16. Borrowings and Other Debt

This note provides information about the contractual terms of the Company’s interest-bearing borrowings and other debt. For more information about the Company’s exposure to interest rate risk and liquidity risk, see note 22.

	Notes	31-Dec-25 €’000	31-Dec-24 €’000
Facilities from Government		(998,559)	(998,559)
Lease liabilities		(25,541)	(14,794)
Total		(1,024,100)	(1,013,353)
Analysed as follows:
Non-current		(1,016,614)	(1,007,685)
Current		(7,486)	(5,668)
Total		(1,024,100)	(1,013,353)
Repayable other than by instalment:
Less than one year		(7,486)	(5,668)
Between one and five years		(382,350)	(4,924)
More than five years		(634,264)	(1,002,761)
Total		(1,024,100)	(1,013,353)

Net debt

		31-Dec-25 €’000	31-Dec-24 €’000
Total borrowings and other debt		(1,024,100)	(1,013,353)
Less cash and cash equivalents - available for company use	12	341,497	345,428
Less cash and cash equivalents - not available for use by the company	12	35,372	71,408
Net debt		(647,231)	(596,517)

Refer to note 1 for the definition and reason for use of net debt as alternative performance measure.

Changes in liabilities arising from financing activities

		Facilities from Government €’000	Lease liabilities €’000	Total €’000
At 1 January 2024		(814,499)	(15,574)	(830,073)
Proceeds		(644,060)	-	(644,060)
Repayment		460,000	-	460,000
Repayment of lease liabilities	9	-	4,103	4,103
Non-cash		-	(3,323)	(3,323)
At 31 December 2024		(998,559)	(14,794)	(1,013,353)
Proceeds		(100,000)	-	(100,000)
Repayment		100,000	-	100,000
Repayment of lease liabilities	9/(i)	-	7,350	7,350
Non-cash		-	(18,097)	(18,097)
At 31 December 2025		(998,559)	(25,541)	(1,024,100)

(i) In 2025, total lease payments amounted to €7.3 million, this includes €2.2 million paid in respect of the exercise of a lease purchase option which is recognised within payments for property, plant and equipment in the statement of cashflows.