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Annual &  
Sustainability Report  
2024

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TBU 
Text fr 2022
About Viaplay Group
This is Viaplay Group  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4 
2024 in brief  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6
CEO Statement  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7
Our strategy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9
Our people, our purpose, our values � � � � � � � � 11
Financial targets� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12
Directors´ report 
Financial performance  � � � � � � � � � � � � � � � � � � � � � � � � � � � 14
Risks and risk management  � � � � � � � � � � � � � � � � � � � � 17
Governance report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22
   Board of Directors� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 27
   Group Executive Team  � � � � � � � � � � � � � � � � � � � � � � � � 29
Financial statements
Consolidated financial statements  � � � � � � � � � � 32
Notes to the consolidated  
financial statements� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 36
Parent company financial statements � � � � � 71
Notes to the Parent company  
financial statements� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 75
Signatures� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 81
Auditor´s report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 82
Sustainability statement
General disclosures  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 88
Sustainability Roadmap  � � � � � � � � � � � � � � � � � � � � � � � � � 94
EU Taxonomy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 96
Climate change  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 101
Own workforce� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 106
Workers in the value chain � � � � � � � � � � � � � � � � � � � � 113
Customers / End-users� � � � � � � � � � � � � � � � � � � � � � � � � � 115
Business Conduct� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 118
Appendix
Alignment with TCFD-  
recommendations  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 121
GRI Index� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 122
Auditor’s Limited Assurance Report on 
Sustainability Statement� � � � � � � � � � � � � � � � � � � � � � � 126
Remuneration report� � � � � � � � � � � � � � � � � � � � � � � � � 127
Other 
Five-year summary  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 130
Alternative Performance Measures  � � � � � � � � 131
The Viaplay Group share� � � � � � � � � � � � � � � � � � � � � � 134
Definitions & glossary� � � � � � � � � � � � � � � � � � � � � � � � � � � 135
Financial calendar & contacts  � � � � � � � � � � � � � � � 136
About this report
This is the 2024 Annual & Sustainability Report for 
Viaplay Group AB (publ), corporate registration num-
ber 559124-6847. The Group publishes such a report 
on an annual basis: this report was published on 28 
March 2025 and covers the reporting period between 
1 January 2024 and 31 December 2024.
The statutory Annual report covers pages 13–81. 
The Group reports on its sustainability work for 2024 
according to the GRI Standards 2021, the Global 
Reporting Initiative’s reporting guidelines. The Sustai-
nability report (including the statutory Sustainability 
statement) covers pages 87–125.
Some statements in this report are forward looking, 
and the actual outcomes could be materially different. 
In addition to the factors explicitly discussed, others 
could have a material effect on the actual outcomes. 
Such factors include, but are not limited to, general 
business conditions, fluctuations in exchange rates and 
interest rates, political developments, the impact and 
pricing of competing products, product development, 
commercialisation and technological difficulties, supply 
chain interruptions and major customer credit losses.
The Annual & Sustainability Report is published in 
Swedish and English. The Swedish version is to be 
considered the original and shall apply in any instance 
where the two versions differ.
This report is available for download in both language 
versions from the Viaplay Group website on  
www.viaplaygroup.com/investors/annual-report-2024.
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About Viaplay Group
This is Viaplay Group  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4
2024 in brief  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 6
CEO Statement  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �7
Our strategy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 9
Our people, our purpose, our values  � � � � � � � � 11
Financial targets� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12
Photo credit: Viaplay Group production, Fotbollsåret 2024
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For whom
Engaged  
audiences
We reach millions of viewers and listeners every day�
How we do it
Multiple  
platforms
We operate and innovate in streaming, TV and radio�
What we do
Relevant 
entertainment
We deliver attractive and impactful storytelling�
What guides us
A responsible entertainer
In a fast-paced industry and rapidly changing world, customer focus and local rele-
vance are at the heart of how we do business� The sus
tainability of our success goes 
beyond showing the biggest sports and the latest premieres� We ar
e committed to 
doing the right thing – for our audiences, for our customers, for our people and for all 
our stakeholders
�
Core Markets 
 Viaplay streaming subscription: 45%
 Linear channel subscription: 27%
 Advertising: 20%
 Sublicensing & other: 8%
  Our core markets span the Nordic 
coun
tries and the Netherlands
Share of Core net sales Viaplay Core market 
subscribers¹ 
Million
This is Viaplay Group
8
6
4
2
0
2022 2023 2024
1) In 2023, the Group reset of the 
subscriber b
ase to exclude campaign 
subscribers�
Annual & Sustainability Report 2024
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Photo credit: Gabriel Monnet/AFP/Ritzau Scanpix
Viaplay Group is the Nordic region’s leading entertainment provider. Our Viaplay streaming 
service is available in every Nordic country, as well as in the Netherlands and Poland, and our 
Viaplay Select branded content concept has been added to partner platforms around the 
world. We also operate TV channels across most of our markets, as well as commercial radio 
stations in Norway and Sweden. Our talented people come to work every day with a shared 
passion and clear mission to entertain millions of people with our unique offering of locally 
relevant storytelling, which spans premium live sports, films, series and music.
Telling stories, touching lives, expanding worlds
Our ambition
We want to create a successful and sustainable 
businesses that generate profitable growth, healthy 
cash flows and attractive return on investment – 
all by delivering competitive products that offer 
unique experiences and value for money.
Competitive content 
We invest responsibly in stories that bring audiences 
to our services – and keep them there. Our line-up 
of premium sports is in a league of its own, bringing 
fans every goal, every lap, every time. And with the 
hottest Hollywood blockbusters, unmissable local 
shows, high-quality documentaries, kids content 
and much more, our films and series offering has 
both the creative and 
 commer
cial angles covered. 
A sustainable strategy 
An integrated business and sustainability strategy 
is key to creating value. We have set meaningful 
targets and our work with social and environmental 
topics will help us to futureproof our operations, 
make our supply chain more sustainable and play 
our part in addressing global challenges.
Our foundations
A focused footprint
We are present in direct-to-consumer markets 
where we can compete for the long term, and 
where our products are relevant and popular. We 
currently operate in the Nordics and the Nether-
lands, while our presence in Poland is set to end 
with a planned exit in mid-2025. 
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Sports continues to play an 
important part of our unique 
offering
Sports fans across the Nordics and 
the Netherlands received good 
news as we secured UEFA Cham-
pions League rights in Sweden and 
Denmark, an
d UEFA Europa and 
Conference Leagues in Norway and 
Finland until 2027 alongside the 
renewal of Formula 1 in the Neth-
erlands and the Nordics through a 
landmark fiv
e-year deal� Toge
ther 
with the rest of our top-tier sport 
rights such as Premier League, 
MotoGP, NHL, winter sports, Super-
liga football, golf and darts among 
other
s, sports continued driving 
engagement and viewership� 
Broadening our unique 
customer offering
Over the summer, we launched 
our new package HVOD (Video on 
demand with ads) in our Nordic 
markets
� This ne
w segment in our 
package portfolio is a welcomed 
addition which has made premium 
entertainment even more accessi-
ble
� In Sw
eden we also exclusively 
started to offer a sports package 
with ads to our direct customers 
with all the premium sports to a 
reduced price
�
Sustainability  
commitments recognised
Viaplay Group aligned its sustain-
ability efforts with revised business 
priorities and new EU sustainability 
reporting requirements
� Earning 
th
e top spot in Sweden in the 2024 
Equileap Gender Equality Report 
and maintaining an MSCI ESG rat-
ing of AA, while supporting partners 
with emissions data collection and 
compliance efforts
�
Partnerships  
delivering value
Viaplay Select branded con-
tent offering spans 23 markets, 
strengthening our global presence 
and key partnerships
� In addition, 
our Viapla
y Film and Series SVOD 
was successfully launched in the 
US, Canada, UK, Germany, and 
Poland through partnerships with 
platforms such as Amazon Prime 
Video Channels, Comcast Xfinity, 
Roku, Xumo, Sling, and Rogers
� 
The
se collaborations ensured our 
unique content reached a wider 
international audience, showcasing 
the value of Nordic and European 
storytelling on a global stage
�
Fighting piracy
We made significant progress in 
protecting our content and fighting 
piracy
� By impro
ving our detection 
capabilities, we have increased the 
removal of infringements, ensuring 
the exclusivity of our content
� In col-
labor
ation with Nordic Content Pro-
tection, we have further strength-
ened our commitment to holding 
illegal IPTV pro
viders accountable 
and will continue our efforts to pre-
vent their erosion of the sports and 
enter
tainment industry�
Recapitalisation programme 
completed
2024 marked a transformative year 
under focused leadership� The 
c
ompletion of our recapitalisation 
programme in February was a key 
step in reshaping Viaplay Group for 
the future
� Our con
tent and market 
strategies continued to prioritise 
core markets and partnerships, 
driving value and efficiency over 
volume
�
Engaging content - popular 
returns and new formats
Our revised content strategy added 
value to millions of subscribers 
during the year
� Non-s
cripted hits 
such as Paradise Hotel, Robinson 
Ekspeditionen, Buying Blind, and 
Charter fever sustained strong 
performance while scripted dramas 
like The Street Where I Live and All 
and Eve captivated audiences
� We 
pr
emiered new formats, including 
Premier Sunday featuring football 
legends Fredrik Ljungberg, Jaap 
Stam and Peter Schmeichel and our 
partnership with Max Verstappen 
continued with the Viaplay doc-
umentary ‘Max Verstappen – Off 
the Bea
ten Track’� In Denmark w
e 
launched our own Sports News 
Channel
�
2024 in brief
SEK 18.5 bn
Group net sales
1,1 2 6
Employees end of year
Photo credit: Viaplay series: Robinson Ekspeditionen
Annual & Sustainability Report 2024
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Committed to the priorities set, and in collaboration 
with our key partners, we rolled out new relevant and 
fairly priced products for our customers, implemented 
measures to optimise costs with a clear focus on return 
on investment, started to address value leakage, and 
worked hard to eliminate inefficiencies and ensure an 
organisation fit for purpose
� Our ne
w content strategy 
focusing on relevant and commercial formats was well 
received by our customers and partners
� We initia
ted 
discussions with partners, suppliers, and distributors to 
ensure that future agreements were sustainable and 
beneficial for the long term
� The pr
ocess of exiting 
Non-core markets has progressed as planned and is 
set to conclude by mid-2025, ensuring that we focus 
our efforts on markets where we can deliver long-term 
value and generate a return on investment
� Ther
e is 
still work to be done, and we remain fully focused on 
executing with discipline and determination to create 
long-term value for all stakeholders
�
Content is key
Our unique and relevant content mix continued to 
be our most important differentiator, and in 2024, we 
refined our offering to ensure that it was even more 
attractive, reflecting our ambition to deliver both 
customer value and a strong return on investment
� We 
f
ocused on local and relevant popular and commercial 
formats proven to engage broad audiences on multi-
ple platforms, together with the strongest and most 
fascinating international acquired scripted formats
� 
Acr
oss the Nordics, audiences were fascinated by the 
drama of Paradise Hotel, entertained by the endeavours 
of the participants in Charter Fever, were inspired by 
the gameplay and survival skills showcased in Robinson 
Ekspeditionen, and drawn into long-standing favourites 
such as MasterChef, Efterlyst, and Lyxfällan
� This fan
-
tastic entertainment, combined with top-tier Hollywood 
films and series, beloved children’s content, and care-
fully curated original scripted stories, all contributed to 
making our content offering more engaging, competi-
tive, and commercially relevant in 2024
�
In addition, our live sports portfolio continued to 
engage broad audiences, with events such as Formula 1, 
skiing and the Premier League consistently topping the 
most-viewed lists in terms of unique users and viewed 
minutes, highlighting the appeal of live sports as a driver 
of entertainment and engagement across our core 
markets
�
During the year, we renewed the Formula 1 rights in 
the Netherlands and the Nordics through a landmark 
five-year deal that established our platforms as the ulti-
mate destination for the world’s most fascinating motor-
sport in six markets through to the 2029 season
� We 
als
o secured the exclusive rights to the UEFA Champi-
ons League in Sweden and Denmark, the UEFA Europa 
League and UEFA Conference League in Norway and 
Finland, and shared rights in Iceland until 2027
� With 
ov
er 500 live matches each season featuring world-
class and the best of European football, this agreement 
strengthens our position as the leading destination 
for European club football in the Nordics
� Combin
ed 
with the Premier League, Superliga, and winter sports, 
these rights demonstrate our commitment to delivering 
high-impact content that drives both engagement and 
value
�
Innovation and monetisation
Innovation is not just about creating something new; it 
is about reimagining and maximising potential already 
within the business
� Findin
g new and creative ways 
CEO Statement
 “We made progress in 2024 
and much remains to be 
done as we continue 
our efforts to retransform 
Viaplay Group” 
2024 marked another transformative year for Viaplay Group, as we finalised the 
recapitalisation and started to set the foundation for the future. We took important 
steps to make our products and organisation more competitive and value-creating. 
of monetising our unique content while taking a wide 
range of actions to control costs has been a central 
focus throughout the year
� The in
troduction of an 
HVOD tier in the Nordics during 2024 and in the Neth-
erlands in early 2025 marked a significant milestone
� 
This compe
titively priced package, supported by adver-
tising, successfully attracted new customer segments 
Annual & Sustainability Report 2024
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===== SIDA 8 =====

and re-engaged former subscribers while also signifi-
cantly adding to our digital advertising inventory�
Acc
ount sharing and piracy are major issues for the 
whole industry, and during the year, we implement-
ed measures to limit account sharing on our Viaplay 
streaming service
� Indica
tions showed that up to a third 
of premium subscribers had been sharing the account 
details for their Viaplay subscriptions with someone 
outside the household, which is completely unjust
� 
Regar
ding piracy, we also made significant progress by 
improving our detection capabilities as we increased 
the removal of infringements, protecting the exclusiv-
ity of our content
� In collabor
ation with partners, we 
further strengthened our commitment to holding illegal 
IPTV providers accountable, and we will continue our 
efforts to prevent their erosion of the sports and enter-
tainment industry
� As we look ah
ead to 2025, we will 
continue to invest in advanced anti-piracy technology, 
intensify enforcement measures, and expand partner-
ships to combat piracy
� The
se two initiatives reflect our 
ongoing commitment to protecting the value of our 
content and delivering a secure premium experience for 
our subscribers
�
Partnerships and strategic growth
Partnership is about creating a win-win for all parties, 
and in 2024, we renewed and reinforced our part-
nership strategy to ensure that all future agreements 
reflect both the quality of our content and our innova-
tive products, as well as the shared value they create
� 
We c
ompleted several creative and bold content sales 
and sublicensing deals in both sports and non-sports to 
make our content offering fit for purpose
� We p
artnered 
with broadcasters and platforms to share content, all 
We have also raised industry standards in responsi-
ble production through our sustainable production 
programm
e, and will now refine our due diligence 
approach to ensure an adaptive, long-term strategy 
that meets evolving EU regulations
�
Financial performance 2024
We closed 2024 with full-year Group net sales of SEK 
18
�5 billion, with Cor
e net sales of SEK 17�6 billion� 
This repr
esented organic growth of 5% for the Core 
operations� Viaplay
’s flat organic revenue growth was 
a result of price adjustments and growth within the 
direct-to-consumer base, offset by a decline in the 
B2B subscriber base
� Linear ch
annel subscription 
sales, which comprise fees received from distributors 
for including the Group’s linear channels in their TV 
packages, grew organically by 5% as a result of price 
increases and new agreements
�
The challen
ges in the advertising market continued 
to put pressure on our business throughout the year, 
with advertising sales down 1% on an organic basis, as 
growth in digital advertising sales could not offset the 
decline in linear TV and radio sales
� Our digital adv
er-
tising inventory grew by 41%, boosted by our HVOD 
launch, and we will continue to focus on growth in this 
segment to mitigate the negative effect of declining 
PUT (People Using Television) levels
�
Cost c
ontrol has been a priority throughout the year, 
enabling us to achieve significant reductions across all 
operational areas, which contributed to the reduced 
EBIT losses
� This impro
vement would have been greater 
if not for our ongoing and substantial FX challenges due 
to the weak SEK
�
We reit
erate our targets for 2025, with a focus on 
execution, enhancing efficiency, maximising returns on 
investment, addressing value leakage across all areas, 
and maintaining strict cost control
�
Vision for 2025
2024 was a year of change and challenges, but also 
one of creativity and curiosity
� None o
f the progress we 
made would have been possible without the engage-
ment and bold thinking of our people
� Our syner
gistic 
central teams in strong collaboration with our coun-
try-based operational model empowered local teams 
to act with agility and accountability, ensuring that we 
remained open to local market opportunities and were 
proactive in addressing challenges
�
We need th
e collaborative spirit and determina-
tion of our employees, who, with curiosity , boldness, 
engagement , and smartness continue to drive our 
retransformation journey
�
There is s
till work to be done, and we remain fully 
focused on executing with discipline and determination 
to create long-term value for all stakeholders
�
Jørgen Mads
en Lindemann
PRESIDENT & CEO, VIAPLAY GROUP
to create sustainable value while maximise returns on 
our investments and expand our reach
� This collabor
a-
tive approach towards both distribution partners and 
content suppliers is essential to building long-term 
relationships that generate value for all stakeholders
� 
The la
unch of a new premium sports news channel in 
Denmark in 2024 and new channels in the Netherlands 
in early 2025 exemplifies how we have worked closely 
with partners to innovate and expand
� The
se channels 
are offered both directly to our subscribers and through 
key distribution partners, strengthening our presence 
in sports and increasing our digital advertising space, 
while showcasing the versatility of our content and 
making it available to more viewers
� Goin
g into 2025, 
we will prioritise agreements that enhance both our 
partners’ and Viaplay Group’s long-term joint value 
creation while parting ways with those that do not
�
Meeting climate targets ahead of schedule
In 2024, we focused our sustainability efforts on 
aligning with relevant EU and national legislation while 
continuing to make progress towards our long-term 
targets
� In 20
24, Viaplay Group significantly reduced its 
environmental impact, cutting greenhouse gas emis-
sions from our own operations by 49% and business 
trav
el by 57% compared to 2019, meeting two of our 
three commitments under the Science Based Targets 
initiative six years ahead of schedule
� This was driv
en 
by our exit from non-core markets, refining our content 
strategy, and strengthening our focus on ROI and effi-
ciency
�  Looking ahead, we will maintain these reduc-
tions an
d align with EU and national carbon neutrality 
goals while con
tinuing to engage suppliers in setting 
climate targets aligned with the Paris Agreement� 
CEO Statement
Annual & Sustainability Report 2024
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===== SIDA 9 =====

