===== SIDA 1 ===== Annual & Sustainability Report 2024 ===== SIDA 2 ===== 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. 2 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 3 ===== 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 3 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report3 ===== SIDA 4 ===== 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 4 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 5 ===== 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. 5 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 6 ===== 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 6 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 7 ===== 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 7 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 8 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 9 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 10 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 11 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 12 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 13 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 14 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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% Annual & Sustainability Report 2024 15 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 16 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 17 ===== 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. Annual & Sustainability Report 2024 17 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 18 ===== 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 � Annual & Sustainability Report 2024 18 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 19 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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� Annual & Sustainability Report 2024 20 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 21 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 22 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 23 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 24 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 25 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 26 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 27 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 28 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 29 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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. Annual & Sustainability Report 2024 30 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 31 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 32 ===== 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 32 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 33 ===== 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 33 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 34 ===== 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 34 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 35 ===== 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 Annual & Sustainability Report 2024 35 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 36 ===== 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 36 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 37 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 38 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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� Annual & Sustainability Report 2024 39 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 40 ===== 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 Annual & Sustainability Report 2024 40 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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� Annual & Sustainability Report 2024 41 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 42 ===== 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� Annual & Sustainability Report 2024 42 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 Annual & Sustainability Report 2024 43 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 44 ===== 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 44 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 � Annual & Sustainability Report 2024 45 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== 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 ===== SIDA 47 ===== 2024� A notice of termination period of one year applies for the President & CEO if such no tice is given by the company or the President & CEO respec- tively� The agreement does not provide for any severance pay� Remuneration and terms of employment for other members of Group Executive Team in 2024 The remuneration to the Group Executive Team members included fixed salary, variable components in the form of STI and LTI plans, pension in the form of defined contribution and other benefits/allowances � In addition t o participating in the 2024 Viaplay Group STI plan, Group Executive Team members have participated in a Long-Term Incentive Plan during the year, LTIP 2022 and in a Short-Term Incentive Deferred (STID), that is described on pages 47 and 48 � A no tice of termination period of six to twelve months applies to the Group Executive Team members if such notice is given by the company or the Group Executive Team member respectively � Group Ex ecutive Team At year-end 2024, the Group Executive Team included the President & CEO and seven other executives � The Gr oup Executive Team is described on pages 29–30� Decision proc ess The remuneration to the President & CEO is decided by the Board of Direc- tors on recommendation by the Remuneration Committee � The r emunera- tion policy for the Group Executive Team is determined by the Remunera- tion Committee and the Board � Shor t Term Incentive Deferred (STID) Group Executive Team members participate in the Short-Term Incentive Deferred (STID) plans � The S TIDs are cash award plans with share purchase requirements, replacing LTIP 2023 and LTIP 2024 and covering the employ- ees originally nominated to LTIP, alongside selected new executives and key personnel � The S TID offers participants the same percentage of opportunity as the LTIP, expressed as a percentage of base salary� • STID 20 23 (H2 2023 + H1 2024) is structured into two performance periods, each representing 50% of the total plan� Aft er each six-month performance period, a six-month employment retention period applies� Therea fter the participants are required to invest 50% of the net award in Viaplay Group B-shares and hold them for 12 months, while the remaining 50% is paid in cash six months after the performance period ends � Each c ycle spans over 24 months� • STID 20 24 (H2 2024) represents half of the STID 2023 opportunity as it corresponds to one performance period, and follows the same struc- ture as STID 2023 � Aft er the six-month performance period, a six-month employment retention period