Share-based payments

12 Months Ended

Dec. 31, 2025

Note 31. Share-based payments

Under the framework of the LTIP’s Company to attract and retain key employees, the Board of Directors was granted the authority to administer the plan, managing it through an administrative trust. The plan became effective on April 4, 2018, for which a certain number of Series A shares were reserved to be granted to eligible employees. The benefits included in the plan, which are considered

share-based

payments, are described below:

31.1 Stock Options

The stock option plan grants the participant the right to acquire a number of shares during a certain term. Once acquired, stock options may be exercised up to 5 or 10 years as from grant date. The plan establishes that the value of the shares to be granted will be determined using Black & Scholes model.

The following table shows the number of stock options granted, cancelled and the weighted average exercise price (“WAEP”) for the year:


	Year ended December 31, 2025				Year ended December 31, 2024					Year ended December 31, 2023
	Number of rights to buy		WAEP		Number of rights to buy			WAEP		Number of rights to buy			WAEP
At beginning of year		10,239,417		6.89		9,865,245			5.98		10,540,228			5.15
Granted during the year		3,357,263		52.40		394,201			29.71		513,379			17.83
Cancelled during the year (1)		—		—		(20,029	)		6.21		(1,188,362	)		3.68

At end of year		13,596,680		18.13		10,239,417			6.89		9,865,245			5.98

(1)	Related to stock options annulled or cancelled for the year, which has no relation with the options exercised.

The plan established that the value of the options to be granted will be determined using Black & Scholes Model.

The following table shows the inputs used for the plan for the year:


	As of December 31, 2025		As of December 31, 2024		As of December 31, 2023
Dividend yield (%)		0.0%		0.0%		0.0%
Expected volatility (%)		50.1%		32.1%		31.4%
Risk–free interest rate (%)		4.3%		4.1%		3.9%
Expected life of share options (years)		7		10		10
WAEP (USD)		52.40		29.71		17.83
Model used		Black & Scholes		Black & Scholes		Black & Scholes

The remainder life of stock options is based on historical data and current expectations and is not necessarily an indication of the potential exercise patterns. Expected volatility shows the assumption that historical volatility in a period similar to the life of options is an indication of future trends, that may not be necessarily the actual result.

The weighted average fair value of options granted during the year ended December 31, 2025, 2024 and 2023 stood as 21.60, 15.11, and 8.99, respectively.

According to IFRS 2, stock option plans are classified as settled transactions at grant date.

For the years ended December 31, 2025, 2024 and 2023, compensation expense related with such plan are booked in the consolidated statements of profit or loss and other comprehensive income stood at 20,319, 5,316, and 4,553, respectively.

31.2 Restricted stock

The restricted stock that are given to the participants of the plan once the conditions established in the program are achieved.

The following table shows the number of restricted stock granted, cancelled and WAEP for the year:


	Year ended December 31, 2025					Year ended December 31, 2024					Year ended December 31, 2023
	Number of Series A shares			WAEP		Number of Series A shares			WAEP		Number of Series A shares			WAEP
At beginning of year		6,195,656			7.33		6,633,364			6.18		6,669,790			4.89
Granted during the year		186,585			49.58		267,033			32.17		519,025			17.83
Cancelled during the year (1)		(297,558	)		10.10		(704,741	)		5.96		(555,451	)		2.13

At end of year		6,084,683			8.49		6,195,656			7.33		6,633,364			6.18

(1)	Related to restricted stock annulled or cancelled for the year, which has no relation with the restricted stock vested.

According to IFRS 2, restricted stock plan are classified as settled transactions at grant date.

31.3 Performance restricted stock

The performance restricted stock that are given to the participants of the plan once the conditions established in the program are achieved, which are usually based on the performance of different Company’s performance variables.

The following table shows the number of performance restricted stock granted and WAEP for the year:


	Year ended December 31, 2025					Year ended December 31, 2024					Year ended December 31, 2023
	Number of Series A shares			WAEP		Number of Series A shares			WAEP		Number of Series A shares		WAEP
At beginning of year		5,525,010			11.57		5,123,346			10.03		3,705,757		7.05
Granted during the year		48,324			51.07		422,941			30.00		1,417,589		17.83
Cancelled during the year (1)		(1,520,887	)		7.05		(21,277	)		7.05		—		—

At end of year		4,052,447			13.74		5,525,010			11.57		5,123,346		10.03

(1)	Related to performance restricted stock annulled or cancelled for the year, which has no relation with the performance restricted stock vested.

According to IFRS 2, performance restricted stock are classified as settled transactions at grant date.