An organisation fit for purpose
Our country-based organisation is structured to drive 
both growth and efficiency� Abov
e all, it is a commer-
cially focused model that allows us to respond swiftly 
to the unique demands and opportunities of each 
market—an essential factor in achieving our ambi-
tious goals
� This se
tup also enables us to prioritise the 
well-being and development of our people locally while 
advancing diversity and inclusion in ways tailored to 
each market’s needs
�
At the sam
e time, our multi-market presence pro-
vides substantial scale advantages and cost efficiencies, 
particularly in technology platforms, content acquisi-
tion, and shared support functions
� A comm
ercially suc-
cessful original format created for one market can, for 
instance, be adapted and launched in others, extending 
its reach and amplifying its value
� We can als
o leverage 
shared live broadcasting formats, such as cover and 
report from live sports events across multiple markets 
from a single location
� This appro
ach not only enhanc-
es our content offering but also ensures we maximise 
creative and operational synergies across markets
�
Maximising opportunities across platforms
Our broad portfolio of platforms, content, and mar-
kets creates a wide range of commercial opportuni-
ties
� We en
gage audiences both directly through our 
direct-to-consumer services and via business-to-busi-
ness partnerships, while providing significant reach and 
impact for advertisers
� By optimisin
g these revenue 
streams, we can reinvest in even more compelling con-
tent for our viewers and listeners
�
Viaplay
The Viaplay streaming service caters to a broad audi-
ence with a unique combination of premium live sports, 
locally relevant shows and the best from Hollywood
� We 
c
ontinuously refine our packaging and pricing models 
to ensure they reflect the strong value Viaplay delivers 
to users and partners, while also minimising churn and 
driving growth in strategic customer segments
� During 
th
e year, we introduced an advertising tier, HVOD, 
which makes our content available to even broader 
audiences while also contributing to the increase of our 
digital advertising inventory
� In our busine
ss-to-busi-
ness partnerships, we have adopted a more value-fo-
cused approach, prioritising value over volume
� This 
include
s renegotiating agreement terms and enhancing 
commitments to directly improve unit economics and 
amplify the impact of our partnerships
� This  stra
tegy 
ensures that our collaborations contribute more effec-
tively to Viaplay Group’s financial performance and 
align with our overarching business objectives
�
Linear subscriptions
Viaplay Group’s TV channels reach audiences across 
Sweden, Norway, Denmark, Finland and the Neth-
erlands
� TV r
emains a popular medium, and we see 
significant opportunities to collaborate with our 
wholesale distribution partners to create mutual value
� 
This include
s strengthening our offerings to appeal to 
diverse audience segments while maintaining a focus 
on cost efficiency and innovation
�
Sublicensing & other
To maximise the value of our content portfolio, we 
actively pursue sublicensing opportunities across multi-
ple markets
� This appro
ach allows us to create addition-
al revenue streams while broadening the reach of our 
Photo credit: Viaplay series, St Görans sjukhus
Our strategy
Viaplay Group engages audiences with relevant entertainment delivered on multiple 
platforms. Our strategy is to lead where we choose to play by focusing on our core markets 
– the Nordics, the Netherlands and Viaplay Select – and to make responsible investments 
in our products and people that can generate returns and enable us to be competitive for 
the long-term. Our strategy is a sustainable one and we measure our success as a group 
both by our bottom line and our contribution to the societies of which we are a part.
Annual & Sustainability Report 2024
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===== SIDA 10 =====

content� Beyond sublicensing, we continuously explore 
innov
ative commercial models to unlock further value 
from our existing assets�
Advertising
In 2024, the majority of Viaplay Group’s advertising rev-
enues came from TV and radio commercials� To diversify 
this incom
e, we are rapidly expanding our digital ad 
inventory which grew 41% in the year� This bro
adens 
our reach and relevance for advertisers, positioning us 
for future growth
� We r
emain committed to responsible 
advertising, ensuring a clear distinction between editorial 
content and advertising, rejecting bias and incitement, 
and avoiding conflicts of interest
� We als
o continue to 
donate airtime to social and charitable causes, reflecting 
our values and commitment to positive societal impact
�
Relevance and return on investment
For an entertainment provider like Viaplay Group, con-
tent remains both our greatest asset and our largest cost
� 
We con
tinue to strengthen our data-driven approach to 
ensure that we deliver stories that captivate audiences 
and create value for both our partners and our business
� 
At th
e same time, our sustainability efforts are deeply 
embedded in our content strategy, enabling us to gener-
ate measurable returns—both financially and socially�
Sports content
Guided by data analysis and deep industry expertise, we 
carefully curate and manage our sports rights portfolio 
to align with market dynamics
� This appro
ach enables 
us to make well-informed, cost-effective investments 
and prioritise the rights that drive the greatest impact
� 
We en
gage in sublicensing partnerships when they 
offer opportunities to optimise content placement and 
enhance value
� Addition
ally, sublicensing individual 
matches or events helps increase awareness of our 
broader offering and contributes to a dynamic ecosys-
tem that benefits all stakeholders
� investments and pri-
oritise the rights that deliver the most significant impact�
We enter sublicensing partnerships when they pro-
vide an opportunity to optimise content investments 
and maximise value
� Addition
ally, sublicensing individual 
matches or events helps raise awareness of our broader 
offering and builds a dynamic ecosystem that benefits 
all stakeholders
�
Acquired and original content
Hollywood’s star power remains as strong as ever� 
Through our p
artnerships with major US studios, we 
continue to bring audiences a diverse and engaging 
selection of series and films
� 
Closer to home, we remain committed to telling local 
stories that are proven to be appreciated, cost-effec-
tive, and commercially successful� Our ambition for 
both scrip
ted and non-scripted content is to ensure it 
resonates across platforms, drives sales, and strength-
ens customer retention� We have adopted a more 
innov
ative approach to content commissioning while 
maintaining a disciplined focus on spending, always 
prioritising return on investment
� Ra
ther than volume, 
our focus is on the relevance, appeal, and impact of our 
storytelling
�
Creating sustainable value
Our sustainability efforts are focused on improving the 
value proposition of our platforms for customers and 
entertaining responsibly by reducing the social and 
environmental impacts of our primary business activi-
ties and value chain
� We a
ddress material sustainability 
topics through a sustainability roadmap consisting of 
long-term targets and annual targets to drive progress 
in relation to these topics
�
In our value chain
The Group works to ensure that our content is produced 
responsibly by embedding sustainable production 
practices related to human and labour rights, as well 
as climate impact, into the processes for creating and 
acquiring content
� Through in
dustry collaborations, 
we are establishing common standards for sustainable 
production across our core markets
� The
se initiatives 
support our content suppliers and industry partners 
in aligning with reporting requirements at both the 
national and EU levels, related to human rights due 
diligence and greenhouse gas emissions
�
In our operations
W
e work to optimise data use and energy efficiency in 
content distribution, reduce emissions from our oper-
ations, and improve gender balance in our workforce, 
while prioritising physical and psychological safety in 
our workplaces and those of our suppliers
�
For our cust
omers
We promote social inclusion by increasing content 
accessibility through subtitles, audio descriptions, sign 
language, and spoken text, while continuously listening 
to our customers to improve service offerings
�
Our strategy
Our value chain
Consumer 
insight & 
dialogue
Packaging & 
marketing
Content  
distribution
Buying &  
creating 
content
Consumer 
experience
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===== SIDA 11 =====

Our people, our purpose, our values: 
The Viaplay Group culture
Our values in action
Bold:
We dare to lead� Ba
cked by thorough 
research and customer insight, we 
challenge conventions and take calcu-
lated risks
� We sh
ape discussions in our 
industry and beyond with confidence, 
not arrogance, always prepared to 
explain our perspective while respect-
ing others
�
Smart:
W
e are informed and insightful, using 
data and knowledge to solve problems 
and create clarity
� Open and pr
oactive, 
we communicate with purpose and 
precision, making every conversation 
meaningful and results driven
� 
Curious:
We c
onstantly seek to learn and grow, 
exploring new ideas and perspectives� 
Our curiosity driv
es innovation and 
keeps us ahead of the curve, ensuring 
we remain adaptable and relevant in 
an ever-changing landscape
�
Engagin g:
We meet our audiences on their 
level, speaking to hearts and minds
� 
Adap
ting our tone and approach to 
each context, we connect through 
real-world examples and answer the 
question, “What’s in it for me?” before 
it’s asked
�
Our people share a p
assion for delivering first-class 
entertainment experiences� Whe
ther through locally rel-
evant storytelling or premium live sports, our mission is 
simple: To entertain millions of people by telling stories, 
touching lives, and expanding worlds
�
Our talented colleagues form a dynamic, inclusive 
and creative community of bold, smart, curious, and 
engaging individuals
� This unique cultur
e empowers 
us to connect with our audiences, deliver sustainable 
value, and ensure every project is both relevant and a 
good investment
�
Tailored for success: Our localised approach 
to excellence across the markets
Our country-specific operating model reflects our belief 
that “one size fits nobody�” By inve
sting in local exper-
tise and building long-term relationships, we ensure 
our content and partnerships align with the needs of 
each market
� This adap
tability is key to achieve suc-
cess across regions� We belie
ve in our teams to make 
informed decisions while benefiting from the scale and 
support of centralised functions
�
We celebrate the talent and passion of our people� 
Togeth
er, we’ve created a culture where creativity 
thrives, collaboration drives success, and our shared 
purpose inspires everything we do
�
At Viaplay Group, our culture is more than a founda-
tion – it’s an enabler of success� A str
ong performance 
culture is essential to achieving our commercial goals, 
and our new values reflect this ambition
� While our 
Photo credit:  xxxxxx
country-specific model ensures local adaptability, we 
also leverage centralised functions where shared exper-
tise and economies of scale drive both efficiency and 
excellence
�
Transformation is demanding, and we recognise the 
challenges it brings� We r
emain committed to strength-
ening employee engagement, ensuring that our peo-
ple feel empowered and connected even in times of 
change
� As we c
ontinue evolving, fostering a culture of 
resilience, collaboration, and shared purpose will be key 
to achieving our long-term ambitions
�
Photo credit: Viaplay series, The street where I live
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===== SIDA 12 =====

Financial targets
Viaplay Group updated its operational and financial targets on 16 January 2024, in 
connection with the publication of the Group’s share issue prospectus. The Group has 
initiated a major transformation and formed a long-term ambition for its core operations.
2025 guidance
Sales growth for Core operations Nordic, 
Netherlands and Viaplay Select 
Low- to mid-single digit percentage growth
Core operations free cashflow 1 Positive
1) Cashflow from operating activities plus cashflow from investing activities excluding acquisitions and divestments of operations.
Low to mid-single-digit 
percentage  
revenue growth
Positive free  
cashflow in 2025 
(2027 for Group)
Double-digit  
operating profit  
margins in 2028
Long-term ambition for core operations
$
Photo credit: Viaplay series, Adventurous camping
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===== SIDA 13 =====

Photo credit:Viaplay series, MasterChef Denmark
Financial performance  � � � � � � � � � � � � � � � � � � � � � � � � � � � �14
Risks and risk management � � � � � � � � � � � � � � � � � � � � � 17
Governance report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 22
   Board of Directors� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 27
   Group Executive Team  � � � � � � � � � � � � � � � � � � � � � � � � 29
Directors´ report
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===== SIDA 14 =====

Financial performance
The Board of Directors and President and CEO of Viaplay Group AB (publ), 
corporate registration number 559124-6847 and registered office in 
Stockholm Sweden, hereby submit the annual accounts and consolidated 
accounts for 2024.
Operations and market
Viaplay Group is a commercial video-on-demand streaming, TV and radio 
entertainment provider headquartered in Stockholm, Sweden. The Group 
was established in 2018 as Nordic Entertainment Group AB, in 
 anticipa
tion 
of its demerger from Modern Times Group MTG AB. The shares were dis-
tributed to MTG’s shareholders and listed on Nasdaq Stockholm in 2019. 
Nordic Entertainment Group was renamed Viaplay Group in 2022.
Viaplay Group’s streaming service Viaplay is a broad video entertain-
ment service delivered on a technology platform that is designed to provide 
relev
ant and appreciated viewing experiences. Viaplay is available in every 
Nordic country, as well as in the Netherlands and Poland, and the Viaplay 
Select branded content concept has been added to partner platforms around 
the world. Every day, millions of subscribers enjoy Viaplay’s entertainment 
offering, including TV series, films, documentaries, kids’ content, and a wide 
line-up of premium live sports. Through the Viaplay Select branded content 
concept, Viaplay’s storytelling and content is made available through partner 
platforms in 23 countries around the world. In addition to the Viaplay stream-
ing service, Viaplay Group holds broadcasting permits and operating licences 
or authorisa
tions for its TV and radio broadcasting operations. The TV and 
radio broadcasting operations consist of commercial TV channels in Denmark, 
Norway and Sweden; pay-tv channels in Denmark, Norway, Sweden and Fin-
land; and commercial radio stations in Sweden and Norway. Customers sub-
scribe through the Viaplay D2C offerings, and through B2B partnerships with 
third par
ty pay-TV distributors. Together with Telenor Group, Viaplay Group 
owns Allente Group AB, a satellite pay-TV and broadband operator offering 
content from multiple providers. Viaplay Group holds a 50% share of Allente.
In July 2023, Viaplay Group announced a strategic refocusing on its core 
operations in the Nordics, the Netherlands and Viaplay Select. Viaplay 
Group has during 2024 divested its commercial operations in the United 
Kingdom. The Group’s D2C offering in North America was closed down in 
Q1 2024 and the live sports portfolio in the Baltic region has been subli-
censed to a third party. Viaplay Group’s studio operations have been signifi-
cantly downsized, including the divestment of the Budapest headquartered 
content production business Paprika Studios in January 2024. Viaplay Group 
will exit the Polish market in 2025.
Viaplay Group has two operating segments, Core operations and Non-
core operations. Core operations includes the Group’s operations related to 
the Viaplay streaming service available in all Nordic countries and Nether-
lands, pay-TV channels in all Nordic countries except Iceland, commercial 
free-TV channels in Sweden, Denmark and Norway; and commercial radio 
networks and audio streaming services in Sweden and Norway. The seg-
ment also includes Viaplay select operations. Non-core includes the interna-
tional markets the Group is exiting, ie. Poland, UK and Baltics. The reporting 
reflects the Group’s operational structure and how the performance in the 
Group is internally monitored, reported and followed up on. 
 The Group’s average number of employees was 1,135 (1,525). Total num-
ber of employees amounted to 1,126 (1,313).
Financial performance
Sales
Group net sales amounted to SEK 18,490m (18,567). The Core operations 
(Nordics, Netherlands and Viaplay Select) generated organic sales growth 
of 4.7% and net sales amounted to SEK 17,598m (17,332). The organic 
growth was primarily driven by content sales and sublicensing as well as 
linear channel subscription sales. Net sales for the Non-core operations 
amounted to SEK 892m (1,235).
Operating income
Group operating income before ACI and IAC amounted to SEK –269m 
(–1,115), with operating income before ACI and IAC of SEK –181m (89) for 
the Core operations and SEK –88m (–1,204) for the Non-core operations. 
IAC amounted to SEK –439m (–9,224) and comprised currency transla-
tion effects related to previous content provisions and currency effects as 
an effect of the Group’s limited possibility to hedge, as well as write-down 
Financial overview
SEK million 2024 2023 2022
Net sales 18,490 18,567 15,691
Core operations, net sales 17,598 17,332 15,265
Organic sales growth for Core 
operations 1, 2 4.7% 10.6% n.a.
Reported sales growth for Core 
operations
 1, 2 1.5% 13.5% n.a.
Operating income before ACI and IAC¹ –269 –1,115 –372
Core operations, operating income 
before ACI and IAC –181 89 599
Associated company income (ACI) 151 63 275
Items affecting comparability (IAC)¹ –439 –9,224 510
Operating income –558 –10,276 413
Net income 106 –9,747 323
Basic earnings per share (SEK) 0.03 –124.61 4.13
1) Alternative performance measures used in this report are explained and 
 recon
ciled on pages 131–133.
2) The Group
’s operating segments have been changed with effect from 1 January 
2024. The years 2023 and 2022 has been restated accordingly. As 2021 has not 
been restated no sales growth for 2022 can be calculated.
Annual & Sustainability Report 2024
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===== SIDA 15 =====