applies� Ther eafter the participants are required to invest 50% of the net award in Viaplay Group B-shares and hold them for 12 months, while the remaining 50% is paid in cash six months after the performance period ends � The plan sp ans over 24 months� The Group a ccrues costs for the STID plans over the combined perfor- mance and employment periods, totaling 12 months per plan� Note 7 cont� Remuneration and other benefits to the Group Executive Team Fixed remuneration Variable remu neration Remuneration with share purchase obligation8 Group (SEK thousand) Base salary1 Other benefits2 Pension expense One-year variable³ Multi-year variable4 Total cash remu- neration Extra - or dinary items Multi-year variable 2024 Jørgen Madsen Lindemann, President & CEO 12,566 378 1,256 11,310 9,634 35,144 12,200 9,634 Group Executive Team (10 members, including 3 leavers)5 51,519 712 3,970 20,179 14,567 90,947 20,486 14,567 Total 64,085 1,090 5,226 31,489 24,201 126,091 32,686 24,201 2023 Jørgen Madsen Lindemann, President & CEO, appointed 5 June 2023 7,198 217 610 6,181 1,258 15,464 – 1,258 Anders Jensen, President & CEO, resigned 5 June 20236 13,963 166 1,195 – – 15,324 – – Group Executive Management (15 members, including 6 leavers)7 54,763 1,005 4,525 13,692 2,080 76,065 – 2,080 Total 75,924 1,388 6,330 19,873 3,338 106,853 – 3,338 1) Base salary includes salary during notice period as well as severance pay for GET member s leaving the Group� 2) Other bene fits include car allowance� 3) One-y ear variable refers to STI earned during each of the financial years� 4) The multi- year variable remuneration includes 50% of the STID deferred cash awards, which replaced LTI plans� 5) The 20 24 amounts disclosed for the Group Executive Team, relate to the full period for: Christian Albeck, Lars Bo Jeppesen, Kenneth Andresen, Philip Wågnert, Vanda Rapti and Peter Nørrelund, whereas part of the year for Johan Johansson (from August) � Members lea ving during the year are Enrique Patrickson, Matthew Hooper and My Perrone� The b ase salary includes payment during their notice period as well as severance pay and amounts in total to SEK 25 917t� 6) Base salar y includes 12 month notice compensation after resignation 5 June, corresponding to SEK 9,856t� 7) The 20 23 amounts disclosed for the Group Executive Management relate to the full period for: Matthew Hooper, Enrique Patrickson, Philip Wågnert, My Perrone, Vanda Rapti and Peter Nørrelund � Par t of the year for Kenneth Andresen (from July), Lars Bo Jeppesen (from August) and Christian Albeck (from July)� Members lea ving during the year are Alexander Bastin, Cecilia Gave, Sahar Kupersmidt, Kim Poder, Filippa Wallestam and Mia Suazo Eriksson � The b ase salary includes payment during their notice period as well as severance pay and amounts in total to SEK 18,255t� One o f the leavers provided consultancy services between September 1 2023 to February 29 2024� 8) Remuneration with share purchase obligation includes “Extraordinary items”, referring to a one-off cash investment bonus subject to a 100% net share purchase obligation and a 24-month holding period � It also in cludes a “multi-year variable” component, compro- mising the remaining 50% of the 2023 & 2024 STID plans, which replaced the share- based remuneration of LTI plans and is subject to a 50% net share purchase obligation with a 12-month holding period � Annual & Sustainability Report 2024 47 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 48 ===== Number of share awards outstanding per category 2024 Maximum number of B shares¹ Maximum value (SEKm)² LTIP 2022 LTIP 2021 LTIP 2022 LTIP 2021 President & CEO (Tier 1) – – – – Group Executive Team (Tier 2 and 3) 55,844 – 0�0 – Senior ex ecutives and key employees (Tier 4 and 5) 102,497 – 0�1 – To tal share awards outstanding as of 31 December 2024 158,341 – 0.1 – 1) Representing 100% of the number of shares granted in May 2022� 2) Calculat ed based on a share price of SEK 0,68 on 30 December 2024� Number of share awards outstanding per category 2023 Maximum number of B shares¹ Maximum value (SEKm)² LTIP 2022 LTIP 2021 LTIP 2022 LTIP 2021 Former President & CEO (Tier 1)  48,690   39,215   0�3   0�2  Group Executiv e Management (Tier 2 and 3)  70,249   36,378   0�4   0�2  Senior executiv es and key employees (Tier 4 and 5)  154,461   96,597  0�8   0�5  To tal share awards outstanding as of 31 December 2023 273,400  172, 190   1.4   0.9  1) Representing 100% of the number of shares granted in May 2021 and May 2022� 2) Calculat ed based on a share price of SEK 5�17 on 29 Dec ember 2023� Change in number of share awards outstanding LTIP 2022 LTIP 2021 Share awards outstanding in the beginning of the year 2023 353,209 225,021 Forfeit during the year –79,809 –52,831 Total share awards outstanding as of 31 December 2023 273,400 17 2 ,1 9 0 Share awards outstanding in the beginning of the year 2024 273,400 172,190 Forfeit during the year –115,059 –172,190 Total share awards outstanding as of 31 December 2024 158,341 – Share-based compensation The Group issues equity-settled share-based payments to certain key 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 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 s ocial security costs are revalued on a quarterly basis� The curr ent plan has a three-year vesting period and payment depends on the fulfillment of certain stipulated performance conditions � Lon g-term incentive plan The 2022 Annual General Meeting approved LTIP 2022, a perfor- mance-based, share-based incentive plan for approximately 100 partic- ipants, including the Group Executive Team, senior executives, and key employees � Design ed to attract, retain, and align key talent with shareholder interests, the plan required the CEO and GET (Tiers 1–3) to accumulate shares based on a percentage of net salary � Due to ex ceptional circum- stances, the shareholding requirement was frozen in 2023 but reinstated by the Remuneration Committee in 2024 � The B oard of Directors has decided not to adjust the LTI programs for the increase of shares as a effect of the recapitalisation programme finalised February 2024 � LTIP 20 22 The number of shares that will vest in 2025 depends on two three-year targets tied to profitable growth: (i) Total Shareholder Return (“TSR”) (70% weighting), measuring share price increase and dividends from the 2022 to 2025 AGM, and (ii) Viaplay subscribers (30% weighting), based on paying subscribers by the end of 2024 � Ve sting ranged from 25% at the thresh- old level to 100% at the maximum level� The T SR target ranged from 19% (threshold) to 64% (maximum), while the subscriber target ranged from 8�8 million to 10�4 million� Due to th e new emission of shares, share price development, and the reset of subscription base and the Group´s exit from international markets, the required performance thresholds were not met � As a re sult, the awarded