Income Tax (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Of Income Taxes [Line Items]

Summary of Income Tax Charge Recognized in Profit and Losses

The income tax charge recognized in profit and losses included the following:


Current Income Tax		2024				2023				2022
Current Income Tax on profits for the year			(32,595	)			(31,924	)			(11,682	)
Total Current Income Tax expense			(32,595	)			(31,924	)			(11,682	)

Deferred income tax		2024				2023				2022
Increase/(Decrease) in deferred income tax assets			3,150				1,757				229
(Decrease)/Increase in deferred income tax liabilities			(1,105	)			739				(133	)
Total Deferred income tax benefit / (expense)			2,045				2,496				96
Income Tax expense			(30,550	)			(29,428	)			(11,586	)

Summary of Deferred Tax Assets / Liabilities

Deferred Tax Assets

The balance comprises temporary differences attributable to:


		2024				2023				2022
Tax Losses			793				233				348
Accrued Liabilities			3,196				773				99
Exchange differences			333				89				—
Other			1,045				1,193				51
Total			5,367				2,288				498

Deferred Tax Liabilities

The balance of Deferred Tax Liabilities is comprised of temporary differences attributable to:


		2024				2023				2022
Accrued receivables			795				353				946
Other			1,063				471				206
Total			1,858				824				1,152

Summary of Movements in Deferred Tax Assets

Movements:


		Tax losses				Accrued liabilities						Exchange differences				Other				Total
At January 1, 2024			233				773						89				1,193				2,288
(Charged) / Credited to profit & loss			560				2,423			—			244				(148	)			3,079
At December 31, 2024			793				3,196						333				1,045				5,367

		Tax losses				Accrued liabilities						Exchange differences				Other				Total
At January 1, 2023			348				99						—				51				498
Credited / (Charged) to profit & loss			(115	)			674						89				1,142				1,790
At December 31, 2023			233				773						89				1,193				2,288

Summary of Movements in Deferred Tax Liabilities

Movements:


		Accrued Liabilities				Other				Total
At January 1, 2024			353				471				824
Credited / (charged) to profit & loss			442				592				1,034
At December 31, 2024			795				1,063				1,858

At January 1, 2023			946				206				1,152
Credited / (charged) to profit & loss			(593	)			265				(328	)
At December 31, 2023			353				471				824

Summary of Reconciliation of Effective Tax Rate

The Group’s effective Income Tax rate in 2024 was 20.2% (16.5% and 9.6% in the years ended December 31, 2023 and 2022, respectively). For 2024 and 2023, the Group applied for fiscal consolidation in Malta resulting in a domestic rate of 5%. The reconciliation between the effective Income Tax rate and the statutory rate in Malta of 5% in 2024, 2023 and 2022 was as follows:


		2024				2023				2022
Profit before Income Tax			151,019				178,514				120,283
Tax at the domestic rates applicable to profit before income tax in the respective jurisdiction			(7,551	)			(8,926	)			(6,014	)
Permanent differences:
Tax effect of non-taxable income			897				822				555
Effects from entities taxes with different rates			(14,565	)			(15,930	)			(5,440	)
Other permanent differences (1)			(9,331	)			(5,394	)			(687	)
Total			(30,550	)			(29,428	)			(11,586	)

(1) During the year ended December 31, 2024, other permanent differences included non-deductible expenses, the effect of income taxes accrued in subsidiaries (due to higher income tax rates) and the effect of hyperinflation adjustment in Argentinean subsidiaries.