of assets, redundancy costs, capital gain from divestments and costs in 
connection to the recapitalisation. ACI totalled SEK 151m (63) and primarily 
comprised the Group’s 50% share of the net income of Allente. Total oper-
ating income therefore amounted to SEK –558m (–10,276).
Net financial items and net income
Net financial items totalled SEK 766m (–247). Net interest amounted to 
SEK –327m (–248), of which SEK –26m (–12) related to net lease liabili-
ties, and reflected higher borrowing costs following the refinancing. Other 
financial items amounted to SEK 1,093m (1) and comprised the gain from 
the debt write-down of SEK 1,190m, facility fees and the impact of changes 
in currency exchange rates on the revaluation of financial items. 
Taxes amounted to SEK –102m (776), with Group net income of SEK 
106m (–9,747) and basic earnings per share of SEK 0.03 (–124.61).
Cash flow and financial position
Cash flow from operating activities
Cash flow from operations, excluding changes in working capital, totalled 
SEK –919m (–1,442). Changes in working capital of SEK –1,080m (–1,906) 
reflected the change in scripted content productions. Cash flow from oper-
ating activities therefore totalled SEK –1,999m (–3,348). 
Cash flow from investing activities
Cash flow from investing activities amounted to SEK 105m (–137) and 
included SEK –43m (–159) of capital expenditure on tangible and intangi-
ble assets, SEK 132m (5) from divestments of operations and SEK 16m (17) 
of other investing activities. 
Cash flow from financing activities
Cash flow from financing activities amounted to SEK 352m (3,289). The SEK 
3,604m of net proceeds from the share issues were used to repay the fully 
drawn revolving credit facility at the time of the recapitalisation. The total 
net change in the revolving credit facility amounted to SEK –3,192m, and 
the net change in leasing amounted to SEK –60m. 
The total net change in cash and cash equivalents therefore amounted to 
SEK –1,542m (–196). 
Free cash flow
Group free cash flow (cash flow from operating activities plus cash flow 
from investing activities excluding acquisitions and divestments) amounted 
to SEK –2,026m (–3,490), of which SEK –1,227m related to the Core opera-
tions and SEK –799m related to the Non-core operations.
Financial position
The recapitalisation programme was finalised on 9 February 2024 and gener-
ated net proceeds of SEK 3,604m, after transaction costs of SEK 396m. The 
recapitalisation pr
ogramme included a write-down of SEK 2,000m of debt, of 
which SEK 500m was exchanged for shares. The equity value of those shares 
totalled SEK 810m at the time that the debt was cancelled and was reported 
within equity, while SEK 1,190m was recognised as other financial income. The 
recapitalisation programme included the amendment and extension of exist-
ing bank and bond commitments until 2028. The commitments are subject to 
financial c
ovenants and secured by collateral in certain assets in the Group. 
The Group’s net debt totalled SEK 1,113m (4,976) at year end. Financial 
net debt, when excluding net lease liabilities of SEK 284m (295), totalled 
SEK 829m (4,681). Cash and cash equivalents amounted to SEK 1,040m 
(2,569), while the Group’s total borrowings amounted to SEK 2,058m 
(7,250). The Group has utilised SEK 200m of its SEK 3,392m revolving credit 
facility (RCF) at year end.
Performance by operating segment
Core operations
Viaplay streaming subscription sales were unchanged on an organic basis 
and accounted for 45% of segment net sales. The development reflect-
ed the price increases introduced across almost all markets offset by the 
decline in the subscriber base. Average revenue per user for the core mar-
ket’s direct-to-consumer subscribers was up compared to last year following 
the price adjustments and reflected the Group’s focus on value over volume. 
Linear channel subscription sales, which comprise fees received from 
distributors for including the Group’s linear channels in their TV packages, 
grew organically by 5% and accounted for 27% of segment net sales. This 
growth was primarily driven by price increases and new agreements. 
The Group’s advertising sales declined by 1% on an organic basis, as 
growth in radio and digital sales were offset by the structual decline in 
linear TV during the year. The TV advertising market is estimated to have 
Financial performance
declined in all markets while both the radio and digital advertising markets 
are estimated to have grown. The Group’s digital advertising inventory grew 
by 41% and was also positively impacted by the pan Nordic introduction 
of the Viaplay HVOD subscription service, which includes advertising. The 
Group’s radio target audience share was down in Norway and up in Sweden, 
with the radio advertising market estimated to have grown in both markets. 
Advertising sales accounted for 20% of segment net sales. 
Sublicensing & other sales, which primarily comprise the sublicensing of 
sports and non-sports content to third parties, as well as sales by Viaplay 
Studios last year, were up 72% on an organic basis and accounted for 8% 
of segment net sales. The growth primarily reflected the impact of new 
agreements with partners. Reported operating expenses was higher than 
last year, reflecting lower costs within non-sports content partially offset by 
higher SG&A, as the full cost of central functions was allocated to the Core 
operations in 2024.
Segment operating income before ACI and IAC amounted to SEK –181m 
(89), and segment free cash flow amounted to SEK –1,227m.
SEK million
Full year
2024
Full year
2023
Reported 
change
 Organic 
sales 
growth
Viaplay streaming subscription 7,930 7,998 –0.9% –0.2%
Linear channel subscription 4,747 4,531 4.8% 5.4%
Advertising 3,491 3,552 –1.7% –0.9%
Sublicensing & other 1,430 1,251 14.3% 72.3%
Net sales 17,598 17,332 1.5% 4.7%
Operating expenses before ACI 
and IAC –17,7 79 –17,243 –3.1%
Operating income before ACI 
and IAC
–181 89 n.a
Operating margin before ACI 
and IAC (%) –1.0% 0.5% –
Viaplay subscribers (‘000) 4,757 4,843 –1.8%
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===== SIDA 16 =====

Non-core operations
The decline in net sales reflected the divestment of the UK business and 
exit from the Baltics, balanced by growth in the Polish business. Segment 
operating income before ACI and IAC amounted to SEK –88m (–1,204), and 
segment free cash flow amounted to SEK –799m.
SEK million
Full year
2024
Full year
2023
Reported 
change
Total net sales 892 1,235 –27.8%
Operating expenses before ACI and IAC –980 –2,439 59.8%
Operating income before ACI and IAC –88 –1,204 92.7%
Operating margin before ACI and IAC (%) n.a n.a –
Viaplay subscribers (’000) 1,590 1,659 –4.2%
Parent company
Viaplay Group AB is the Parent company of the Group and is responsible 
for group-wide management, administration and financing. Net sales for 
the Parent company amounted to SEK 108m (96). Income before tax and 
appropriations amounted to SEK 1,403m (128). The Parent company made 
group contributions of SEK 1,078m (0). Net income for the year amounted 
to SEK 327m (159). At year-end the Parent company had cash and cash 
equivalents of SEK 935m (2,428). 
Share and share capital
At the beginning of the year, Viaplay Group AB had a total of 79,122,244 
issued shares, comprising 531,536 Class A shares, 77,701,208 Class B shares, 
and 889,500 Class C whereof 6,782 of the Class B shares and 889,500 of the 
Class C shares where held as treasury shares. Each Class A share carries ten 
voting rights, while each Class B and Class C share carries one voting right.
To strengthen the Group’s financial position, an extraordinary general 
meeting on 10 January 2024 approved a directed share issue, a rights issue, 
and a debt-to-equity conversion. These transactions were finalised on 9 
February 2024, increasing the total number of shares by 4,500,000,000 to 
4,579,122,244. As part of these measures, the quota value per share was 
reduced from SEK 2.00 to SEK 0.06. Viaplay Group’s share capital increased 
from SEK 158m to SEK 275m.
As of 31 December 2024, the largest shareholders were Groupe Canal+ 
SA, holding 29% of the votes, and PPF Cyprus Management Limited, holding 
29% of the votes. Nordea Funds was also a significant shareholder, holding 
11% of the votes. No other shareholder held more than 5% of the votes at 
year-end. Further details on shareholders’ equity are provided in Note 20.
There are no restrictions on the transfer of shares, voting rights or the 
right to participate in the Annual General Meeting (AGM), and Viaplay 
Group AB is not aware of any agreements between shareholders that may 
limit the right to transfer shares (save for the restrictions on transfer of 
shares pursuant to the cooperation agreement between PPF Cyprus Man-
agement Limited and Groupe Canal+ SA previously disclosed in the Group’s 
share issue pr
ospectus from 2024 and which is presented in the Securities 
Council ruling 2023:61). In addition, there are no stipulations in the Articles 
of Association regarding appointment or dismissal of Board members or 
agreements between the Parent company and Board members or employees 
that require remuneration if such persons leave their posts, or if employment 
is terminated, as a result of a public bid to acquire shares in the company. 
Proposed distribution of earnings
The following funds are available for distribution by the Annual General 
Meeting:
SEK thousands
Share premium reserve 8,696,923
Retained earnings 2,502,376
Net income for the year 327,459
Total 11,526,758
The Board of Directors proposes that the unappropriated earnings be allo-
cated as follows:
SEK thousands
Carried forward 11,526,758
Total 11,526,758
The Board of Directors proposes to the Annual General Meeting of share-
holders that no annual cash divided be paid for 2024 and that the Parent 
Financial performance
company’s earnings for the period ended 31 December 2024 be carried 
forward into the 2025 accounts. 
Sustainability
In accordance with the Swedish Annual Accounts Act Ch. 6 § 8 and 11, 
according to the older version in force before 1 July 2024. Viaplay Group 
present the sustainability report separately. The sustainability report 
(including the statutory sustainability report) is provided on pages 88–125.
Remuneration
Principles regarding remuneration to the Board of Directors, the Presi-
dent and CEO, and other members of Group Executive Management are 
specified in note 7. Note 7 includes the executive remuneration guidelines, 
adopted by the 2024 Annual General Meeting, and information on how 
the guidelines were adhered to in 2024. The Boards intention is that these 
guidelines will remain in place until 2028.
Significant events during the year
On 10 January 2024, Viaplay Group held an Extraordinary General Meet-
ing at which all proposed resolutions were approved. The resolutions 
included a rights issue for existing shareholders, two directed share issues, 
a debt-to-equity conversion, and amendments to the Group’s articles of 
association to enable these measures. 
The recapitalisation programme was completed in February 2024. The 
programme comprised a SEK 4 billion equity capital injection, including a 
SEK 3.1 billion directed share issue and a SEK 0.9 billion rights issue, as well 
as a SEK 2 billion debt write-down, of which SEK 0.5 billion was converted 
into equity. The Group also amended and extended existing bank and bond 
commitments totalling SEK 14.6 billion.
The net proceeds, after transaction costs, were primarily used to repay 
the Group’s revolving credit facility and fund ongoing business operations.
The recapitalisation programme strengthened the Group’s financial position 
and provided a basis for future operational measures.
Significant events after the reporting period
Significant events after the reporting period are described in note 32.
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Risks and risk management
Risk categories
 Gener al economic and mar-
ket development combined 
with content cost commit-
ments 
 Competition f or subscribers, 
content and sports rights 
 Cont ent and sports rights’ 
attractiveness 
 Linear TV vie wing 
 Pirac y
 Execution of s trategy and 
plan
 Interrup tions in service 
 Business p artner risks 
 Competition f or skilled 
employees
 Currenc y movements
 Financin g and refinancing
 Financial c ovenants
 Credit risk
 Inter est rate risk
 Change s in regulation
 Corpora te compliance 
 Data priva cy (human rights)
Viaplay Group’s strategy lays the foundation for setting short-term and long-term targets� 
When s
etting targets, there are always certain risks associated� Th
e purpose of risk 
management is to understand these risks and decide how best to manage them. 
The risk management process is used for: 
1) Identifyin
g risks to the successful delivery of the targets set.
2) Classifying th
e extent to which individual risks are acceptable or perhaps 
even desirable.
3) Defining mitiga
tion actions to ensure the right balance between risk and 
return.
All risks identified are analysed to establish their financial or non-financial 
impacts, the likelihood of the occurrence and their cause. Unacceptable risks 
are thereafter addressed. The process is led by Viaplay Group’s risk man-
agement function, and the responsibility of managing the risks lies with the 
operation
al business functions. Once the risks are assessed, they are consoli-
dated, evaluated and their mitigations monitored at group level by the Group 
Executive T
eam. The principal risks and the progress on those are present-
ed to the Audit Committee at least four times per year and to the Board 
of Direc
tors at least twice per year. Viaplay Group divides its risks into four 
categories: strategic and commercial risks, operational risks, financial risks, 
and compliance and sustainability risks. On the following pages, the principal 
risks within each category are described although not presented in the order 
of priority. The development of the risk picture is also presented, i.e. whether 
the likelihood or/and impact of each risk has increased, decreased or stayed 
unchanged during 2024.
Operational risks
Events that can have a 
significant impact on 
Viaplay Group’s daily 
operations or people 
caused by inadequate 
processes, systems, or 
external events.
Compliance & 
Sustainability risks
Risks that the Group’s 
activities are non-
compliant with rules, 
regulations, or policies.
Financial risks
Events or changes on the 
financial or capital market 
impacting Viaplay Group, 
or other events that have 
an impact on Viaplay 
Group’s financial position.
Strategic &  
Commercial risks
Events that can have a 
direct impact on Viaplay 
Group’s strategy and 
business plan.
In addition to the listed risks, Viaplay Group monitors material environmental, 
social, and governance risks, through the Double Materiality assessment which 
frames its management of sustainability matters. See disclosures SBM-3 and IRO-1 
(pages 92–93) in the Sustainability Statement for further details.
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Risk
Risk description Mitigations Development during 2024
Unchanged.
Unchanged.
Unchanged.
Unchanged. 
Unchanged. In 2024, Viaplay Group made further 
progress in protecting its content and fighting piracy� By 
impr
oving detection capabilities, the Group has increased 
the removal of infringements, protecting the exclusivity 
of its content
� Through m
embership in Nordic Content 
Protection, it has further strengthened the commitment 
to holding illegal IPTV providers accountable and will 
continue the efforts to prevent their erosion of the sports 
and entertainment industry
� 
Strategic & Commercial risks
• Continue to reduce the fixed cost base�
• Launch a range of new direct to consumer 
initiatives to improve the monetisation of con-
tent through e�g� new p
ackaging and pricing, 
different binding periods, increase prices�
• Increase lobbying against illegal IPTV services�
• Enter into new partnerships to increase the 
monetisation of the content portfolio
�
• Continue assessing and understanding sub-
scriber and viewer trends outside and within 
target a
udiences across platforms�
• Focus on relevant and commercially success-
ful content that works across platforms, with 
increas
ed focus on locally relevant storytelling 
with healthy investment returns�
• Work strategically by entering into new partner-
ships to improve monetisation of our content 
portfolio
�
• Continue to provide an attractive TV offering, 
e g by placing selected attractive sports and 
local content on linear channels
�
• Continually optimise pricing and introduce 
new creative products for linear viewing
�
• Continuously find ways to increase advertising 
revenue through digital advertising opportu-
nities
�
• Engage in additional legal activities to fight 
piracy
�
• Dedicate resources to work with this risk on an 
ongoing basis and find new innovative ways to 
fight piracy
�
• Raise awareness and encourage actions 
against piracy at EU and national level
�
• Partner with Nordic Content Protection and 
other organisations fighting piracy
�
• In 2025 the Group will continue to invest in 
anti-
 pirac
y technology and solutions, enforce-
ment measures, and expand partnerships 
further to combat piracy
�
• Deliver a comprehensive commercial content 
offering with a unique mix of locally relevant 
own productions, engaging acquired content, 
and exclusive premium sports rights
�
• Continually review and optimise the content 
portfolio to drive return on investment
�
• Increase digital advertising inventory through 
HVOD, creating a new revenue stream
�
Gener
al economic and market development combined with content cost commitments
The present global macroeconomic development with geopolitical risks and sustained high prices put 
pressure on both companies and consumers
� At th
e same time, Viaplay Group typically holds multi-year 
commitments with content providers and sport rights holders not tied to customer usage or the size of 
Viaplay Group’s subscriber base
� Ther
e is a risk that this affects Viaplay Group’s profitability negatively�
Cont
ent and sports rights’ attractiveness 
Viaplay Group’s ability to generate sales from subscriptions and advertising is dependent on the ability to 
develop, produce or procure high-quality content attracting a large number of viewers
� Ther
e is a risk that 
the produced or acquired content, or sports rights do not attract the expected number of viewers�
Linear TV vie
wing
Viaplay Group sells TV advertising mainly in Sweden, Norway, and Denmark� Fur
thermore, it has several 
partners that distribute its content� In the Nor
dics, linear TV viewership has been in structural decline for 
many years� If this decline c
ontinues at a higher pace than expected, there is a risk that Viaplay Group’s 
advertising sales decrease� Ther
e is also a risk that linear distribution partners will have a lower willingness 
to pay for our content, channels, and services�
Pirac
y
Tech development, global growth of high speed broadband and the division of streaming content between 
multiple distributors increases the risks of piracy
� This is par
tly because it has become easier to copy and 
distribute content, and partly because pirate services often collect content from several streaming services, 
which increases the value of the pirate service
� Viaplay Gr
oup’s attractive content, including premium sports 
rights, combined with Viaplay Group’s presence across several markets also increase the value of pirating 
this content
�
Competition f
or subscribers, content and sports rights
Viaplay Group competes for subscribers, content, viewers and listeners against local and international play-
ers� Ther e is a risk that Viaplay Group sees a higher and tougher competition in the coming years� This could  
have an adverse impact on the subscription-, advertising and other sales, or reduce the ability to successful-
ly obtain and maintain high-quality content and sports rights
�
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===== SIDA 19 =====

Risk description Mitigations Development during 2024
Unchanged.
Unchanged. Current macro-economic instability has led 
to a global increase in hacking activities, exemplified by 
attacks on other companies in markets where Viaplay 
Group is present
� During 2
024, attack methods have 
partially changed, but we have adapted thanks to further 
investment in systems and tools that enhances our capa-
bilities to protect our service against malicious attacks 
and fraudulent behaviour
�
Increas
ed. Renegotations of contracts always carries risk 
of not reaching agreements under commercially sustain-
able conditions� For 2
025 more agreements are up for 
renewal compared to 2024�
 Decreas
ed. The combination of Viaplay Group’s refi-
nancing, and a changed macro-economic climate, has 
increased the availability of skilled people in our markets
�
• Continuous monitoring of performance against 
the new strategy and plan�
• An increased governance and internal con-
trol process in place with more disciplined 
approach to investment decisions and alloca-
tion of resources
�
• Drive further automation and efficiency of 
internal processes and systems
�
• Continue to reduce our fixed cost base�
• Continued investments in cyber threat intelli-
gence, security architecture, systems and tools, 
expertise and processes to identify, protect 
and respond to cyber threats
�
• Risk awareness training and proactive commu-
nication to all employees
�
• Participation in relevant forums to share ideas, 
information and experience
�
• Continuous investment in platform scaling and 
resilience
�
• Close partnerships with third-party vendors�
• Continuous investment in market education 
around streaming services
�
• Improved redundancy in video streaming 
origin
�
• Improved security with regards to content 
storage
�
• Third-party onsite audits at selected own 
productions
�
• Screening of business partners and third par-
ties to identify potential risks
�
• Suppliers are required to comply with Viaplay 
Group’s Supplier Code of Conduct or such 
similar policy
�
• Risk analyses to identify high-risk business 
partners and suppliers
�
• Continuously review and optimise the supplier 
due diligence process
�
Execution o
f strategy and plan
In July 2023, Viaplay Group announced a new strategy and plan that involve, among other things, focusing 
on the core Nordic, Netherlands and Viaplay Select operations, implementing a new operational model, part-
nering or exiting other international markets, rightsizing and pricing the product offering in the Nordics, and 
undertakin
g a major cost reduction programme� The s
trategy and plan have been implemented and is so far 
progressing as expected but there is still a risk that it does not have the future effects as planned�
Interruptions in service 
Streaming is a complex ecosystem of technology and services, all of which need to work in sync to create a 
good customer experience
� Viaplay Gr
oup has become a large-scale streaming company operating in mul-
tiple markets� Int
erruptions in our service can arise from various factors, including but not limited to our own 
systems, third-party suppliers or malicious actors� For example, th
e cyber-threat environment is becoming 
increasingly sophisticated, especially for companies with a high digital profile like Viaplay Group� Atta
cks 
could result in unauthorised access to confidential or sensitive data, or interruption of critical business 
processes
� Also
, the customer experience can be disrupted by factors outside our control, such as problems 
with customer devices or Wi-Fi networks, or network congestion with local internet service provider�
Business p
artner risks
Viaplay Group works with partners in various areas of the business (e�g� distribution p
artners, media compa-
nies, service providers, sub-contractors etc), and are reliant on their financial and operational performance, 
business ethics and our continued collaboration
� Ther
e is a risk that partners fail to perform at the expected 
standard or to meet contractual obligations, or that the Group is unable to renew partner agreements on 
financially reasonable terms
� Addition
ally, there is a risk that partners violate national or international laws, 
regulations or conventions, or fail to adhere to Viaplay Group’s values or policies� All the abo
ve may have a 
negative impact on Viaplay Group’s finances or reputation�
Risk
• Ensure that the Group provides a culture 
where people can develop their capabilities 
and competences and perform at their best
�
• Operation of a tech-hub in Barcelona to 
attract tech talents
�
Competition f or skilled employees 
The ability to attract and retain skilled people is key for Viaplay Group to execute on our strategy and  
provide excellent service to our customers�
Operational risks
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===== SIDA 20 =====

