Share-based payment (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of terms and conditions of share-based payment arrangement [line items]

Schedule of Valuation Models and Main Assumptions

To determine the fair value of share-based payments related to the 2004 Option plan, management used the following valuation models and main assumptions:

	December 31, 2023			December 31, 2022
Discounted cash flow - DCF: (3)
Discount rate(2)		12.50	%		15.30	%
Expected perpetuity growth		3.72	%		3.98	%
Option pricing model – OPM:
Discount rate(2)		3.00	%		7.00	%
Volatility mainly(1)		30.52	%		38.05	%
Binomial tree:
Discount rate(2)		3.00	%		7.00	%
Volatility mainly(1)		36.1	%		39.97	%

(1)The expected volatility is based on the historic volatility of comparable entities within the industry, with a period of time equivalent to the estimated contractual life of the share options granted by the Company.

(2)The risk-free interest rates that were considered within the discount rates for the years 2023 and 2022 were 3.96% and 3.45%, respectively, which corresponded to the interpolated U.S. Constant Maturity Treasury yield as of the valuation date.

(3)Given the Company has now an observable market price for its share price, the discounted cash flow model was no longer required.

To determine the fair value of share-based payments related to the Equity Incentive Plan, management used the Binomial tree valuation model and the following assumptions:

	For the year ended
	December 31, 2024
Expected life of the share option or appreciation right	10- years (*)
Volatility of the stock price of comparable companies	37.21% (*)

*Same base as explained above to determine the fair value of the 2004 Option plan

Summary of Outstanding Share Options, Strike Prices and Expiry Dates

The tables below set forth the number of Class C common shares issuable upon the exercise of Common Options and Exit Options granted per year (net of forfeitures) and the weighted average strike prices of the Class C common

shares subject to Common Options and Exit Options (considering the 3-for-1 share split effected in connection with the IPO).

		Number of Common Options
		2024			2023			2022
Outstanding as of January 1st			34,991,250			29,366,250			22,031,250
Granted during the year			—			6,270,000			7,335,000
Forfeited during the year			(1,492,500	)		(645,000	)		—
Outstanding as of December 31st			33,498,750			34,991,250			29,366,250
Exercisable as of December 31st			—			—			—
Weighted average strike price	US$		5.98		US$	6.02		US$	4.69

The following table illustrates the outstanding share options under the 2004 Option plan and the corresponding strike prices (considering the 3-for-1 share split effected in connection with the IPO) and the expiry dates:

Grant Date December of	Number of outstanding options granted – December 31						Strike Price US Dollars		Average option fair value at grant date (1)		Average fair value of share at grant date		Expiry Date, December of
	2024		2023		2022
2006		600,000		600,000		600,000	$	0.50	N/A		N/A		2036
2006		472,500		472,500		472,500	$	0.33	N/A		N/A		2036
2007		465,000		465,000		465,000	$	0.58	N/A		N/A		2037
2008		810,000		810,000		810,000	$	0.83	N/A		N/A		2038
2009		900,000		900,000		900,000	$	1.08	N/A		N/A		2039
2010		1,020,000		1,080,000		1,080,000	$	1.08	N/A		N/A		2040
2011		1,252,500		1,312,500		1,312,500	$	1.33	N/A		N/A		2041
2012		1,252,500		1,312,500		1,312,500	$	1.67	N/A		N/A		2042
2013		1,323,750		1,402,500		1,402,500	$	2.00	N/A		N/A		2043
2014		1,406,250		1,481,250		1,481,250	$	2.17	$	0.01	$	0.03	2044
2015		1,458,000		1,548,000		1,548,000	$	2.17	$	0.02	$	0.04	2045
2016		1,733,250		1,823,250		1,823,250	$	1.90	$	0.000030	$	0.000030	2046
2017		720,000		821,250		851,250	$	2.72	$	0.0002	$	0.0010	2047
2018		813,750		907,500		945,000	$	3.10	$	0.13	$	0.36	2048
2019		780,000		847,500		892,500	$	4.33	$	0.41	$	1.01	2049
2020		963,750		1,042,500		1,095,000	$	5.00	$	2.50	$	4.48	2050
2021		4,830,000		4,935,000		5,040,000	$	6.33	$	3.75	$	6.54	2051
2022		6,727,500		6,960,000		7,335,000	$	9.67	$	2.08	$	4.18	2052
2023		5,970,000		6,270,000		—	$	12.17	$	9.37	$	15.40	2053
		33,498,750		34,991,250		29,366,250

(1) The Company applied the exemption permitted by IFRS 1, First-time Adoption of IFRS, for share-based payments that were vested before the transition date and only applied IFRS 2 for the options granted in 2014 onwards. Therefore, the fair value of options granted from 2006 to 2013 has not been calculated nor recognized.

