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Disclosure on Individual Items of the Consolidated Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Disclosure on Individual Items of the Consolidated Financial Statements (Tables) [Line Items]    
Schedule of Revenue from Contracts with Customers Disaggregated by Geographical Region

49.6% (2024: 76.1%, 2023: 72.1%) of revenues are generated in Germany. The following table presents the revenue from contracts with customers disaggregated by geographical region based on the customer’s country of domicile:

 

Revenue by region            
kEUR  2025   2024   2023 
Germany   15,654    83,662    77,449 
Belgium   4,423    394    18 
Netherlands   3,246    2,395    4,770 
Austria   3,246    1,310    1,389 
United States of America   2,454    5,623    4,971 
Sweden   643    392    8,688 
Spain   413    144    143 
Ireland   356    11,577    8,050 
Australia   330    2    199 
Switzerland   174    422    1,462 
Great Britain   140    165    15 
France   126    1,205    6 
Italy   126    -    - 
Greece   46    2,503    - 
Rest of the world   182    219    224 
Total   31,559    110,013    107,384 
  
Schedule of Revenue from Contracts with Customers Disaggregated by Major Products

The following table presents the revenue from contracts with customers disaggregated by different revenue streams:

 

Revenue by different revenue streams            
kEUR  2025   2024   2023 
Charging   18,740    102,533    89,323 
Service   10,277    5,603    2,004 
Commercial and industrial   2,190    1,677    15,788 
Residential   -    -    41 
Other   352    200    227 
Total   31,559    110,013    107,384 
  
Schedule of Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information on contract assets and contract liabilities from contracts with customers:

 

kEUR  Dec. 31,
2025		   Dec. 31,
2024		 
Receivables, which are included in ‘Trade and other receivables’   5,289    9,900 
Contract assets   -    40 
Contract liabilities   11,957    7,074 
  
Schedule of Increase in Cash Received Excluding Amounts Recognized

The increase in cash received excluding amounts recognized at the beginning of the period and revenue recognized that was included in the contract liability balance at the beginning of the period amount to:

 

kEUR  Dec. 31,
2025		   Dec. 31,
2024		 
Contract liabilities   11,957    7,074 
Revenue recognized that was included in the contract liability balance at the beginning of the period   736    446 
Increases due to cash received, excluding amounts recognized at the beginning of the period   2,576    432 
  
Schedule of Cost of Goods Sold

Cost of goods sold include the following:

 

kEUR  2025   2024   2023 
Cost of materials   25,967    72,568    95,007 
Personnel expenses   10,619    10,714    9,623 
Depreciation and amortization   9,490    5,711    4,082 
Other expenses   1,767    1,593    1,558 
Total   47,842    90,585    110,270 

Research and development expenses

 

kEUR  2025   2024   2023 
Personnel expenses   6,904    6,695    1,083 
Material expenses   111    66    153 
Depreciation and amortization   320    317    247 
External development service provider   579    1,335    607 
Other expenses   575    559    743 
Total   8,488    8,971    2,832 
  
Schedule of Selling General and Administrative Expenses

Selling, general and administrative expenses include the following:

 

kEUR  2025   2024   2023 
Personnel expenses   11,441    11,506    10,243 
Legal and consulting fees   8,516    5,114    4,984 
Administration fee   3,407    3,466    2,741 
Marketing costs   1,186    1,222    1,554 
Insurance expenses   2,460    2,839    1,774 
Depreciation and amortization   778    671    522 
Other expenses   5,010    6,770    6,005 
Total   32,797    31,588    27,823 
  
Schedule of Other Operating Income

Other operating income includes the following:

 

kEUR  2025   2024   2023 
Income from reversal of provisions   1,568    12,350    101 
Exchange rate gains   25    1,322    139 
Income from subsequent payments   5    64    39 
Income from compensation   204    6    120 
Other   463    788    268 
Total   2,264    14,530    667 
  
Schedule of Other Operating Expense

Other operating expense includes the following:

 

kEUR  2025   2024   2023 
Exchange rate losses   775    1,436    1,200 
Provisions for onerous contracts   -137    162    10,973 
Warranties   529    23    -461 
Other expenses   166    328    43 
Total   1,334    1,949    11,755 
  
Schedule of Finance Income and Finance Costs Recognized in Profit or Loss

The finance income and finance costs recognized in profit or loss are as follows:

 

kEUR  2025   2024   2023 
Finance income from remeasurement of warrant liabilities   40,567    
-
    
-
 
Foreign currency gains   19,826    
-
    3 
Income from other interest and similar income   395    24    187 
Finance income   60,788    24    190 
Finance expense from remeasurement of warrant liabilities   -8,724    -62,170    -10,859 
Interest expense from shareholder loans   -21,563    -16,106    -2,784 
Interest expense from convertible notes   -20,795    
-
    
-
 
Loss from extinguishment of loan   
-
    -3,725    
-
 
Foreign currency losses   -8,199    -6,660    
-
 
Interest expense from leasing   -154    -156    -153 
Interest expense from guarantee commissions   -6    -10    -67 
Other interest expense   -101    -56    -23 
Finance expenses   -59,542    -88,883    -13,886 
Net finance result   1,247    -88,859    -13,697 
  
Schedule of Current and Deferred Taxes

The tax benefit / (expenses) include current and deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except for the extent to which they are reported directly in equity or in other comprehensive income.