Risk description Mitigations Development during 2024
Increased. Transaction exposure has increased due to 
the consequences of the recapitalisation process� During
 
and following the recapitalisation the Group has not been 
able to enter into currency forward contracts with its 
financial counter parties, resulting in an increased propor-
tion of unhedged currency exposure
� 
Increas
ed. There is an increased risk in relation to secur-
ing additional financing, as access to diversified funding 
sources has been reduced
� Follo
wing the recapitalisation, 
Viaplay Group cannot issue additional bonds under the 
MTN programme, nor issue Commercial Papers
� Thus, th
e 
Revolving Credit Facility is the sole source of additional 
funding
�
Decreased. The risk decreased from December 2023 
to December 2024 following the recapitalisation
� Lo
an 
facilities with related terms & conditions have been rene-
gotiated
� The risk of breaching financial covenants has 
decreased due t
o a new covenant regime adjusted to align 
with the new strategy� How
ever, due to strict financing 
arrangements, compliance with terms and restrictions in 
such agreements remains a very significant financial risk
�
Unchanged.
Decreased. The interest risk increased with higher debts 
during 2023 and has decreased mainly due to the recap-
italisation in February 2024 where the interest-bearing 
debt was reduced
� Par
t of the variable interest is also 
hedged to fixed�
• Transaction exposure may be hedged mainly 
for contracted programme acquisition outflows 
through forward exchange agreements based 
on a maximum of 12 months forward contracts
� 
The ability t
o manage currency hedging is 
dependent on available derivative limits and it 
was zero at the balance date
�
• Translation exposure is not hedged�
• The credit risk with respect to Viaplay Group’s 
trade receivables is diversified among a large 
number of customers, both private individuals 
and companies
�
• High credit ratings are required for all mate-
rial credit sales and solvency information is 
obtained to reduce the risk of bad debt
�
• The largest part of the interest-bearing debt 
has a variable interest rate
�
Currenc
y movements
Foreign exchange risk is the risk that fluctuations in exchange rates will adversely affect Viaplay Group’s 
income statements, financial position and/or cash flows
� For
eign exchange risk is divided into transaction 
exposure and translation exposure� Tr
anslation exposure arises from the conversion of Viaplay Group’s sub-
sidiaries and associated companies’ earnings and balance sheets into the Swedish Krona reporting currency 
from other currencies
� Tr
ansaction exposure occurs when Viaplay Group’s subsidiaries have external and 
internal transactions such as import or export in currencies other than the subsidiary’s functional currency� 
Since m
any of the subsidiaries report in currencies other than Swedish Krona and transact in foreign curren-
cies, Viaplay Group is exposed to exchange rate fluctuations�
Financial c
ovenants
Viaplay Group’s financing arrangements, including the Revolving Credit Facility, the Guarantee Facility and 
the bilateral term loans are subject to certain financial covenants and undertakings
� Thes
e covenants and 
undertakings require the Group to fulfil certain financial covenants and limitations on certain disposals of 
assets, acquisitions and raising additional debt, which may limit Viaplay Group’s financial and operating 
flexibility
�
Credit risk
Cr
edit risk is defined as the risk that the counter party in a transaction will not fulfil its contractual obliga-
tions, and any collateral will not cover the claim of Viaplay Group� The cr
edit risk in Viaplay Group consists 
of financial credit risk and customer credit risk�
Inter est rate risk 
Interest rate risk is the risk that changes in the market interest rates will adversely affect cash flow, financial 
assets and liabilities
� Viaplay Gr
oup’s sources of funding are primarily shareholders’ equity, cash flows from 
operations and external borrowing� Int
erest bearing debt exposes Viaplay Group to interest rate risk as a 
result of interest rate fluctuations in the financial markets�
Risk
• All debt maturities are extended to 2028 due 
to the recapitalisation, which gives the Group 
time to make the necessary transformation 
ahead of the next refinancing
�
• External borrowing is managed centrally in 
accordance with the Group’s financial policies
�
• Loans are primarily raised by the Parent com-
pany and transferred to subsidiaries via cash 
pools, internal loans or capital injections
�
• Refinancing of all loans are initiated 12 months 
prior to maturity
�
• Continuously and closely monitor performance 
against financial covenants
�
• Deliver on the new strategy�
Financial risks
Financing and refinancing
On 1 December 2023, Viaplay Group announced a proposal for a comprehensive recapitalisation programme, 
including an equity capital injection of SEK 4 billion, and a SEK 2 billion write-down of existing debt, of 
which approximately SEK 0
�5 billion is con
verted into equity� The pr
oposal was approved by Viaplay Group’s 
shareholders on 10 January 2024 and completed on 9 February 2024� The Gr
oup continues to be reliant on 
access to financing and is therefore exposed to risks associated with disruptions in the capital markets, which 
could make it more difficult and/or more expensive to obtain financing in the future
� Po
tential events affecting 
this may include (i) the adoption of new regulations and laws; (ii) the stability of the financial markets or the 
financial services industry; and (iii) the perceived creditworthiness of Viaplay Group, all of which could result 
in a reduction in the amount of available credit or equity or increases in the cost of credit
� The Gr
oup’s existing 
cash balances and credit facilities are currently considered sufficient� See n
ote 23 for further information�
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===== SIDA 21 =====

Risk description Mitigations Development during 2024
Unchanged. 
Unchanged. 
Unchanged. 
• Regularly reviewing and updating Viaplay 
Group policies to ensure compliance with 
current regulations and market standards
�
• Monitoring regulatory developments across 
Viaplay Group markets and assessing potential 
impact on Viaplay Group’s business
� 
• Engaging in lobbying activities when relevant�
• A compliance programme is in place that 
includes training for all Viaplay Group employ-
ees and consultants
�
• Mandatory signing of the Code of Con-
duct and completion of a Code of Conduct 
e-learning for Viaplay Group employees and 
consultants
�
• Screening third parties to identify potential 
risks and performing ongoing monitoring 
throughout the duration of the business 
relationship
�
• Dedicated Privacy organisation consisting of 
Data Protection Officers for all core markets 
and an established Data Protection Gover-
nance Framework to support the business in 
identifying and mitigating risks
�
• Yearly roadmap and a state of the art Privacy 
Risk Framework established to prioritise and 
map mitigation of identified risks
�
• Clear data breach procedures in place� 
• Continued investments in cyber-threat intelli-
gence, security architecture, systems and tools, 
expertise and processes to identify, protect 
and respond to cyber-threats
�
Change
s in regulation
Viaplay Group operates in multiple markets and is thus subject to regulations in many different jurisdictions� 
Viaplay Gr
oup’s business is regulated by both EU and national laws, as well as by requirements from addition-
al authorities and international bodies� These requirements relate to, for example, advertising, copyright, 
broa
dcasting, consumer protection, privacy, competition and taxation (including so-called streaming taxes 
and/or related investment obligations imposed on Viaplay Group in certain markets)� Chan
ges in such laws 
and regulations, particularly in relation to advertising requirements, geoblocking requirements, licensing 
requirements, access requirements, content transmission and spectrum specifications, consumer protection, 
taxation, or other aspects of Viaplay Group’s business, or any of our competitors’ businesses, could limit or 
otherwise adversely affect the manner in which Viaplay Group conducts our business
�
Corporate compliance
Viaplay Group’s compliance processes aim to ensure that the Group always complies with all applicable 
laws and regulations, including anti-bribery and corruption laws and sanctions
� Brea
ching such laws could 
have a significant negative impact on reputation, brand value and shareholder value, and could result in the 
imposition of financial or criminal penalties
� Moreo
ver, our loan agreements include provisions requiring 
compliance with applicable laws and regulations� Nonc
ompliance with these obligations constitutes a 
breach of contract, which could trigger associated consequences under the terms of the agreement�
Data priva
cy (human rights)
Viaplay Group is data-driven and processes large volumes of personal data to deliver its services� Any loss,
 
alteration, or unauthorised disclosure of personal data, whether resulting from mishandling, system failures, 
or cyber-attacks, could violate users’ right to privacy and breach applicable data protection legislation
� Such
 
incidents may also lead to regulatory penalties, reputational damage, and erosion of customer trust�
Risk
Compliance & Sustainablity risks
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===== SIDA 22 =====

Governance and responsibility
Corporate Governance
As a public limited liability company with securities list-
ed on Nasdaq Stockholm, Viaplay Group is subject to a 
variety of external rules that affect its governance, such 
as the Swedish Companies Act and the Swedish Annual 
Accounts Act, the Swedish Corporate Governance 
Code, the Nasdaq Stockholm Rulebook for Issuers as 
well as recommendations and statements from the 
Swedish Corporate Reporting board, Swedish Securities 
Council’s rulings on good practice in the Swedish stock 
market and the Council for Swedish Financial Reporting 
Supervision’s review of the financial reports of Swedish 
listed companies.
Viaplay Group has also established an internal 
steering document framework, consisting of codes of 
conduct and Group Policies, Directives and Guidelines, 
expressing the Group’s values and commitment to 
conducting business in compliance with applicable laws, 
regulations and standards.
Sustainability
Viaplay Group’s sustainability work is a central part of 
the Group’s business and governance. Viaplay Group’s 
commitment to sustainability and responsible business 
practices stem from the Group’s values, and culture. 
These efforts are operationalised by a policy frame-
work and a sustainability roadmap which supports the 
Group’s business strategy. Viaplay Group has aligned its 
Sustainability reporting with EU Corporate Sustainabil-
ity Reporting Directive 2022/2464 requirements and 
makes disclosures on the governance of its sustainabili-
ty efforts as part of the Sustainability Statement includ-
ed in this Annual and Sustainability report. See GOV-1 
and GOV-2 disclosures of the sustainability statement 
for more information (pages 88–89).
Shareholders
For information about Viaplay Group’s ownership 
structure, share capital and shares, please refer to the 
section “Other” on page 134. Information regularly 
provided to shareholders by the Group during the year 
includes interim and full year reports, Annual & Sustain-
ability Reports, and press releases on significant events; 
all of which can be found at https:/ /www.viaplaygroup.
com/investors.
General Meetings
The Swedish Companies Act and the Group’s articles of 
association determine how notices to General Meetings 
shall be issued, and who has the right to participate in, 
and vote at, these Meetings. There are no restrictions 
on the number of votes each shareholder may cast 
at General Meetings. Each Class A share entitles the 
holder to 10 votes, and each Class B and Class C share 
entitles the holder to one vote. The Board has the right 
before a General Meeting to decide that shareholders 
shall be able to exercise their rights to vote by post 
before the General Meeting.
Decisions at the AGM 2024 included:
• Approval of the remuneration report for 2023.
• To discharge the members of the Board of Directors 
and the current CEO, Jørgen Madsen Lindemann, 
from liability for the 2023 financial year, and not to 
discharge the previous CEO, Anders Jensen, from 
liability for the 2023 financial year.
• Resolution for the disposition of the company’s 
results and that Viaplay’s unappropriated earnings 
should be carried forward.
• Adoption of the Nomination Committees proposal of 
the board of directors and the Auditor.
• That the number of directors elected by the AGM 
for a term ending at the next AGM would be nine (9) 
directors.
• Determination of remuneration to the members of 
the Board and the Auditor.
• Re-election of Simon Duffy as member of the Board 
and election Maxime Saada, Jacques du Puy, Didier 
Stoessel, Annica Witschard, Andrea Gisle Joosen, 
Katarina Bonde, Anna Bäck and Erik Forsberg as new 
members of the Board.
• Re-election of Simon Duffy as Chair of the Board.
• Re-election of KPMG as auditing company up to and 
including the Annual General Meeting 2025.
2025 Annual General meeting
The 2025 Annual General Meeting of Viaplay share-
holders will be held on Tuesday 13 May, 2025 in Stock-
holm. Shareholders wishing to have matters considered 
at the meeting should submit their proposals in writing 
to agm@viaplaygroup.com or to the Company Secre-
tary, Viaplay Group AB, BOX 17104, 104 62 Stockholm, 
Sweden, at least seven weeks before the meeting in 
order that such proposals may be included in the notic-
Governance report  
Corporate governance at Viaplay Group is exercised through a number of bodies according to applicable laws, rules and internal 
processes. At the Annual General Meeting (the “AGM”), shareholders can exercise their voting rights with regards to the composition  
of the Board of Directors of Viaplay Group and the election of external auditors. The duties of the Board are partly exercised through  
its Audit Committee and Remuneration Committee. The Group Chief Executive Officer (the “CEO”) of Viaplay Group is responsible for 
the day-to-day management and operations of the Group, in accordance with instructions from the Board.
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===== SIDA 23 =====

es to the meeting. Further details of when and how to 
register will be published in advance of the meeting.
The Nomination Committee
The Nomination Committee comprises representatives 
of some of Viaplay Group’s largest shareholders, and its 
responsibilities include:
• Evaluating the Board of Directors’ work and compo-
sition
• Submitting proposals to the AGM regarding the 
election of the Board of Directors and the Chair of 
the Board
• Preparing proposals regarding the election of audi-
tors in cooperation with the Audit Committee (when 
applicable)
• Preparing proposals regarding fees to be paid to the 
Board of Directors and the company’s auditors
• Preparing proposals for the Chair of the AGM
• Preparing proposals for the administration and order 
of appointment of the Nomination Committee for 
the AGM.
In accordance with the applicable procedures of the 
Nomination Committee, the Chair of the Viaplay Group 
Board convened a Nomination Committee to prepare 
proposals for the 2025 AGM. The Nomination Commit-
tee comprises Audrey Richard, appointed by Groupe 
Canal+ SA; Filippa Gerstädt, appointed by Nordea 
Funds; Brendan Donahue, appointed by PPF Cyprus 
Management Limited; and Simon Duffy, Chair of the 
Viaplay Group Board. The members of the Nomination 
Committee appointed Audrey Richard as Committee 
Chair at their first meeting.
Information about how shareholders can submit 
proposals to the Nomination Committee is available at 
https:/ /www.viaplaygroup.com/about/corporate-gover-
nance/nomination-committee, where the Nomination 
Committee’s motivated statement regarding its propos-
als to the AGM and a brief presentation of its work will 
be published in advance of the AGM on 13 May 2025.
In its work, the Nomination Committee applies Sec-
tion III, 4.1 of the Code as its diversity policy. According-
ly, the Nomination Committee gives particular consider-
ation to the importance of increased diversity in board 
representation, including gender, age and nationality, 
as well as depth of experience, professional background 
and skillset.
The Board of Directors
Board members are elected at the AGM for a period 
ending at the close of the next AGM. The Group’s arti-
cles of association contain no restrictions regarding the 
eligibility of Board members. According to the Group’s 
articles of association, the number of Board members 
can be no less than three and no more than nine, all 
of whom are to be elected at the AGM. The Board of 
Directors has comprised between five (January-May) 
and nine (May-December) members during 2024. The 
current Board of Directors comprises: Simon Duffy 
(Chair since May 2024), Erik Forsberg, Andrea Gisle 
Joosen, Katarina Bonde, Anna Bäck, Maxime Saada, 
Jacques du Puy, Didier Stoessel and Annica Witschard. 
The Board has complied with the Code’s provision that 
the majority of members shall be independent of the 
Group and its management, and that at least two mem-
bers shall also be independent of the Group’s major 
shareholders (i.e. shareholders with a holding exceeding 
10%). Biographical information about each Board mem-
ber can be found on pages 27–28.
Board of Directors and attendance at Board and Committee meetings 2024
January – April
Board members
Board  
meetings¹
Audit  
Committee  
meetings²
Remuneration  
Committee  
meetings³
Independent  
of major  
shareholders
Independent of  
the company and  
management
Simon Duffy 10/10 1/3 2/2 Yes Yes
Anders Borg4 10/10 3/3 1/2 Yes Yes
Natalie Tydeman4 7/10 — 2/2 Yes Yes
Andrew House4 7/10 3/3 2/2 Yes Yes
Kristina Schauman4 10/10 3/3 2/2 Yes Yes
May – December
Board members
Board  
meetings¹
Audit  
Committee  
meetings²
Remuneration  
Committee  
meetings³
Independent  
of major  
shareholders
Independent of  
the company and  
management
Simon Duffy5 6/6 4/4 1/5 Yes Yes
Erik Forsberg 6/6 4/4 — Yes Yes
Andrea Gisle Joosen 5/6 — 5/5 Yes Yes
Katarina Bonde 6/6 4/4 — Yes Yes
Maxime Saada 6/6 — 5/5 No Yes
Jacques du Puy 6/6 4/4 — No Yes
Anna Bäck 5/6 — 5/5 Yes Yes
Annica Witschard 6/6 1/4 5/5 No Yes
Didier Stoessel 6/6 3/4 — No Yes
1) The total number of Board meetings during 2024 were sixteen (16), of which ten (10) were held prior to the Annual General Meeting 
held on 14 May 2024 and six (6) were held following the 2024 Annual General Meeting. 
2) The total number of Audit Committee meetings during 2024 were seven (7), of which three (3) were held prior to the Annual General 
Meeting held on 14 May 2024 and four (4) were held following the 2024 Annual General Meeting. 
3) The total number of Remuneration Committee meetings during 2024 were seven (7), of which two (2) were held prior to the Annual 
General Meeting held on 14 May 2024, and five (5) were held following the 2024 Annual General Meeting. 
4) Andrew House, Anders Borg, Kristina Schauman and Natalie Tydeman stepped down as board members in May 2024.
5) Simon Duffy was not a member of the Audit Committee between January-April 2024.
Governance report
Annual & Sustainability Report 2024
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===== SIDA 24 =====

