Share-based compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Compensation Arrangements [Abstract] |
|
| Disclosure of expenses of share-based payments arrangements |
The Company operates various share-based compensation plans, both equity-settled and cash-settled plans. The consolidated statement of profit or loss includes the following expenses arising from share-based payments: | | | | | | | | | | | | | | Year ended December 31 | | in € thousand | 2025 | 2024 | 2023 | | | Stock option plans | 7,054 | | 7,894 | | 5,152 | | | | | | | | | Free ordinary shares program | 2,473 | | 1,501 | | 1,514 | | | | | | | | | Phantom shares | 44 | | (685) | | (390) | | | | SHARE-BASED COMPENSATION EXPENSE /(INCOME) | 9,571 | | 8,710 | | 6,276 | | |
|
| Disclosure of number and weighted average exercise prices of share options and phantom shares |
Changes in the number of stock options outstanding and their related weighted average exercise prices are as follows: | | | | | | | | | | | | | | | | | | | | | | 2025 | 2024 | | Number of options | Number of shares available | Average exercise price (in € per share) | Number of options | Number of shares available | Average exercise price (in € per share) | | OUTSTANDING AS AT JANUARY 1 | 12,472,045 | | 12,472,045 | | 3.44 | | 8,550,802 | | 8,550,802 | | 5.02 | | | Granted | 1,857,360 | | 1,857,360 | | 2.49 | | 4,957,716 | | 4,957,716 | | 2.62 | | | Expired | (43,655) | | (43,655) | | 3.92 | | — | | — | | N/A | | Forfeited | (1,433,292) | | (1,433,292) | | 4.14 | | (1,036,473) | | (1,036,473) | | 4.47 | | | Exercised | (1,326,252) | | (1,326,252) | | 2.86 | | — | | — | | N/A | | OUTSTANDING AT YEAR END | 11,526,206 | 11,526,206 | 3.92 | | 12,472,045 | 12,472,045 | 3.44 | | | Exercisable at year end | 5,950,015 | 5,950,015 | 4.79 | 4,766,957 | 4,766,957 | 4.61 |
In accordance with the foregoing, changes in the outstanding phantom shares are as follows: | | | | | | | | | | | Year ended December 31 | | Number of phantom shares | 2025 | 2024 | | | OUTSTANDING AS AT JANUARY 1 | 39,500 | | 410,500 | | | | Granted | — | | — | | | | Forfeited | — | | (161,000) | | | | Exercised | (29,500) | | (210,000) | | | | OUTSTANDING AT YEAR END | 10,000 | | 39,500 | | |
|
| Disclosure of maturity analysis of available share options outstanding and phantom shares outstanding |
Stock options outstanding at the end of the period have the following expiry dates and exercise prices: | | | | | | | | | | | | | | Exercise price (in € per share) | Number of options as at December 31, (presentation as number of convertible shares) | | | Expiry date | 2025 | 2024 | | | | | | | | 2025 | 3.92 | | 0 | 43,655 | | | 2026 | 2.71 | | 8,500 | 14,500 | | | 2027 | 2.85 | | 202,375 | 551,475 | | | 2029 | 3.05 | | 892,400 | 1,596,166 | | | 2032 | 6.47 | | 2,040,211 | 2,339,974 | | | 2033 | 5.25 | | 2,633,205 | 3,005,809 | | | 2034 | 2.62 | | 3,991,655 | 4,920,466 | | | 2035 | 2.49 | | 1,757,860 | — | | OUTSTANDING AT YEAR END | | 11,526,206 | | 12,472,045 | | |
Phantom shares outstanding at the end of the period have the following expiry dates and exercise prices: | | | | | | | | | | | | | | Exercise price (in € per share) | Number of phantom shares as at December 31 | | | Expiry date | 2025 | 2024 | | | | | | | | | | | | | | | | | | 2027 | 2.85 | | — | | 6,250 | | | | 2029 | 3.05 | | 10,000 | | 33,250 | | | | | | | | | OUTSTANDING AT YEAR END | | 10,000 | | 39,500 | | |
|
| Disclosure of significant inputs in the model, shares options and phantom shares |
The significant inputs into the models were: | | | | | | | As at Jul 7, 2025 | Expected volatility (%), based on historical volatility | 75.65 | % | Expected vesting period (term in years) | 5.50 – 6.50 | Risk-free interest rate (%) | 1.78% – 1.91% |
The significant inputs into the models were: | | | | | | | | | | | Year ended December 31 | | 2025 | 2024 | | | Expected volatility (in %) | 41.18 | % | 53.47 | % | | | Expected vesting period (term in years) | — | | — | | | | Risk-free interest rate (in %) | 2.00 | % | 2.31 | % | |
|
| Disclosure of number of free ordinary shares granted |
The number of free ordinary shares granted was as follows: | | | | | | | | | | | Year ended December 31 | | Number of free ordinary shares granted | 2025 | 2024 | | Executive Committee | 2,045,739 | 572,793 | | Senior Leadership Group | 1,491,582 | 418,850 | | FREE ORDINARY SHARES GRANTED | 3,537,321 | 991,643 | |
|
| Disclosure of number and weighted average exercise prices of of free ordinary shares |
In accordance with the foregoing, changes in the outstanding free ordinary shares are as follows: | | | | | | | | | | | Year ended December 31 | | Number of free shares | 2025 | 2024 | | | OUTSTANDING AS AT JANUARY 1 | 1,485,019 | | 1,368,630 | | | | Granted | 3,537,321 | | 991,643 | | | | Forfeited | (188,663) | | (265,872) | | | | Exercised | (358,637) | | (609,382) | | | | OUTSTANDING AT YEAR END | 4,475,040 | 1,485,019 | | | Free ordinary shares subject to performance conditions | 3,401,001 | | — | | | | Free ordinary shares not subject to performance conditions | 1,074,039 | | 1,485,019 | | |
|