15. Inventory

The Company took operational control of 3 inventory stores during 2024. In accordance with the Company’s inventory accounting policy, initial recognition of inventory held at these facilities at the date of transfer of operational control was recognised at €nil value. Thereafter, subsequent inventory purchases at these facilities were recognised in accordance with the Company’s inventory policy. See note 1.

No inventory was pledged as security. In 2024 the value of inventory write-downs to net realisable value in 2024 amounted to €0.002 million (2023: €nil). In 2024 the value of inventory recognised as materials and operating costs amounted to €0.01 million (2023: €nil).