Responsibilities and duties of the Board  
of Directors
Viaplay Group’s Board of Directors is responsible for 
the overall strategy of the Group, and for organising its 
administration in accordance with the Swedish Compa-
nies Act.
The Instructions for the Board, as well as the instruc-
tions for the CEO are updated and approved at least 
once per year. A Remuneration Committee and an Audit 
Committee have been established within the Board as 
subsidiary bodies, but do not reduce the Board’s overall 
responsibility for the governance of the Group or for 
the decisions taken.
The work of the Board
During 2024, the Board of Directors held frequent 
meetings (16 in total, not including per capsulam Board 
meetings or Board Committee meetings). Prior to each 
ordinary meeting, the members receive a written agen-
da, based on the Board’s established procedures, and 
a complete set of documents for information sharing 
and decision making. Recurring items on the Board’s 
agenda include the Group’s financial performance and 
position, market conditions, investments and adoption 
of the financial statements. Reports by the Audit and 
Remuneration Committees, as well as reports on inter-
nal controls and financing activities, are also regularly 
addressed. Important issues addressed during the year 
included a strategic review, a comprehensive recapital-
isation of the Group, investments, divestments of oper-
ations and key market developments. The CEO presents 
matters for discussion at the meetings, and the Group’s 
Chief Financial Officer and other members of manage-
ment also participate and present specific matters. The 
Group General Counsel acts as secretary of the Board.
Ensuring quality in financial reporting
The reporting instructions approved annually by the 
Board include detailed instructions about the type of 
financial reports and other information to be submit-
ted to the Board. In addition to the interim and full 
year reports, the Board reviews and evaluates financial 
information related both to the Group as a whole and 
to entities within the Group. The Board also reviews, 
primarily through its Audit Committee, the most import-
ant accounting principles applied by the Group in its 
financial reporting, as well as any major changes in 
these principles. The tasks of the Audit Committee also 
include reviewing reports regarding internal controls 
and financial reporting processes, as well as reports 
submitted by the Group’s internal audit function. The 
Group’s external auditor reports to the Board as and 
when required. The external auditor also reports to the 
Audit Committee. Minutes are taken at all meetings 
and are made available to all Board members and the 
external auditor.
Evaluation of the Board of Directors and the 
CEO
The Board conducts an annual performance review 
process to assess the work and procedures of the 
Board and its committees. The objective of the review 
process is to gain a better understanding of the issues 
that the Board finds warrant greater focus, as well as to 
determine areas where additional competence may be 
needed within the Board and whether the Board com-
position can be improved. The evaluation also serves as 
guidance for the work of the Nomination Committee. 
The evaluation tools include detailed questionnaires 
and discussions. The questionnaire includes a mix of 
multiple-choice questions, quantitative ranking, and 
open questions. The Chair presents the outcome of the 
Board evaluation to the full Board and to the Nomi-
nation Committee, both of whom discuss the result in 
detail.
Remuneration Committee
The Remuneration Committee comprises Andrea Gisle 
Joosen (Chair), Anna Bäck, Maxime Saada and Annica 
Witschard. The Remuneration Committee’s assignments 
include salaries, pension terms and conditions, incentive 
plans and other conditions of employment for senior 
executives. The remuneration guidelines applied by 
the Group in 2024 are presented in note 7. Minutes are 
kept of the Remuneration Committee’s meetings and 
are made available to the full Board.
The Audit Committee
The Audit Committee comprises Erik Forsberg (Chair), 
Simon Duffy, Katarina Bonde, Jacques du Puy and 
Didier Stoessel. The Audit Committee’s assignments are 
stipulated in Chapter 8, Section 49 b of the Swedish 
Companies Act. The Audit Committee’s tasks include 
monitoring Viaplay Group’s financial reporting and the 
efficiency of internal controls and internal audits, as 
well as maintaining frequent contact with external and 
internal auditors. The Audit Committee’s work primar-
ily focuses on the quality and accuracy of the Group’s 
financial accounting and accompanying reporting, as 
well as its internal financial controls. The Audit Com-
mittee also evaluates the auditors’ work, qualifications 
and independence. The Audit Committee monitors 
the development of relevant accounting policies and 
requirements, discusses other significant issues con-
nected with Viaplay Group’s financial reporting and 
reports its observations to the Board. Minutes are kept 
of the Audit Committee’s meetings and are made avail-
able to the full Board.
Remuneration of Board members
The remuneration of Board members for Board and 
Committee work is proposed by the Nomination Com-
mittee and approved by the AGM. The Nomination 
Committee’s proposal is based on benchmarking of 
peer group company compensation. Information about 
the remuneration of Board members is provided in note 
7. Board members do not participate in the Group’s 
incentive plans.
External auditors
At the 2024 AGM, KPMG was elected as Viaplay 
Group’s auditor for the financial year 2024 until the end 
of the 2025 AGM. KPMG was appointed as the Group’s 
external auditor in connection with the Group’s forma-
tion in 2018, and was re-elected in connection with the 
Group’s listing in 2019. Tomas Gerhardsson, Authorised 
Public Accountant, has been responsible for the audit 
on behalf of KPMG since 2021. Audit assignments have 
involved the examination of the Annual & Sustainability 
Report and financial accounting, the administration 
by the Board and the CEO, other tasks related to the 
duties of a company auditor, and consultation or other 
services that may have resulted from observations not-
ed during such examination or the implementation of 
other tasks. All other tasks are defined as other assign-
ments. The auditor reports its findings to shareholders 
by means of the Auditor’s Report presented to the 
AGM. In addition, the Auditor’s Report details findings 
at ordinary meetings of the Audit Committee and to 
the full Board as necessary. KPMG provided certain 
additional services in 2024. These services mainly com-
prised tax compliance services, services in connection 
to the Group’s recapitalisation prospectus and other 
assignments of a similar kind and closely related to the 
audit process. For more detailed information about the 
auditor’s fees, please see note 30.
Governance report
Annual & Sustainability Report 2024
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===== SIDA 25 =====

Governance structure
Pre-approval of policies and procedures for 
non-audit related services
To ensure the auditor’s independence, the Audit 
Committee has established pre-approval policies and 
procedures for non-audit related services to be per-
formed by the external auditor. These policies and 
procedures were approved in September 2024 by the 
Audit Committee.
Group Executive Team
At the end of 2024, the Group Executive Team com-
prised the CEO, the Chief Financial Officer and six other 
members. Biographical information, including share-
holdings as of 15 March 2025, for each member of the 
Group Executive Team is provided on pages 29–30.
Chief Executive Officer (CEO)
The CEO is responsible for the ongoing management 
and operations of the Group, in accordance with the 
instructions established by the Board. In consultation 
with the Chair of the Board, the CEO prepares the infor-
mation and documentation required as the basis for 
the work of the Board and to enable Board members to 
make well-informed decisions. The CEO is supported by 
the Group Executive Team. The Board regularly eval-
uates the CEO’s performance. Additionally, the Board 
has a set item on the agenda to discuss the CEO’s 
performance, without the CEO or any other member of 
the Group Executive Team present, at least once a year 
during one of its meetings. The CEO and the Group 
Executive Team – supported by the business func-
tions– are responsible for adherence to and delivery 
of the Group’s overall strategy, financial and business 
controls, financing, capital structure, risk management, 
mergers, divestments and acquisitions. This includes the 
preparation of financial reports and information to, and 
communication with, shareholders and other capital 
markets participants.
Executive remuneration
The existing guidelines for the remuneration of the 
Group Executive Team, which were approved at the 
2024 AGM, can be found in note 7. This note also 
includes further information regarding the application 
of, and deviation from, these guidelines, as well as the 
remuneration paid during 2024. It is the Board and 
Remuneration Committee’s intentions that the guide-
lines shall apply for four years from approval in 2024. 
New guidelines will be put forward for the annual gen-
eral meeting 2028.
Internal controls
The Group’s processes for internal control, risk assess-
ment, communication and monitoring of financial 
reporting are designed to ensure reliable overall 
financial reporting and external financial statements, in 
accordance with International IFRS Accounting Stan-
dards (IFRS), applicable laws and regulations, and other 
requirements for companies listed on Nasdaq Stock-
holm.
Control environment
The Board has specified instructions and working 
processes regarding the roles and responsibilities of the 
CEO and the Board Committees. The Board has also 
established guidelines and policies related to internal 
control activities, and monitors performance against 
plans and prior years. The Audit Committee assists the 
Board in overseeing various issues, such as monitoring 
internal audits and establishing accounting policies 
for the Group. The responsibility for maintaining an 
effective control environment and internal control 
over financial reporting is delegated to the CEO. Other 
managers at various levels have respective responsibil-
ities. Members of the Group Executive Team regularly 
reports to the Board according to established routines 
and in addition to the Audit Committee’s reports. 
Governance report
Defined responsibilities, instructions, and policies, as 
well as laws and regulations, together comprise the 
control environment. Group employees are required to 
comply with policies and instructions.
Risk assessment and control activities
The Group has developed a risk management framework 
to identify and quantify risks in all business functions, 
which are reviewed by the Board of Directors and the 
Audit Committee. More information about Viaplay 
Group’s risk management process and principal risks 
can be found in the section Risk and risk management 
on pages 17–21.
Group Compliance team
The Group Compliance team’s responsibilities include 
reviewing, evaluating and raising awareness about com-
pliance issues, and ensuring that the Group, along with 
its management, employees and third parties, adheres 
to all relevant laws and regulations, such as privacy and 
data protection, sanctions, economic embargoes, and 
anti-bribery and anti-corruption rules. The Head of 
Corporate Compliance also manages Viaplay Group’s 
Codes of Conduct and ensures their implementation 
Shareholders Annual General 
Meeting
Board of  
Directors
Chief Executive 
Officer
Group Executive  
Team
External  
Auditors
Remuneration 
Committee
Audit  
Committee
Internal  
Audit
Nomination 
Committee
Annual & Sustainability Report 2024
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===== SIDA 26 =====

Governance report
through internal controls, e-learning and targeted train-
ing. The Head of Corporate Compliance and the Group 
Data Protection Officer present the progress of the 
compliance programme to the Audit Committee, as well 
as any incidents and ongoing investigations involving 
potential violations of laws or Group Policies.
Information and communication
The guidelines used in the Group’s financial reporting 
are updated and communicated to relevant employ-
ees on an ongoing basis. There exist both formal and 
informal communication channels to the Group Exec-
utive Team and Board of Directors for key information 
from employees. Guidelines for external communication 
ensure that the Group communicates in a responsible 
manner and in line with the rules and guidelines that 
apply to listed companies.
Follow-up
The Board of Directors regularly evaluates and discuss 
the information provided by the Group Executive Team 
and the Audit Committee, such as the Group’s financial 
position, strategies and investments. The Audit Com-
mittee reviews all interim reports prior to publication 
and is responsible for following up on internal control 
activities. This work includes ensuring that measures 
are taken to deal with any inaccuracy and following 
up suggestions for actions emerging from internal and 
external audits. The Group has an independent inter-
nal audit function responsible for the evaluation of risk 
management and internal control activities. This work 
includes scrutinising the application of established rou-
tines and guidelines. The internal audit function submits 
its audit plan to the Audit Committee for approval and 
reports the result of its reviews to the Audit Committee. 
The external auditors report to the Audit Committee at 
ordinary meetings of the Committee.
Annual & Sustainability Report 2024
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===== SIDA 27 =====

Board of Directors
Maxime Saada
Non-Executive Director
French, born 1970
Elected 2024
Maxime Saada has been a member of the Board 
of Directors since May 2024
� He has been Chie
f 
Executive Officer of the CANAL+ group since 2015 
and Chairman of the Management Board since 2018
�
He currently s
erves as: Chairman of Dailymotion, 
Chairman of STUDIOCANAL, Chairman of L’Olympia 
and Vice-President of the Lagardère Group
� He was
 
a member of Vivendi’s Management Board between 
June 2022 and December 2024
� Maxime h
as been 
with the CANAL+ group for 20 years, starting as the 
group’s EVP Strategy
� Aft
er working on the merg-
er with TPS, he successively held the positions of 
Marketing Director, Head of CANALSAT, Commercial 
Director, EVP in charge of Distribution, before being 
promoted to Executive Vice-President in charge 
of pay-TV in 2013
� He is a gra
duate of the Institut 
d’Etudes Politiques de Paris (Sciences Po 1992) and 
holds an MBA from HEC (1994)
�
Member of the R
emuneration Committee�
Repres
entative of a major shareholder�
Ownership: 0 VPL
AY Class B shares�¹
Simon Duffy
Chair of the Board and Non-Executive Director 
British, born 1949�
Elected 2
018
Simon Duffy has been a member of the Board of 
Directors since July 2018 and Interim Chair of the 
Board since July 2023
� Simon w
as Executive Chair-
man of Tradus plc until the company’s sale in March 
2008
� Simon w
as also Executive Vice-Chairman of 
ntl:Telewest until 2007, having joined ntl in 2003 as 
CEO
� Simon h
as also served as CFO of Orange SA, 
CEO of wireless data specialist End2End AS, CEO 
and Deputy Chairman of WorldOnline International 
BV , and held senior positions at EMI Group plc and 
Guinness plc
� Simon is a Non
-Executive Chairman of 
Modern Times Group MTG AB and of YouView TV 
Ltd and a non-executive director of Avianca Group 
International Limited
� Simon h
olds a Master’s degree 
from University of Oxford and an MBA from Harvard 
Business School
�
Member of the A
udit Committee�
Independen
t of the Company, management and 
major shareholders�
Ownership: 2
9,988 VPLAY Class B shares�¹
Andrea Gisle Joosen
Non-Executive Director
Swedish, born 1964
Elected 2024
Andrea Gisle Joosen has been a member of the 
Board of Directors since May 2024
� She is curr
ently a 
member of the Boards of Directors of evoke Holdings 
(publ), Stadium, Logent and Zühlke Group
� Andr
ea 
is also chairing the nomination committee of the 
Swedish Trade Federation
� She h
as previously held 
positions as CEO of the Swedish operations of Boxer 
TV and Managing Director of the Nordic operations 
of Panasonic, Chantelle and 20th Century Fox Home 
Entertainment, as well as senior management posi-
tions with Procter & Gamble, Johnson & Johnson and 
Mars
� Andr
ea holds an MSc in International Market-
ing from Copenhagen Business School�
Chair of th
e Remuneration Committee�
Independen
t of the Company, management and 
major shareholders�
Ownership: 8
4,165 VPLAY Class B shares�¹
Katarina Bonde 
Non-Executive Director
Swedish, born 1958
Elected 2024
Katarina Bonde has been a member of the Board of 
Directors since May 2024
� She is curr
ently Chair of 
the Board of Stillfront Group (publ), Mentimeter and 
Zimpler
� Katarin
a is also a member of the Board of 
Directors of Mycronic (publ)� She h
as previously had 
board roles at public and private companies such as 
Opus Group, ACQ Bure, AP6 (Sixth Swedish National 
Pension Fund)
� She h
as also been CEO of UniSite 
Software, Managing Director of Captura Internation-
al, EVP, Sales and Marketing at Captura Software 
(acquired by SAP) and Sales Director at Dun & Brad-
street
� Katarin
a holds an MSc in Applied Physics and 
Mathematics from the Royal Institute of Technology 
in Stockholm
�
Member of the A
udit Committee�
Independen
t of the Company, management and 
major shareholders�
Ownership: 2
00,000 VPLAY Class B shares�¹
Erik Forsberg
Non-Executive Director
Swedish, born 1971 
Elected 2024
Erik Forsberg has been a member of the Board of 
Directors since May 2024
� He is curren
tly Chair of the 
Board of Collectia Group (Care Bidco Aps DK) and 
Lilian Group (Lilian Midco AB)
� Erik is also a m
ember 
of the Boards of Directors of Stillfront Group (publ), 
Enento Group (publ) and Deltalite
� He has pr
eviously 
held positions such as CFO Intrum AB, CFO Cision AB 
and Business Area CFO, Group Treasurer and Busi-
ness Controller EF Education
� Erik holds an MS
c in 
Business and Administration from Stockholm School 
of Economics
�
Chair of th
e Audit Committee�
Independen
t of the Company, management and 
major shareholders�
Ownership: 400,000 VPLAY Class B Shares�¹
1) Ownership as of 2025-03-15.
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===== SIDA 28 =====

Jacques du Puy
Non-Executive Director
French, born 1958
Elected 2024
Jacques du Puy has been a member of the Board 
of Directors since May 2024� He curren
tly serves as 
Member of the Management Board of Canal+ SA in 
charge of Global Pay-TV , and holds various additional 
board positions within the Canal+ group
� Jac
ques 
was previously COO of Vetoquinol, CEO, Europe, 
Africa and Middle East at Bayer CropScience, CEO, 
Japan and Korea at Aventis CropScience, and CEO, 
India then Japan at Rhône-Poulenc Agro
� He holds
 
a Master’s degree in Agricultural Engineering from 
Agro-Paris Tech and a Business Master’s degree from 
Sorbonne University-IAE
�
Member of the Audit Committee�
Repres
entative of a major shareholder�
Ownership: 0 VPL
AY Class B shares�¹
Didier Stoessel 
Non-Executive Director
French, born 1963
Elected 2024
Didier Stoessel has been a member of the Board 
of Directors since May 2024
� He is curren
tly Chief 
Investment Officer of PPF Group and CEO, Central 
European Media Enterprises, and he holds various 
private company board positions within the PPF 
Group portfolio
� Didier was pr
eviously CEO, Nova 
Broadcasting Group, CEO, Apace  Media (publ), 
Glob
al CEO, Corporate Finance at HSBC Investment 
Bank and Director of Investment Banking at Merrill 
Lynch International
� He holds an MS
c in engineer-
ing from ENSTA in Paris, an MBA from INSEAD and 
a Master’s degree in European Affairs from École 
Nationale d’Administration
�
Member of the A
udit Committee�
Repres
entative of a major shareholder�
Ownership: 0 VPL
AY Class B shares�¹
Annica Witschard
Non-Executive Director
Swedish, born 1973
Elected 2024
Annica Witschard has been a member of the Board of 
Directors since May 2024
� She is curr
ently a member 
of the Board of Directors of Sampo Group (publ)� An-
nica has pr
eviously been CEO, Home Credit Vietnam 
and Home Credit Philippines, and CEO, Nordics for 
GE Money Bank
� Home Cr
edit Group is PPF Group’s 
consumer finance division� Annica holds an MS
c in 
Business and Economics from Linköping University�
Member of the R
emuneration Committee�
Repres
entative of a major shareholder�
Ownership: 60
,240 VPLAY Class B shares�¹
Anna Bäck
Non-Executive Director
Swedish, born 1972
Elected 2024
Anna Bäck has been a member of the Board of 
Directors since May 2024
� She is curr
ently Chair of 
the Board of Directors of Precis Digital and Tradera� 
Anna is also a m
ember of the Boards of Directors of 
Nordnet Bank, Permobil, the Swedish Biathlon Asso-
ciation and Systembolaget� She h
as previously held 
positions such as CEO, Kivra and Associate Partner 
at McKinsey & Company
� Anna h
olds an executive 
MBA from Stockholm School of Economics, and an 
MSc in Industrial Engineering and Management from 
Linköping University
�
Member of the R
emuneration Committee�
Independen
t of the Company, management and 
major shareholders�
Ownership: 2
49,687 VPLAY Class B shares�¹
Board of Directors
1) Ownership as of 2025-03-15.
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===== SIDA 29 =====

