expense		7.1		5.1
Short term lease expense		0.6		0.1
Finance leases—amortization		1.0		0.3
Finance leases—interest		0.3		0.2

Total lease expense		9.0		5.7


	Six Months Ended June 30,
(in millions of $)	2026		2025
Operating lease expense		13.5		9.5
Short term lease expense		0.7		0.2
Finance leases—amortization		1.8		0.6
Finance leases—interest		0.6		0.3

Total lease expense		16.6		10.6

variable lease expense was incurred for the three and six months ended June 30, 2026 and 2025.