23. Deferred tax

Breakdown of deferred tax assets and liabilities

	2025	2024
Deferred tax liabilities	16.6	28.3
Deferred tax assets	-39.5	-30.9
As at 1 January	-22.9	-2.6
Tax charge in income statement	13.8	-5.9
Translation differences foreign group companies	-1.0	1.8
Other movements	2.2	-7.7
Tax charge movements in other comprehensive income	-1.2	-8.5
As at 31 December	-9.1	-22.9

Deferred tax liabilities	14.6	16.6
Deferred tax assets	-23.7	-39.5
As at 31 December	-9.1	-22.9

Breakdown of deferred tax assets and liabilities by type

	As at 31-12-2025		As at 31-12-2024
	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Property, plant, and equipment	-2.5	20.6	-1.8	21.3
Intangible fixed assets	-7.4	9.3	-9.7	7.9
Current assets/liabilities	-16.7	2.1	-14.5	2.2
Tax credits	-8.0	-	-9.9	-
Tax loss carry forward	-5.3	-	-17.3	-
Provisions	-1.2	-	-1.3	0.2
	-41.1	32.0	-54.5	31.6
Netting	17.4	-17.4	15.0	-15.0
Total	-23.7	14.6	-39.5	16.6

Breakdown of deferred taxes due to tax loss carry forward

	As at 31-12-2025	As at 31-12-2024
Total tax loss carry forward	113.0	138.0
Tax loss carry forward not qualified as deferred tax asset	-96.7	-80.5
Tax loss carry forward qualified as deferred tax asset	16.3	57.5
Average tax rate	32.5%	30.1%
Deferred tax asset	5.3	17.3

Expiry dates of tax losses carry forward not qualified as deferred tax asset

	As at 31-12-2025	As at 31-12-2024
Less than 1 year	-	-
Within 5 years	-	-
Between 5 and 10 years	-	-
10 years or longer	-	-
No expiry date	96.7	80.5
Tax loss carry forward not qualified as deferred tax asset	96.7	80.5

Breakdown of the tax charge arising from deferred tax assets and liabilities in the income statement by type

	2025	2024
Property, plant, and equipment	1.0	-6.2
Intangible fixed assets	3.1	-7.4
Current assets/liabilities	-3.1	4.8
Tax loss carry forward	11.7	-4.8
Provisions	-	-0.4
Exchange rate differences loans	1.1	8.0
Financial instruments	-	0.5
Rate changes	-	-0.4
Total	13.8	-5.9