 

kEUR  2025   2024   2023 
Current year   -73    -16    88 
Current tax expense   -73    -16    88 
Origination and reversal of temporary differences   1,475    -946    4,378 
Recognition of previously unrecognized (derecognition of previously recognized) tax losses   -750    471    -1,325 
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences   -395    
-
    
-
 
Deferred tax (expense) income   330    -475    3,053 
Total   257    -491    3,141 
  
Schedule of Reconciliation of the Effective Tax Rate  

The applicable tax rate of 29.48% combines a corporate tax rate of 15%, a solidarity surcharge thereon of 5.5% and a trade tax rate of 13.65% and represents the tax rate of the main operating German entities of ADSE Group.

 

kEUR  2025   2024   2023 
Profit (loss) before tax   -55,447    -97,467    -58,221 
Tax using the applicable tax rate   16,343    29,074    17,161 
Tax effect of:               
Difference in tax rates *)   -1,221    -4,974    -1,348 
Non-deductible expenses   -7,809    -287    -585 
Non-taxable income   34    207    1,291 
Additions for tax purposes   402    -    362 
Non-recognition of deferred taxes on tax loss carried forward   -12,197    -2,728    -10,293 
Non-recognition of deferred taxes on temporary differences   -624    -    -301 
True up on deferred taxes from prior year   -395    700    -18 
Permanent differences   5,706    -22,483    -3,130 
Others   18    -    2 
Taxes on income   257    -491    3,141 

 

*)The difference in tax rates represents the effects of differing domestic tax rates of the non-German ADSE Group entities.
Schedule of Deferred Tax Assets Recognized for Tax Loss Carryforwards

Deferred tax assets have not been recognized for tax loss carryforwards:

 

kEUR

  Dec. 31,
2025		   Expiration   Dec. 31,
2024		   Expiration   Dec. 31,
2023		   Expiration 
Germany                        
thereof corporation tax   148.945    Non-expiring    114.590    Non-expiring    114.803    Non-expiring 
thereof trade tax   146.512    Non-expiring    108.689    Non-expiring    112.540    Non-expiring 
thereof interest carryforward   9.262    Non-expiring                     
USA   21.137    Non-expiring    20.330    Non-expiring    16.281    Non-expiring 
Ireland *)   4.462    Non-expiring    3.699    Non-expiring    4.616    Non-expiring 
Austria   455    Non-expiring                     

 

*)Amount relates to management expenses that can be set-off against future profits
 
Schedule of Deferred Tax Balances Developed

Deferred tax balances developed as follows:

 

kEUR  DTA   DTL   Dec. 31,
2025		   DTA   DTL   Dec. 31,
2024		 
Intangible assets   4    3,638    -3,634    -    6,060    -6,060 
Right-of-use assets   -    697    -697    -    928    -928 
Fixed assets   -    4    -4    -    -    - 
Inventories   -    -    -    329    -    329 
Contract assets   -    -    -    -    12    -12 
Trade and other receivables   4    2,726    -2,722    90    -    90 
Financial liabilities   -    36    -36    650    -    650 
Lease liabilities   754    -    754    987    -    987 
Trade and other payables   81    -    81    110    -    110 
Contract liabilities   78    -    78    144    -    144 
Other provisions   -    27    -27    48    28    20 
Tax loss carryforwards   4,877    -    4,877    3,006    -    3,006 
Netting   -5,783    -5,783    -    -5,358    -5,358    - 
Total   15    1,345    -1,330    6    1,670    -1,664 
  
Schedule of Earnings Per Share
Earnings per share  2025   2024   2023 
Profit/loss for the period (attributable to shareholders of the parent) (kEUR)   -55,190    -97,958    -55,081 
                
Weighted average number of ordinary shares outstanding (in k units) (basic)   56,394    51,224    48,919 
Effects of dilution from: *)               
RSU   207    357    288 
NQSO   541    464    
-
 
Warrants   4,416    5,680    
-
 
Weighted average number of ordinary shares outstanding (in k units) (diluted)   61,558    57,724    49,208 
Basic loss per share (€)   -0.98    -1.91    -1.13 
Diluted loss per share (€)   -0.98    -1.91    -1.13 

 

*)Due to the loss situation, they are treated as anti-dilutive in the years presented.
 
Schedule of Development of Intangible Assets

The development of intangible assets is shown below:

 

kEUR  Internally
generated
assets		   Software   Total 
Cost            
As of Jan. 01, 2024   32,610    705    33,315 
Additions   344    101    445 
Disposals   -692    -    -692 
As of Dec. 31, 2024   32,261    806    33,067 
Additions   349    50    399 
Disposals   -    -11    -11 
As of Dec. 31, 2025   32,610    845    33,456 

 

kEUR  Internally
generated
assets		   Software   Total 
Amortization            
As of Jan. 01, 2024   -7,818    -457    -8,274 
Additions   -4,111    -153    -4,264 
As of Dec. 31, 2024   -11,928    -610    -12,538 
Additions   -7,887    -131    -8,018 
Disposals   -    11    11 
As of Dec. 31, 2025   -19,815    -731    -20,546 