Jørgen Madsen Lindemann
President and CEO
Danish, born 1966
Jørgen was appointed President and CEO of Viaplay 
Group on 5 June 2023� Jørgen is th
e former President 
and CEO of Modern Times Group (MTG), the Swe-
den based digital entertainment business, where he 
worked from 1994 to 2020
� He also sa
t on the board 
of Zalando as a non-executive director from 2016 to 
2021
� Jørgen h
as strong experience of leading digi-
tal-first businesses and he is also chair of ASOS Plc�
Ownership: 10
,959,800 VPLAY Class B shares�¹
Group Executive Team
Vanda Rapti 
EVP, Viaplay Select & Content Distribution
Greek, British, born 1976
Vanda was appointed EVP, Viaplay Select & Content 
Distribution at Viaplay Group on 1 July 2023
� She w
as 
previously EVP and Chief Commercial Officer, North 
America & Viaplay
� Be
fore that, she was SVP and 
Group Head of Acquisitions, Content Distribution & 
Partnerships
� Van
da joined the Group in 2003 and 
has held roles including VP Pay TV , VoD and New 
Media, and Senior Lawyer
� She h
olds a degree in law 
from the University of Athens, an LLM in Entertain-
ment Law from the University of Westminster and 
a degree in piano from the Hellenic Conservatory 
of Music and Arts, and has also studied theatre in 
Athens and London
� Van
da joined the Athens Bar 
Association in 2001 and has been a solicitor at the 
Supreme Court of England and Wales since 2003
Ownership: 1,226,276 VPLAY Class B shares
�¹
Christian Albeck
EVP Content Acquisition and Co-CEO Swedish 
operations
Danish, born 1980
Christian was appointed EVP Content  
Acquisition and Co-CEO Swedish Operations at 
Viaplay Group on 1 July 2023
�  
He was pre
viously SVP Content Nordics at Viaplay� 
Prior to tha
t, Christian has held various positions at 
Viaplay Group since joining the Group in July 2002� 
Christian holds a Master of Science from Copenha-
gen Business School�
Ownership: 8
00,000 VPLAY Class B shares�¹
Kenneth Andresen
EVP, CEO Norwegian Operations
Norwegian, borh 1972
Kenneth was appointed EVP and CEO  Norwegian
 
Operations at Viaplay Group on 1 January 2025� He 
w
as previously SVP and Interim CEO, Norway and 
SVP and head of the Norwegian radio operations�  
Kenn
eth has held various management positions in 
Viaplay Group for more than twenty years and has 
worked in the media industry for more than thirty 
years
� He has a b
ackground as a journalist and editor 
working with news and current affairs in both public 
and commercial broadcasting
�  
He joined the e
fforts to establish the first national 
commercial radio station in Norway, P4, in 1993� Ken-
n
eth has a media industry diploma from CBS Execu-
tive and serves on several industry boards including 
the National Association of Press and Media
�
Ownership: 56
2,142 VPLAY Class B shares�¹
Johan Johansson
Group CFO and Co-CEO Swedish Operations
Swedish, born 1979
Johan Johansson was appointed Group CFO for 
Viaplay Group and Co-CEO for Sweden on 1 August 
2024
� Be
fore joining, Johan was CFO and Deputy 
CEO of Gilion (formerly Ark Kapital)� Prior to th
at he 
server as CEO and a Board member of Daniel Wel-
lington, after have been CEO of the telecom operator 
Three in Sweden
� Johan began his car
eer at Modern 
Times Group (MTG) where he spent 10 years in 
various roles, including CFO & COO MTG Sweden, 
and Vice President of Finance and Operations
� He is 
a gr
aduate of KTH Royal Institute of Technology and 
Stockholm University�
Ownership: 0 VPL
AY Class B shares�¹
1) Ownership as of 2025-03-15.
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===== SIDA 30 =====

Group Executive Team
Philip Wågnert
EVP and Chief Technology & Product Officer
Swedish, born 1980
Philip was appointed EVP and Chief Technology & 
Product Officer at Viaplay Group on 3 May 2022� He 
w
as previously SVP Product at Viaplay� He joined th
e 
Group in August 2018 from Travelport, and previous-
ly spent five years in a range of leadership roles at 
SAS, including VP Product Development & Manage-
ment
� Philip holds a B
achelor’s degree in Manage-
ment from the London School of Economics and 
Political Science, and is a graduate of the Stockholm 
School of Economics
�
Ownership: 9
83,287 VPLAY Class B shares�¹
Peter Nørrelund
EVP and Chief Sports & Business Development 
officer
Danish, born 1971
Peter was appointed EVP and Chief Sport & Busi-
ness Development Officer at Viaplay Group on 14 
June 2023
� He is also r
esponsible for running the 
Group’s operations in the Netherlands and Poland� 
He first join
ed the Group in 2003 and was previous-
ly EVP and Chief Sports Officer and an advisor to 
Viaplay’s President and CEO on sports rights
� Pe
ter 
was appointed Head of Sports in 2013, having been 
responsible for the company’s sports rights acqui-
sitions since 2006
� In addition, P
eter has been EVP 
and Head of Product Development & Incubation at 
Modern Times Group, CEO of DreamHack Sports 
Games and COO of Turtle Entertainment
� Pe
ter 
graduated from the Danish School of Media & Jour-
nalism and has worked as a reporter, commentator, 
host and Editor in Chief at Danmarks Radio
�
Ownership: 5
,192,664 VPLAY Class B shares�¹
Lars Bo Jeppesen
EVP and CEO Danish and Icelandic Operations
Danish, born 1967
Lars Bo was appointed EVP and CEO Danish and Ice-
lantic operations at Viaplay Group on 1 August 2023� 
Lars Bo is th
e former CEO of media agency group 
Dentsu in the Nordic, Central and Eastern European 
markets from 2006–2019
� He then join
ed Parken 
Sport & Entertainment and F�C� Københ
avn as 
managing director from 2020–2021� Rec
ently, Lars 
Bo has been General Manager Nordics for the tech 
company Snap Inc, where he joined April 2022
� He is 
als
o executive chairman of the Danish sushi restau-
rant chain Letz Sushi� Lars B
o has a strong leadership 
background from media, tech, and communication�
Ownership: 2
,567,872 VPLAY Class B shares�¹
1) Ownership as o
f 2025-03-15.
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===== SIDA 31 =====

Photo cred: Viaplay series, Who is dating whom?
Consolidated financial statements  � � � � � � � � � � � � � � � � � � � � � � � � � � � 32
Notes to the consolidated financial statements� � � � � � � � � 36
Parent company financial statements � � � � � � � � � � � � � � � � � � � � � � 71
Notes to the Parent company financial statements  � � � 75
Signatures  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 81
Auditor´s report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 82
Financial statements
Annual & Sustainability Report 2024
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About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report

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SEK million Note 2024 2023
Net sales 3, 4 18,490 18,567
Cost of sales –16,459 –17,265
Gross income 2,031 1,302
Selling and marketing expenses –969 –1,094
General and administrative expenses –1,376 –1,545
Other operating income and expenses 6 44 222
Share of earnings in associated companies and joint ventures 15 151 63
Items affecting comparability 8 –439 –9,224
Operating income 5, 6, 7 –558 –10,276
Interest income 9 49 66
Interest expenses 9 –350 –302
Net lease interest 9 –26 –12
Other financial items 9 1,093 1
Income before tax 208 –10,523
Tax 10 –102 776
Net income for the year 106 –9,747
Other comprehensive income
Items that are or may be reclassified to profit or loss net of tax
Currency translation differences –49 –83
Cash flow hedges 33 –174
Other comprehensive income for the year –16 –257
Total comprehensive income for the year 90 –10,004
SEK million Note 2024 2023
Net income for the year attributable to:
Equity holders of the Parent company 106 –9,747
Total comprehensive income for the year attributable to:
Equity holders of the Parent company 90 –10,004
Earnings per share 11
Basic earnings per share (SEK) 0.03 –124.61
Diluted earnings per share (SEK) 0.03 –124.61
Number of shares 11, 20
Shares outstanding at the end of the year 4,578,225,962 78,225,962
Basic average number of shares outstanding 4,110,047,635 78,225,962
Diluted average number of shares outstanding 4,110,047,635 78,225,962
Consolidated income statement
Group
Annual & Sustainability Report 2024
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SEK million Note 31 Dec 2024 31 Dec 2023
Non-current assets
Goodwill 12 1,290 1,293
Other intangible assets 12 345 418
Machinery, equipment and installations 13 133 158
Right-of-use assets 24 237 251
Participation in associated companies and joint ventures 15 1,124 1,093
Other shares – 111
Long-term sublease receivables 24 57 78
Deferred tax assets 10 974 972
Other long-term receivables 141 21
Total non-current assets 4,301 4,395
Current assets
Inventories 16 2,244 2,911
Accounts receivable 17 1,216 1,084
Short-term sublease receivables 24 35 32
Prepaid programming expenses 18 6,343 6,647
Prepaid expenses and accrued income 18 1,411 1,152
Tax receivables 36 98
Other current receivables 228 246
Cash and cash equivalents 1,040 2,542
Assets held for sale 19 – 610
Total current assets 12,553 15,322
Total assets 16,854 19,717
SEK million Note 31 Dec 2024 31 Dec 2023
Equity
Share capital 20 275 158
Other paid in capital 20 8,697 4,282
Reserves 20 –60 –44
Retained earnings 20 –5,235 –5,486
Total equity 3,677 –1,090
Non-current liabilities
Long-term borrowings 23 1,858 2,550
Long-term lease liabilities 23, 24 280 308
Long-term provisions 21 1,954 3,235
Deferred tax liabilities 10 205 195
Other non-current liabilities 188 15
Total non-current liabilities 4,485 6,303
Current liabilities
Short-term borrowings 23 200 4,700
Short-term lease liabilities 23, 24 96 93
Accounts payable 23 3,008 4,025
Accrued programming expenses 23 1,558 1,910
Accrued expenses and prepaid income 22 2,030 1,553
Short-term provisions 21 1,072 797
Tax liabilities 73 86
Other current liabilities 655 893
Liabilities related to assets held for sale 19 – 447
Total current liabilities 8,692 14,504
Total liabilities 1 3,17 7 20,807
Total shareholders’ equity and liabilities 16,854 19,717
Consolidated balance sheet
Group
Annual & Sustainability Report 2024
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SEK million Share capital
Other paid  
in capital
Translation
reserve
Hedging
reserve
Retained
earnings
Total
equity
Balance as of 1 January 2023 157 4,282 76 136 4,259 8,911
Net income for the year – – – – –9,747 –9,747
Other comprehensive income for the year – – –83 –174 – –257
Total comprehensive income for the year – – –83 –174 –9,747 –10,004
Share issue and repurchase of C-shares 1 – – – –1 –
Effect of share-based programmes – – – – 3 3
Balance as of 31 December 2023 158 4,282 –7 –37 –5,486 –1,090
Balance as of 1 January 2024 158 4,282 –7 –37 –5,486 –1,090
Net income for the year – – – – 106 106
Other comprehensive income for the year – – –49 33 – –16
Total comprehensive income for the year – – –49 33 106 90
Reduction of share capital –153 – – – 153 –
Share issue 240 3,760 – – – 4,000
Debt to equity issue 30 780 – – – 810
Share issue transaction costs – –125 – – – –125
Effect of share-based programmes – – – – –8 –8
Balance as of 31 December 2024 275 8,697 –56 –4 –5,235 3,677
Consolidated statement of changes in equity
Group
Annual & Sustainability Report 2024
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SEK million Note 2024 2023
Operating activities
Net income for the year 106 –9,747
Dividends from associated companies and joint ventures 101 100
Depreciation, amortisation and write-down 28 201 301
Other adjustments for non-cash items 28 –1,327 7,904
Cash flow from operations, excluding changes in working capital –919 –1,442
Change in inventories 640 –161
Change in accounts receivable –119 55
Change in other operating receivables 254 –2,484
Change in operating liabilities –1,855 684
Changes in working capital –1,080 –1,906
Cash flow from operating activities –1,999 –3,348
Investing activities
Divestments of operations 27 132 5
Capital expenditures in tangible and intangible assets –43 –159
Other cash flow from investing activities 16 17
Cash flow from investing activities 105 –137
SEK million Note 2024 2023
Financing activities
New borrowings 28 – 985
Amortisation of borrowings 28 – –1,635
Net change in revolving credit facility 28 –3,192 4,000
Net change in leases –60 –82
Share issue 4,000 –
Transaction cost, total recapitalisation –396 –
Other cash flow from financing activities – 21
Cash flow from financing activities 352 3,289
Change in cash and cash equivalents for the year –1,542 –196
Cash and cash equivalents at the beginning of the year 2,569 2,775
Translation differences in cash and cash equivalents 13 –10
Cash and cash equivalents at the end of the year 1,040 2,569
Of which cash and cash equivalents included in assets held for sale – –27
Cash and cash equivalents at the end of the year, continuing operations 1,040 2,542
Consolidated statement of cash flow
Group
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About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report

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Notes to the consolidated financial statements
Group
Accounting and reporting fundamentals
Note 1 Acc
ounting and valuation principles � � � � � � � � � � � � � � � � � � � � � � � 37
Note 2 Acc
ounting assumptions and estimates� � � � � � � � � � � � � � � � � � �39
Income statement
Note 3
  Opera
ting segments� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 40
Note 4 Rev
enue� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 41
Note 5 Classification by n
ature of expense � � � � � � � � � � � � � � � � � � � � � � � 42
Note 6 Other opera
ting income and expenses� � � � � � � � � � � � � � � � � � � 42
Note 7  Salaries, o
ther remuneration and social  
security expenses  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 43
Note 8 Items aff
ecting comparability  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 49
Note 9 Financial it
ems� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 49
Note 10 Tax
es� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �50
Note 11 Earnings per shar
e � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �52
Assets
Note 12
 Intangible ass
ets  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �52
Note 13 Tangible ass
ets  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 54
Note 14 Share
s and participations in Group companies� � � � � � � � � �55
Note 15 Associat
ed companies and joint ventures� � � � � � � � � � � � � � � � �56
Note 16 Inv
entories� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �56
Note 17 Acc
ounts receivable � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �57
Note 18 Prepaid expens
es and accrued income  � � � � � � � � � � � � � � � � � � �57
Note 19 Assets h
eld for sale  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �57
Shareholders’ equity and liabilities
Note 20
 Shareh
olders’ equity  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �58
Note 21 Pro
visions� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �59
Note 22 Accrued expens
es and prepaid income  � � � � � � � � � � � � � � � � � � 60
Note 23  Financial ins
truments and financial risk  
management� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 61
Note 24 Leas
es  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 66
Note 25 Futur
e payment commitments  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 67
Note 26 Asset pledged an
d contingent liabilities  � � � � � � � � � � � � � � � � � 68
Additional information
Note 27
 Dives
ted operations  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 68
Note 28  Supplemen
tary information to the statement of 
cash flow� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 68
Note 29 Aver
age number of employees� � � � � � � � � � � � � � � � � � � � � � � � � � � � � �69
Note 30 Audit fee
s� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �69
Note 31 Relat
ed party transactions  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �70
Note 32  Significant ev
ents after the reporting period� � � � � � � � � � � � �70
Annual & Sustainability Report 2024
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About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report

