v3.25.4
Loss per share (Tables)
12 Months Ended
Dec. 31, 2025
Earnings per share [abstract]  
Summary of Loss per Share

The Company calculates loss per share by dividing loss for the period attributable to the shareholders of the parent by the weighted average number of ordinary shares outstanding during the period (net of treasury shares).

 

 

 

2025

 

 

2024

 

 

2023

 

Loss for the year, attributable to the shareholders of the parent

 

 

(152,771

)

 

 

(201,949

)

 

 

(416,874

)

Weighted average number of shares

 

 

607,525,897

 

 

 

596,886,163

 

 

 

593,600,863

 

Basic and diluted loss per share, U.S. $

 

 

(0.25

)

 

 

(0.34

)

 

 

(0.70

)

Weighted average number of ADS (1 ADS representing 20 ordinary shares)(1)

 

 

30,376,295

 

 

 

29,844,308

 

 

 

29,680,043

 

Basic and diluted loss per ADS, U.S. $

 

 

(5.03

)

 

 

(6.77

)

 

 

(14.05

)

 

(1) On February 18, 2025, the Company completed a ratio change whereby the ratio of its ADSs to ordinary shares was changed from one ADS representing one ordinary share to one ADS representing twenty ordinary shares. The weighted average number of ADSs has been calculated by dividing the weighted average number of shares by 20, even though the actual number of outstanding ADSs is lower since not all of the ordinary shares in the Company are represented by ADSs. For further details on the ADS Ratio Change, see Note 2 “Summary of accounting policies”.

Summary of Potential Dilutive Securities that were not Included in Diluted Loss per Share Calculations

Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

Restricted stock units representing ordinary shares

 

 

32,430,060

 

 

 

16,403,397

 

 

 

8,415,816

 

Stock options representing ordinary shares

 

 

9,296,760

 

 

 

11,606,280

 

 

 

21,289,191

 

Convertible Notes (1)

 

 

359,462,635

 

 

 

400,616,344

 

 

 

400,616,344

 

(1) The number of potential dilutive shares from the Convertible Notes are calculated assuming the most advantageous conversion price from the standpoint of the holder and assuming all capitalized interest at maturity will be settled with shares or ADSs, and after considering the repurchases and cancellations of an aggregate amount of $42.9 million Convertible Notes that occurred on October 3, 2025. For further details on the Convertible Notes, the conversion price reset mechanism and the repurchases and cancellations see Note 25 “Interest-bearing loans and borrowings”.