v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Major components of tax expense (income) [abstract]  
Schedule of income tax payables
Current income tax payable consisted of the following items as of December 31:
20252024
Current tax payable19 23 
Total income tax payable19 23 
Schedule of income tax expense
Income tax expense consisted of the following for the year ended December 31:
202520242023
Current income taxes
Current year(66)(64)(67)
Total current income taxes(66)(64)(67)
Deferred income taxes
Movement of temporary differences and losses(8)— 2 
Total deferred tax (expense) / benefit(8)— 2 
Income tax expense(74)(64)(65)
Schedule of reconciliation between statutory and effective income tax Following the formation of the Group's headquarters in UAE during 2025, the applicable statutory tax rate is 9% for the year ended December 31, 2025 (Dubai, United Arab Emirates) compared to 25.8% for the years ended December 31, 2024 and 2023 (the Netherlands):
202520242023Explanatory notes
Profit before tax198347346
Income tax expense at statutory tax rate 2025: 9% (2024/2023: 25.8%)(18)(90)(89) The Company is in the process of obtaining a Qualified Freezone Entity status with 0% tax rate, the analysis considers the statutory tax rate in UAE of 9% as the base for ETR reconciliation
Difference due to the effects of:
Different tax rates in different jurisdictions(44)2727
The Group operates in jurisdictions with income tax rates different from the UAE statutory rate of 9%. Profits generated in Ukraine are subject to an 18% income tax rate, which is higher than the UAE rate and therefore increases the Group’s effective tax rate and tax expense. One-time listing cost of US$162 incurred in 2025 - lowering PBT, impacting tax at UAE statutory tax rate of 9% (US$15 impact).
Withholding tax(1)——WHT are recognized to the extent that dividends are expected to be paid in the foreseeable future.
Non-deductible expenses(4)(1)(3)
The non-deductible expenses of US$4 are mainly driven by non-deductible personnel expenses
Other(7)——Adjustments relating to prior tax periods and consolidation effects, including assessed tax risks and other tax-versus-book differences.
Income tax expense(74)(64)(65)
Effective tax rate37.4%18.4%18.8%
Schedule of deferred tax assets and liabilities in the statement of financial position
The Group reported the following deferred tax liabilities in the statement of financial position as of December 31:
20252024
Deferred tax liabilities(21)(6)
Net deferred tax position(21)(6)
Schedule of movements of deferred tax assets and liabilities
The following table shows the movements of net deferred tax positions in 2025:
Movement in deferred taxes
Opening balanceNet income statement movementAcquired in business
combinations 		Closing balance
Property and equipment(10)(9)— (19)
Intangible assets(2)2 (7)(7)
Trade receivables2 1 — 3 
Provisions1 — — 1 
Accounts payable1 — — 1 
Other2 (2)— — 
Net deferred tax positions(6)(8)(7)(21)
The following table shows the movements of net deferred tax positions in 2024:
Movement in deferred taxes
Opening balanceNet income statement movementClosing balance
Property and equipment(5)(5)(10)
Intangible assets(4)2 (2)
Trade receivables2 — 2 
Provisions1 — 1 
Accounts payable1 — 1 
Other — 2 2 
Net deferred tax positions(5)(1)(6)
Schedule of amount and expiry date of deductible temporary differences, unused tax losses and other carry forwards The amount and expiry date of unused tax losses and other carry forwards for which no deferred tax asset is recognized are as follows:
As of December 31, 2025IndefiniteTotal
Tax losses expiry
Non-recognized losses(168)(168)
Non-recognized DTA15 15 
Other credits carried forward expiry
Non-recognized credits— — 
Non-recognized DTA— — 
As of December 31, 2024IndefiniteTotal
Tax losses expiry
Recognized losses(1)(1)
Recognized DTA— — 
Non-recognized losses(253)(253)
Non-recognized DTA65 65 
Other credits carried forward expiry
Recognized credits— — 
Recognized DTA— — 
Non-recognized credits(303)(303)
Non-recognized DTA78 78