shares under LTIP 2022 will not generate any value for participants� Note 7 cont� Annual & Sustainability Report 2024 48 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 49 ===== Fair value of Long-term incentive plan The fair value for the long-term incentive plan includes adjustments for the TSR development performance conditions at the grant date, using a Monte Carlo model � Cost effects of the incentive programme LTIP 2022 is equity-settled� The initial fair value at grant date of the share pro- gramme, is expensed during the vesting period� The cost for the programme is recognis ed as an operating expense with the corresponding increase in equity� The c ost is based on the fair value of the Viaplay Group Class B share at grant date and the number of shares expected to vest� The c ost recognised for the programmes in 2024 amounts to SEK –8m (3) for LTIP 2021 and SEK 1m (0) for LTIP 2022, excluding social charges� Social ch arges amounted to SEK 0m (6) for LTIP 2021 and LTIP 2022� Ther e were no share rights exercisable at the end of 2024� Dilution If all the share rights awarded to senior executives and key employees as at 31 December 2024 would have been exercis ed, the outstanding shares of Viaplay Group AB (publ) would increase by 158,341 Class B shares, this would not give any material dilution � Note 7 cont� Note 8 Items affecting comparability Items affecting comparability (IAC) refers to material items and events relat- ed to changes in the Group’s structure or line of business, which are relevant to understanding the Group’s development on a like-for-like basis � Sep arate reporting of items affecting comparability provides a better understand- ing of the Group’s underlying result and offers more comparable figures between periods � Group (SEK million) 2024 2023 Exit markets – sports content (Non-core) – –2,650 Write-down and provision – non sports content (Non-core) – –1,484 Impairment of goodwill & write-down of other assets –116 –641 Write-down and provision – non sports content (Core) –27 –2,268 Write-down and provision – sports content (Core) – –1,855 Restructuring and redundancy costs –96 –300 Acquisition and divestments 73 –3 Advisory costs and recapitalisation costs –38 –23 Currency translation effects1 –234 – Total –439 –9,224 Items affecting comparability classified by function Group (SEK million) 2024 2023 Cost of sales –25 –8,302 Administrative expenses –141 –299 Other operating income and expenses –274 –623 Total –439 –9,224 1) Following the recapitalisation process, the Group has not been able to enter curren- cy f orward contracts with its financial counterparties, resulting in a larger share of unhedged currency exposure which have resulted in large deviations and currency effects related to acquired content and US dollar exposure � The Gr oup reports these currency effects as items affecting comparability until the Group can hedge the expo- sure � The Gr oup also reports currency differences arising from the provisions made in 2023 related to onerous contracts as items affecting comparability� Note 9 Financial it ems Group (SEK million) 2024 2023 Interest income 49 66 Total interest income 49 66 Interest expense on borrowings –337 –289 Interest expense, other –13 –13 Total interest expenses –350 –302 Lease interest income 4 5 Lease interest expense –30 –17 Lease net interest –26 –12 Net exchange rate differences 21 2 Interest expenses from discounting –15 – Income from debt write-down1 1,190 – Guarantee facility –108 – Other financial items 5 –1 Other financial items 1,093 1 Net financial items 766 –247 1) The recapitalisation programme included write-down of existing debt obligations of SEK 2, 000m in exchange of 0,5 billion shares� The equit y value of the shares at the date the debt was extinguished totaled SEK 810m and is reported within the Group’s equity and SEK 1,190m is reported as other financial income � Annual & Sustainability Report 2024 49 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 50 ===== Reconciliation of effective tax 2024 2023 Group (SEK million) Tax base Current tax Deferred tax Total Tax Tax base Current tax Deferred tax Total Tax Income before tax – Nominal tax rate, 20�6% 208 – 43 – –43 –10,523 2,169 – 2,169 Share of earnings in associated companies and JVs –151 31 – 31 –63 13 – 13 Non-taxable income –105 24 – 24 –47 10 – 10 Non-deductible expenses 154 –41 – –41 93 –18 – –18 Temporary differences 321 –67 67 – 70 –14 14 – Tax losses, recognised – – – – 3,946 –832 832 – Tax losses, not recognised –222 46 – 46 6,276 –1,308 – –1,308 Tax losses carry-forward, previously recognised 8 –1 1 – –100 21 –21 – Tax losses carry-forward, previously not recognised 194 –48 – –48 282 –68 – –68 Tax losses can’t be used, will be forfeited – – – – 10 –2 – –2 Revaluation of deferred tax – – 5 5 – – 19 19 Revaluation of deferred tax, negative net interest – – –71 –71 – – –21 –21 Effects from foreign tax rates – –1 – –1 – –61 – –61 Prior year adjustment – –3 – –3 – 43 – 43 Total 407 –103 1 –102 –56 –47 823 776 Unrecognised tax losses carry-forward by expiry date Group (SEK million) 2024 2023 Within 1 year – – 1–5 years – – Over 5 years – – No expiry date 6,221 6,171 Total 6,221 6, 171 Accounting principle Tax expenses included current Swedish and foreign corporate income taxes and deferred tax � Curren t tax is calculated based on the taxable result for the year� This can differ t o the income before tax reported in the income statement due to adjustment for non-taxable and non-deductible income and expenses and temporary differences � Curren t taxes are calculated on the basis of the tax regulations prevailing in the countries where the Group companies have operations � Deferr ed tax refers to temporary differences between an asset’s or a lia- bility’s carrying amount and it’s tax base� The de ferred tax asset is calculat- ed based on the tax rates in the respective country� The Gr oup’s tax receivables are recognised to the extent that it is prob- able that taxable profits will be generated, against which the deductible temporary differences can be utilised before the right to use tax loss carryforwards expires � The Gr oup’s assessment of each subsidiary’s future earnings development is based both on reported results in recent years and on improved future profitability prospects � None o f the Group’s loss carryforwards are limited by any expiration date� Distribution of tax expens e Group (SEK million) 2024 2023 Current tax expense –100 –90 Adjustment for prior years –3 43 Total current tax –103 –47 Deferred tax 1 823 Total –102 776 Note 10 Taxe s Unrecognised temporary differences by expiry date Group (SEK million) 2024 2023 Within 1 year – – 1–5 years 66 60 Over 5 years 344 – No expiry date – – Total 410 60 Annual & Sustainability Report 2024 50 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 51 ===== Note 10 cont� Deferred tax is attributable to