v3.26.1
Share warrant obligation
12 Months Ended
Dec. 31, 2025
Share warrant obligation.  
Share warrant obligation

21.  Share warrant obligation

The fair value of Private and Public Warrants as at December 31, 2024 and 2025 is determined using Level 1 inputs and is measured using the quoted market price.

As at December 31, 2024 and 2025 Public Warrants’ price was taken from the market.

The Bloomberg Trinomial Model was used to value Private warrants as at December 31, 2024 and 2025. This is an option pricing model that calculates values using three possible price movements (up, middle, down) at each time step. It uses standard market inputs (price, strike, rates, volatility, time) and is integrated into Bloomberg terminals. The input parameters are based on the implied market price of Public warrants, which are then used to assess the price of Private warrants.

Private

  ​ ​ ​

Public Warrants

  ​ ​ ​

 Warrants

  ​ ​ ​

Total

Balance at January 1, 2024

852

426

1,278

Fair value adjustment

 

(609)

 

(304)

 

(913)

Balance at December 31, 2024

 

243

 

122

 

365

Private

  ​ ​ ​

Public Warrants

  ​ ​ ​

 Warrants

  ​ ​ ​

Total

Balance at January 1, 2025

243

122

365

Fair value adjustment

 

(1)

 

(2)

 

(3)

Balance at December 31, 2025

 

242

 

120

 

362

The change in fair value of share warrant obligation is included in the line Change in fair value of share warrant obligation and other financial instruments in the consolidated statement of profit or loss and other comprehensive income.