Shareholders’ equity (Tables)

12 Months Ended

Dec. 31, 2025

Shareholders Equity

Schedule of share capital

Schedule of share capital

		Number of common shares				€’000				Number of preferred shares				€’000
Opening balance – January 1, 2024 (restated)			426,257				3				-				-
Issue of shares			228,696				-				-				-
Closing balance – December 31, 2024 restated			654,953				3				-				-
Issue of shares – ATM			347,283				-				-				-
Issue of shares – PIPE			610,785				-				-				-
Issue of shares – Macquarie/Keystone			590,761				-				-				-
Issue of shares – commitment/service			21,176				-				4,171,327				-
Reverse split rounding			63,333				-				-				-
QIND stock conversion			-				(4	)			-				-

Closing balance – December 31, 2025			2,288,291				(1	)			4,171,327				-

Schedule of Fair Value of the Warrants

Public warrants		€’000
Balance – December 31, 2024			177
Fair value on initial recognition of derivative liabilities			-
(Decrease) / increase due to conversions during period			-
(Decrease) / increase due to derecognition during period			(15	)
(Gain) / loss due to fair value movements during period			(161	)
(Gain) / loss due to fair value movements at remeasurement			-
Reclassification of convertible notes on consolidation			-
Balance – December 31, 2025			-

Schedule of key inputs used in option pricing model to calculate the value of warrants

		HP Warrant				Bevil Warrant				QIND Warrant #1				QIND Warrant #2

Volatility			139.93	%			139.93	%			80.00	%			80.00	%
Expected term in years			5				4				5				5
Dividend rate			0.0	%			0.0	%			0.0	%			0.0	%
Risk-free interest rate			4.5	%			4.2	%			3.0	%			3.0	%
Hurdle price			-				-				-				-
Exercise price		$	1.65			$	0.01			$	0.58			$	3.50
Share price		$	1.29			$	0.62			$	0.49			$	0.61
Fair value of warrant on grant date		€	14,779			€	136,591			€	56,602			€	8,854