1.41 Financial instruments

1.41.1 Borrowings and lease liabilities

The borrowings relate to:

• a mortgage loan for financing property in Industrial Systems with a non-current part of €4.2 million due to mature in 2039 and an interest rate of 3.45% (fixed);

• a general loan for Hightech Components with a non-current part of €0.7 million. The remaining term to maturity of this loan is 2 year and 6 months. The variable interest component has been fixed at 2.38% by means of an interest rate swap for the term of the loan; and

• a general loan for Hightech Components with a non-current part of €0.2 million. The remaining term to maturity of this loan is 1 year and 6 months. The variable interest component has been fixed at 2.35% by means of an interest rate swap for the term of the loan.

For the leased assets, see note 1.31.

The interest on lease liabilities recognised in 2025 amounted to €296 thousand (2024: €319 thousand). Cash flows from lease obligations amounted to €3.9 million (2024: €2.0 million).

Collateral has been provided to the banks for both segments in connection with credit facilities relating to:

• a revolving mortgage loan for the properties in Noordijk, Tilburg, Hellevoetsluis and Lommel;

• a pledge on inventories;

• a pledge on fixtures and fittings; and

• a pledge on receivables.

The fair value of the non-current borrowings is about €0.1 million higher than the carrying amount (2024: €0.1 million).

1.41.2 Other financial instruments

The minority shareholders of Proqraft Holding B.V. have an option to sell all or part of their shares to Lias Industries B.V. This option has been recognised at the fair value as at 31 December 2025, determined according to the Probability Weighted Expected Return method, where future forecasts are an important assumption for valuation. This method qualifies as a Level 3 fair value method (determination of the value based on non-listed data and assumptions).