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Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Presentation of leases for lessee [abstract]

Schedule of Financial Assets and Financial Liabilities

Financial assets and liabilities comprise the following:


(EUR’000)		March 31, 2026				December 31, 2025
Financial assets by category
Trade receivables			178,676				141,333
Other receivables (excluding indirect tax receivables)
Lease receivables			26,571				10,268
Other receivables			11,710				9,322
Cash and cash equivalents			572,820				616,041
Financial assets measured at amortized cost			789,777				776,964
Total financial assets			789,777				776,964
Classified in the statement of financial position
Non-current assets			27,367				10,870
Current assets			762,410				766,094
Total financial assets			789,777				776,964

Financial liabilities by category
Borrowings
Convertible senior notes			448,176				429,391
Royalty funding liabilities			298,052				290,871
Lease liabilities			150,436				151,524
Trade payables and accrued expenses			78,588				90,657
Other liabilities (excluding indirect tax, and employee related payables)			14,325				1,046
Financial liabilities measured at amortized cost			989,577				963,489
Derivative liabilities			290,482				256,231
Financial liabilities measured at fair value through profit or loss			290,482				256,231
Total financial liabilities			1,280,059				1,219,720
Classified in the statement of financial position
Non-current liabilities			386,106				385,254
Current liabilities			893,953				834,466
Total financial liabilities			1,280,059				1,219,720

Summary of Fair Value Hierarchy


		March 31, 2026								December 31, 2025
(EUR’000)		Carrying amount				Fair value				Carrying amount				Fair value				Fair value level
Convertible senior notes			448,176				448,447				429,391				426,429				2
Royalty funding liabilities			298,052				302,675				290,871				296,899				3
Financial liabilities measured at amortized cost			746,228				751,122				720,262				723,328
Derivative liabilities			290,482				290,482				256,231				256,231				3
Financial liabilities measured at fair value through profit or loss			290,482				290,482				256,231				256,231

Movements in Level 3 Fair Value Measurements

The following table specifies movements in Level 3 fair value measurements:


(EUR’000)		2026				2025
Derivative liabilities
January 1			256,231				150,670
Remeasurement recognized in finance (income) or expense			34,251				23,911
March 31			290,482				174,581

Summary of Maturity Analysis For Financial Liabilities

The following table summarizes maturity analysis (on an undiscounted basis) for non-derivative financial liabilities recognized in the unaudited condensed consolidated interim statements of financial position.


(EUR’000)		< 1 year				1-5 years				>5 years				Total contractual cash-flows				Carrying amount
Financial liabilities
March 31, 2026
Borrowings (excluding lease liabilities)			55,863				833,037				124,530				1,013,430				746,228
Lease liabilities			21,474				82,273				90,277				194,024				150,436
Trade payables, accrued expenses and other liabilities			92,913				—				—				92,913				92,913
Total financial liabilities			170,250				915,310				214,807				1,300,367				989,577