Share-based payments (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Changes in Stock Options and Restricted Stock Units

Set out below is an overview of changes in the Stock Options and Restricted Stock Units (“RSUs”) during the six months ended June 30, 2026.


		Stock Options								RSUs
		Outstanding options				Weighted average exercise price				Outstanding RSUs
						€
Outstanding January 1, 2026			3,951,032				13.01				1,417,632
Granted			717,500				24.27				616,605
Exercised (Vested and Settled)			(213,135	)			4.85				(403,903	)
Forfeited			—				—				(85,182	)
Outstanding June 30, 2026			4,455,397				12.56				1,545,152

Summary of Fair Value Per Option at Each Grant/Measurements Date Using the Black-Scholes Formula

The inputs and outputs used in the measurement of the fair value per option at each grant/ measurement date using the Black-Scholes formula (including the related number of options and the fair value of the options) were as follows:


		June 1, 2026**			March 3, 2026*			March 3, 2026**			March 12, 2025*			March 12, 2025**
Number of options			60,000			82,500			575,000			75,000			555,000
Fair value of the options		€	20.71		€	18.88		€	19.45		€	11.86		€	12.19
Fair value of the ordinary shares		€	25.93		€	24.11		€	24.11		€	14.71		€	14.71
Exercise price		€	25.93		€	24.11		€	24.11		€	14.74		€	14.74
Expected volatility (%)			100	%		100	%		100	%		105	%		105	%
Expected life (years)		5.8			5.5				6.1		5.5				6.1
Risk-free interest rate (%)			4.3	%		3.8	%		3.8	%		4.3	%		4.3	%
Expected dividend yield						—			—			—			—

* Granted to the Board of Directors

** Granted to members of key management