{
  "docId": "019dd923-5eff-723e-9be6-a0cad080dbd8",
  "docSlug": "9a64e7cb94465d1c",
  "documentTitle": "2025 Annual Report",
  "authorId": "HBX-Group",
  "authorName": "HBX Group",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.414,
  "pageNumber": 122,
  "pageCount": 212,
  "prevPage": 121,
  "nextPage": 123,
  "slideType": "appendix_disclosure",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "This is a text-heavy disclosure page from an annual report, structured into five distinct thematic columns.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5eff-723e-9be6-a0cad080dbd8/122",
  "deckHref": "/decks/019dd923-5eff-723e-9be6-a0cad080dbd8",
  "deckJsonHref": "/decks/019dd923-5eff-723e-9be6-a0cad080dbd8.json",
  "deckAnchorHref": "/decks/019dd923-5eff-723e-9be6-a0cad080dbd8#slide-122",
  "components": [
    {
      "bbox": {
        "h": 0.35,
        "w": 0.16,
        "x": 0.25,
        "y": 0.33
      },
      "kind": "list",
      "text": "Annual bonus: Revenue, Adjusted EBITDA and Ecosystem revenue. Long-term incentive plan: Cumulative Revenue, Operating Free Cash Flow Conversion, Relative Total Shareholder Return (TSR) ranking and ESG.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26cf3d03-62fc-45ff-a155-fe1ef607f3a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.16,
        "x": 0.61,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "As disclosed in the listing prospectus, the CEO's base salary was set at €700,107 for FY25. Due to the targets not being met for the year the Committee has determined that no bonus will pay out for FY25.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bb7b6c1-bb4c-42f5-abdc-66ccb56d3545",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.16,
        "x": 0.61,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "As disclosed in the listing prospectus, prior to IPO, a number of Directors and senior management participated in incentive plans that vested at admission and ceased to operate.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "414867c9-47c6-44aa-8bd7-6fd1e437e8e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.16,
        "x": 0.07,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "The proposed remuneration policy contained in this report broadly reflects the policy outlined in the IPO prospectus, with some minor adjustments to reflect UK reporting regulations and to further align the policy with Spanish market practices.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5121830e-6e8d-4da2-838d-40d4d5d8dfc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.16,
        "x": 0.43,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "HBX Group started trading as a listed company on the Spanish Stock Exchanges on 13 February 2025... TTV increasing by 8%, revenue rising 5% in constant currency, and on Adjusted EBITDA margin of 60%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cabefd0d-ece1-45b2-bdc9-1c31621be68b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.16,
        "x": 0.79,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "The CEO and Chair, along with 51 key Group employees, participated in an Additional Incentive Bonus... The Chair of the Board, along with other members of senior management, participated in a Management Incentive Plan.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0988561-be59-4377-a531-2859e6e48757",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.07,
        "y": 0.06
      },
      "kind": "title",
      "text": "Remuneration Report",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c249bfe-1ded-43df-bcbd-9a62102d92b9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.16,
        "x": 0.25,
        "y": 0.14
      },
      "kind": "title",
      "text": "Alignment of incentives to strategy",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c8796af-0ad4-4804-a24c-e8c07a37725e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.16,
        "x": 0.61,
        "y": 0.5
      },
      "kind": "title",
      "text": "Legacy award details",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bf53555-b888-40d6-9f2c-11a26568e67e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.16,
        "x": 0.43,
        "y": 0.33
      },
      "kind": "title",
      "text": "Performance context",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d117d2e8-2c2d-4195-b0a5-52d35cbcd763",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.16,
        "x": 0.61,
        "y": 0.14
      },
      "kind": "title",
      "text": "Our approach to CEO remuneration in FY25",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f851ebc1-81a7-46d8-9157-ab82a24cd6ef",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 212,
      "from": 4,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "c55003a6-dc9b-4ab9-ab52-0f174175edcf",
      "evidence": "The document provides a comprehensive overview of HBX Group, using a logic chain to guide the reader through the content.",
      "position": 0,
      "objective": "Understand HBX Group's current state and strategy",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}