Inventories

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

3. Inventories

Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Stock of raw materials	$	21,299	$	18,550
Work in progress		32,825		29,397
Finished goods		198,068		205,812

Inventories, net	$	252,192	$	253,759

Inventory write-downs for the three and six months ended June 30, 2026 were $1.6 million and $2.0 million, respectively, compared to $1.1 million and $3.0 million for the three and six months ended June 30, 2025, respectively.

HMH Holding BV And Subsidiaries [Member]

Inventory [Line Items]

Inventories

3. Inventories

Inventories, net of reserves of $99.9 million and $105.4 million as of December 31, 2025 and 2024, respectively, consisted of the following:



	2025		2024
Stock of raw materials	$	18,550	$	26,354
Goods under production (work in progress)		29,397		45,585
Finished goods		205,812		208,018

Inventories, net	$	253,759	$	279,957

For the years ended December 31, 2025 and 2024, the Company recorded inventory write-downs of $4.1 million and $5.7 million, respectively.