v3.26.3
Leases
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES
12. LEASES

 

As a lessee

 

The Group occupies most of its office premises and certain AI and mining datacenters under lease arrangements, which generally have an initial lease term between two to thirty years. Lease contracts are typically made for fixed periods but may have extension options. Any extension options in these leases have not been included in the lease liabilities unless the Group is reasonably certain to exercise the extension option. In addition, periods after termination options are only included in the lease term if the lease is reasonably certain not to be terminated. The Group does not have an option to purchase these leased assets at the expiration of the lease periods.

 

Lease cost recognized in net income is summarized as follows:

 

    Periods ended
June 30,
 
In thousands of USD   2026     2025  
Operating lease cost     9,496       8,153  
Expenses relating to variable payment leases     -       76  
Expenses relating to short-term leases     893       111  
Total     10,389       8,340  

 

Other information about lease amounts recognized in the consolidated financial statements is as follows:

 

    At
June 30,
    At
December 31,
 
    2026     2025  
Weighted-average remaining lease term – operating leases     8.1 years       8.2 years  
Weighted-average discount rate – operating leases     4.9 %     4.8 %

 

Supplemental information related to the Group’s leases were as follows:

 

    Periods ended
June 30,
 
In thousands of USD   2026     2025  
Cash paid for operating leases     7,869       5,852  

 

Future lease payments under operating leases as of June 30, 2026 were as follows:

 

    At
June 30,
 
In thousands of USD   2026  
Second half of 2026     8,832  
2027     18,611  
2028     18,385  
2029     18,103  
2030     17,040  
Thereafter     52,050  
Total undiscounted cash flows     133,021  
Less: imputed interest     (22,425 )
Present value of operating lease liabilities     110,596  
Less: current obligation     (13,065 )
Long-term obligation at June 30, 2026     97,531  

 

As a lessor

 

The Group leases the buildings and related facilities (classified as property, plant and equipment) that it constructs on leased land to its customers under operating leases for terms ranging from one to twelve years, with an option to extend for an additional lease term. The lease contracts contain market review clauses in the event that the lessees exercise their options to extend. The lessees do not have bargain purchase options to acquire the leased assets at the expiry of the lease term.

 

The lease income relating to lease payments were as follows:

 

    Periods ended
June 30,
 
In thousands of USD   2026     2025  
Lease income     2,225       1,848  

 

The maturity analysis of lease payments receivable under operating leases of the buildings and related facilities was as follows:

 

In thousands of USD   At
June 30,
2026
 
Second half of 2026     2,188  
2027     4,329  
2028     4,275  
2029     4,207  
2030     2,941  
2031     2,250  
2032     764  
Total undiscounted cash flows     20,954