 

kEUR  Internally
generated
assets		   Software   Total 
Carrying amounts               
As of Jan. 01, 2024   24,793    248    25,041 
As of Dec. 31, 2024   20,333    196    20,529 
As of Dec. 31, 2025   12,795    114    12,910 
  
Schedule of Development of Right of Use Assets

The development of right-of-use assets is shown below:

 

kEUR  Property   Vehicles   Total 
Right-of-use assets            
As of Jan. 01, 2024   3,020    265    3,286 
Amortization charge for the year   -848    -208    -1,056 
Additions to right-of-use assets   552    484    1,036 
Effect of movements in exchange rates   3    5    8 
As of Dec. 31, 2024   2,727    546    3,273 
Amortization charge for the year   -655    -103    -757 
Additions to right-of-use assets   830    190    1,020 
Disposals of right-of-use assets   -304    -213    -517 
Effect of movements in exchange rates   -31    -6    -37 
As of Dec. 31, 2025   2,567    414    2,981 
  
Schedule of Recognized Amount

The amounts recognized in profit or loss except for amortization are shown below:

 

kEUR  2025   2024   2023 
Amounts recognized in profit or loss            
Interest on lease liabilities   154    156    153 
Expenses relating to short-term leases   366    339    119 
Expenses relating to leases of low-value assets, excluding short-term leases of low value assets   40    26    22 
Amounts recognized in the statement of cash flows               
Total cash outflow of leases   1,367    1,193    1,065 
  
Schedule of Development of Fixed Assets

The development of fixed assets is shown below:

 

kEUR  Property,
plant and
equipment		   Construction
in progress		   Total 
Cost            
As of Jan. 01, 2024   10,225    172    10,397 
Additions   1,200    80    1,280 
Disposals   -342    -    -342 
Reclassification   172    -172    - 
Effect of movements in exchange rates   13    -    13 
As of Dec. 31, 2024   11,269    80    11,349 
Additions   1,233    1,649    2,883 
Disposals   -587    -2    -589 
Reclassification   78    -78    - 
Effect of movements in exchange rates   -39    -    -39 
As of Dec. 31, 2025   11,954    1,649    13,603 

 

kEUR  Property,
plant and
equipment		   Construction
in progress		   Total 
Depreciation            
As of Jan. 01, 2024   -4,006             -    -4,006 
Additions   -1,379    -    -1,379 
Disposals   233    -    233 
Effect of movements in exchange rates   -1    -    -1 
As of Dec. 31, 2024   -5,154    -    -5,154 
Additions   -1,347    -    -1,347 
Disposals   506    -    506 
Effect of movements in exchange rates   5    -    5 
As of Dec. 31, 2025   -5,990    -    -5,990 

 

kEUR  Property,
plant and
equipment		   Construction
in progress		   Total 
Carrying amounts            
As of Jan. 01, 2024   6,219    172    6,391 
As of Dec. 31, 2024   6,115    80    6,195 
As of Dec. 31, 2025   5,964    1,649    7,614 
  
Schedule of Other Investments and Other Assets

Other investments and other assets include the following:

 

kEUR  Dec. 31,
2025		   Dec. 31,
2024		 
Other investments   6    5 
Other assets   137    174 
Total   144    179 
  
Schedule of Inventories

Inventories include the following:

 

 

kEUR

  Dec. 31,
2025		   Dec. 31,
2024		 
Finished goods   30,950    15,245 
Work in progress   5,019    9,402 
Raw materials   42,230    53,010 
Total   78,198    77,657 

 

kEUR  Dec. 31,
2025		   Dec. 31,
2024		 
Write-downs finished goods   -9,206    -181 
Write-downs work in progress   -1,318    -808 
Write-downs raw materials   -16,664    -13,003 
Total   -27,188    -13,991 
  
Schedule of Trade and Other Receivables

Trade and other receivables include the following:

 

 

kEUR

  Dec. 31,
2025		   Dec. 31,
2024		 
Trade receivables   5,289    9,900 
Advanced payments   157    780 
Other receivables financial   929    3,364 
Deferred expenses and accrued income   537    624 
Other receivables non-financial   744    308 
Total   7,655    14,975 
  
Schedule of Other Accrued Items

Other accrued items include the following:

 

kEUR

  Dec. 31,
2025		   Dec. 31,
2024		 
Day One Loss   -    12,392 
Other accrued items related to lender warrants   933    1,055 
Total   933    13,447 
  
Schedule of Market Prices for Private Warrants

The market prices for those warrants are not observable as these are not actively traded. In consequence, the fair value at initial recognition was determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):

 

   September 3, 2024 
Input  Reference   Second
Shareholder
Loan		   Second
Shareholder
Loan plus		 
Spot price   1   USD13.16   USD13.16 
Strike price   2   USD6.20   USD6.20 
Expected term (years)   3    2    2 
Risk free rate   4    4.73%   4.73%
Dividend yield   5    0.00%   0.00%
Annual volatility   6    64.48%   64.48%
Number of warrants outstanding        2,500,001    4,800,002 
Fair value per warrant       USD8.22   USD8.22 

 

1.Equal to the observed price of the class A common shares,

 

2.Warrant strike price,

 

3.Calculated as the time period between the end of the reporting period and the warrants expiration date (August 26, 2026),
  
4.Interpolated 1.9-year constant maturity US treasury rates,
  
5.Assumed dividend yield of 0%,
  
6.Based on historical volatility of ADSE stock price.

