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Share-based payments (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-based payment arrangements [Abstract] |
Summary of Share-based Compensation Expense Recognized | The following table presents the share-based compensation expense recognized by the Group for the years ended December 31, 2025, 2024 and 2023.
|  | At December 31,
(€ thousands) |  | 2025 |  | 2024 |  | 2023
Group’s Chairman and CEO |  |  |  |  |  |
CEO 2025-2027 PSUs | (a) | 766 |  | — |  | —
CEO 2022-2024 PSUs | (b) | — |  | (452) |  | 4,266
CEO IPO PSUs | (c) | — |  | — |  | 840
Management |  |  |  |  |  |
2025-2027 PSUs | (d) | 1,961 |  | — |  | —
2024-2026 PSUs | (e) | 383 |  | 557 |  | —
2022-2024 PSUs | (f) | — |  | 3,332 |  | 4,062
2025-2028 RSUs | (g) | 219 |  | — |  | —
2023 RSUs | (h) | 283 |  | 1,458 |  | 499
2022-2025 RSUs | (i) | 1,408 |  | 1,216 |  | 1,456
Management IPO PSUs | (j) | — |  | — |  | 1,300
Non-executive Directors |  |  |  |  |  |
Non-Executive Directors’ Remuneration in Shares | (k) | 813 |  | 759 |  | 795
Other share-based payments | (l) | (1,416) |  | 1,602 |  | 6,562
Total |  | 4,417 |  | 8,472 |  | 19,780
Schedule of Changes in Number of Outstanding Awards | The following table summarizes the changes in the number of outstanding awards under the Group’s equity incentive arrangements at December 31 of the years presented.
| Group’s Chairman and CEO |  | Management
|  | PSUs |  | RSUs |  | IPO
| 2025-2027 PSUs |  | 2022-2024 PSUs |  | IPO PSUs |  | 2025-2027 PSUs |  | 2024-2026 PSUs |  | 2022-2024 PSUs |  | 2025-2028 RSUs |  | 2023 RSUs |  | 2022-2025 RSUs |  | Management IPO PSUs
| (a) |  | (b) |  | (c) |  | (d) |  | (e) |  | (f) |  | (g) |  | (h) |  | (i) |  | (j)
2022 | — |  | 2,520,000 |  | 600,000 |  | — |  | — |  | 1,366,050 |  | — |  | — |  | 585,450 |  | 880,000
Granted | — |  | — |  | — |  | — |  | — |  | 114,800 |  | — |  | 170,000 |  | 49,200 |  | —
Forfeited | — |  | (252,000) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Vested(1) | — |  | (588,000) |  | (600,000) |  | — |  | — |  | — |  | — |  | — |  | — |  | (880,000)
2023 | — |  | 1,680,000 |  | — |  | — |  | — |  | 1,480,850 |  | — |  | 170,000 |  | 634,650 |  | —
Granted | — |  | — |  | — |  | — |  | 518,350 |  | — |  | — |  | 17,000 |  | — |  | —
Forfeited | — |  | (252,000) |  | — |  | — |  | (21,450) |  | (95,200) |  | — |  | — |  | (54,600) |  | —
Vested(1) | — |  | (588,000) |  | — |  | — |  | — |  | — |  | — |  | (127,000) |  | — |  | —
2024 | — |  | 840,000 |  | — |  | — |  | 496,900 |  | 1,385,650 |  | — |  | 60,000 |  | 580,050 |  | —
Granted | 744,416 |  | — |  | — |  | 1,290,000 |  | — |  | — |  | 259,845 |  | — |  | — |  | —
Forfeited | — |  | (471,057) |  | — |  | (12,188) |  | (87,967) |  | (245,104) |  | — |  | — |  | (2,712) |  | —
Vested(1) | — |  | (368,943) |  | — |  | — |  | — |  | (1,140,546) |  | — |  | (30,000) |  | — |  | —
2025 | 744,416 |  | — |  | — |  | 1,277,812 |  | 408,933 |  | — |  | 259,845 |  | 30,000 |  | 577,338 |  | —
______________________ (1)The shares delivered or to be delivered as a result of vesting of the awards have been or are expected to be provided from treasury shares held by the Company.
Schedule of Key Assumptions Used In Valuation | The following table summarizes the fair value for accounting purposes of the share-based payment awards at the respective grant dates and the key valuation assumptions used.
| Group’s Chairman and CEO |  | Management
|  | PSUs |  | RSUs |  | IPO
| (a) |  | (b) |  | (c) |  | (d) |  | (e) |  | (f) |  | (g) |  | (h) |  | (i) |  | (j)
| 2025-2027 PSUs |  | 2022-2024 PSUs |  | IPO PSUs |  | 2025-2027 PSUs |  | 2024-2026 PSUs |  | 2022-2024 PSUs |  | 2025-2028 RSUs |  | 2023 RSUs |  | 2022-2025 RSUs |  | Management IPO PSUs
Fair value | €4.08 - €5.69 |  | €7.43 - €9.13 |  | €5.77 - €6.93 |  | €4.87 - €7.09 |  | €3.04 - €6.79 |  | €8.68 - €11.52 |  | €7.98 - €8.42 |  | €10.25 - €12.95 |  | €8.62 - €11.40 |  | €6.18 - €7.35
Grant date share price | €6.03 |  | €7.43 - €9.13 |  | $10.48 |  | €7.47 |  | $7.67 |  | $9.71 - $12.68 |  | €8.35 - €8.55 |  | €10.30 - €12.95 |  | $9.71 - $12.68 |  | $10.48
Expected volatility(1) | 44.98% |  | 30.00% - 40.00% |  | 30.00% |  | 45.07% |  | 41.77% |  | 35.00% - 37.50% |  |  |  |  |  |  |  | 30.00%
Dividend yield | 1.69% |  | 0.00% |  | 0.00% |  | 1.37% |  | 1.62% |  | 0.90% - 1.24% |  | 1.44% - 1.46% |  | 0.80% - 1.17% |  | 0.90% - 1.24% |  | 0.00%
Risk-free rate | 3.51% |  | 0.00% |  | 0.73% |  | 3.68% |  | 4.13% |  | 1.96% - 4.86% |  | 1.18% - 3.60% |  | 4.93% - 5.46% |  | 2.07% - 4.05% |  | 0.73%
______________________ (1)Based on the historical and implied volatility of a group of comparable companies

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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's other equity instruments (ie other than share options). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2025-01-01 -Paragraph 47 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2025-en-r&anchor=para_47_b&doctype=Standard -URIDate 2025-03-27 + Details
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