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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment reporting |
| 5. | Segment reporting
Information reported to ADSE’s chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on the geographic region of ADSE’s business activities. Therefore, ADSE manages its operations based on two operating segments referring to its business activities in Europe and North America. The CODM has been identified as the board of directors of ADSE Holdco. The board of directors regularly reviews operating results and makes decisions about the allocation of ADSE’s resources. ADSE’s focus is on the research, development and manufacturing of products and services in the fields of energy management, energy storage and e-mobility. ADSE evaluates segmental performance based on segment revenue and segment earnings before interest, taxes, depreciation and amortization (EBITDA). Inter-segment sales are priced along the same lines as sales to external customers.
|  | 2025 |
kEUR |  | Europe |  |  | North America |  |  | Total reportable segments |  |  | Eliminations |  |  | Total Group |
External revenues |  |  | 29,104 |  |  |  | 2,454 |  |  |  | 31,559 |  |  |  | - |  |  |  | 31,559 |
Inter-segment revenues |  |  | 9,868 |  |  |  | - |  |  |  | 9,868 |  |  |  | -9,868 |  |  |  | - |
Total revenue |  |  | 38,973 |  |  |  | 2,454 |  |  |  | 41,427 |  |  |  | -9,868 |  |  |  | 31,559 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) |  |  | -35,717 |  |  |  | -5,540 |  |  |  | -41,257 |  |  |  | -4,848 |  |  |  | -46,106 |
Depreciation and amortization |  |  | -10,371 |  |  |  | -217 |  |  |  | -10,588 |  |  |  | - |  |  |  | -10,588 |
Operating result (EBIT) |  |  | -46,088 |  |  |  | -5,757 |  |  |  | -51,846 |  |  |  | -4,848 |  |  |  | -56,694 |
Financial income |  |  | 69,646 |  |  |  | 128 |  |  |  | 69,773 |  |  |  | -8,985 |  |  |  | 60,788 |
Financial costs |  |  | -54,656 |  |  |  | -18,637 |  |  |  | -73,293 |  |  |  | 13,751 |  |  |  | -59,542 |
Financial result |  |  | 14,990 |  |  |  | -18,509 |  |  |  | -3,520 |  |  |  | 4,766 |  |  |  | 1,246 |
Profit before tax |  |  | -31,099 |  |  |  | -24,267 |  |  |  | -55,365 |  |  |  | -82 |  |  |  | -55,447 |
Income tax expenses |  |  | 599 |  |  |  | -2 |  |  |  | 597 |  |  |  | -340 |  |  |  | 257 |
Profit for the year |  |  | -30,499 |  |  |  | -24,269 |  |  |  | -54,768 |  |  |  | -422 |  |  |  | -55,190 |
|  | 2024 |
kEUR |  | Europe |  |  | North America |  |  | Total reportable segments |  |  | Eliminations |  |  | Total Group |
External revenues |  |  | 104,390 |  |  |  | 5,623 |  |  |  | 110,013 |  |  |  | - |  |  |  | 110,013 |
Inter-segment revenues |  |  | 3,026 |  |  |  | - |  |  |  | 3,026 |  |  |  | -3,026 |  |  |  | - |
Total revenue |  |  | 107,416 |  |  |  | 5,623 |  |  |  | 113,039 |  |  |  | -3,026 |  |  |  | 110,013 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) |  |  | -183 |  |  |  | -2,520 |  |  |  | -2,703 |  |  |  | 793 |  |  |  | -1,910 |
Depreciation and amortization |  |  | -6,555 |  |  |  | -144 |  |  |  | -6,699 |  |  |  | - |  |  |  | -6,699 |
Operating result (EBIT) |  |  | -6,737 |  |  |  | -2,664 |  |  |  | -9,402 |  |  |  | 793 |  |  |  | -8,609 |
Financial income |  |  | -294 |  |  |  | 318 |  |  |  | 24 |  |  |  | - |  |  |  | 24 |
Financial expenses |  |  | -74,894 |  |  |  | -13,989 |  |  |  | -88,883 |  |  |  | - |  |  |  | -88,883 |
Financial result |  |  | -75,188 |  |  |  | -13,670 |  |  |  | -88,858 |  |  |  | - |  |  |  | -88,858 |
Profit before tax |  |  | -81,926 |  |  |  | -16,334 |  |  |  | -98,260 |  |  |  | 793 |  |  |  | -97,467 |
