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Condensed Financial Information of the Company | 12 Months Ended
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Dec. 31, 2025
Condensed Financial Information of the Company |
Condensed Financial Information of the Company | 34 Condensed Financial Information of the Company The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04, using the same accounting policies as set out in the Group’s Consolidated Financial Statements. The results of operations reflected in the financial statements prepared in accordance with IFRS differ from those reflected in the statutory financial statements of the Company prepared in accordance with Lux GAAP (see Note 26.c). Certain information and footnote disclosures generally included in financial statements prepared in accordance with IFRS have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general-purpose financial statements of the reporting entity and should be read in conjunction with the notes to the Consolidated Financial Statements of the Group. 34 Condensed Financial Information of the Company (Cont.) For the purpose of presenting parent only financial information, the Company records its investments in subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as Investments in subsidiaries and the income/loss of the subsidiaries are presented as Share of income in subsidiaries and associates. The Share of income in subsidiaries includes the effects of changes in ownership interests which, at the consolidated level, are recognized in Other reserves within equity, as these transactions do not result in a change in control. Therefore, the income for the year in the condensed statement of income may differ from the income for the year of the owner of the parent Company in the Consolidated Statement of Income. Certain information and footnote disclosures generally included in the Consolidated Financial Statements prepared in accordance with IFRS have been condensed and omitted. As of December 31, 2025, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those that have been separately disclosed in the Consolidated Financial Statements, mainly included in Note 22 and 26.b. CONDENSED STATEMENT OF INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the year ended | ​ ​ ​ | For the year ended | ​ ​ ​ | For the year ended
​ | ​ | December 31, 2025 | ​ | December 31, 2024 | ​ | December 31, 2023
Continuing operations | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative expenses |  | (10,706) |  | (7,816) |  | (7,728)
Other operating income | ​ | 1 | ​ | 5 | ​ | 2,972
Other operating expense | ​ | — | ​ | — | ​ | (1)
Operating loss |  | (10,705) |  | (7,811) |  | (4,757)
Share of income in subsidiaries and associates |  | 241,198 |  | 283,083 |  | 247,585
Income before financial results and income tax |  | 230,493 |  | 275,272 |  | 242,828
Financial income |  | 9,183 |  | 6,573 |  | 1,905
Financial loss |  | (639) |  | (723) |  | (586)
Income before income tax from continuing operations |  | 239,037 |  | 281,122 |  | 244,147
Income tax |  | (4,419) |  | (1,854) |  | (4,629)
Income for the year |  | 234,618 |  | 279,268 |  | 239,518
​ CONDENSED STATEMENT OF COMPREHENSIVE INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended | ​ | For the year ended | ​ | For the year ended
​ | ​ ​ ​ | December | ​ ​ ​ | December | ​ ​ ​ | December
​ | ​ | 31, 2025 | ​ | 31, 2024 | ​ | 31, 2023
Income for the year |  | 234,618 |  | 279,268 |  | 239,518
​ | ​ | ​ | ​ | ​ | ​ | ​
Items that may be reclassified to profit or loss: |  | ​ |  | ​ |  | ​
Share of other comprehensive (loss) / income from subsidiaries and associates from continuing operations | ​ | (58,396) | ​ | 363,884 | ​ | (231,688)
Total comprehensive income for the year |  | 176,222 |  | 643,152 |  | 7,830