Group (SEK million) Opening balance 1 Jan 2023 Deferred tax recognised in the P&L Deferred tax recognised in OCI Reclassification to assets held for sale Translation differences 31 Dec 2023 /1 jan 2024 Deferred tax recognised in the P&L Deferred tax recognised in OCI Translation differences Closing balance 31 Dec 2024 Tax losses carried forward 107 823 – –3 – 927 7 – – 934 Intangible assets –204 –2 – 1 3 –202 – – 1 –201 Tangible assets 4 2 – – – 6 1 – – 7 Right-of-use assets –63 –17 – – – –80 4 – – –76 Financial assets –61 17 55 – – 11 – –9 – 2 Inventories 6 –5 – – – 1 –1 – – – Current receivables 4 – – – – 4 –1 – – 3 Provisions 13 2 – –1 – 14 –2 – – 12 Lease liabilities 65 24 – – – 89 –3 – – 86 Current liabilities 7 – – – – 7 –5 – – 2 Untaxed reserves 21 –21¹ – – – – – – – – Total –101 823 55 –3 3 777 1 –9 1 769 of which Def erred tax asset 2 972 974 of which Def erred tax liability –103 –195 –205 1) This refers to unrecognised net interest carry-forward� OECD Pillar Two model rules Viaplay Group is within the scope of the OECD Pillar Two model rules� The Group has m ade calculations based on the financial year 2023 CBCR data (Country by Country reporting) as well as preliminary financial year 2024 CBCR data, which is considered qualified, which shows that all of the Group’s companies, under prevailing conditions, should pass the safe harbor test for 2025 � This means th at none of the Group’s companies should have to pay top up tax in financial year 2025� The Gr oup’s assessment is therefore that the rules will not have a significant impact on the consolidated tax expense� The Group has per 31 December applied the mandatory temporary excep- tion (prescribed by IASB) related to Pillar Two whereby the Group does not recognise or disclose information about deferred tax assets and liabilities related to the enacted Pillar Two rules � Annual & Sustainability Report 2024 51 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 52 ===== Note 11 Earnings per shar e Group (SEK million) 2024 2023 Weighted average number of shares, basic 4, 110,047,635 78,225,962 Net income attributable to the equity holders of the Parent company 106 – 9,747 Basic earnings per share, SEK 0.03 – 124.61 Weighted average number of shares, diluted 4, 110,047,635 78,225,962 of which diluted a verage number of shares – – Net income attributable to the equity holders of the Parent company 106 – 9,747 Diluted earnings per share, SEK 0.03 – 124.61 Potentially dilutive instruments Viaplay Group AB has one outstanding long-term incentive plan from 2022 where the performance conditions are not fulfilled. However the potential dilution is not material. Note 12 Intangible ass ets Accounting principle Intangible assets are carried net after deductions for accumulated amorti- sation according to plan and impairment losses. Amortisation according to plan is normally calculated on a straight-line schedule based on the acquisi- tion value of the asset and its estimated useful life. Goodwill and intangible assets with indefinite lives are tested for impair- ment annually or if triggered by events. Impairment testing of goodwill and other intangible assets with indefinite lives, are based on calculations of the recoverable amount (value in use), using a discounted cash flow model. Impairment tests are made on the total cash generating unit. The intangible assets are classified in the following categories: Asset Amortisation period Goodwill Indefinite lives with impairment tests annually or if triggered by events Trademarks Indefinite lives with impairment tests annually or if triggered by events Capitalised development expenditure 3–10 years Broadcasting licenses and Beneficial rights Estimated amortisation period based on the terms of the license Goodwill Goodwill arising on consolidation represents the excess of the cost of acqui- sition over the Group’s interest in the fair value of the identifiable assets and liabilities of an a cquired business. Goodwill is recognised as an asset and tested for impairment losses at least annually. Any impairment is recognised immediately in the income statement and cannot be reversed. Goodwill aris- ing from acquisition of associated companies and joint ventures is included in the carryin g amount of Participation in associated companies and joint ventures. Trademarks Trademarks are carried at cost less accumulated amortisation and impair- ment losses. Trademarks being part of a purchase price allocation are n ormally judged to have indefinite lives with impairment tests annually or if triggered by events. Capitalised development Expenditure on development activities, aiming at new or substantially improved products and processes, are capitalised if the process is technically and commercially feasible and the Group has sufficient resources to com- plete the development. The development expenditure capitalised includes the direc t costs and, when appropriate, cost of direct labour and an appropri- ate proportion of overheads. Other development expenditures is expensed in the inc ome statement as incurred. Capitalised development expenditures are carried at cost less accumulated amortisation and impairment losses. Broadcasting licenses and beneficial rights Acquired broadcasting licenses and beneficial rights are carried at cost less accumulated amortisation and impairment losses. Beneficial rights have been fully amortised at year end 2024. Cash generating units The Group has two cash generating units, Core and Non-core operations which correspond to the Core and Non-core operating segments. Good- will and trademarks with indefinite life, in total SEK 1,520m (1,528), is fully attributable to the core operations. Non-core operations carry no intangible assets, since the goodwill of SEK 484m attributable to the Non-core opera- tions was fully impaired in 2023. Annual & Sustainability Report 2024 52 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 53 ===== 2024 2023 Group (SEK million) Goodwill Trade- marks Capitalised develop- ment Broad- casting licenses Total other intangible assets Goodwill Trade- marks Capitalised develop- ment Broad- casting licenses Total other intangible assets Acquisition values Opening balance 2,952 235 478 409 1,122 3,702 268 590 509 1,367 Investments during the year – – 17 – 17 – – 113 – 113 Sales and scapping during the year – – – – – –239 –12 –222 –93 –327 Reclassification to assets held for sale – – – – – –492 –5 –3 – –8 Translation differences –3 –5 – – –5 –19 –16 – –7 –23 Closing balance as of 31 December 2,949 230 495 409 1,1 3 4 2,952 235 478 409 1,1 2 2 Accumulated amortisation and impairment Opening balance –1,659 – –412 –292 –704 –1,897 –12 –378 –345 –735 Sales and scrapping during the year – – – – – 239 12 221 93 326 Amortisation during the year – – –40 –45 –86 – – –118 –48 –166 Impairment losses during the year – – – – – –484 – –138 – –138 Reclassification to assets