Financial instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Subclassifications of assets, liabilities and equities [abstract] |
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| Summary of Carrying Amount of Financial Assets |
The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost. The carrying amount of these financial assets and liabilities approximate their fair value. | | | | | | | | | | | | | | | | As of December 31, 2025 | As of December 31, 20241 | | Current | Non-Current | Current | Non-Current | | Financial assets | | | | | | Cash and cash equivalents | 1,159,300 | | — | | 739,237 | | — | | | Trade receivables and other receivables | 341,881 | | — | | 233,088 | | — | | Restricted deposits2 | 19,188 | | 38,934 | | — | | 31,011 | | Other financial assets3 | 49,079 | | 14,340 | | 12,013 | | 5,917 | | | Total financial assets measured at amortized cost | 1,569,448 | | 53,274 | | 984,338 | | 36,928 | | | Financial liabilities | | | | | | Loans and borrowings | (3,860,675) | | (2,499,230) | | (2,657,839) | | (2,281,062) | | | Trade payables | (1,107,162) | | — | | (893,914) | | — | | Accrued expenses4 | (424,152) | | — | | (519,384) | | — | | Refund liabilities5 | (167,642) | | (30,875) | | (100,844) | | (52,287) | | | Lease liabilities | (37,210) | | (93,514) | | (30,922) | | (104,349) | | Liabilities related to repurchase commitments5 | (124,633) | | (722) | | (106,401) | | (11,017) | | | Advance payments from customers | (16,062) | | — | | (17,344) | | — | | Other financial liabilities5 | (11,582) | | — | | (150,143) | | (8,094) | | | Total financial liabilities measured at amortized cost | (5,749,118) | | (2,624,341) | | (4,476,791) | | (2,456,809) | |
1 - Certain figures and descriptions from 2024 were re-presented (see Voluntary re-presentation from previous year in Note 2 - Material accounting policies and use of significant judgements and estimates). 2 - Restricted deposits comprise amounts held as collateral under banking and regulatory arrangements. These balances primarily secure residual value obligations in connection with vehicle lease programs and bank guarantees issued in favor of customs and environmental authorities, and are not available for general use until the related obligations are settled or the guarantees are released. For further details, see Note 20 - Other assets. 3 - Amounts are being presented in Note 20 - Other assets. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote. 4 - Amounts presented in Note 24 - Accrued expenses. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote. 5 - Amounts are being presented Note 25 - Other liabilities. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote.
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| Summary of Carrying Amount of Financial Liabilities |
The following table shows the carrying amounts of financial assets and liabilities measured at amortized cost. The carrying amount of these financial assets and liabilities approximate their fair value. | | | | | | | | | | | | | | | | As of December 31, 2025 | As of December 31, 20241 | | Current | Non-Current | Current | Non-Current | | Financial assets | | | | | | Cash and cash equivalents | 1,159,300 | | — | | 739,237 | | — | | | Trade receivables and other receivables | 341,881 | | — | | 233,088 | | — | | Restricted deposits2 | 19,188 | | 38,934 | | — | | 31,011 | | Other financial assets3 | 49,079 | | 14,340 | | 12,013 | | 5,917 | | | Total financial assets measured at amortized cost | 1,569,448 | | 53,274 | | 984,338 | | 36,928 | | | Financial liabilities | | | | | | Loans and borrowings | (3,860,675) | | (2,499,230) | | (2,657,839) | | (2,281,062) | | | Trade payables | (1,107,162) | | — | | (893,914) | | — | | Accrued expenses4 | (424,152) | | — | | (519,384) | | — | | Refund liabilities5 | (167,642) | | (30,875) | | (100,844) | | (52,287) | | | Lease liabilities | (37,210) | | (93,514) | | (30,922) | | (104,349) | | Liabilities related to repurchase commitments5 | (124,633) | | (722) | | (106,401) | | (11,017) | | | Advance payments from customers | (16,062) | | — | | (17,344) | | — | | Other financial liabilities5 | (11,582) | | — | | (150,143) | | (8,094) | | | Total financial liabilities measured at amortized cost | (5,749,118) | | (2,624,341) | | (4,476,791) | | (2,456,809) | |
1 - Certain figures and descriptions from 2024 were re-presented (see Voluntary re-presentation from previous year in Note 2 - Material accounting policies and use of significant judgements and estimates). 2 - Restricted deposits comprise amounts held as collateral under banking and regulatory arrangements. These balances primarily secure residual value obligations in connection with vehicle lease programs and bank guarantees issued in favor of customs and environmental authorities, and are not available for general use until the related obligations are settled or the guarantees are released. For further details, see Note 20 - Other assets. 3 - Amounts are being presented in Note 20 - Other assets. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote. 4 - Amounts presented in Note 24 - Accrued expenses. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote. 5 - Amounts are being presented Note 25 - Other liabilities. The amounts presented in this table represent a portion of the total amounts disclosed in the referenced footnote. The following table shows the carrying amounts of financial liabilities measured at FVTPL on a recurring basis. | | | | | | | | | | | | | | | | Quoted prices in active markets