 

Input

  Reference   Dec. 31,
2025		   Dec. 31,
2024		 
Spot price   1   USD12.68   USD15.51 
Strike price   2   USD11.50   USD11.50 
Expected term (years)   3    0.97    1.98 
Risk free rate   4    3.82%   2.78%
Dividend yield   5    0.00%   0.00%
Annual volatility   6    60.79%   55.42%
Price of redemption feature   7   USD0.05   USD0.53 
Liquidity discount   8    10.00%   10.00%
Fair Market Value   9   USD12.28   USD14.17 
Fair value per private warrant       USD1,30   USD3,67 

The market prices for those warrants are not observable as these are not actively traded. In consequence, the fair value is determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):

 

   Dec. 31, 2025 
Input  Reference   Second
shareholder
loan		   Second
shareholder
loan plus		 
Spot price   1   USD12.68   USD12.68 
Strike price   2   USD6.20   USD6.20 
Expected term (years)   3    0.65    0.65 
Risk free rate   4    3.82%   3.82%
Dividend yield   5    0.00%   0.00%
Annual volatility   6    66.49%   66.49%
Number of warrants outstanding        3,838,711    4,800,002 
Fair value per warrant       USD 6.81   USD6.81 

 

   Dec. 31, 2024 
Input  Reference   First
shareholder
loan		   Second
shareholder
loan		   Second
shareholder
loan plus		 
Spot price   1   USD15.51   USD15.51   USD15.51 
Strike price   2   USD3.00   USD6.20   USD6.20 
Expected term (years)   3    0.34    1.63    1.63 
Risk free rate   4    2.88%   3.45%   3.45%
Dividend yield   5    0.00%   0.00%   0.00%
Annual volatility   6    46.15%   46.58%   46.58%
Number of warrants outstanding        1,680,000    4,000,001    4,800,002 
Fair value per warrant       USD12.54   USD9.71   USD9.71 

As of December 31, 2025, the fair value of these warrants amounts to kEUR 11,258 (December 31, 2024: kEUR 0) and is shown as a liability. After the adjustment of the exercise price of these warrants, the fair value was determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):

 

Input  Reference   Dec. 31,
2025		 
Spot price   1    USD12.68 
Strike price   2    USD10.31 
Expected term (years)   3    4.33 
Risk free rate   4    3.74%
Dividend yield   5    0.00%
Annual volatility   6    61.21%
Number of warrants outstanding        1,827,284 
Fair value per warrant        USD7.24 
  
Schedule of Cash and Cash Equivalents

Cash and cash equivalents include the following:

 

 

kEUR

  Dec. 31,
2025		   Dec. 31,
2024		 
Cash   3    1 
Cash at banks   7,011    22,856 
Total   7,014    22,858 
  
Schedule of Development of Issued and Outstanding Shares

The development of issued and outstanding shares from January 01, 2023, to December 31, 2025, is shown in the table below.

 

in k units

  2025   2024   2023 
Outstanding as of Jan. 01   52,362    50,585    48,877 
Capital increase   -    -    1,667 
Exercise of warrants   4,329    1,376    - 
Conversion of convertible notes   3,554    -    - 
Exercise of options   107    139    - 
Share based compensation   84    262    41 
Outstanding as of Dec. 31   60,436    52,362    50,585 
Treasury shares   80    80    58 
Issued and outstanding as of Dec. 31   60,516    52,442    50,642 
  
Schedule of Financial Statements of Foreign Operations

As of December 31, 2025, the share capital amounts to kEUR 5 (December 31, 2024: kEUR 5, December 31, 2023: kEUR 4) and is fully paid in.

 

kEUR  Dec. 31,
2025		   Dec. 31,
2024		   Dec. 31,
2023		 
Share capital   5    5    4 
Capital reserves   332,907    245,298    225,007 
Other equity   613    1,044    106 
Retained earnings   -289,157    -191,198    -136,117 
Profit (loss)   -55,190    -97,959    -55,081 
Equity attributable to owners of the Company   -10,822    -42,809    33,919 
Total   -10,822    -42,809    33,919 
  
Schedule of the Reporting Date Warrant Liabilities

As of the reporting date, warrant liabilities include the following:

 

kEUR

  No. of
warrants
issued		   Dec. 31,
2025		 
Public warrants   5,047,695    5,112 
Private warrants   2,773,255    3,061 
Warrants relating to shareholder loans   8,638,713    35,376 
Warrants relating to convertible notes   1,827,284    11,259 
Total   18,286,947    54,808 

 

As of December 31, 2024, warrant liabilities included the following:

 

 

kEUR

  No. of
warrants
issued		   Dec. 31,
2024		 
Public warrants   7,187,281    24,905 
Private warrants   4,475,000    15,826 
Warrants relating to shareholder loans   10,480,003    78,849 
Total   22,142,284    119,581 
  
Schedule of Trade and Other Payables

Trade and other payables include the following:

