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Income tax | 12 Months Ended
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Dec. 31, 2025
Major components of tax expense (income) [abstract] |
Income tax | 29 Income tax 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 |
The Group maintains provisions for uncertain income tax treatments where it is not probable that the tax authorities will accept the Group's tax position under applicable tax laws and regulations. Management assesses these positions assuming full examination by tax authorities and measures the uncertainty using either the most likely amount or the expected value method, depending on which better predicts the resolution of the uncertainty. 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 | %
_________________________ (1)The Statutory tax rate consists of an average tax rate weighted in proportion to accounting profit/(loss) in each geographical territory. 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) |
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) |
_________________________
* | 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.
Various tax rules may limit the use of the tax losses above. No deferred tax asset has generally been recognized in respect of the tax losses as the latter may either be time barred at the time when they could have otherwise offset taxable profits, may be subject to limitations as to their use, or there is no tax opportunity or other evidence of recoverability within a short timeline. This general principle is subject to a few exceptions disclosed in Note 8. The previously unrecognized tax losses of prior periods used to reduce current tax expense amounts to USD 22,058 thousand.

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