Income tax expenses |  |  | -322 |  |  |  | -3 |  |  |  | -324 |  |  |  | -167 |  |  |  | -491 |
Profit for the year |  |  | -82,247 |  |  |  | -16,337 |  |  |  | -98,584 |  |  |  | 626 |  |  |  | -97,958 |
|  | 2023 |
kEUR |  | Europe |  |  | North America |  |  | Total reportable segments |  |  | Eliminations |  |  | Total Group |
External revenues |  |  | 102,413 |  |  |  | 4,971 |  |  |  | 107,384 |  |  |  | - |  |  |  | 107,384 |
Inter-segment revenues |  |  | 1,152 |  |  |  | - |  |  |  | 1,152 |  |  |  | -1,152 |  |  |  | - |
Total revenue |  |  | 103,565 |  |  |  | 4,971 |  |  |  | 108,536 |  |  |  | -1,152 |  |  |  | 107,384 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) |  |  | -33,560 |  |  |  | -6,296 |  |  |  | -39,856 |  |  |  | 182 |  |  |  | -39,674 |
Depreciation and amortization |  |  | -4,773 |  |  |  | -77 |  |  |  | -4,850 |  |  |  | - |  |  |  | -4,850 |
Operating result (EBIT) |  |  | -38,333 |  |  |  | -6,373 |  |  |  | -44,707 |  |  |  | 182 |  |  |  | -44,525 |
Financial income |  |  | 190 |  |  |  | - |  |  |  | 190 |  |  |  | - |  |  |  | 190 |
Financial expenses |  |  | -11,095 |  |  |  | -2,791 |  |  |  | -13,886 |  |  |  | - |  |  |  | -13,886 |
Financial result |  |  | -10,906 |  |  |  | -2,791 |  |  |  | -13,697 |  |  |  | - |  |  |  | -13,697 |
Profit before tax |  |  | -49,239 |  |  |  | -9,164 |  |  |  | -58,403 |  |  |  | 182 |  |  |  | -58,221 |
Income tax expenses |  |  | 3,141 |  |  |  | - |  |  |  | 3,141 |  |  |  | - |  |  |  | 3,141 |
Profit for the year |  |  | -46,099 |  |  |  | -9,164 |  |  |  | -55,263 |  |  |  | 182 |  |  |  | -55,081 |
Total non-current assets of both reportable segments can be broken down as follows:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |  |  | Dec. 31, 2023 |
Europe |  |  | 64,414 |  |  |  | 71,312 |  |  |  | 50,206 |
North America |  |  | 868 |  |  |  | 469 |  |  |  | 54 |
Eliminations |  |  | -41,593 |  |  |  | -41,593 |  |  |  | -15,360 |
Total non-current assets |  |  | 23,689 |  |  |  | 30,188 |  |  |  | 34,900 |
Total current assets of both reportable segments can be broken down as follows:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |  |  | Dec. 31, 2023 |
Europe |  |  | 130,346 |  |  |  | 108,877 |  |  |  | 80,218 |
North America |  |  | 9,613 |  |  |  | 33,870 |  |  |  | 12,632 |
Eliminations |  |  | -73,398 |  |  |  | -27,705 |  |  |  | -3,342 |
Total current assets |  |  | 66,560 |  |  |  | 115,042 |  |  |  | 89,509 |
Total liabilities of both reportable segments can be broken down as follows:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |  |  | Dec. 31, 2023 |
Europe |  |  | 98,044 |  |  |  | 182,960 |  |  |  | 77,047 |
North America |  |  | 23,440 |  |  |  | 10,697 |  |  |  | 14,978 |
Eliminations |  |  | -20,413 |  |  |  | -5,618 |  |  |  | -1,536 |
Total liabilities |  |  | 101,071 |  |  |  | 188,039 |  |  |  | 90,489 |
Total revenues of both reportable segments can be broken down as follows:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Europe |  |  | 38,973 |  |  |  | 107,416 |  |  |  | 103,565 |
North America |  |  | 2,454 |  |  |  | 5,623 |  |  |  | 4,971 |
Eliminations |  |  | -9,868 |  |  |  | -3,026 |  |  |  | -1,152 |
Total revenues |  |  | 31,559 |  |  |  | 110,013 |  |  |  | 107,384 |
Revenues from two major customers of ADSE represented kEUR 5,949 and kEUR 2,449 respectively (2024: two customers, kEUR 43,684 and kEUR 17,028, 2023: two customers, kEUR 39,066 and kEUR 15,046) of ADSE’s total revenues.

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