===== SIDA 37 =====

Note 1 Accounting and valuation principles
Viaplay Group AB (publ) (Viaplay) is a limited liability company listed on 
Nasdaq Stockholm with registered office in Stockholm, Sweden�
The cons
olidated financial statements of the Group for the year ended 
31 December 2024, presented in this Annual report, comprise the Parent 
company and its subsidiaries and the participation in associated companies 
and joint ventures
�
Basis of pr
eparation
The consolidated financial statements have been prepared in accordance 
with the IFRS Accounting Standards (IFRS) issued by the International 
Standards Accounting Board (IASB) and interpretations issued by the IFRS 
Interpretations Committee applicable to companies reporting under IFRS, 
as adopted by the EU
� The a
ccounting policies have been consistently 
applied to all years presented, unless otherwise stated� In addition, S
wed-
ish Annual Accounts Act and RFR 1, Supplementary Rules for Groups, have 
been applied
� The c
onsolidated financial statements have been prepared 
under the historical cost convention except for certain financial assets and 
liabilities measured at fair value and assets held for sale measured at fair 
value less cost to sell
�
The prep
aration of financial statements in conformity with IFRS requires 
the use of certain critical accounting estimates� It also r
equires management 
to exercise its judgement in the process of applying the Group’s accounting 
policies
� The ar
eas involving a higher degree of judgement or complexity, or 
areas where assumptions and estimates are significant to the consolidated 
financial statements are disclosed in note 2
� 
The ann
ual report including the financial statements were authorised for 
issue by the Board of Directors on 26 March 2025� The c
onsolidated income 
statement and balance sheet, and the income statement and the balance 
sheet of the Parent company, will be presented for adoption by the Annual 
General Meeting on 13 May 2025
�
New and am ended standards applied by Viaplay Group
The Group has applied the following new or amended accounting standards 
or interpretations during 2024; Amendment to IAS 1 Presentation of Finan-
cial Statements – Classification of Liabilities as Current or Non-current and  
Non-current Liabilities with Covenants, and Amendments to IAS 7 Statement 
of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier 
Financing Arrangements
� The
se amendments have not materially affected 
the Group’s financial statements�
IFRS 18 Pr
esentation and Disclosure in Financial Statements, (applica-
ble of financial years beginning on or after January 1, 2027), will replace 
IAS 1 Presentation of Financial Statements
� The s
tandard introduces new 
requirements aimed at improving the comparability of performance report-
ing between similar companies and providing users with more relevant 
and transparent information
� Although IFR
S 18 is not expected to affect 
the recognition or measurement of items in the financial statements, its 
impact on presentation and disclosures is anticipated to be significant
� This 
is par
ticularly relevant for the income statement and management-defined 
performance measures� The Gr
oup is currently assessing the effects of this 
standard, currently there are no other endorsed IFRS standard or interpre-
tation that are expected to have a material impact on the Groups’ financial 
statements effective 2025 or later
�
Consolida
ted accounts
The consolidated accounts include the Parent company, all subsidiaries and 
the participation in associated companies and joint ventures
�
Func
tional currency and reporting currency
The functional currency of the Parent company is the Swedish krona (SEK)�  
This is also th
e reporting currency for the Group and the Parent company�
Subsidiaries
S
ubsidiaries are companies in which the Group exercises control, meaning 
that the Group has power over the subsidiary and has exposure or rights to 
its variable returns
� The Gr
oup must also have the ability to use the pow-
er to affect the return from the subsidiary� For all c ompanies in which the 
Group holds more than 50% of the votes, the control criteria are fulfilled 
and the companies are consolidated as subsidiaries
� When c
ontrolling inter-
est has been achieved the change in ownership is recognised as a trans-
fer in equity between the equity holders of the Parent company and the 
non-controlling interest, without remeasuring the subsidiary’s net assets
� 
All busine
ss combinations are accounted for in accordance with the pur-
chase method� At th
e date of acquisition, the acquired assets and assumed 
liabilities (net identifiable assets) are measured at fair value� The diff
erence 
between the acquisition value of shares in a subsidiary, and identifiable 
assets and liabilities measured at fair value at the date of acquisition, is 
recognised as goodwill
� 
If the c
ost of the acquisition is below the fair values of identifiable net 
assets acquired, the difference is recognised in the profit and loss for the 
period
� Ac
quisition related costs are expensed as incurred� Re
sults for com-
panies acquired during the year are included in the consolidated income 
statement from the date of acquisition
�
Non-c
ontrolling interest
For subsidiaries not wholly owned, the share of equity owned by external 
shareholders is recognised as non-controlling interest
� Curren
tly there are 
no non-controlling interest� 
Associa
ted companies and joint ventures
An associated company is a company in which the Group exercises signif-
icant influence
� Normally
, this means companies in which the Group holds 
Notes to the consolidated financial statements
Group
Annual & Sustainability Report 2024
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===== SIDA 38 =====

voting rights of at least 20% and no more than 50%� Associated companies 
are rec
ognised by applying the equity method of accounting� 
Joint v
entures are arrangements in which two or more parties have joint 
control and have rights to the net assets of the arrangement� Joint v
entures 
are recognised by applying the equity method of accounting� 
Adjus
tments are made where necessary to bring the accounting policies 
in line with those of the Group� 
Asse
ts held for sale and discontinued operations
Assets held for sale and disposal groups are classified as held for sale if their 
carrying amounts will be recovered principally through sale rather than con-
tinuing use
� This also applie
s for situations where the Group still continues 
its operations, but loses control over the operation� Non-
current assets and 
disposal groups classified as held for sale are measured at the lower of their 
carrying amount and fair value less cost to sell and presented separately 
as assets held for sale and liabilities related to assets held for sale in the 
balance sheet
�
To qualify as dis
continued operations, a component of the Group must, 
in addition to having been classified as a disposal group held for sale, also 
represent a separate major line of business or be a part of a single coor-
dinated plan to dispose of a separate major line of business
� Disc
ontinued 
operations are excluded from the results of continuing operations and are 
presented as a single amount as profit or loss after tax from discontinued 
operations in the income statement
� Comp
arative information in statements 
and disclosures are restated�
Financial s
tatements of foreign operations
The financial statements of the Group’s foreign subsidiaries are translated 
into Swedish krona (SEK)
� The tr
anslation of the balance sheet is based 
on the exchange rates ruling at the balance sheet date, while the income 
statements are translated using an average rate for the period
� The r
esult-
ing translation differences are charged in other comprehensive income and 
accumulated in the translation reserve in equity
� The a
ccumulated transla-
tion differences are reclassified to the income statement when the foreign 
operation is divested
�
Note 1 cont�
Operating expenses 
Cost of sales include costs for acquired and produced content, sports rights, 
distribution costs including streaming distribution, and all costs directly 
related to sale of a product or service including customer service and sales 
commissions
� Sellin
g and marketing expenses includes costs for sales and 
marketing personnel and overhead as well as marketing, advertising and 
public relation expenses
� Gen
eral and administrative expenses include costs 
related to central functions, as well as technology and development costs 
for the streaming platform
�
Annual & Sustainability Report 2024
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===== SIDA 39 =====

Note 2 Accounting assumptions and estimates 
The preparation of financial statements in conformity with IFRS requires 
Viaplay Group to make assessments and estimates, and make assumptions 
that affect the application of accounting policies and the reported amounts 
of assets, liabilities, income and expenses
� The e
stimates and associated 
assumptions are based on historical experience and various other factors 
that are believed to be reasonable under the circumstances, the results of 
which form the basis of making the judgements about carrying amounts of 
assets and liabilities that are not readily apparent from other sources
� The 
a
ctual outcome may differ from these estimates and judgements�
The es
timates and underlying assumptions are reviewed on an ongoing 
basis� Re
visions to accounting estimates are recognised in the period in 
which the estimate is revised if the revision affects only that period, or in the  
period of the revision and future periods if the revision affects both 
 current 
an
d future periods� The de
velopment, selection and disclosure of the 
Group’s critical accounting policies, and estimates and the application of 
these policies, and estimates are reviewed by the Audit Committee
�
Key s
ources of estimation uncertainty
Note 12, Intangible assets, contain information of the assumptions and the 
risk factors relating to goodwill impairment
� Not
e 16, Inventories and Note 
18, Prepaid expenses and accrued income contain information on valuation 
of programme rights inventory and prepaid programming
� Litigations an
d 
provisions made are presented in note 21 Provisions�
Goodwill and o
ther intangible assets
Intangible assets, except goodwill and intangible assets with indefinite use-
ful lives, are amortised over their useful lives
� The
se useful lives are based 
on management’s estimates of the period that the assets will generate 
revenue
�
Goodwill and in
tangible assets with indefinite useful lives are subject to 
impairment tests yearly or when triggered by events� The imp
airment review 
requires management to determine the fair value of the cash generating 
units on the basis of cash flow projections and internal forecasts and busi-
ness plans
� For f
urther information, see note 12 Intangible assets�
Programm e rights inventory
The Group accounts for programme rights as inventories� Inv
entories are 
valued at the lower of cost or net realisable value� Net r
ealisable value is the 
estimated selling price in the ordinary course of business, less the estimated 
costs of completion and the estimated cost to make the sale
� 
The Gr
oup’s programme rights inventory are expensed in accordance 
with estimated consumption� The c
onsumption and hence expense pattern 
differs by platform and type of content� The Gr
oup uses several assump-
tions to estimate timing and period for amortisation such as expected 
revenue, expected runs, type of right or license, broadcasting period as well 
as historical consumption pattern
� The e
stimated consumption patterns or 
broadcasting period could change, and, as a result of this, affect net income 
for the period and the financial position
�
Provisions an
d contingent liabilities
A provision is recognised when a present obligation exists as a result of a 
past event, it is probable that economic resources will be transferred, and 
reliable estimates can be made of the amount of the obligation
� In such a 
case, a pr
ovision is calculated and recognised in the balance sheet� 
The Group has long-term contracts particularly with sports rights holders� 
The Group h
as concluded part of the contracts for sport rights for the Nor-
dics market as well as contracts related to the markets the Group is exiting 
(Poland, Baltics and UK) are loss making contracts or so called onerous 
contracts
� Oner
ous contracts are described within IAS 37 as a contract in 
which the unavoidable costs of meeting the obligations under the contract 
exceed the economic benefits expected to be received under it
� Asse
ts 
related to these contracts have been written down and as a second step 
the difference between the expected cash inflows and outflows has been 
provided for at a discounted value
� The pr
eparation of the adjustments 
above requires management to make significant judgements, estimates 
and assumptions
� The e
stimates and associated assumptions are based on 
various factors that are believed to be reasonable under the current circum-
stances
� Ac
tual results may differ from these estimates� 
A con
tingent liability will be disclosed when a possible obligation has 
arisen, but its existence has to be confirmed by future events outside the 
Group’s control, or when it is not possible to calculate the amount
� Realisa
-
tion of any contingent liability which is not disclosed or for which an amount 
is not currently recognised, could have a material impact on the Group’s 
financial position
�
The Group r
egularly reviews significant litigations in order to assess 
the need for provisions� Amon
g the factors considered are the nature of 
the litigation, claims, legal processes and potential level of damages, the 
opinions and views of the legal counsellors, and the management’s inten-
tions to respond to the litigations or claims
� To th
e extent the estimates and 
judgements do not reflect the actual outcome, this could materially affect 
the income for the period and the financial position
� For f
urther information, 
see note 21 Provisions�
Going c
oncern
The Board of Directors have assessed the Group’s ability to continue as a 
going concern based on the Group’s ability to meet its obligations as they 
fall due for at least 12 months after this Annual Report was published
� 
The c onsolidated financial statements for the period ending 31 December 
2024 have been prepared based on the going concern assumption�
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Note 3 Operatin g segments
The Group’s operating segments have been changed with effect from 1 Janu-
ary 2024 in order to reflect the Group’s new business strategy and operating 
struct
ure� Re
sults for prior periods have been restated accordingly�
The reporting reflects the Group’s operational structure and how the 
performance in the Group is internally monitored, reported, and followed up 
upon by the Chief Operating Decision Maker (CODM)
� The CE
O is identified 
as the CODM of the Group�
The Group
’s two operating segments, Core operations and Non-core oper-
ations, are primarily based on its customers’ geographical domicile� 
Rec
onciliation segment reporting 
Group (SEK million)
Core  
operations
Non-core  
operations Total Group
2024 2023 2024 2023 2024 2023
Net sales 17,598 17,332 892 1,235 18,490 18,567
 of which Viaplay 
str
eaming subscription 7,930 7,998 892 1,235 8,822 9,234
Operating expenses 
before ACI and IAC
–17,7 79
–17,243 –980 –2,439 –18,759 –19,682
Operating income 
before ACI and IAC
–181 89 –88 –1,204 –269 –1,115
Associated company 
income (ACI) 151 63
Items affecting 
 comp
arability (IAC) –439 –9,224
Operating income –558 –10,276
Net financial items 766 –247
Tax –102 776
Net income 106 –9,747
Core operations
Core operations includes the Group’s operations related to the Viaplay 
streaming service available in all Nordic countries and Netherlands, pay-TV 
channels in all Nordic countries except Iceland; commercial free-TV channels 
in Sweden, Denmark and Norway; and commercial radio networks and audio 
streaming services in Sweden and Norway
� The s
egment also includes Viaplay 
select operations�
Non-c
ore operations
Non-core operations includes the international markets the Group is exiting, 
i
�e� Polan
d, UK, Baltics and North America� The Gr
oup’s full live sports  
portfolio in the Baltic region has been sublicensed to a third party starting  
1 February 2024
� The UK based Premier Sports business was divested begin-
ning of April 2024 and the North American direct-to-consumer operations 
has been closed do
wn during Q1 2024� Viaplay Gr
oup will exit the Polish 
market in 2025� 
Sale
s by category
As a result of the new strategy the Group introduced a new sales category 
– Sublicensing & other
� Hist
oric figures have been adjusted accordingly� The 
oper
ational follow up of sales by category in the Management reporting differs 
in some respect from the presentation of revenues streams in accordance with 
“IFRS 15 Revenue from Contracts with customers” as presented in Note 4
�
Group (SEK million) 2024 2023
Viaplay streaming subscription 7,930 7,998
Linear channel subscription 4,747 4,531
Advertising 3,491 3,552
Sublicensing & other 1,430 1,251
Net sales, Core operations 17,598 17,332
Viaplay streaming subscription 892 1,235
Net sales, Non-core operations 892 1,235
Total net sales 18,490 18,567
Viaplay streaming subscription
Sales mainly generated by the Viaplay streaming service including subscrip-
tion payments and customers purchasing content on a pay-per-view basis
� 
Viaplay sales ar
e generated directly from end-customers and from distribu-
tor or partner organisations� In the operational follow up, Viaplay streaming 
subscriptions in
cludes certain agreements and partnerships related to the 
Viaplay streaming service� All sales in th
e segment “Non-core operations” are 
classified as Viaplay Streaming subscriptions�
Linear chann
el subscriptions 
Sales generated from the Group’s traditional TV channels and channel 
packages when sold through wholesalers, fees received from distributors for 
carriage of the Group’s TV channels, and other subscription related revenues
� 
Advertising
Advertising and sponsorship sales are generated by the Group’s TV channels, 
radio stations and streaming services
�
Sublicensin
g & other
Sublicensing & other includes sales from the Viaplay Select branded concept 
and other sublicensing as well as external sales generated by the Group’s 
 cont
ent production business�   
S
ales and intangible and tangible assets by geographical area
Sales are shown per geographical area from which the revenue is derived�
Net sales
Intangible and  
tangible assets
Group (SEK million) 2024 2023 2024 2023
Sweden 4,663 5,126 932 1,016
Rest of Nordics 10,935 10,471 807 821
Rest of Europe 2,828 2,884 29 32
Rest of the World 65 86 – –
Total 18,490 18,567 1,768 1,869
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===== SIDA 41 =====

Note 4 Revenue
Accounting principle
Revenue from external customers is mainly derived from sale of subscrip-
tions, advertising and licenses
� The a
ccounting principles for the main 
revenue streams are described in further detail below� 
Adv
ertising revenue
Revenue derived from the sale of advertising space as well as sponsoring� 
Re
venue generated from advertising is generally recognised over time in 
a pattern that best depicts the service performed, i�e� as the a
d is played 
out�
Subscription revenue
The Group generates subscription revenue from subscription fees for 
streaming services and pay-TV
�  
For s
treaming services, the customer pays a fee to access content which 
the customer has subscribed for� Each cus
tomer pays for the streaming 
service in advance on a monthly basis� The s
treaming period usually consists 
of a trial period, during which the customer is not committed to start a 
subscription
� The tr
ansaction price is not allocated to the trial period� The 
per
formance obligation is satisfied over time as the Group provides access 
to the content on the streaming service over a period of time (in practice 
per month)
� Re
venue is generated from direct-to-consumer sale or from 
sales to distributors and partner organisations� The subs
cription contracts 
are mainly without a binding period, with a one-month notice period� Bo
th 
the Group and the customer have the right to terminate the contract, and 
neither party has enforceable rights that period
� 
In addition t
o the streaming service, the customer can add other services 
to the contract such as rental or purchase of films and series� The
se addi-
tional services are treated as separate performance obligations since the 
customer can benefit from these services separately
� Each a
dditional service 
has a separate price and the revenue is recognised at a point in time, i�e 
when the film or s
erie are delivered� 
The Gr
oup’s traditional TV channels and channel packages are sold 
through wholesalers and distributors� Fee
s are received for carriage of the 
Group’s TV channels� The r
evenue from the third party is recognised as 
the customer’s subsequent usage occurs, i�e� the T
V channels or channel 
packages are made available to the end consumer (i�e� per subscriber ea
ch 
month)� Som
e of the contracts with third party distributors includes a fixed 
minimum fee� The fix
ed fee is a minimum consideration for a right to access 
the Group’s channels (i�e� right t
o access intellectual property) and the mini-
mum fee is recognised over the contract period� 
Licens
es and royalty 
A license arrangement establishes the customer’s right related to the 
Group’s intellectual property and the obligation of the Group to provide 
those rights
� The Gr oup is granting licenses to format and broadcasting 
rights� All licens
es are classified as “right-to-use-licenses” and revenue is 
recognised when the license period begins�
Production r
evenue
Revenue in the Group’s studio business is generated by production of films 
and TV series
� The c
ontracts normally consist of one performance obliga-
tion� Re
venue for production of films and TV series is recognised over time� 
As a re
sult of the divestment of Paprika Group in 2024, the production 
revenue is now limited�
Principal or a
gent 
The Group assesses whether it is acting as a principal or agent in all trans-
actions where another party is involved in providing products or services 
to the customer
� In transa
ctions where the Group is acting as an agent, 
revenue is recognised net in the income statement� In transa
ctions where 
the Group is acting as a principal, revenue is recognised gross in the income 
statement
� Ther
e are currently only a few transactions where Viaplay Group 
act as a principal�
Rev
enue from performance obligations satisfied in previous periods
Within pay-TV, third-party distribution fees occur related to third-party 
agreements for end-customers’ usage of TV channels
� This fee is e
stimated 
based on historical data� When th
e actual usage is received an adjustment is 
made for revenue recognised to date�
Unsatisfied per
formance obligations
The Group does not disclose any information regarding unsatisfied perfor-
mance obligations as at December 31, since the performance obligations 
refer to contracts where the contract term is 12 months or less
�
Disaggre
gation of revenue
Group (SEK million) 2024 2023
Revenue streams
Subscription 13,077  13,228 
Advertising 3,440  3,604 
Licenses, royalties and other 1,954  1,319 
Production 19 416
Total 18,490 18,567
Timing of revenue recognition
Over time 16,536  17,248 
At a point in time 1,954 1,319
Total 18,490 18,567
Contract liabilities
Contract liabilities comprise the following types of prepaid income:  
• Prepaid a
dvertising revenue in free-TV and radio, arising when customer 
are invoiced in advance of service delivery� 
• Prepaid subs
cription revenue, as pay-TV customers pay one month in 
advance�
• Prepaid r
evenue related to content production, as revenue is recog nised 
over time�
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Note 6 Other operating income and expenses
Accounting principle
Government grants 
Grants and support from Governments or public authorities are recognised 
when there is reasonable assurance that the company will comply with the 
conditions attached to the grant, and that the grant will be received
� The
se 
types of grants and support were common in the Group’s Studio business, 
which was divested at the beginning of 2024
�
Other oper
ating income and expense within the Group
Other operating income and expenses refers to income and expenses that 
does not derive from the Group’s core operations, such as government 
grants, gains or losses on sale of intangible and tangible assets as well as 
foreign exchange gains or losses on operating receivables and payables
�
Group (SEK million) 2024 2023
Other operating income
Government grants / tax incentives 5 106
Gain from exchange rate differences 70 167
Sublease income 37 36
Other 12 30
Total 124 339
Other operating expenses
Loss from exchange rate differences –80 –116
Other – –1
Total –80 –117
Total other operating income and expenses 44 222
Note 5 Classification by n ature of expense 
A function-based income statement is presented as part of the financial 
statements of the Group� The table belo
w presents how the operating 
expenses are classified based on the nature of expense� 
Group (SEK million) 2024 2023
Net sales 18,490 18,567
Other operating income 204 362
Cost of goods and services –15,868 –24,786
Personnel costs –1,769 –1,969
Depreciation and amortisation –201 –300
Impairment charges – –623
Other external expenses –1,565 –1,590
Share of earnings in associated companies and joint ventures 151 63
Operating income –558 –10,276
Note 4 cont�
Change in contract liabilities
Group (SEK million) 2024 2023
Opening balance 822 897
Reclassification to assets held for sale – –47
Net change in contract liability during the year 375 –28
Closing balance as of 31 December 1,1 9 7 822
The contract liabilities included in the opening balance have been recog-
nised as revenue during the year�
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===== SIDA 43 =====

