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Note 13 - Right-of-use assets, net and lease liabilities | 12 Months Ended
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Dec. 31, 2025
Note 13 - Right-of-use assets, net and lease liabilities |
Note 13 - Right-of-use assets, net and lease liabilities | 13 Right-of-use assets, net and lease liabilities ### Right of use assets evolution ###
Year ended December 31, 2025 | Land and civil buildings |  |  | Industrial buildings, plant and production equipment |  |  | Vehicles, furniture and fixtures |  |  | Others |  |  | Total |
Values at the beginning of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 66,532 |  |  | 184,895 |  |  | 56,482 |  |  | 4,252 |  |  | 312,161 |
Accumulated depreciation | (36,797 | ) |  | (93,893 | ) |  | (30,832 | ) |  | (1,771 | ) |  | (163,293 | )
Right of use assets, net at the beginning of the year | 29,735 |  |  | 91,002 |  |  | 25,650 |  |  | 2,481 |  |  | 148,868 |
Movements of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustment | 93 |  |  | 355 |  |  | 669 |  |  | - |  |  | 1,117 |
Additions | 17,101 |  |  | 29,122 |  |  | 17,995 |  |  | - |  |  | 64,218 |
Transfers / Reclassifications | 77 |  |  | 119 |  |  | (196 | ) |  | - |  |  | - |
Disposals | (1,501 | ) |  | (2,993 | ) |  | (1,483 | ) |  | - |  |  | (5,977 | )
Depreciation charge | (9,901 | ) |  | (36,754 | ) |  | (16,002 | ) |  | (1,012 | ) |  | (63,669 | )
Movements of the year | 5,869 |  |  | (10,151 | ) |  | 983 |  |  | (1,012 | ) |  | (4,311 | )
Values at the end of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 64,016 |  |  | 199,551 |  |  | 69,514 |  |  | 4,252 |  |  | 337,333 |
Accumulated depreciation | (28,412 | ) |  | (118,700 | ) |  | (42,881 | ) |  | (2,783 | ) |  | (192,776 | )
Right of use assets, net at the end of the year | 35,604 |  |  | 80,851 |  |  | 26,633 |  |  | 1,469 |  |  | 144,557 |
Year ended December 31, 2024 | Land and civil buildings |  |  | Industrial buildings, plant and production equipment |  |  | Vehicles, furniture and fixtures |  |  | Other |  |  | Total |
Values at the beginning of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 66,464 |  |  | 148,380 |  |  | 43,217 |  |  | 3,668 |  |  | 261,729 |
Accumulated depreciation | (27,972 | ) |  | (75,567 | ) |  | (25,229 | ) |  | (823 | ) |  | (129,591 | )
Right of use assets, net at the beginning of the year | 38,492 |  |  | 72,813 |  |  | 17,988 |  |  | 2,845 |  |  | 132,138 |
Movements of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency translation adjustment | (99 | ) |  | (156 | ) |  | (280 | ) |  | - |  |  | (535 | )
Additions | 16,034 |  |  | 52,040 |  |  | 22,663 |  |  | 584 |  |  | 91,321 |
Transfers / Reclassifications | (3,513 | ) |  | 3,477 |  |  | 36 |  |  | - |  |  | - |
Disposals | (731 | ) |  | (2,453 | ) |  | (971 | ) |  | - |  |  | (4,155 | )
Depreciation charge | (20,448 | ) |  | (34,719 | ) |  | (13,786 | ) |  | (948 | ) |  | (69,901 | )
Movements of the year | (8,757 | ) |  | 18,189 |  |  | 7,662 |  |  | (364 | ) |  | 16,730 |
Values at the end of the year |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost | 66,532 |  |  | 184,895 |  |  | 56,482 |  |  | 4,252 |  |  | 312,161 |
Accumulated depreciation | (36,797 | ) |  | (93,893 | ) |  | (30,832 | ) |  | (1,771 | ) |  | (163,293 | )
Right of use assets, net at the end of the year | 29,735 |  |  | 91,002 |  |  | 25,650 |  |  | 2,481 |  |  | 148,868 |
Depreciation of right-of-use assets is mainly included in Tubes segment. ### Lease liability evolution
| Year ended December 31, |
| 2025 |  |  | 2024 |
Opening net book amount | 144,926 |  |  | 134,433 |
Changes due to business combinations (*) | - |  |  | (35 | )
Translation differences | 5,713 |  |  | (4,565 | )
Additions | 64,132 |  |  | 91,005 |
Cancellations | (6,315 | ) |  | (8,377 | )
Repayments (**) | (71,712 | ) |  | (73,639 | )
Interest accrued | 6,505 |  |  | 6,104 |
At the end of the year | 143,249 |  |  | 144,926 |
(*) | For the year 2024, related to Mattr’s pipe coating business unit acquisitions.
(**) | For the year 202 5, i nclude s repayments of $66.9 million in capital and $4.8 million of interest. F or the year 202 4, includes repayments of $68.6 million in capital and $5.1 million of interest.
As of December 31, 202 5, t he amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 34%, 41% and 25%, respectively. As of December 31, 202 4, the amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 31%, 46% and 23%, respectively. Expense s relat ed to short-term leases, leases of low value assets and variable leases (included in C ost of s ales and S elling, g eneral and a dministrative e xpense s) were not material for the years 202 5 and 20 2 4.

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