 

kEUR

  Dec. 31,
2025		   Dec. 31,
2024		 
Trade payables   16,731    29,299 
Sales tax liabilities   599    953 
Accrued expenses   819    1,292 
Trade payables due to related parties   1,822    2,601 
Other payables non-financial   561    811 
Other payables financial   333    215 
Total   20,865    35,171 
  
Schedule of Development of Provisions

The development of provisions is shown below:

 

kEUR  Warranties   Onerous
contracts		   Archiving
costs		   Miscellaneous
provisions		   Total 
As of Jan. 01, 2025   6,922    162    13    620    7,717 
Added   773    25    14    2    814 
Unwind of discount   86    -    -    15    101 
Utilized   -3,080    -162    -    -    -3,242 
Reversal   -1,313    -    -    -256    -1,568 
As of Dec. 31, 2025   3,388    25    27    382    3,822 
Current   3,051    25    -    -    3,075 
Non-current   338    -    27    382    747 
Total   3,388    25    27    382    3,822 

 

kEUR  Warranties   Onerous
contracts		   Archiving
costs		   Miscellaneous provisions   Total 
As of Jan. 01, 2024   9,103    10,983    12    626    20,725 
Added   6,624    162    1    12    6,798 
Unwind of discount   43    -    -    13    56 
Utilized   -5,128    -2,369    -    -14    -7,512 
Reversal   -3,719    -8,614    -    -16    -12,350 
As of Dec. 31, 2024   6,922    162    13    620    7,717 
Current   5,424    162    -    -    5,586 
Non-current   1,498    -    13    620    2,132 
Total   6,922    162    13    620    7,717 
  
Schedule of Fair Value Disclosure

The fair value disclosure of lease liabilities is not required.

 

 

kEUR

  Classification  Fair value
hierarchy		   Carrying
amount
Dec. 31,
2025		   Fair value
Dec. 31,
2025		   Carrying
amount
Dec. 31,
2024		   Fair value
Dec. 31,
2024		 
Financial assets                            
Cash and cash equivalents  At amortized cost   n/a    6,987    6,987    22,858    22,858 
Trade receivables (current)  At amortized cost   n/a    5,289    5,289    9,900    9,900 
Other investments (non-current)  At amortized cost   n/a    6    6    5    5 
Other financial receivables (current)  At amortized cost   n/a    903    903    3,358    3,358 
Other financial receivables (non-current)  At amortized cost   n/a    25    25    6    6 
Total           13,212    13,212    36,126    36,126 

 

kEUR  Classification  Fair value
hierarchy		   Carrying
amount
Dec. 31,
2025		   Fair value
Dec. 31,
2025		   Carrying
amount
Dec. 31,
2024		   Fair value
Dec. 31,
2024		 
Financial liabilities                            
Warrant liabilities - private  FVTPL   3    3,061    3,061    15,826    15,826 
Warrant liabilities - public  FVTPL   1    5,112    5,112    24,905    24,905 
Warrant liabilities - shareholder loan  FVTPL   3    35,376    35,376    78,849    78,849 
Warrant liabilities - convertible notes  FVTPL   3    11,259    11,259    -    - 
Loans and borrowings (current)  At amortized cost   n/a    48,560    48,560    13,333    13,333 
Trade payables (current)  At amortized cost   n/a    16,731    16,731    29,299    29,299 
Trade payables due to related parties (current)  At amortized cost   n/a    1,822    1,822    2,601    2,601 
Lease liabilities (non-current)  At amortized cost   n/a    1,866    -    2,336    - 
Lease liabilities (current)  At amortized cost   n/a    1,322    -    1,144    - 
Other payables financial (current)  At amortized cost   n/a    333    333    215    215 
Total           81,892    78,704    168,509    165,030 
  
Schedule of Consolidated Profit / Equity The assumed movement in annual volatility is based on observable movements of the stock price over the past years.

 

2025

  Significant
unobservable
input (annual
volatility)		   Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit
before tax / equity in
kEUR		 
Warrant liabilities - shareholder loans   66.49%   12.50%   -790    -12.50%   556 
Warrant liabilities - convertible notes   61.21%   15.00%   -1,528    -15.00%   1,651 

 

2024  Significant
unobservable
input (annual
volatility)		  Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit
before tax / equity in
kEUR		 
Warrant liabilities - shareholder loans  46.15% / 46.58%   12.50%   -1,052    -12.50%   483 
2025  Significant unobservable
input (price redemption
feature)		   Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit
before tax / equity in
kEUR		 
Warrant liabilities - private warrants  USD0.05          10%          0        -10%   0 

 

2024  Significant
unobservable
input (price
redemption
feature)		   Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit
before tax / equity in
kEUR		 
Warrant liabilities - private warrants  USD0.53           10%   -387          -10%   430 

 

2025  Significant unobservable input (liquidity discount)   Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit
before tax / equity in
kEUR		 
Warrant liabilities - private warrants   10.00%          5%        0          -5%   0 

 

2024  Significant unobservable
input (liquidity discount)		   Variance   Effect on profit
before tax / equity in
kEUR		   Variance   Effect on profit before tax / equity in
kEUR		 
Warrant liabilities - private warrants   10.00%            5%      861          -5%   -861 