held for sale – – – – – 450 – 2 – 2 Translation differences – – – – – 33 – –1 8 7 Closing balance as of 31 December –1,659 – –452 –337 –790 –1,659 – –412 –292 –704 Carrying amount As of 1 January 1,293 235 66 117 418 1,805 256 212 164 632 As of 31 December 1,290 230 43 72 345 1,293 235 66 117 418 Note 12 cont. Amortisation by function Group (SEK million) 2024 2023 Cost of sales –75 –153 Selling and marketing expenses –1 –2 General and administrative expenses –10 –11 Total –86 –166 Impairment by function Group (SEK million) 2024 2023 Items affecting comparability – –622 Total – –622 Impairment test The impairment tests are carried out on a regular basis, annually or when triggered by events. Impairment testing of goodwill and other intangible assets with indefinite lives, are based on calculations of the recoverable amount (value in use), using a discounted cash flow model. Viaplay Group has goodwill and trade- marks with indefinite lives amounting to SEK 1,520m (1,528) allocated to the cashgenerating unit Core operations. Imp airment tests are made on the cash generating unit Core operations. The cash flows of the cash generating units are discounted at a pre-tax interest of 15% (15) considering the cost of capital, territory, the economic environment and risk. The model involves key assumptions such as sales, growth rates, sales prices and cost growth together with working capital requirements. These cash flow projections, calculated over a five-year peri- od, are based on actual operating results, forecasts and financial projec- tions, using historical trends, general market conditions, industry trends and other available information. After the five-year period, a growth rate of 1% (1) is applied. According to the impairment tests carried out 2024, no impairment has been recognised. During 2023 the impairment test recognised an impair- ment loss for goodwill of SEK –484m related to the Non-core operations. Furthermore, an impairment loss for capitalised development cost of SEK –138m was recognised in 2023 for this cash generating unit. Sensitivity impairment test The operations, which do not indicate an impairment requirement, have such a margin that reasonably possible adverse changes in individual parameters would not cause the value in use to fall below the carrying amount. However, cash flow projections are by their nature more uncertain and may also be influenced by factors outside the control of the Group. Such factors could be political risks and general market conditions, which might quickly deteriorate for example due to a financial crisis. Annual & Sustainability Report 2024 53 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 54 ===== Note 13 Tangible assets Accounting principle Tangible assets are reported at cost less accumulated depreciation and any write-downs. Depreciation is normally calculated using the straight-line method over the asset’s estimated useful life. Where parts of an item of machinery and equipment have different useful lives, they are accounted for as separate items of machinery and equipment. Machinery and equipment are depreciated over a period of three to five years. Equipment, tools and installations Group (SEK million) 2024 2023 Acquisition value Opening balance 570 558 Investments during the year 27 47 Sales and scrapping during the year –5 –13 Reclassification to assets held for sale – –14 Translation differences 2 –8 Closing balance as of 31 December 594 570 Accumulated depreciation and write-downs Opening balance –412 –384 Sales and scrapping during the year 5 13 Depreciation during the year –52 –55 Write-downs during the year – –1 Reclassification to assets held for sale – 12 Translation differences –2 3 Closing balance as of 31 December –461 –412 Carrying amount As of 1 January 158 174 As of 31 December 133 158 Depreciation by function Group (SEK million) 2024 2023 Cost of sales –41 –32 General and administrative expenses –12 –23 Total –52 –55 Write-down by function Group (SEK million) 2024 2023 General and administrative expenses – –1 Other operating income and expenses – – Total – –1 Annual & Sustainability Report 2024 54 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 55 ===== Note 14 Share s and participations in Group companies Group companies The following companies are included in the Group. Share capital and voting rights represent 31 Dec 2024. Shares and participations in Group companies as at 31 December 2024 Company name Co. Reg.no. Registered office Share capital, % Voting rights, % Kilohertz AB 556444-7158 Sweden 100 100 Matador Film AB 556793-6637 Sweden 100 100 Viaplay Group International AB 556840-9287 Sweden 100 100 Viaplay Group JV Holding AB 559480-6605 Sweden 100 100 Viaplay Group Radio AB 556365-3335 Sweden 100 100 Viaplay Group Radio Sales AB 556490-7979 Sweden 100 100 Viaplay Group Services AB 556711-0290 Sweden 100 100 Viaplay Group Sweden AB 556304-7041 Sweden 100 100 Viaplay Group Sweden Holding AB 556057-9558 Sweden 100 100 Viaplay Studios AB 556264-3261 Sweden 100 100 Viaplay Studios Sweden AB 556783-6704 Sweden 100 100 Epiq Films Aps Denmark 100 100 Viaplay Group Denmark A/S Denmark 100 100 Viaplay Group Denmark Sport A/S Denmark 100 100 Viaplay Group Finland Oy Finland 100 100 Viaplay Group Norway AS Norway 100 100 P4 Radio Hele Norge AS Norway 100 100 P5 Radio Halve Norge AS Norway 100 100 Viaplay Studios Norway AS Norway 100 100 Viaplay Group Poland sp. z o.o. Poland 100 100 Viaplay Group Spain Technology, S.L.U Spain 100 100 Viaplay Group Netherlands B.V. The Netherlands 100 100 Viaplay Group UK Limited United Kingdom 100 100 Viaplay Group US Inc. USA 100 100 During the year Paprika Holding AB including its direct and indirect subsidiaries as well as Viaplay Group UK Sports Ltd and Viaplay Group Ireland Limited (previously Premier Sports) have been divested. Annual & Sustainability Report 2024 55 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 56 ===== Note 15 Associat ed companies and joint ventures Note 16 Inv entories Accounting principle Programme rights purchased for the Group’s platforms are accounted for as inventory. Programme rights are recognised as inventory when the licence period has begun, the programme itself is available for its first broadcast, the cost of the programme is known, and the programme content has been approved. Inventories are valued at the lower of cost or net realisable value. Net realisable value is the estimated selling price in the ordinary course of busi- ness, less the estimated costs of completion and the estimated cost to make the sale. Programme rights are expensed based on historic and expected viewing. For the Group’s Subscription video on-demand (SVOD) and pay-TV services, its scripted content are expensed on an accelerated basis with a larger part of the cost charged in the first year and the remaining part over the licence period or a maximum of 5 years. Acquired