Income taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | 17. Income taxes Our income tax expense for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our annual effective tax rate changes, we make a cumulative adjustment. Significant judgment is required in estimating our annual effective tax rate and in evaluating our tax positions. The effective tax rate for the nine months ended September 30, 2026 was 41.4%, compared to 24.7% for the nine months ended September 30, 2025. The effective tax rate increased for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase of the annual effective tax rate was primarily due to losses and expenses providing no income tax benefit in certain jurisdictions. For the nine months ended September 30, 2026, these losses and expenses have been driven by IPO and Public market readiness costs as well as non-deductible expenses for interests. Furthermore, an increase in the estimate for U.S. federal Foreign-Derived Deduction-Eligible Income tax deduction relative to its predecessor regime also decreased the annual effective tax rate for 2026. The effective tax rate for the three months ended September 30, 2026 was 27.5%, compared to 27.4% for the three months ended September 30, 2025. The effective tax rate for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 is very similar. The main increasing effects on the effective tax rate for the nine months ended September 30, 2026 were incurred in the six months ended June 30, 2026 and, therefore, had limited impact for the three months ended September 30, 2026. Nevertheless, the effective tax rate for the three months ended September 30, 2026 is influenced by non deductible expenses for certain employee expenses in Austria, as discrete item a deferred tax expense for a tax rate change enacted during the period and becoming effective 2028 in Austria, is considered.
|