​ ​ 34 Condensed Financial Information of the Company (Cont.) CONDENSED STATEMENT OF FINANCIAL POSITION ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | At December | ​ ​ ​ | At December
​ | ​ | 31, 2025 | ​ | 31, 2024
ASSETS |  | ​ |  | ​
Non-current assets |  | ​ |  | ​
Property, plant and equipment, net |  | 21 |  | 24
Right-of-use asset |  | 200 |  | 227
Investments in subsidiaries |  | 1,587,121 |  | 1,390,616
Investments in associates |  | 18,356 |  | 10,001
Other financial assets at amortized cost | ​ | 1,660 | ​ | 3,543
Current assets |  | ​ |  | ​
Other financial assets at fair value through profit or loss | ​ | 2,158 | ​ | 2,205
Other financial assets at amortized cost | ​ | 2,175 | ​ | —
Other receivables |  | 550 |  | 210
Cash and cash equivalents |  | 15,627 |  | 1,152
Total assets |  | 1,627,868 |  | 1,407,978
​ | ​ | ​ | ​ | ​
EQUITY |  | ​ |  | ​
Share capital |  | 165,219 |  | 163,223
Share premium |  | 221,434 |  | 183,430
Treasury shares |  | (3,918) |  | (4,094)
Free distributable reserve |  | 378,910 |  | 378,910
Non-distributable reserve |  | 1,358,028 |  | 1,358,028
Currency translation adjustment |  | (176,776) |  | (117,705)
Legal reserves |  | 10,017 |  | 7,419
Other reserves |  | (1,343,669) |  | (1,344,247)
Retained earnings |  | 977,334 |  | 744,310
Equity |  | 1,586,579 |  | 1,369,274
​ | ​ | ​ | ​ | ​
LIABILITIES |  | ​ |  | ​
Non-current liabilities |  | ​ |  | ​
Deferred tax liabilities |  | 4,194 |  | 2,500
Lease liabilities |  | 183 |  | 190
Current liabilities |  | ​ |  | ​
Borrowings |  | 34,584 |  | 33,999
Other liabilities |  | 2,224 |  | 1,751
Lease liabilities |  | 36 |  | 30
Trade payables |  | 68 |  | 234
Total liabilities |  | 41,289 |  | 38,704
Total equity and liabilities |  | 1,627,868 |  | 1,407,978
​ 34 Condensed Financial Information of the Company (Cont.) CONDENSED STATEMENT OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the year ended | ​ ​ ​ | For the year ended | ​ ​ ​ | For the year ended
Cash flows from operating activities | ​ | December 31, 2025 | ​ | December 31, 2024 | ​ | December 31, 2023
Income for the year |  | 234,618 |  | 279,268 |  | 239,518
Adjustments for: |  | ​ |  | ​ |  | ​
Amortization and depreciation |  | 48 |  | 59 |  | 40
Deferred income tax |  | 1,694 |  | (1,148) |  | 2,418
Income tax accrued | ​ | 2,725 | ​ | 3,002 | ​ | 2,211
Share of income in subsidiaries and associates |  | (241,198) |  | (283,083) |  | (247,585)
Interest expense |  | 585 |  | 587 |  | 559
Net foreign exchange |  | (943) |  | (44) |  | (471)
Other financial results, net |  | (662) |  | (582) |  | (145)
Share base compensation | ​ | 606 | ​ | 507 | ​ | 420
Changes in working capital |  | 8 |  | 149 |  | (2,919)
Net cash used in operating activities |  | (2,519) |  | (1,285) |  | (5,954)
Cash contribution in subsidiaries and associates |  | (230,028) |  | (208,562) |  | (58,987)
Acquisition of other financial assets | ​ | (1,419) | ​ | (29,491) | ​ | —
Disposals of other financial assets |  | 1,858 |  | 30,482 |  | 760
Property, plant and equipment acquisitions | ​ | (2) | ​ | (28) | ​ | —
Dividends and refund of cash contributions from subsidiaries | ​ | 246,641 | ​ | 208,796 | ​ | 64,344
Net cash provided by investing activities |  | 17,050 |  | 1,197 |  | 6,117
Principal elements of lease payments | ​ | (40) | ​ | (49) | ​ | (44)
Net cash used in financing activities |  | (40) |  | (49) |  | (44)
​ | ​ | ​ | ​ | ​ | ​ | ​
Increase / (decrease) in cash and cash equivalents |  | 14,491 |  | (137) |  | 119
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | ​ |  | ​ |  | ​
At the beginning of the year |  | 1,152 |  | 1,325 |  | 1,220
Effect of exchange rate changes in cash and cash equivalents |  | (16) |  | (36) |  | (14)
Increase / (decrease) in cash and cash equivalents |  | 14,491 |  | (137) |  | 119
At the end of the year |  | 15,627 |  | 1,152 |  | 1,325
​

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