| Equity and divestitures |
Note 12. Equity and divestitures Share capital The following table illustrates the shareholders’ equity of the Company after being retrospectively adjusted by the share split in line with capital restructuring of the Group in conjunction with the SPAC merger: | | | Shares | | | As of January 1, 2025 | | | 3,843,743 | | | Shares issued | | | 6,188,967 | | | As of December 31, 2025 | | | 10,032,710 | | | Shares issued | | | 2,187,777 | | | As of June 30, 2026 (*) | | | 12,220,487 | | | (*) | The Company has a total of 388,737 reserved shares that have been authorized but not issued as of June 30, 2026. Thus, the total outstanding shares authorized and issued is 12,609,224 as of June 30, 2026. | Derivatives The Group has recognized the following warrant obligations: | | | Public
Warrants | | | Private
Placement
Warrants | | | Total | | | Balance at December 31, 2024 | | | 3,441 | | | | 4,222 | | | | 7,663 | | | Change in fair value | | | 688 | | | | 1,124 | | | | 1,812 | | | Balance at December 31, 2025 | | | 4,129 | | | | 5,346 | | | | 9,475 | | | Change in fair value | | | (915 | ) | | | (1,185 | ) | | | (2,100 | ) | | Balance at June 30, 2026 | | | 3,214 | | | | 4,161 | | | | 7,375 | | Non-controlling Interest The following table summarizes the movement in the Company’s non-controlling interests in Mercos: | At January 1, 2025 | | | 7,181 | | | Share of profit for the year | | | 6,033 | | | Distributions to non-controlling interest | | | (18,835 | ) | | At December 31, 2025 | | | (5,621 | ) | | Share of profit for the period | | | 3,698 | | | Distributions to non-controlling interest | | | (5,684 | ) | | At June 30, 2026 | | | (7,607 | ) |
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