v3.26.1
Share-Based Compensation Plans
 12 Months Ended
Dec. 31, 2025
Disclosure Of Share Based Payment Arrangements [Abstract]  
Share-Based Compensation Plans
Note 28—Share-based compensation plans
The Group has three share-based compensation plans which are detailed below.
 
  1
Simulated Restricted Share Units (‘SRSU’)
SRSU are cash-settled awards delivered on 1 June following a three-year vesting period. The liability for the cash-settled awards is measured initially and at the end of each reporting period until settled, at the fair value of the share appreciation rights, taking into account the terms and conditions on which the stock appreciation rights were granted and recognized to the extent to which the employees have rendered services to date.

During 2025 (2024: nil) (2023: 1,233,352), no SRSU have been granted. During the same period, 195,742 SRSUs (2024: 282,548) (2023: 172,473) have been forfeited and 719,769 SRSUs (2024: 647,870) (2023: 652,648) have vested. A liability of EUR 3,904,033 (31 December 2024: EUR 3,525,918) (December 31, 2023: EUR 7,290,615) has been recognized in the consolidated statement of financial position as of 31 December 2025 based on the 819,840 outstanding SRSUs (31 December 2024: 1,735,344) (December 31, 2023: 2,665,762) measured at the Group’s share price at the end of the year on a
pro-rata
basis over 3 years vesting period.
 
  2
Equity Based Compensation Plan comprising options (‘EBCP Option’)
The EBCP Option is usually available to Group executives. Under the plan, the “date of Option Grant” means the first business day that follows fifteen (15) market trading days for Shares after the Allocation Period during which the Fair Market Value is fixed. For EBCP Option grants till year 2020 inclusive and prior,
one-quarter
of the entitlement vests on each 1 January of the four years following the Date of Option Grant. For EBCP Grants from 2021 onwards a
3-year
cliff vesting on June 1 (Y+3) was introduced. One EBCP Grant has an exceptional vesting arrangement whereby one fifth of the entitlement vests on each 1 June of the five years following the Date of Option Grant. There were no stock options granted in 2025. Once vested, the options can be exercised until the tenth anniversary of the original grant. As at 31 December 2025 all stock option grants are fully vested.
                         
 
  
2025
 
  
2024
 
  
2023
 
Outstanding options at the end of the year
   
 
11,282,865
 
      15,165,029        19,049,997  
Weighted average exercise price in euro
   
 
11.22
 
      11.54       
11,88
  
Out of 11,282,865 (2024: 15,165,029) (2023: 19,049,997) outstanding options as the end of 2025, 11,282,865 (2024: 12,183,981) (2023: 11,242,584) options are exercisable. In 2025 274,652 (2024: 59,060) (2023: 147,451) treasury shares were delivered at a weighted average exercise price of EUR 6.07 (2024 EUR 5.97) (2023 EUR 6.11) each. On average the related weighted average share price at the time of exercise during 2025 was EUR
6.63 per share.
 
 
Movements in the number of share options outstanding and their related weighted average exercise prices in euro are as follows:
                                                 
    
2025

Average exercise

price per share

option
     
Number of
options
    
2024

Average exercise
price per share
option
     
Number of
options
     2023
Average exercise
price per share
option		      Number of
options		  
At 1 January
   
 
11.54
 
   
 
15,165,029
 
     11.88        19,049,997       12.09        20,348,470  
Granted
   
 
— 
 
   
 
— 
 
     —         —        —         —   
Forfeited
   
 
12.96
 
   
 
(3,607,512
)
     13.33        (3,825,908 )      16.32        (1,151,022 ) 
Exercised
   
 
6.07
 
   
 
(274,652
) 
     5.97        (59,060 )      6.11        (147,451 ) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
At 31 December
   
 
11.22
 
   
 
11,282,865
 
     11.54        15,165,029      
11.88
        19,049,997  
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Share options outstanding at the end of the year have the following expiry date and exercise prices in euro:
                                         
Grant
  
Expiry date
 
  
Exercise price per
share options
 
  
Number of options
 
  
2025
 
  
2024
 
  
2023
 
2022
      2032        8.40     
 
2,374,959
 
   
 
3,037,691
 
      3,805,164  
2022
      2032        6.00     
 
50,113
 
   
 
196,834
 
      247,307  
2021
      2031        6.40     
 
1,977,005
 
   
 
2,571,440
 
      3,069,930  
2020
      2030        5.97     
 
2,023,886
 
   
 
2,810,388
 
      3,434,330  
2019
      2029        15.01     
 
964,839
 
   
 
1,304,353
 
      1,638,010  
2018
      2028        18.23     
 
242,000
 
   
 
242,000
 
      407,000  
2018
      2028        12.67     
 
2,002,464
 
   
 
