31. Commitments

Capital commitments

As at 31 December 2024, capital expenditure for the acquisition of property, plant and equipment contracted for at balance sheet date but not yet incurred amounted to €0 million (2023: €0).

Operating lease commitments

TMF Group leases various offices under non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal rights. In addition, TMF Group leases various motor vehicles, office and computer equipment under non-cancellable operating lease agreements. As a result of the implementation of IFRS 16 only the short-term lease commitment is included in the operating lease commitment overview:

Guarantees

As at 31 December 2024, TMF Group has issued guarantees backed up by the ancillary facility and office lease agreements amounting to €5.0 million (2023: €5.0 million).