(Level 1) | Significant observable inputs
(Level 2) | Significant unobservable inputs
(Level 3) | Total | | As of December 31, 2025 | | | | — | | | Earn-out rights | — | | — | | 3,579 | | 3,579 | | | Class C-1 Shares | 4,353 | | — | | — | | 4,353 | | | Class C-2 Shares | — | | 955 | | — | | 955 | | Total | 4,353 | | 955 | | 3,579 | | 8,887 | | | As of December 31, 2024 | | | | | | Earn-out rights | — | | — | | 28,778 | | 28,778 | | | Class C-1 Shares | 2,870 | | — | | — | | 2,870 | | | Class C-2 Shares | — | | 630 | | — | | 630 | | Total | 2,870 | | 630 | | 28,778 | | 32,278 | |
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| Summary of Maturities for Financial Assets and Liabilities |
The following table shows the maturities for the Group's non-derivative financial assets and liabilities as of December 31, 2025 and 2024: | | | | | | | | | | | | | | | | As of December 31, 2025 | | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total | Financial assets | | | | | | Cash and cash equivalents | 1,159,300 | | — | | — | | 1,159,300 | | | Trade receivables and other receivables | 341,881 | | — | | — | | 341,881 | | Restricted deposits | 19,188 | | 38,934 | | — | | 58,122 | | | Other financial assets | 49,079 | | 11,482 | | 2,858 | | 63,419 | | | Total financial assets measured at amortized cost | 1,569,448 | | 50,416 | | 2,858 | | 1,622,722 | | Financial liabilities | | | | | | Loans and borrowings | (3,860,675) | | (2,499,230) | | — | | (6,359,905) | | | Trade payables | (1,107,162) | | — | | — | | (1,107,162) | | | Accrued expenses | (424,152) | | — | | — | | (424,152) | | | Refund liabilities | (167,642) | | (30,875) | | — | | (198,517) | | | Lease liabilities | (37,210) | | (67,621) | | (25,893) | | (130,724) | | | Liabilities related to repurchase commitments | (124,633) | | (722) | | — | | (125,355) | | | Advance payments from customers | (16,062) | | — | | — | | (16,062) | | | Other financial liabilities | (11,582) | | — | | — | | (11,582) | | | Total financial liabilities measured at amortized cost | (5,749,118) | | (2,598,448) | | (25,893) | | (8,373,459) | |
| | | | | | | | | | | | | | | | As of December 31, 20241 | | Due within 1 year | Due between 1 and 5 years | Due beyond 5 years | Total | Financial assets | | | | | | Cash and cash equivalents | 739,237 | | — | | — | | 739,237 | | | Trade receivables and other receivables | 233,088 | | — | | — | | 233,088 | | Restricted deposits | — | | 31,011 | | — | | 31,011 | | | Other financial assets | 12,013 | | 3,659 | | 2,258 | | 17,930 | | | Total financial assets measured at amortized cost | 984,338 | | 34,670 | | 2,258 | | 1,021,266 | | | | | | | Financial liabilities | | | | | | Loans and borrowings | (2,657,839) | | (2,273,647) | | (7,415) | | (4,938,901) | | | Trade payables | (893,914) | | — | | — | | (893,914) | | | Accrued expenses | (519,384) | | — | | — | | (519,384) | | | Refund liabilities | (100,844) | | (52,287) | | — | | (153,131) | | | Lease liabilities | (30,922) | | (53,488) | | (50,861) | | (135,271) | | | Liabilities related to repurchase commitments | (106,401) | | (11,017) | | — | | (117,418) | | | Advance payments from customers | (17,344) | | — | | — | | (17,344) | | | Other financial liabilities | (150,143) | | (8,094) | | — | | (158,237) | | | Total financial liabilities measured at amortized cost | (4,476,791) | | (2,398,533) | | (58,276) | | (6,933,600) | |
1 - Certain figures and descriptions from 2024 were re-presented (see Voluntary re-presentation from previous year in Note 2 - Material accounting policies and use of significant judgements and estimates).
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| Summary of Variables Considered in the Class C-2 Shares Fair Value Valuation |
The following table presents the variables considered in the Monte Carlo valuation and the earn-out fair value: | | | | | | | | | | As of December 31, | | 2025 | 2024 | Number of earn-out tranches1 | 5 | 5 | | Term in years | 1.98 | 2.98 | | Volatility | 90 | % | 85 | % | | Risk-free rate | 3.4 | % | 4.0 | % |
1 - The daily volume weighted average price per share of Class A Shares in Parent that is required to trigger each tranche is $390.0 for tranche 1, $465.0 for tranche 2, $540.0 for tranche 3, $615.0 for tranche 4 and $690.0 for tranche 5. This price threshold has been adjusted for ADS Ratio Change dated December 9, 2025.
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| Disclosure of fair value measurement of liabilities |
The table that follows shows the changes in the fair value of the Class C Shares in the periods presented: | | | | | | | | | | Class C-1 Shares | Class C-2 Shares | | As of January 1, 2024 | 4,920 | 1,080 | | | | | Change in fair value measurement | (2,050) | (450) | | As of December 31, 2024 | 2,870 | 630 | | Class C-2 Shares converted to Class C-1 Shares | — | — | | Change in fair value measurement | 1,483 | 325 | | As of December 31, 2025 | 4,353 | 955 |
The table that follows shows the changes in the fair value of the Earn-out rights in the periods presented: | | | | | | | Earn-out rights | | As of January 1, 2024 | 155,402 | | | | | | | Change in fair value measurement | (126,624) | | | As of December 31, 2024 | 28,778 | | | | | | | | | Change in fair value measurement | (25,199) | | | As of December 31, 2025 | 3,579 | |
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