programme rights for SVOD are expensed evenly over the licence period or a maximum of 6 years. Pro- gramme rights for free-TV are expensed in accordance with the estimated broadcasting period. Programme rights invoiced, where the licence period has not started and the programme cannot be reported as inventory, is reported as prepaid programming expenses. Sports rights are recognised when the contractual period starts or when an advance payment is made. Sports rights are held as prepaid program- ming expenses and not as inventory as the programme is not available to broadcast in advance. Sports rights are expensed over the tournament sea- son, over a twelve months period or directly if the right refer to an one-off sports event. Future payment commitments in respect of contractual programme rights or sports rights that have not yet been accounted for as inventory or pre- paid programming expenses are disclosed as Future payment commitments, see note 25. Allente, income statement (condensed) 100% of operations (SEK million) 2024 2023 Net sales 6,548 6,610 EBITDA before IAC 996 874 Depreciation and amortisation –510 –513 Operating income before IAC 486 361 Items affecting comparability –17 –30 Operating income 469 331 Financial items –105 –128 Tax expense –59 –69 Net income for the year 305 134 Other comprehensive income for the year 31 177 Total comprehensive income for the year 336 311 Viaplay Group’s 50% share of net income amounts to SEK 152m (67). Allente, balance sheet (condensed) 100% of operations (SEK million) 2024 2023 Non-current assets 3,981 4,403 Cash and cash equivalents 1,001 489 Other current assets 1,393 1,690 Total assets 6,375 6,582 Equity 2,242 2, 169 Borrowings 1,787 2,100 Other non-current liabilities 197 333 Current liabilities 2,149 1,980 Total liabilities 4, 133 4,413 Total equity and liabilities 6,375 6,582 Net debt 807 1,626 Participation in associated companies and joint ventures Group (SEK million) 2024 2023 Opening balance 1,093 1,246 Share of earnings 151 63 Dividend –101 –100 Divestment¹ –4 –29 Translation differences –15 –87 Closing balance as of 31 December 1,1 24 1,093 1) NSR Scandinavia AB was divested in December 2024. Previous year Airtime Sale AB was divested in April and Filmnation TV UK Ltd in October 2023. Share of equity Group, % 2024 2023 Allente Group AB, Stockholm 50 50 Other 25–50 25–50 Carrying amount Group (SEK million) 2024 2023 Allente Group AB, Stockholm 1,121 1,084 Other 3 9 Total 1,1 24 1,093 Allente Viaplay Group and Telenor Group each own 50% of the shares in Allente Group AB. This joint venture was established in May 2020 when Viasat Con- sumer, Viaplay Group’s satellite pay-TV and broadband-TV business, was combined with Canal Digital, Telenor Group’s satellite pay-TV business. Viaplay Group reports its 50% share of Allente’s net income as income from associated companies and joint ventures within its operating income. Annual & Sustainability Report 2024 56 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 57 ===== Note 16 cont. Programme rights Group (SEK million) 2024 2023 Opening balance 2,911 5,204 Additions during the year 1,808 2,047 Expensed during the year –2,513 –3,312 Write-downs during the year –69 –2,402 Reclassification from prepaid programming 107 1,374 Closing balance programme rights as of 31 December 2,244 2,911 of which carried at cost 1,808 2,315 of which carried at net realisable value 436 596 Note 17 Accounts receivable Accounts receivable Group (SEK million) 2024 2023 Gross accounts receivable 1,279 1,117 Allowances for expected credit losses –63 –33 Total 1,216 1,084 Note 18 Prepaid expens es and accrued income Prepaid expenses and accrued income Group (SEK million) 2024 2023 Prepaid personnel expenses 1 1 Prepaid production expenses 13 5 Prepaid funding fees 53 – Other prepaid expenses 110 196 Total prepaid expenses 177 202 Allowance for expected credit losses Group (SEK million) 2024 2023 Opening balance 33 49 Provision for potential losses 33 23 Actual losses –3 –18 Reversed write-offs – –20 Translation differences – –1 Closing balance as of 31 December 63 33 Aging analysis of accounts receivable Group (SEK million) 2024 2023 Not due 775 915 Due, 30–90 days 293 153 Due, > 90 day s 211 49 Total 1,279 1,117 The credit risk is diversified among a large group of customers. The credit risk is assessed based on historical data. The recognised values are judged to be a reasonable approximation of the fair values. Group (SEK million) 2024 2023 Accrued advertising income 49 50 Accrued subscription income 816 647 Accrued production income – 5 Accrued license and royalty income 361 244 Other accrued income 8 4 Total accrued income 1,234 950 Total prepaid expense and accrued income 1,411 1,15 2 Prepaid programming Group (SEK million) 2024 2023 Opening balance 6,647 6,349 Additions during the year 11,809 15,075 Expensed during the year –11,977 –11,350 Write-down during the year – –1,973 Reclassification to inventories –107 –1,374 Reclassification to assets held for sale – –79 Revaluation during the year –35 – Translation differences 6 –1 Closing balance as of 31 December 6,343 6,647 Note 19 Assets h eld for sale At year-end 2023 the UK operations (previously Premier Sports) and Paprika Group are classified as assets held for sale. In January 2024 Paprika Group were divested and the UK operations were divested in April 2024. Annual & Sustainability Report 2024 57 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 58 ===== Note 20 Shareh olders’ equity Accounting principle Payment of capital to the owners Repurchase of own shares are recognised as a deduction from equity. Proceeds from the disposal of such equity instruments are recorded as an increase in equity and any transaction costs are reported directly in equity. Dividends are recognised as liabilities after the AGM has approved the dividend. Shares The holder of a Viaplay Class A share is entitled to 10 voting rights, the holder of a Viaplay Class B and Viaplay Class C share one voting right. Class C shareholders are not entitled to dividend payments. The quota value is SEK 0.06 per share. Number of issued shares Group Class A Shares Class B Shares Class C Shares Total Number of shares as at 31 December 2023 531,536 77,701,208 889,500 79,122,244 Share issue (directed issue, rights issue and debt-to equity issue) – 4,500,000,000 – 4,500,000,000 Shares as of 31 December 2024 531,536 4,577,701,208 889,500 4,579, 122,244 Of which treasury shares – –6,782 –889,500 –896,282 Shares excl treasury shares as of 31 December 2024 531,536 4,577,694,426 – 4,578,225,962 Net assets held for sale Group (SEK million) 2023 Non-current assets 58 Accounts receivable and other receivables 525 Cash and cash equivalents 27 Assets held for sale 610 Interest-bearing liabilities 1 Accounts payable and other payables 446 Liabilities related to assets held for sale 447 Net assets 163 Note 19 cont. Out of