v3.26.1
RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Risk Management [Abstract]  
Schedule of Detailed Information About Currency Risk Such balances included the following:
As of
December 31,
2025		As of
December 31,
2024
USD-denominated net liabilities(1)
(68,562)(26,882)
GBP-denominated net assets3,055 5,343 
(1) The balances do not include the effect of the cash flow hedge.

Based on the sensitivity analyses performed, movements in USD and GBP exchange rates to EUR by 10% would result on average in the following gains or losses to the Group’s net (loss) income:

Year ended December 31,
20252024
USD6,928 2,610 
GBP(406)519 
Schedule of Amounts Related to Cash Flow Hedge
The amounts relating to the CCRIS designated as a cash flow hedge as of December 31, 2025 were as follows:
As of December 31, 2025
Nominal amountCarrying Amount of Asset (Liability)Line item in the Statement of Financial Position where the hedging instrument is included
CCIRS75,000 (2,075)Derivative Financial Instrument

Year Ended December 31,
20252024
Changes in the value of the hedging instrument recognized in OCI (net of related tax)(2,010)— 
Amount reclassified from hedging reserve to profit or loss (net of related tax)2,146 — 
Schedule of Credit Risk Exposure
Credit risk arises from cash and cash equivalents and trade and other receivables. The exposure as of the reporting date is as follows:
As at December 31,
20252024
Trade and other receivables (excluding prepayments and deferred cost)23,533 19,429 
Cash and cash equivalents15,814 13,729 
39,347 33,158 
Schedule of Aging of Trade Receivables
The aging of trade receivables that are past due but not impaired is shown below:
As at December 31,
20252024
1-30 days past due4,896 3,985 
31-60 days past due2,906 1,610 
61-90 days past due1,212 751 
More than 90 days past due992 737 
10,006 7,083 
Schedule of Credit Loss Allowance Activity
The activity in the credit loss allowance was as follows:
Year Ended December 31,
20252024
Balance at the beginning of the period1,664 1,757 
Movements in credit loss allowance221 378 
Write-offs(297)(356)
Translation effect228 (115)
Balance at the end of the period1,816 1,664 
Schedule of Maturity Analysis for Non-derivative Financial Liabilities
The following tables summarize the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments. Trade and other payables due in less than 1 year equal their carrying values as the impact of discounting is insignificant.
Less than 1 yearBetween 1 and 2 yearsMore than 2 yearsTOTAL
As of December 31, 2025
Non-derivative financial instruments
Deferred consideration(1)
5,005 38,299 — 43,304 
Contingent consideration(2)
— — 149 149 
Borrowings and interest(3)
19,629 18,842 102,730 141,201 
Lease liability1,494 1,428 2,573 5,495 
Trade and other payables(4)
9,902 1,120 — 11,022 
Total36,030 59,689 105,452 201,171 
Derivative financial instrument
Cross-currency interest rate swap used for hedging:
Outflow14,566 14,035 46,047 74,648 
Inflow(15,208)(14,421)(44,469)(74,098)
Total(642)(386)1,578 550 
As of December 31, 2024
Non-derivative financial instruments
Deferred consideration(1)
11,487 — — 11,487 
Borrowings and interest(3)
5,165 4,804 16,612 26,581 
Lease liability1,213 1,188 3,571 5,972 
Trade and other payables(4)
5,028 — — 5,028 
Total22,893 5,992 20,183 49,068 

(1) See Note 16 for settlement of the deferred consideration.
(2) See Note 5 for settlement of the contingent consideration.
(3) The amounts above include contractual interest obligations for floating rate borrowings as at the end of each period based on the amortization schedule for such borrowings and the interest rate for the period.
(4) The amounts above include trade payables, accrued bonuses related to acquisition, accrued general expenses and other financial liabilities.