Note 7 Salaries, other remuneration and social security expenses
Accounting principle
Short-term employee benefits
Short-term benefits to employees are not discounted and are reported as 
an expense when the related services are received
� 
A pro
vision is recognised for the expected cost of bonus or profit-shar-
ing plans when the Group has a present legal or constructive obligation to 
make such payment as a result of services received from employees and can 
make a reliable estimate of the obligation
� 
Pos
t employment benefits 
The Group’s employees are mainly covered by defined contribution pension 
plans
� A defin
ed contribution plan is a post-employment benefit plan under 
which an entity pays fixed contributions into a separate entity and will have 
no legal or constructive obligation to pay further amounts
� The Gr
oup’s 
payments to defined contribution plans are reported as an expense in the 
period when the employee performed the services to which the fee relates
� 
The Gr
oup has defined benefit pension plans in Norway and Sweden� The 
plans r
elate to a few employees and the amount is not material� In Sw
eden 
there is a multi-employer defined benefit plan� The Gr
oup reports these 
pension expenses in the same way as defined contribution plans� 
Termin
ation benefits
Termination benefits are payable when the employment is terminated 
by the Group before the normal retirement date, or when the employee 
accepts voluntary redundancy in exchange for these benefits
� Termin
ation 
benefits are recognised at the earlier of 
i)
 when the Gr
oup can no longer withdraw the offer of those benefits and 
ii)  when the en
tity recognises costs for a restructuring and involves the pay-
ment of termination benefits� 
Shar e-based compensation
The Group may issue equity-settled share-based payments to certain 
employees
� Equit
y-settled share-based payments are measured at fair value 
at the date of grant� The f
air value determined at the grant date is based on 
the Group’s estimate of the number of shares that will eventually vest and 
is expensed on a straight-line basis over the vesting period
� The expens
e is 
reported in the income statement with the corresponding increase in equity� 
The r
elated accrual for social security expenses is remeasured on a quarterly 
basis� 
The curr
ent share-based compensation plan has a three-year vesting 
period and payment depends on the fulfillment of certain stipulated perfor-
mance conditions
� 
Salarie
s, other remuneration and social security expenses
Group (SEK million) 2024 2023
Wages and salaries 1,341 1,595
Social security expenses 242 299
Pension costs 124 161
Share-based payments –8 3
Social security expenses on share-based payments – –6
Total 1,699 2,052
Group (SEK million) 2024 2023
Board of Directors, CEO and Group Executive Team 205 139
 of which variable r
emuneration 118 30
Other employees 1,494 1,913
Total 1,699 2,052
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Note 7 cont�
May 2024–May 2025 May 2023–May 2024
 
Group (SEK thousand)
Remuneration  
for ordinary 
board work
Remuneration  
for work in  
committees Total
Remuneration  
for ordinary 
board work
Remuneration  
for work in  
committees Total
Simon Duffy, chair of the board1 1,570 140 1,710 1,021 146 1,168
Anna Bäck2 540 65 605 – – –
Andrea Gisle Joosen2 540 165 705 – – –
Annica Witschard2 540 65 605 – – –
Didier Stoessel2 540 140 680 – – –
Erik Forsberg2 540 275 815 – – –
Jacques du Puy2 540 140 680 – – –
Katarina Bonde2 540 140 680 – – –
Maxime Saada2 540 65 605 – – –
Pernille Erenbjerg, Chair of the Board1 – – – 836 – 836
Anders Borg – – – 540 205 745
Andrew House – – – 540 205 745
Kristina Schauman – – – 540 203 743
Natalie Tydeman – – – 540 165 705
Total 5,890 1,1 9 5 7,085 4,018 925 4,942
1) Simon Duffy was elected Interim Chair of the Board on July 12, 2023 after Pernille Erenbjerg stepped down from the Board of Directors on this day� On the Ann ual General Meeting on 
May 14, 2024 Simon Duffy was elected as Chair of the Board of Directors� 
2) The Annual gen
eral meeting  on May 14, 2024 resolved to elect Katarina Bonde, Anna Bäck, Simon Duffy, Erik Forsberg, Andrea Gisle Joosen, Jacques du Puy, Maxime Saada,  
Didier Stoessel and Annica Witschard as members of the Board of Directors until the next AGM�
Remuneration to the Group Executive Team
The Remuneration Committee’s evaluation resulted in the conclusion that 
there has been compliance with the guidelines for remuneration to the 
senior executives resolved by the 2024 Annual General Meeting
� 
The R
emuneration Guidelines for the Group Executive Team
The following Remuneration Guidelines (the “guidelines”) were approved 
by the Annual General Meeting 2024 and apply until the Annual General 
Meeting 2028 unless any changes are proposed
� 
The guidelin
es apply to the President & CEO and other members of the 
Group Executive Team (”GET”), currently comprising seven members� The 
in
tention of the Board of Directors (“the Board”) and its Remuneration 
Committee (“the Committee”) is that the guidelines will remain in place for 
four years from the date of approval
� The
se guidelines do not apply to any 
remuneration decided or approved by the general meeting, for example 
share-based long-term incentive plans
� 
Our appro
ach to remuneration
Viaplay Group’s remuneration policy is designed to 
i) drive and reward sustainable Group and individual performance,
ii) be market competitive to attract and retain best-in-class talent, and 
iii) to incentivise the creation of long-term shareholder value in a rapidly 
changing industry
� 
Specifically, our s
trategic priorities and our vision are reflected in the 
design of executive remuneration as set out below: 
•
 Deliver pro
fitable growth: A substantial proportion of remuneration is 
variable and linked to our key drivers of performance� Per
formance mea-
sures in our short- and long-term incentive plans are carefully selected to 
promote growth through stretching and relevant incentive targets
�
• Creat
e long-term shareholder value: Incentive plans are designed to 
reward sustainable Group performance and value creation� Re
sulting 
outcomes are intended to reflect shareholder experience and contribute 
to increased alignment as executives are required to build and maintain a 
significant shareholding in Viaplay Group
� 
• Lead with r
elevant and popular products, generating healthy returns:  
A remuneration structure and mix that provides agility to quickly adapt 
to business needs in a fast-moving industry and highly competitive talent 
market
�
Remun eration to the Board of Directors 
The remuneration to the Board of Directors has been paid in accordance 
with the resolution approved at the 2024 Annual General Meeting (AGM)
� 
The r
emuneration includes fees for ordinary board work and fees for work 
within the committees of the Board� For 2
024, and the period leading up to 
the 2025 AGM, the board fees amount to SEK 7�1m�
Annual & Sustainability Report 2024
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===== SIDA 45 =====

Note 7 cont�
Remuneration guidelines by element
Total remuneration shall be on market terms and may include base salary, 
pension, benefits and performance-linked elements in the form of short-
term (’STI’) and long-term incentive (’LTI’) plans
� The sh
are-related long-
term incentive plans are approved by the annual general meeting and are 
not governed by these guidelines
� A summar
y is included for completeness� 
The table belo
w provides more detail on the individual elements, their pur-
pose and their link to the business strategy� 
Elements Purpose and links to strategy Description and operations
Base salary To recruit, reward and retain executives� Base salar
y shall be fair and competitive reflecting the individual executive’s responsibilities, skills and performance� The B
oard of Directors will consider various factors 
when determining any changes to base salary, including individual contribution, business performance, scope of the role, employee pay across Viaplay Group and align-
ment to similar-sized listed broadcasting, streaming and other entertainment companies�
Pension To pr
ovide local market-competitive pension� Pension arran
gements, including health insurance, shall be competitive and appropriate in context of the market practice in the applicable country of executives’ 
employment or residence and total remuneration� The pension arr
angements shall be provided in the form of a defined contribution or as a cash allowance and shall 
amount to no more than the fixed base salary� Pension arr
angements may evolve year-on-year� Variable cash r
emuneration shall not qualify for pension benefits unless 
required by local legislation�
Bene
fits and  
allowances
Additional tangible or intangible compensation paid
annually that does not fall under base salary, pension,
STI or LTI to provide local market-competitive benefits
and support recruitment and retention
�
Bene
fits shall be competitive and appropriate in context of the market practice in the applicable country of executives’ employment or residence and total remu-
neration� Ben
efits may include but are not limited to company phones, car allowance, travel allowance, tax support, well-being assistance, travel, company gifts, life 
insurance and medical insurance� Premiums an
d other costs for such benefits shall constitute a limited proportion in relation to the total remuneration� Addition
al 
benefits may be provided in specific individual situations, including changes in individual circumstances such as health status and changes in roles such as relocation, if 
considered appropriate
� Any r
esolution on such remuneration shall be made by the Board based on a proposal from the Remuneration Committee (Committe)�
Annual shor
t-term
incentive (STI) plan
To incentivise and reward the achievement of annual financial 
and, when appropriate, non-financial performance measures 
clearly linked to the strategic priorities and sustainable develop-
ment of the Group and the executives’ area of responsibility
�
The maxim
um payment under the STI shall not exceed 150% of base salary� The sa
tisfaction of criteria for awarding STI shall typically be measured over a period of 
one year� The B
oard of Directors, on the recommendation of the Committee, may reduce the performance measurement period to six months of the financial year to 
allow for adaptability to changing company and market conditions� Any such ch
ange will be disclosed and explained in the Remuneration report� The B
oard approves 
the corporate performance measures, targets and relative weightings at the start of each year on the recommendation by the Committee� The B
oard ensures that 
there is strong alignment with the business strategy and that the targets are clear and sufficiently stretching� STIs will als
o take into account the individual executives’ 
performance against pre-determined and measurable objectives within their area of responsibility, determined in consultation with the President and CEO (or, in the 
case of the President and CEO, the Chair of the Board)
� The
se objectives may be functional, operational, strategic and non-financial, including, among others, objec-
tives relating to environmental, social and governance issues� Pa
yment under this plan is made after year-end following the Committee’s and Board’s determination of 
achievement against the annual corporate targets and the achievement of annual individual objectives for the President and CEO� The Pr
esident and CEO determines 
the achievement of annual individual objectives for other executives� The t
erms for the STI shall be structured so that the Committee and Board have the possibility of 
(i) limiting or refraining from paying variable remuneration if such payment is considered unreasonable and incompatible with the company’s responsibility in general 
to the shareholders, employees, and other stakeholders, and (ii) adjusting the targets retroactively for extraordinary circumstances
� Any us
e of such discretion will be 
disclosed and explained in the annual Remuneration report� Fur
thermore, the Committee and the Board have the authority to (i) adjust payments before they are made 
(‘malus’) and (ii) to claw back payments that have already been made if extraordinary circumstances exist, such as financial misstatement, payments based on incorrect 
grounds, reputational damage, failure of risk management or any other circumstances as determined by the Board of Directors
�
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===== SIDA 46 =====

Elements Purpose and links to strategy Description and operations
Long-term 
incentive (LTI)
The LTIP shall be linked to certain pre-determined financial, 
non-financial (including ESG measures) and/ or share- or 
share-price-related performance criteria and shall ensure a 
long-term commitment to the development of Viaplay Group 
and align the senior executives’ incentives with the interest of 
shareholders
�
The LTIP can be deliv
ered in cash or shares� Shar
e-based LTIPs will be resolved upon separately by the Annual General Meeting and therefore excluded from these 
guidelines� Cash
-based plans will have a performance and vesting period of three years� The m
aximum opportunity for GET can amount up to 165% of base salary� 
The t
erms for any cash-based LTIP shall be structured so that the Committee and Board have the possibility to; (i) limit or refrain from paying variable remuneration, if 
such payment is considered unreasonable and incompatible with the company’s responsibility in general to the shareholders, employees and other stakeholders and (ii) 
adjust the targets retroactively for extraordinary circumstances
� Any us
e of such discretion will be disclosed and explained in the annual Remuneration report� Fur
ther-
more, the Committee and the Board have the possibility to (i) adjust payments before they are made (‘malus’) and (ii) to claw back payments that have already been 
made if extraordinary circumstances exist, such as financial misstatement, payments based on incorrect grounds, reputational damage, failure of risk management or 
any other circumstances, as determined by the Board of Directors
�
Extraor
dinary 
 arran
gements
To aid recruitment or retention required to ensure successful 
implementation of the company’s strategy and safeguarding its 
long-term interests
�
By way o
f exception, additional one-off arrangements can be made on a case-by-case basis when deemed necessary, subject to Board approval based on a recommen-
dation from the Committee� Each such arr
angement shall be capped and never exceed two (2) times the individual’s annual base salary� Addition
ally, the Board may, on 
the recommendation of the Committee, consider compensating an individual for remuneration forfeited from a previous employer during recruitment� Such an a
ward 
will take into consideration relevant factors, including the form of the award (cash or shares), performance conditions attached, and the remaining vesting/payment 
period
� Gen
erally, such awards will be made on a comparable basis to those forfeited�
Share o
wnership 
requirement
To ensure that executives build and maintain a significant share-
holding in Viaplay Group and are aligned with the interests of 
shareholders
�
The Pre
sident and CEO and members of GET are required to accumulate Viaplay Group shares over time towards target ownership levels that are based on a percent-
age of net base salary� Tar
get ownership levels: President and CEO: 150% Other members of GET: 75% The Committee has the authority to adjust these requirements 
if  considered appr
opriate in individual cases�
Note 7 cont�
Service contracts and payments upon termination of employment
In general, executive contracts have indefinite duration� How
ever, the con-
tracts may be issued on a fixed-term basis if warranted by certain circum-
stances, such as for interim positions or for executives close to retirement 
age
� Upon termin
ation of employment, the notice period may not exceed 
twelve months� Fixed cash salar
y during the notice period and any sever-
ance pay may combined not exceed an amount equivalent to two years’ 
fixed salary
� In addition, ex
ecutives may be compensated for non-compete 
restrictions invoked post termination� Such c
ompensation shall be based on 
the base salary at the time of notice of termination of employment and be 
awarded during the restriction period which cannot exceed twelve months
� 
Such p
ayment cannot be combined with severance payments�
Remun
eration governance and decision-making
The Board has established a Remuneration Committee� The Committee’s 
tasks include pr
eparing the Board’s decision on guidelines for executive 
remuneration� The B
oard shall prepare a proposal for new guidelines at 
least every four years or in case of material changes to the current policy 
and submit these to the annual general meeting
� The guidelin
es shall be in 
force until new guidelines are adopted by the annual general meeting� The 
C
ommittee shall prepare, for resolution of the Board, remuneration-related 
matters concerning the President & CEO and any proposals on share-based 
or share-related long-term incentive plans in the company
� In addition, 
th
e Committee shall monitor and evaluate programmes for variable remu-
neration for Group Executive Team, the application of the guidelines for 
executive r
emuneration as well as the current remuneration structures and 
compensation levels in the Group� In order t
o avoid any conflict of interest, 
the Committee shall consist of non-executive members only� Rem
uneration 
is managed through well-defined processes ensuring that no individual is 
involved in the decision-making process relating to their own remuneration
� 
Salary and employment terms for the broader population/Group’s 
employees
In preparing and applying these guidelines, the Committee considers the 
pay and conditions elsewhere in the Group, which in turn are informed by 
general market conditions and internal factors such as the performance 
of the Group or relevant business unit
� The C
ommittee regularly consults 
with the President & CEO and the SVP, People & Culture to be mindful of 
employee pay, conditions and engagement across the broader employee 
population
� 
Devia
tion from the guidelines
The Board may temporarily resolve to deviate from the guidelines, in full 
or in part, if in a specific case there is special cause for the deviation and a 
deviation is necessary to serve the Group’s long-term interests, including its 
sustainability, or to ensure the Group’s financial viability
� As se
t out above, 
the Committee’s tasks include preparing the Board’s resolutions in remu-
neration related matters
� This include
s any resolutions to deviate from the 
guidelines� 
Remuneration and terms of employment for the President and CEO in 2024
The remuneration to the President & CEO includes fixed salary, variable com-
ponents in the form of STI and long-term plans, pension in the form of cash 
contribution as a per
centage of fixed salary and other benefits/allowances� 
For 2
024, the base salary was set at SEK 12�57m an
d the maximum STI pay 
out amounts to 100% of the annual base salary� The Pr
esident & CEO has not 
participated in the ongoing share settled incentive plan, LTIP 2022, howev-
er, the maximum LTI eligibility is set at 165% of the annual base salary� The 
Pr
esident & CEO received cash incentives with share purchase requirements� 
The plans ar
e described in detail on page 47� For m
ore detailed information 
regarding the performance targets, please see the Remuneration Report for 
Annual & Sustainability Report 2024
46
About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report

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