Restricted Stock Units

Disclosure of terms and conditions of share-based payment arrangement [line items]

Summary of Outstanding Share Options, Strike Prices and Expiry Dates

	Number of restricted stock units (2)
Outstanding as of January 1, 2024		—
Granted during the year		585,000
Forfeited during the year		—
Outstanding as of December 31, 2024		585,000
Exercisable as of December 31, 2024		—

(2)Each Restricted Stock Unit (RSUs) is equal to one Class A common share. 305,000 RSUs were granted to senior management and certain Board members as a compensation bonus, 280,000 were granted to senior management as long-term incentives, and 20,000 RSUs were approved to compensate certain senior advisors, but they are not yet granted. The 305,000 RSUs are subject to a cliff-vesting over a one-year period, with

100% of the total RSUs vesting in a single installment on January 1, 2026. The 280,000 RSUs vest over three years, with 33.33% of the RSUs vesting at the end of the first, second and third anniversary of the Grant Date. The 20,000 RSUs will be subject to a cliff-vesting over a one-year period, with 100% of the RSUs vesting in a single installment on the first anniversary of the respective grant date.

Exit options

Disclosure of terms and conditions of share-based payment arrangement [line items]

Summary of Outstanding Share Options, Strike Prices and Expiry Dates

		Number of Exit Options
	2024			2023		2022
Outstanding as of January 1st			7,444,974		7,064,982		7,064,982
Granted during the year			—		379,992		—
Forfeited during the year			—		—		—
Outstanding as of December 31st			7,444,974		7,444,974		7,064,982
Exercisable as of December 31st			—		—		—
Weighted average strike price	US$		3.43	US$	3.43	US$	3.45

The following table illustrates the outstanding Exit options under the 2004 Option plan and the corresponding strike prices (considering the 3-for-1 share split effected in connection with the IPO) and the expiry dates:

Grant Date December of	Number of outstanding options granted – December 31						Strike Price US Dollars		Fair value at grant date (1)		Expiry Date, December of
	2024		2023		2022
2020		3,034,992		3,034,992		3,034,992	$	2.37	$	3.04	2050
2020		3,129,990		3,129,990		3,129,990	$	3.67	$	2.77	2050
2021		900,000		900,000		900,000	$	6.33	$	3.84	2051
2023		189,996		189,996		—	$	2.37	$	2.68	2051
2023		189,996		189,996		—	$	3.67	$	2.53	2051
		7,444,974		7,444,974		7,064,982

(1) Due to the change in the estimated date of the IPO, the fair value of the options was recalculated. Previously, the fair values of the options were US$3.02 (strike price US$2.37) and US$2.76 (strike price US$3.67) for the 2020 grant, and US$3.82 (strike price US$6.33) for the 2021 grant.

Equity Incentive Plan

Disclosure of terms and conditions of share-based payment arrangement [line items]

Summary of Outstanding Share Options, Strike Prices and Expiry Dates

On December 10, 2024, the Company’s Board of directors approved the following awards under the new Equity Incentive Plan:

	Number of stock options (1)
Outstanding as of January 1, 2024		1,310,000
Granted during the year		—
Forfeited during the year		—
Outstanding as of December 31, 2024		1,310,000
Exercisable as of December 31, 2024		—
Weighted average strike price	US$	29.09

(1)A pool of 1,320,000 stock options, each exercisable for one Class A common share, to the Company’s Senior Leadership, of which 1,310,000 have been granted. These stock options vest over four years, with 25.0% vesting at the end of each of the first, second, third and fourth anniversary of December 10, 2024 (the “Grant Date”). The exercise price was US$29.09 per share, the closing price of the Class A common share on the Grant Date.

Equity Incentive Options

Disclosure of terms and conditions of share-based payment arrangement [line items]

Summary of Outstanding Share Options, Strike Prices and Expiry Dates

The following table illustrates the outstanding equity incentive options under the 2024 Equity Incentive Plan and the corresponding strike price and expiry date:

Grant date December of	Number of outstanding Options granted – December 31 2024		Strike price US Dollars		Fair value at grant date		Expiry date, December of
2024		1,310,000	$	29.09	$	13.92	2034
		1,310,000