
	Three Months Ended June 30,		Six Months ended June 30,
	2026	2025	2026	2025
Current tax expense	113	1,330	405	7,796
Deferred tax charge (credit) (Note 18)	222	(172)	1,157	(6,923)
	335	1,158	1,562	873

The expected weighted average tax rate of the Company amounted to (8)% and (9)% for the three months ended June 30, 2026 and 2025, respectively, and (37)% and (67)% for the six months ended June 30, 2026 and 2025, respectively.


	Three Months Ended June 30,		Six Months ended June 30,
	2026	2025	2026	2025
Loss before tax	(4,291)	(12,257)	(4,239)	(1,308)
Expected tax credit (1)	(246)	(4,406)	(65)	(3,008)
Tax effects of:
Disallowed expenses (2)	295	6,696	506	6,650

Movement in unrecognized temporary differences	277	(927)	626	(2,512)
Out of period correction (3)	—	—	507	—
Change in estimates related to prior periods	(31)	—	(31)	—


Changes in tax rates	—	(364)	—	(364)
Other	40	159	19	107
	335	1,158	1,562	873

(1) Expected tax credit is computed based on actual statutory tax rates as applicable to the entities in their respective jurisdictions.

(2) Disallowable expenses for the three and six months ended June 30, 2026 represent permanent differences.

(3) Out of period correction amounted to $507, which mainly relates to deferred taxes for the year ended December 31, 2025.

During the six months ended June 30, 2026, the Company paid net tax of $2,474 (June 30, 2025: paid net tax of $8,001).

At June 30, 2026, current tax asset amounted to $1,987 (December 31, 2025: nil) and was related to advance payments of federal and state income tax in the United States of $913 and in Ireland of $1,074.

Income tax payable amounted to $257 (December 31, 2025: $320). At June 30, 2026, the balance was related to tax liabilities in Malta and the United Kingdom. At December 31, 2025, the balance was mainly related to tax liabilities in the United States.


	Three Months Ended June 30, 2026			Six Months Ended June 30, 2026
	Before tax	Tax (expense) benefit	Net of tax	Before tax	Tax (expense) benefit	Net of tax
Items that are or may be reclassified subsequently to profit or loss
Cash flow hedge - effective portion of changes in fair value	632	(79)	553	2,339	(292)	2,047
Cash flow hedges - reclassified to profit or loss	(198)	25	(173)	(1,902)	238	(1,664)
	434	(54)	380	437	(54)	383