the totally issued shares, 6,782 (6,782) Class B shares and 889,500 (889,500) Class C shares are held as treasury shares. The directed issue, rights issue and the debt-to-equity issue approved at the extraordinary general meeting of Viaplay Group on 10 January 2024 was finalised 9 February 2024 and generated, net after transaction costs, proceeds of SEK 3,604m. Total transaction costs amounted to SEK 396m of which SEK 125m was related to the share issue and is reported within the Group’s equity. The residual of the transaction costs, SEK 271m, related to the refinancing of the Group and is partly reported as prepaid borrow- ing costs (SEK 244m) and as a part of borrowings (SEK 27m) and will be expensed over the maturity period of the debt financing. The recapitalisation programme included write-down of existing debt obligations of SEK 2,000m in exchange of 0.5 billion shares. The equity val- ue of the shares at the date the debt was extinguished totalled SEK 810m and is reported within the Group’s equity and SEK 1,190m is recognised as other financial income within finance net in the Group’s income statement. Pursuant to the conditions for the financing agreements under the 2024 recapitalisation programme, Viaplay may not during the term of such financ- ing make any dividend or other transfer of value such as repurchasing of own shares (if such repurchase is for any other reason than management share-based incentive programs, and exceeds a yearly amount of SEK 25m). Share capital As a result of the recapitalisation programme Viaplay Group’s share capital increased from SEK 158 m to SEK 275 m. Group (SEK million) 2024 2023 Opening balance 158 157 Reduction of share capital –153 – New share issue, Class C-shares (680,000) – 1 New share issue, Class B-shares (4,000,000,000) 240 – Debt to equity issue, Class B-shares (500,000,000) 30 – Closing balance as of 31 December 275 158 Other paid-in capital / Share premium reserve The paid-in capital arises when shares are issued at a premium, i.e. shares were paid at a higher price than the quota value. Group (SEK million) 2024 2023 Opening balance 4,282 4,282 Share issue 3,760 – Debt to equity issue 780 – Transaction costs –125 – Closing balance as of 31 December 8,697 4,282 Annual & Sustainability Report 2024 58 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 59 ===== Translation reserve Translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations to Swedish krona in the consolidated accounts. Group (SEK million) 2024 2023 Opening balance –7 76 Translation differences for the year –49 –83 Closing balance as of 31 December –56 –7 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Hedging positions are taken to protect the Group against the effects of transaction exposures in the con- tracted outflow for the main part of programme acquisitions in foreign cur- rency. During 2024 the Group has not had the possibility to hedge by using currency forward contracts. Hedging positions are also taken to protect the Group against the interest rate risk origniated from the variable interest on the bonds. For 2024 the closing balance of the hedge reserve comprise solely of interest rate swaps. Group (SEK million) 2024 2023 Opening balance –37 136 Cash flow hedges, net of tax 33 –174 Closing balance as of 31 December –4 –37 Retained earnings Retained earnings comprise of previously earned income. Note 20 cont. Note 21 Pro visions Accounting principle A provision is recognised when the Group has a present legal or construc- tive obligation as a result of a past event, and it is probable that an outflow of economic resources will be required to settle the obligation and the amount can be reliably estimated. If the effect of the timing of the payment is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the antici- pated liability. When there is a contract that is onerous, the obligation under the con- tract shall be recognised as a provision. An onerous contract is a contract in which the unavoidable costs of meeting the obligation under the contract exceed the economic benefit expected to be received under the contract. Provision for restructuring The operational and organisational changes initiated in 2023 resulted in a restructuring programme. During 2024 additional restructuring provision have been made. Provision for onerous contracts In 2023 the Group recognised provisions for onerous contracts related to Sports and non-sports content. During 2024 the provision for the onerous contracts have been partly utilised. Provision for royalties The Group pays compensation for the music used in the Group’s productions to the holders of music rights. As the final compensation is unknown at the end of the period, the best estimate of cost is reported. Change in provisions 2024 2023 Group (SEK million) Restructuring Onerous contracts Royalties and other Total Restructuring Onerous contracts Royalties and other Total Openin g balance 80 3,486 465 4,031 28 – 170 198 Provisions during the year 100 – 145 245 295 4,048 629 4,972 Used during the year –114 –816 –443 –1,373 –233 –186 –318 –737 Reversed during the year –21 – –9 –30 –9 – –12 –21 Revaluation during the year – – – – – –287 19 –268 Discounting during the year – 15 – 15 – – – – Translation differences 1 135 1 137 –1 –89 –23 –113 Closing balance as of 31 December 46 2,820 159 3,026 80 3,486 465 4,031 of which long-t erm – 1,882 71 1,954 1 3,051 182 3,235 of which shor t-term 46 938 88 1,072 79 435 283 797 Annual & Sustainability Report 2024 59 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 60 ===== Note 22 Accrue d expenses and prepaid income Group (SEK million) 2024 2023 Accrued personnel expenses 347 312 Accrued production expenses 77 85 Accrued distribution expenses 11 12 Accrued royalty expenses 125 87 Accrued marketing expenses 81 58 Other accrued expenses 189 171 Total accrued expenses 830 725 Prepaid advertising income 50 34 Prepaid subscription income 706 612 Prepaid production income – – Prepaid license and royalty income 441 176 Other prepaid income 3 6 Total prepaid income 1,200 828 Total accrued expenses and prepaid income 2,030 1,553 Annual & Sustainability Report 2024 60 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 61 ===== Capital management The primary objective of the Group’s capital management is to ensure financial stability, manage financial risks and secure the Group’s short-term and long-term need of capital. The Group defines its capital as equity and financial borrowings as stated in the balance sheet. The Group manages its’ capital structure by issuing new shares or raising new debt. The new loan agreements include terms and restrictions that limits the Group’s ability to make capital structure changes. The Group monitors capital efficiency using different ratios. Financial risk management In addition to business operational risks, the Group is exposed to vari- ous financial risks