Capital stock and capital risk management (Tables)

12 Months Ended

Dec. 31, 2025

The following chart shows a reconciliation of the movements in the Company’s capital stock for the years ended December 31, 2025, 2024 and 2023:


	Series A			Series C		Total
Amounts as of December 31, 2022		517,873			—		517,873
Number of shares		88,406,478			2		88,406,480

Cashless exercises of warrants		—			—		—
Number of shares		1,176,811			—		1,176,811
Shares to be granted in LTIP		1			—		1
Number of shares		5,772,141			—		5,772,141

Amounts as of December 31, 2023		517,874			—		517,874
Number of shares		95,355,430			2		95,355,432

Reduction of capital stock		(19,965	)		—		(19,965	)
Number of shares		—			—		—
Share repurchase		(99,846	)		—		(99,846	)
Number of shares repurchased		(2,081,198	)		—		(2,081,198	)
Shares to be granted in LTIP		1			—		1
Number of shares		2,011,219			—		2,011,219

Amounts as of December 31, 2024		398,064			—		398,064
Number of shares		95,285,451			2		95,285,453

Issuance of shares		299,687			—		299,687
Number of shares		7,297,507			—		7,297,507
Reduction of capital stock		(156,587	)		—		(156,587	)
Number of shares		—			—		—
Share repurchase		(50,000	)		—		(50,000	)
Number of shares repurchased		(1,213,371	)		—		(1,213,371	)
Shares to be granted in LTIP		1			—		1
Number of shares		2,930,116			—		2,930,116

Amounts as of December 31, 2025		491,165			—		491,165
Number of shares		104,299,703			2		104,299,705

The leverage ratio as of December 31, 2025, and 2024, is as follows:


	As of December 31, 2025			As of December 31, 2024
Total borrowings and lease liabilities		3,297,980			1,544,227
Less: Cash, bank balances and other short-term investments		(538,402	)		(764,307	)

Net debt		2,759,578			779,920
Total equity		2,511,594			1,621,213

Leverage ratio		109.87	%		48.11	%