 

2025

  Variance   Effect on profit before tax / equity in kEUR   Variance   Effect on profit before tax / equity in kEUR 
Public warrants   11.80%   -920    -11.80%   920 
Private warrants   2.60%   1,421    -2.60%   -302 
Warrants related to shareholder loans   2.60%   -1,363    -2.60%   1,927 
Warrants related to convertible notes   2.60%   -423    -2.60%   420 
2024  Variance   Effect on profit before tax / equity in kEUR   Variance   Effect on profit before tax / equity in kEUR 
Public warrants   13.60%   -5,440    -13.60%   5,440 
Private warrants   7.50%   172    -7.50%   -172 
Warrants related to shareholder loans   7.50%   -8,759    -7.50%   8,708 
  
Schedule of Reconciliation of Fair Value Measurement of Warrant Liabilities (Level 3)

The following table shows the reconciliation of fair value measurement of warrant liabilities (Level 3):

 

   Warrant liabilities 
kEUR  Private   Shareholder
loans		   Capital
increases		   Convertible
notes		   Total 
Fair Value                    
As of Jan. 31, 2024   3,280    11,114    1,989    -    16,383 
Remeasurement recognized in statement of profit or loss   11,911    31,218    3,906    -    47,035 
Issue of new warrants   -    31,786    -    -    31,786 
Exercise of warrants   -    -372    -6,013    -    -6,385 
Effect of movements in exchange rates recognized in statement of profit or loss   635    5,103    118    -    5,856 
As of Dec. 31, 2024   15,826    78,849    -    -    94,675 
Remeasurement recognized in statement of profit or loss   -6,801    -16,641    -    2,533    -20,909 
Issue of new warrants   -    -    -    9,000    9,000 
Exercise of warrants   -4,588    -18,255    -    -    -22,843 
Effect of movements in exchange rates recognized in statement of profit or loss   -1,376    -8,577    -    -274    -10,227 
As of Dec. 31, 2025   3,061    35,376    -    11,259    49,696 
  
Schedule of Measurement of Fair Values

Measurement of fair values as of March 31, 2022:

 

Measurement of fair values

  4 years   3 years   2 years   1 year 
Fair value at grant date in USD   5.02    4.52    3.87    2.26 
Share price at grant date in USD   8.62    8.62    8.62    8.62 
Exercise price in USD   8.62    8.62    8.62    8.62 
Expected volatility in %   78.46%   80.26%   82.57%   65.97%
Expected life in years   4.00    3.00    2.00    1.00 
Expected dividends in %   0.00    0.00    0.00    0.00 

Measurement of fair values as of July 18, 2022:

 

Measurement of fair values

  3.7 years   2.7 years   1.7 years   0.7 years 
Fair value at grant date in USD   3.91    3.44    2.67    1.63 
Share price at grant date in USD   6.72    6.72    6.72    6.72 
Exercise price in USD   6.72    6.72    6.72    6.72 
Expected volatility in %   79.73%   80.53%   76.83%   71.97%
Expected life in years   3.70    2.70    1.70    0.70 
Expected dividends in %   0.00    0.00    0.00    0.00 

 

Measurement of fair values as of November 29, 2022:

 

Measurement of fair values

  3.34 years   2.34 years   1.34 years   0.33 years 
Fair value at grant date in USD   2.99    2.60    1.73    0.80 
Share price at grant date in USD   5.25    5.25    5.25    5.25 
Exercise price in USD   5.25    5.25    5.25    5.25 
Expected volatility in %   80.80%   82.10%   69.24%   64.72%
Expected life in years   3.34    2.34    1.34    0.33 
Expected dividends in %   0.00    0.00    0.00    0.00 

 

For the following grant date, vesting had already started with the start of employment of several employees in 2022. However, the formal grant date is January 24, 2023. Measurement of fair values as of January 24, 2023:

 

Measurement of fair values

  3.18 years   2.18 years   1.18 years   0.18 years 
Fair value at grant date in USD   1.84    1.48    1.00    0.35 
Share price at grant date in USD   3.21    3.21    3.21    3.21 
Exercise price in USD   3.21    3.21    3.21    3.21 
Expected volatility in %   83.34%   77.63%   68.58%   62.02%
Expected life in years   3.18    2.18    1.18    0.18 
Expected dividends in %   0.00    0.00    0.00    0.00 

 

Measurement of fair values as of July 05, 2023:

 

Measurement of fair values

  4 years   3 years   2 years   1 years 
Fair value at grant date in USD   3.74    3.29    2.28    1.59 
Share price at grant date in USD   6.00    6.00    6.00    6.00 
Exercise price in USD   6.00    6.00    6.00    6.00 
Expected volatility in %   82.81%   81.30%   64.25%   62.66%
Expected life in years   4.00    3.00    2.00    1.00 
Expected dividends in %   0.00    0.00    0.00    0.00 

Measurement of fair values as of April 15, 2024:

 

