v3.25.0.1
Income tax (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Income Tax [Abstract]  
Summary of Income Tax Expense (Benefit)
An analysis of the Group’s Income tax expense for periods presented is set out below:
202420232022
(in € millions)
Current tax expense
Current year237 61 82 
Changes in estimates in respect to prior years8 (9)13 
245 52 95 
Deferred tax benefit
Temporary differences38 (115)(158)
Change in recognition of deferred tax(88)92 124 
Change in tax rates(1)(1)— 
Changes in estimates in respect to prior years2 (1)(1)
Other7 — — 
(42)(25)(35)
Income tax expense203 27 60 
Summary of Reconciliation Between Reported Tax Expense and Theoretical Tax Expense Income Before Taxes
A reconciliation between the Income tax expense for the year, and the theoretical tax expense that would arise when applying the statutory tax rate in Luxembourg of 24.94% to the consolidated income before tax for each of the years ended December 31, 2024, 2023, and 2022 is shown in the table below:
202420232022
(in € millions)
Income/(loss) before tax1,341 (505)(370)
Tax using the Luxembourg tax rate335 (126)(93)
Effect of tax rates in foreign jurisdictions(37)1 (11)
Permanent differences61 69 23 
Change in unrecognized deferred taxes(173)92 124 
Adjustments in respect of previous years10 (10)12 
Foreign withholding taxes1 2 2 
Other6 (1)3 
Income tax expense203 27 60 
Summary of Major Components of Deferred Tax Assets and Liabilities
The major components of deferred tax assets and liabilities are comprised of the following:
20242023
(in € millions)
Intangible assets(63)(52)
Share-based compensation148 14 
Tax losses carried forward191 97 
Property and equipment34 32 
Unrealized gains(173)(117)
Lease right-of-use asset(67)(69)
Lease liability86 105 
Accrued expenses and other liabilities3 1 
Other6 9 
Net deferred tax assets165 20 
Summary of Reconciliation of Net Deferred Tax
A reconciliation of net deferred tax is shown in the table below:
202420232022
(in € millions)
At January 120 3 13 
Movement recognized in consolidated statement of
   operations		42 25 36 
Movement recognized in consolidated statement of
   changes in equity and other comprehensive income		103 (8)(32)
Movement due to acquisition— — (14)
At December 31165 20 3 
Summary of Deferred Tax Reconciliation to Balance Sheet
Reconciliation to consolidated statement of financial position20242023
 (in € millions)
Deferred tax assets186 28 
Deferred tax liabilities21 8 
Summary of Deferred Tax Assets Unrecognized
Deferred tax assets have not been recognized in respect of the following items, because it is not probable that future taxable profit will be available against which entities within the Group can realize the benefits.
20242023
(in € millions)
Intangible assets72 66 
Share-based compensation261 106 
Tax losses carried forward55 294 
Tax credits carried forward92 102 
Capitalized research & development costs279 187 
Lease liability41 28 
Other18 13 
Total818 796 
Summary of Tax Loss and Credit Carry-forwards Expected to Expire
Tax losses and credit carry-forwards as at December 31, 2024 were expected to expire as follows:
Expected expiry2025 - 20342035 and onwardsUnlimitedTotal
(in € millions)
Tax loss carry-forwards117 251 937 1,305 
Research and development credit carry-forward— 79 — 79