| Schedule of Financial Assets and Financial Liabilities |
Financial assets and liabilities comprise the following:
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(EUR’000) |
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June 30,
2026 |
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December 31,
2025 |
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Financial assets by category |
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Trade receivables |
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206,505 |
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141,333 |
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Other receivables (excluding indirect tax receivables) |
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Lease receivables |
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26,073 |
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10,268 |
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Other receivables |
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8,687 |
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9,322 |
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Cash and cash equivalents |
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812,260 |
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616,041 |
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Financial assets measured at amortized cost |
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1,053,525 |
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776,964 |
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Total financial assets |
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1,053,525 |
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776,964 |
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Classified in the statement of financial position |
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Non-current assets |
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26,489 |
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10,870 |
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Current assets |
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1,027,036 |
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766,094 |
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Total financial assets |
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1,053,525 |
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776,964 |
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Financial liabilities by category |
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Borrowings |
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Convertible senior notes |
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— |
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429,391 |
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Royalty funding liabilities |
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301,789 |
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290,871 |
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Lease liabilities |
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148,285 |
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151,524 |
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Trade payables and accrued expenses |
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103,920 |
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|
90,657 |
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Other liabilities (excluding indirect tax, and employee related payables) |
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12,246 |
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|
1,046 |
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Financial liabilities measured at amortized cost |
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566,240 |
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|
963,489 |
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Derivative liabilities |
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|
— |
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256,231 |
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Financial liabilities measured at fair value through profit or loss |
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— |
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256,231 |
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Total financial liabilities |
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566,240 |
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1,219,720 |
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Classified in the statement of financial position |
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Non-current liabilities |
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384,642 |
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385,254 |
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Current liabilities |
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181,598 |
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|
834,466 |
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Total financial liabilities |
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566,240 |
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1,219,720 |
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| Summary of Fair Value Hierarchy |
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June 30, 2026 |
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December 31, 2025 |
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(EUR’000) |
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Carrying
amount |
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Fair value |
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Carrying
amount |
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Fair value |
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Fair value level |
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Convertible senior notes |
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— |
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— |
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429,391 |
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426,429 |
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2 |
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Royalty funding liabilities |
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301,789 |
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303,011 |
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290,871 |
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296,899 |
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3 |
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Financial liabilities measured at amortized cost |
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301,789 |
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303,011 |
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720,262 |
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723,328 |
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Derivative liabilities |
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— |
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— |
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256,231 |
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256,231 |
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3 |
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Financial liabilities measured at fair value through profit or loss |
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|
— |
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— |
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256,231 |
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256,231 |
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| Movements in Level 3 Fair Value Measurements |
The following table specifies movements in Level 3 fair value measurements:
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(EUR’000) |
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2026 |
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|
2025 |
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Derivative liabilities |
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January 1 |
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256,231 |
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150,670 |
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Remeasurement recognized in finance (income) or expense |
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25,938 |
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35,909 |
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Reclassified to equity upon conversion to ordinary shares |
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(282,169 |
) |
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— |
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June 30 |
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— |
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186,579 |
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| Summary of Maturity Analysis For Financial Liabilities |
The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated interim statements of financial position.
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(EUR’000) |
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< 1 year |
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1-5 years |
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>5 years |
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Total
contractual
cash-flows |
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Carrying
amount |
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Financial liabilities |
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June 30, 2026 |
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Borrowings |
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69,280 |
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395,982 |
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|
205,868 |
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671,130 |
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|
450,074 |
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Trade payables, accrued expenses and other liabilities |
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116,166 |
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— |
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|
— |
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116,166 |
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|
116,166 |
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Total financial liabilities |
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185,446 |
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|
395,982 |
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|
205,868 |
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|
787,296 |
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566,240 |
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Borrowings comprise royalty funding and lease liabilities.
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