2,540,829
 
      3,038,030  
2017
      2027        21.15     
 
944,969
 
   
 
1,249,983
 
      1,600,721  
2016
      2026        24.39     
 
702,630
 
   
 
888,300
 
      1,084,398  
2015
      2025        32.73     
 
— 
 
   
 
323,211
 
      407,535  
2014
      2024        26.5     
 
— 
 
   
 
— 
 
      317,572  
        
 
 
     
 
 
     
 
 
  
        
 
11,282,865
 
   
 
15,165,029
 
      19,049,997  
        
 
 
     
 
 
     
 
 
  
 
  3
Equity Based Compensation Plan (‘EBCP’)
The EBCP is also a programme for executives and senior executives of the Group, comprising performance shares (‘EBCP PS’) and restricted shares (‘EBCP RS’). Under the plan, restricted shares are allocated to executives at the beginning of May each year and these vest on the 1 June following the third anniversary of the grant. In 2025 the performance shares were allocated in February, August, October and December. Vesting for performance shares are subject to the achievement of the Total Shareholder Return (‘TSR‘), measured on a relative basis to the median TSR performance of a panel of comparable companies and reviewed by the Remuneration Committee prior to the Share Vesting Date.
With the acquisition of Intelsat and to support the delivery of synergy targets, the structure of Performance Shares in the 2025 EBCP Share Grants was changed.
Fifty percent of the granted in 2025 Performance Shares will be subject to the achievement of Total Shareholder Return (“TSR”), while the remaining fifty percent will be tied to the delivery of synergy targets. These synergy targets are aligned with external communications and commitments.
In addition, in 2025 the company implemented: (1)
one-off
retention program, under which granted Performance Shares vest after a three-year cliff vesting period and are linked to specific synergy targets; and (2) the CEO received an additional performance equity grant under which granted Performance Shares will be subject to the achievement of the Adjusted EBITDA target for the financial year ended 31 December 2028 based on the 2025 Business Plan approved by the board of directors in November 2025. Further 50%

 
of the Performance Shares will be subject to the achievement of the Net Debt target for the financial year ended 31 December 2028 based on the 2025 Business Plan approved by the board of directors in November 2025 (the Net Debt Target).
                 
 
  
2025
 
  
2024
 
Restricted and performance shares outstanding at the end of the year
   
 
6,523,939
 
      4,438,497  
Weighted average fair value in euro
   
 
4.38
 
      5.51  
During 2025,
 
745,197 (2024:
 456,894
) (2023: 451,705)
 
restricted shares and 3,697,990 (2024: 1,635,264)
(2023: 1,287,594) 
performance shares were granted;
 
255,337 (2024:
 196,299
) (2023: 67,853 )
 
restricted shares and
 
1,036,537 (2024: 
355,197
) (2023: 86,772)
performance shares were forfeited; and
255,948 
(2024: 944,846) (2023: 604,047 ) performance shares and 809,923 (2024: 372,805) (2023: 238,645) restricted shares were exercised.
The fair value of EBCP Option granted is estimated as at the date of the grant using a binomial model. The fair value of EBCP RS is estimated at the date of the grant by restating discounted dividends from share price and taking into account the terms and conditions upon which the shares were granted. The fair value of EBCP PS is estimated at the date of the grant using both Monte-Carlo simulation model and Black Scholes methodology and taking into account the terms and conditions upon which the shares were granted.
The following table lists the average value of inputs to the model used for the years ended 31 December 2025 and 31 December 2024.
         
2025
  
EBCP PS and
EBCP RS
 
Dividend yield (%)
   
 
8.5% - 22.02
% 
Risk-free interest rate (%)
   
 
1.96% - 2.21
% 
Expected life of shares (years)
   
 
2.61 - 3.33
 
Share price at inception (EUR)
   
 
3.16 - 6.60
 
Fair value per share (EUR)
   
 
1.52
 
-
 
7.94
 
Total expected cost for each plan (
€
 million
)
   
 
0.28
 
-
 
2.01
 
 
2024
   
EBCP PS and
EBCP RS
  
Dividend yield (%)
   
 
11.04
% 
Risk-free interest rate (%)
   
 
2.80
% 
Expected life of shares (years)
   
 
3
 
Share price at inception (EUR)
   
 
5.26
 
Fair value per share (EUR)
   
 
4.23-3.83
 
Total expected cost for each plan (
€
 million
)
   
 
4.95-1.87
 
The expected life of options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may or may not necessarily be the actual outcome.
The total charge for the year for share-based compensation amounted to EUR 6 million (2024: EUR 10 million) (2023: EUR 13 million), out of which equity-settled EUR 3 million (2024: EUR 10 million) (2023: EUR 9 million) and cash-settled EUR 3 million (2024:
 
nil) (2023: EUR 4 million).