Measurement of fair values

  4 years   3 years   2 years   1 years 
Fair value at grant date in USD   5.19    4.60    4.29    2.90 
Share price at grant date in USD   10.44    10.44    10.44    10.44 
Exercise price in USD   10.44    10.44    10.44    10.44 
Expected volatility in %   59.66%   60.65%   70.53%   66.12%
Expected life in years   4.00    3.00    2.00    1.00 
Expected dividends in %   0.00    0.00    0.00    0.00 
Risk-free interest rate in %   4.34%   4.41%   4.62%   5.01%
Measurement of fair values  4 years   3 years   2 years   1 years 
Fair value at grant date in USD   7.16    6.82    5.13    2.97 
Share price at grant date in USD   15.08    15.08    15.08    15.08 
Exercise price in USD   15.08    15.08    15.08    15.08 
Expected volatility in %   56.13%   63.05%   56.41%   45.12%
Expected life in years   4.00    3.00    2.00    1.00 
Expected dividends in %   0.00    0.00    0.00    0.00 
Risk-free interest rate in %   4.28%   4.27%   4.29%   4.36%
Measurement of fair values  4 years   3 years   2 years   1 years 
Fair value at grant date in USD   6.40    6.00    4.44    2.50 
Share price at grant date in USD   13.45    13.45    13.45    13.45 
Exercise price in USD   13.45    13.45    13.45    13.45 
Expected volatility in %   56.67%   62.27%   54.80%   42.54%
Expected life in years   4.00    3.00    2.00    1.00 
Expected dividends in %   0.00    0.00    0.00    0.00 
Risk-free interest rate in %   4.08%   4.04%   4.04%   4.16%
Measurement of fair values  3.58 years   2.58 years   1.58 years   0.58 years 
Fair value at grant date in USD   5.66    4.61    3.33    2.56 
Share price at grant date in USD   11.60    11.60    11.60    11.60 
Exercise price in USD   11.60    11.60    11.60    11.60 
Expected volatility in %   63.38%   59.33%   53.65%   70.35%
Expected life in years   3.58    2.58    1.58    0.58 
Expected dividends in %   0.00    0.00    0.00    0.00 
Risk-free interest rate in %   3.75%   3.75%   3.85%   3.95%
  
Schedule of Cash Flows Arising from Financing Activities

Reconciliation of movements of liabilities to cash flows arising from financing activities

 

kEUR  Loans and borrowings   Warrant
liabilities		   Leases   Convertible notes   Total 
Balance as of Jan. 01, 2025   13,333    119,581    3,480    0    136,394 
Changes from financing cash flows                         
Proceeds from shareholder loans   6,275    -    -    -    6,275 
Proceeds from convertible notes   -    -    -    38,156    38,156 
Proceeds from the issue of warrants   -    9,000    -    -    9,000 
Proceeds from the exercise of warrants   -    26,950    -    -    26,950 
Repayment of shareholder loans   -22,026    -    -    -    -22,026 
Repayment of convertible notes   -    -    -    -21,231    -21,231 
Repayment of lease liabilities   -    -    -1,222    -    -1,222 
Interest paid   -2,152    0    -154    -10,204    -12,511 
Total changes from financing cash flows   -17,903    35,950    -1,376    6,721    23,390 
Other Changes                         
Effect of changes in foreign exchange rates   -822    -11,341    -39    -763    -12,964 
Changes in fair value   -    -31,842    -    -    -31,842 
Other changes *)   45    -57,540    -51    -26,753    -84,298 
Additions to lease liabilities   -    -    1,020    -    1,020 
Interest expense recognized in profit and loss   10,357    -    154    20,795    31,306 
Total liability-related other changes   9,580    -100,723    1,084    -6,721    -96,778 
Balance as of Dec. 31, 2025   5,010    54,808    3,188    0    63,006 

 

*)Other changes in warrant liabilities include non-cash effective changes that are related to the exercise of warrants and increased equity; other changes related to the convertible notes are non-cash effective changes due to the conversion of debt and interest into equity.
kEUR  Loans and borrowings   Warrant
liabilities		   Leases   Total 
Balance as of Jan. 01, 2024   13,908    21,626    3,434    38,968 
Changes from financing cash flows                    
Proceeds from shareholder loans   -    13,967    -    13,967 
Proceeds from the issue of warrants   -    -    -    - 
Proceeds from the exercise of warrants   -    9,260    -    9,260 
Repayment of shareholder loans   -11,225    -    -    -11,225 
Repayment of lease liabilities   -    -    -996    -996 
Interest paid   -1,018    -    -156    -1,174 
Total changes from financing cash flows   -12,243    23,227    -1,152    9,832 
Other Changes                    
Effect of changes in foreign exchange rates   845    6,660    8    7,513 
Changes in fair value   -    65,895    -    65,895 
Other changes *)   -96    2,173    -    2,077 
Additions to lease liabilities   -    0    1,034    1,034 
Interest expense recognized in profit and loss   10,919    -    156    11,075 
Total liability-related other changes   11,668    74,728    1,198    87,594 
Balance as of Dec. 31, 2024   13,333    119,581    3,480    136,394 
kEUR  Loans and borrowings   Warrant
liabilities		   Leases   Total 
Balance as of Jan. 01, 2023   -    2,439    3,477    5,915 
Changes from financing cash flows                    
Proceeds from shareholder loans   12,033    -    -    12,033 
Proceeds from the issue of warrants   -    8,592    -    8,592 
Repayment of shareholder loans   -703    -    -    -703 
Repayment of lease liabilities   -    -    -912    -912 
Interest paid   -106    0    -153    -259 
Total changes from financing cash flows   11,224    8,592    -1,065    18,751 
Other Changes        
 
    
 
      
Effect of changes in foreign exchange rates   -83    -264    8    -339 
Changes in fair value   -    10,859    -    10,859 
Additions to lease liabilities   -    0    871    871 
Interest accrued   2,767    -    144    2,911 
Total liability-related other changes   2,684    10,595    1,023    14,302 
Balance as of Dec. 31, 2023   13,908    21,626    3,434    38,968 
  
Schedule of Development of Loss Allowance

The following table shows the development of loss allowance.

