34. Leases

The Group has lease contracts for various items of plant, machinery, vehicles and other equipment used in its operations. Leases of plant and machinery generally have terms of approximately 5 years, while vehicles leases typically range from 1 to 5 years, and leases for other equipment generally range from 2 to 10 years. Property leases typically have terms between 1 and 10 years. Several lease agreements include extension and termination options. In certain cases, the Group has the option to renew the lease for an additional period of similar duration upon expiry of the initial term. Such extension options generally range from 1 years to 6 years and primarily relate to a number of property leases across the Group. In evaluating the lease term, the Group assessed whether it has the contractual right to terminate a lease. When such a right exists, the non-cancellable period of the lease includes the period covered by the termination option.

The Group also has certain leases of machinery, industrial equipment and vehicles with lease terms of 12 months or less, as well as leases of office equipment that qualify as low-value assets (e.g. items with a unit value below EUR 5,000). For these leases, the Group applies the “short-term lease” and “lease of low-value assets” recognition exemptions under IFRS 16.

Movements in right‑of‑use assets during the periods presented are summarized in the table below:

At December 31, 2025 the Group had entered into two property lease agreements with commencement date on January 1, 2026. The first lease has a term of five years, with total undiscounted lease payments of approximately EUR 2,061 thousand, while the second lease has a term of three years, with total undiscounted lease payments of approximately EUR 1,022 thousand. Both lease agreements include extension options and do not provide for early termination. Accordingly, the related lease payments are not reflected in the lease liabilities recognized as of December 31, 2025.