v3.26.1
Operating leases
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Operating leases Operating leases
Lease costs recorded under operating leases for three and six months ended June 30, 2026 and June 30, 2025 were as follows:

Three Months EndedSix Months Ended
June 30,
2026
June 30,
2025
June 30,
2026
June 30,
2025
(in thousands)
Operating lease costs$10,634 $11,469 $21,414 $22,668 
Sublease income(506)(851)(885)(1,619)
Net lease costs$10,128 $10,618 $20,529 $21,049 

Of the total cost of $10.1 million incurred in the three months ended June 30, 2026 (June 30, 2025: $10.6 million), $8.5 million (June 30, 2025: $9.2 million) is recorded within selling, general and administration costs and $1.6 million (June 30, 2025: $1.4 million) is recorded within direct costs.

Of the total cost of $20.5 million incurred in the six months ended June 30, 2026 (June 30, 2025: $21.0 million), $17.4 million (June 30, 2025: $18.1 million) is recorded within selling, general and administration costs and $3.1 million (June 30, 2025: $2.9 million) is recorded within direct costs.

During the three and six months ended June 30, 2026 and June 30, 2025, costs incurred by the Group related to variable lease payments were de minimis.

Right-of-use assets obtained, in exchange for lease obligations during the three months ended June 30, 2026, totaled $1.9 million (June 30, 2025: $2.8 million). Right-of-use assets obtained, in exchange for lease obligations during the six months ended June 30, 2026, totaled $6.9 million (June 30, 2025: $9.8 million).

The weighted average remaining lease term and weighted-average discount rate at June 30, 2026 were 5.66 years and 3.83%, respectively. The weighted average remaining lease term and weighted-average discount rate at December 31, 2025 were 5.96 years and 4.04%, respectively.

Future minimum lease payments under non-cancelable leases as of June 30, 2026 were as follows:

(in thousands)
Year 1$36,942 
Year 233,054 
Year 324,659 
Year 416,716 
Year 59,590 
Thereafter28,727 
Total future minimum lease payments 149,688 
Lease imputed interest(14,425)
Total$135,263 
Operating lease liabilities are presented as current and non-current. As at June 30, 2026, operating lease liabilities of $32.5 million have been included in Other liabilities (December 31, 2025: $36.3 million) and $102.8 million have been classified as Non-Current Lease Liabilities (December 31, 2025: $117.1 million).