 

kEUR  2025   2024 
Allowance as of Jan. 01   197    134 
Addition   179    197 
Reversal   -197    -134 
Allowance as of Dec. 31   179    197 
  
Schedule of Trade Receivables, Contract Assets and Other Investments

In the following tables, the loss allowance as of December 31, 2025 and December 31, 2024 was determined as follows for trade receivables, contract assets and other investments.

 

kEUR

  Current
(not past due)		   1-30 days past due   31-60 days past due   61-90 days past due   >90 days past due   Total 
Dec. 31, 2025                              
Expected loss rate   1.65%   1.01%   0.00%   0.00%   20.68%   - 
Gross carrying amount - trade receivables   3,593    766    370    202    536    5,468 
Gross carrying amount - other investments   6    -    -    -    -    6 
Loss allowance   -60    -8    -    -    -111    -178 
Total   3,540    759    370    202    425    5,296 

 

kEUR  Current
(not past due)		   1-30 days past due   31-60 days past due   61-90 days past due   >90 days past due   Total 
Dec. 31, 2024                        
Expected loss rate   1.41%   1.19%   0.00%   0.28%   12.14%   - 
Gross carrying amount - trade receivables   5,590    3,716    53    142    595    10,096 
Gross carrying amount - other investments   5    -    -    -    -    5 
Gross carrying amount - contract assets   41    -    -    -    -    41 
Loss allowance   -80    -44    0    0    -72    -197 
Total   5,556    3,672    53    141    523    9,945 
  
Schedule of Remaining Contractual Maturities of ADSE’s Financial Liabilities The amounts are gross and undiscounted and include contractual interest payments:

 

kEUR

  Total   Less than
1 year		   1-5 years   More than
5 years		 
Shareholder loans   5,198    5,198    -    - 
Lease liabilities   3,387    1,449    1,938    - 
Trade payables   16,731    16,731    -    - 
Trade payables due to related parties   1,822    1,822    -    - 
Other payables   1,713    1,499    -    214 
Total   28,851    26,700    1,938    214 

The following table shows the remaining contractual maturities of ADSE’s financial liabilities as of December 31, 2024. The amounts are gross and undiscounted and include contractual interest payments:

 

 

kEUR

  Total   Less than
1 year		   1-5 years   More than
5 years		 
Shareholder loans   25,052    25,052    -    - 
Lease liabilities   3,722    1,270    2,452    - 
Trade payables   29,299    29,299    -    - 
Trade payables due to related parties   2,601    2,601    -    - 
Other payables   2,317    2,109    -    209 
Total   62,992    60,331    2,452    209 
  
Schedule of Appreciated or Depreciated

If the EUR had appreciated or depreciated by 10.0% against the USD as at December 31, 2025 and 2024 respectively, the consolidated profit would change in the manner shown below:

 

 

kEUR

  Variance   Dec. 31,
2025		   OCI   Variance   Dec. 31,
2024		 
EUR/USD   +/-10.0%   -1,691 / 2,067              -    +/-10.0%   +228 / -278 
  
RSU [member]    
Disclosure on Individual Items of the Consolidated Financial Statements (Tables) [Line Items]    
Schedule of Grants Under Share Based Payment

The following table shows the number and weighted average fair values (WAFV) of and movements in RSUs during the year:

 

   2025   2024 
Program RSU  Number of RSUs   WAFV   Number of RSUs   WAFV 
Awards outstanding January 1   356,605    8.67    288,189    7.35 
Awards granted in the reporting period   153,710    13.01    341,163    10.62 
Awards forfeited in the reporting period   -47,508    8.45    -43,522    9.74 
Awards vested in the reporting period   -107,248    9.09    -229,225    8.19 
Awards expired in the reporting period   -    -    -    - 
Awards outstanding December 31   355,559    10.55    356,605    8.67 

The following table shows the number and weighted average exercise prices (WAEP) of, and movements in stock options during the year:

 

   2025   2024 
Program NQSO  Number of NQSO   WAEP   Number of NQSO   WAEP 
Awards outstanding January 1   1,912,024    7.68    1,877,700    6.82 
Awards granted in the reporting period   342,951    13.48    424,298    10.44 
Awards forfeited in the reporting period   -201,139    7.68    -251,279    5.81 
Awards exercised in the reporting period   -107,258    7.13    -138,695    6.16 
Awards expired in the reporting period   -3,827    10.44    -    - 
Awards outstanding December 31   1,942,751    8.72    1,912,024    7.68 
Awards exercisable December 31   818,084    7.64    463,963    7.51