Income tax (Tables)

12 Months Ended

Dec. 31, 2025

Major components of tax expense (income) [abstract]

Schedule of income tax payables and receivables

Income tax payables and receivables are comprised of the following:

	As of December 31,
In thousands of USD	2024	2025
Income Tax Prepayments	3,041	3,153
Total Income tax receivables	3,041	3,153
Income Tax Payables	869	658
Provision for Income Tax	12,641	11,798
Total Income tax payables	13,510	12,456

Schedule of reconciliation of tax expense and the effective tax rate

The reconciliation of tax expense and the effective tax rate was as follows:

	For the year ended December 31,
In thousands of USD	2023		2024		2025
Loss before Income tax from continuing operations	(98,600)		(97,559)		(60,126)
Loss before Income tax from discontinued operations	(4,917)		—		—
Loss before income tax	(103,517)		(97,559)		(60,126)
Statutory tax rate(1)	27.98	%	27.27	%	24.95	%
Expected income tax benefit	28,963		26,603		15,001
Tax effects of:
Sundry permanent differences	(2,547)		(4,891)		20,031
Effect of functional to local reporting currency in Germany	(3,040)		(4,976)		3,465
Equity Transaction costs	8		1,386		28
Share based payments	(1,506)		(1,670)		(1,011)
Tax Expenses	19		1,321		552
Bad debt expense	(1,841)		(2,784)		(3,058)
Management fees	(4,268)		(9,289)		(10,543)
Interest expense	(567)		(385)		(408)
Unrecognized deferred tax asset arising from timing differences relating to:
FX unrealized gain/loss	(1,407)		1,851		1,310
Share based payments	85		(38)		(29)
Tax Expenses	3,328		322		576
Sundry temporary differences	1,079		(766)		655
Minimum tax	(665)		(554)		(706)
Deferred tax not recognized (mainly tax losses carried forward)	(20,885)		(8,281)		(28,580)
Deferred tax: relating to origination and reversal of temporary differences and tax losses	2,583		606		1,303
Income tax expense	(661)		(1,546)		(1,414)
Effective tax rate	0.64	%	1.58	%	2.35	%

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(1)The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit/(loss) in each geographical territory.

Schedule of components of income tax expense

Income tax expense is comprised of the following:

	For the year ended December 31,
In thousands of USD	2023	2024	2025
Current tax (expense) / income	(3,244)	(2,152)	(2,716)
Deferred tax (expense) / income	2,583	606	1,302
Total Income tax (expense) / income	(661)	(1,546)	(1,414)

Schedule of tax losses available for offsetting against future taxable profits

Tax losses available for offsetting against future taxable profits were as follows:

					As of December 31,
					2023	2024	2025
In thousands of USD Country	Duration	Rate			Accumulated tax loss [gross]	Accumulated tax loss [gross]	Accumulated tax loss [gross]
Germany **	Indefinite	30.2	%	*	(36,125)	(43,942)	(52,191)
Morocco	4 years	20.0	%		(29,780)	(23,636)	(6,140)
Egypt	5 years	22.5	%		(62,390)	(32,426)	(125,638)
Nigeria	Indefinite	30.0	%		(137,013)	(17,837)	(39,818)
Kenya	5 Years	30.0	%		(74,817)	(105,886)	(96,042)
Ivory Coast	5 years	25.0	%		(30,144)	(9,233)	(11)
Ghana	5 years	25.0	%		(6,316)	(4,255)	(2,899)
Other	N/A	N/A			(127,695)	(147,429)	(89,998)
Total					(504,280)	(384,644)	(412,737)

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* In Germany, the calculation of current tax is based on a combined tax rate of 30.2%, consisting of a corporate income tax rate of 15.8% and a trade tax rate of 14.4%.

** Accumulated tax losses related to Trade Tax amount to USD 94,496 thousand as of December 31, 2025 (USD 71,057 thousand as of December 31, 2024 and USD 64,942 thousand as of December 31, 2023), not included in the table above.