in its operations. Important financial risk are the risk of breaking financial covenants in loan agreements, followed by refinancing-, currency-, credit- and interest rate risk. The risks during 2023–2024 were regulated by the financial policy adopted by Viaplay Group’s Board of Directors in 2023. The Group’s financial policy constitutes a framework of guidelines and rules for financial risk management and financial activities in general. The policy is subject to a yearly review. The Group financial risks are continuously compiled and followed up at corporate level by the Group’s treasury function to ensure compliance with the financial policy. The treasury function is responsible for managing the financial risks. It is aimed to limit the Group’s financial risks, and ensure that the Group has appropriate and secure financing for its current needs, as well as ensuring compliance with the loan agreements. Liquidity in the Group is concentrated with the Group’s treasury function and in local cash pool. Credit risk Credit risk is defined as the risk that the counter party in a transaction will not fulfill its contractual obligations, and any collateral will not cover the claim of the Group. The credit risk in the Group consists of financial credit risk and customer credit risk. Financial credit risk is the risk arising for the Group in its relations with financial counterparties. The management of the financial credit risk is regu- lated in the Group’s financial policy, which contains a framework of risk limits for extern al counterparties based on credit ratings. Bilateral agreements or standardised ISDA agreements are signed with all counterparties involved in foreign exchange transactions and interest rate swaps. Transactions are carried out within fixed limits and exposures are continuously monitored. The Group’s customer credit risk is spread over a large number of custom- ers, both private individuals and companies. Based on historical data, the Group asse sses that as of the balance sheet date there is no need for write- downs of accounts receivable that are not yet due. The majority of outstand- ing accounts receivable relate to previously known customers with strong credit wor thiness. See also note 17 Accounts receivable. The Group’s exposure to credit risk amounted to SEK 2,340m (3,911) on 31 December of which SEK 0m (96) was included in assets held for sale. The exposure is based on the carrying amount of the financial assets, the major part comprising cash and cash equivalents. Liquidity risk Liquidity risk is the risk of not being able to meet the need for future fund- ing requirements. The Group’s sources of funding are primarily sharehold- ers’ equity, cash flows from operations and borrowing. To reduce the refi- nancing risk the Group strives for a close cooperation with lenders and long maturity tenors, and normally initiates refinancing of all loans 12 months before maturity. External borrowing is managed centrally in accordance with the Group’s financial policy. Loans are raised by the Parent company, and the cash is placed in the Group’s cash pool where the liquidity is shared with subsidiaries. There are currently no subsidiaries with external loans and/or overdraft facilities connected directly to these companies. At 31 December the Group had blocked accounts amounted to SEK 28m which was included in ‘Other current receivables’ in the balance sheet. In February 2024 the Group completed a recapitalisation, including a debt write-down and debt-to-equity swap reducing the debt by a total of SEK 2,000m. At the same time the maturities were extended to 2028. At the balance sheet date, the Group has outstanding interest-bearing debt totalling SEK 2,058m (7,250). The debt consists of three corporate bonds totalling SEK 1,034m maturing December 2028, three term loans totalling SEK 825m maturing June 2028 and a utilised portion of SEK 200m of the Group’s syndicated credit facility. The full frame of the credit facility includ- ing unutilised commitment is SEK 3,392m, maturing in June 2028. Addi- tionally, the Group has a trade finance facility for bank guarantees where the participating banks commit to issue certain bank guarantees until June 2028. All facilities except the corporate bonds are subject to financial covenants, the covenants are the same for all debt and are based on EBITDA and liquidity. Terms and limitations exist in addition to the financial covenants. Covenants and terms are significant and regulate the flexibility with which the Group may operate under the agreements. All loans have 3-month Stibor interest plus a margin. The Group has two interest rate swaps maturing in January 2025 and March 2027 respectively. The Group’s former supplier financing programme, where content pro- duction companies used factoring of invoices to Group companies, amounts to SEK 55m (965). The invoices under this programme are accounted for as accounts payable. The net debt includes lease liability net of SEK 284m (295), prepaid refi- nancing costs amortised over the term of the respective funding SEK 216m, and accrued interest expense for exit fees payable at the end of the funding period SEK 27m. The funding fees in 2024 have been accrued as if the loans are carried to maturity, a potential earlier refinancing would therefore incur an extra cost for fees not accrued or amortised. Note 23 Financial ins truments and financial risk management Annual & Sustainability Report 2024 61 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 62 ===== Terms and payback period Interest rate Carrying amount including accrued interest Recapi- talisation amoun ts1 Maturity within¹ Group (SEK million) Total 1 year 1–2 years Over 2 years 2024 Bond loans 6.34% 1,053 – 1,338 68 63 1,207 Term loans 7.08% 836 – 1,036 65 56 915 Utilised facility (RCF) 7.16% 201 – 204 204 – – Unutilised facility (RCF) 1.84% 12 – 242 68 63 111 Trade finance facility 1.50% 22 – 373 111 111 151 Interest rate swaps 3.42% 8 – 8 4 3 1 Lease liabilities 376 – 448 108 111 229 Accrued programming expenses 1,558 – 1,558 1,558 – – Accounts payable 3,008 – 3,008 3,008 – – Total 7,074 – 8,215 5 ,1 9 4 407 2,614 1) The interest have been calculated using the current interest rates on 31 December. The liabilities have been included in the period when repayment may be required at the earliest. Interest rate Refinanced1 Carrying amount including accrued interest Recapi- talisation amoun ts1 Post recapitalisation Maturity within¹ Group (SEK million) Total 1 year 1–2 years Over 2 years 2023 Bond loans 5.76% 7.87% 1,958 –917 1,455 115 67 1,273 Bond/bilateral loan 4.99% 8.21% 1,314 –475 1,127 96 59 972 Bank loans 5.87% 8.62% 4,032 –608 3,834 3,566 63 205 Trade finance facility 0.40% 1.50% – – 592 242 100 250 Interest rate swaps 7 – 1 –5 3 3 Currency forwards 67 – 67 67 – – Lease liabilities 291 – 318 70 60 187 Accrued programming expenses 1,910 – 1,910 1,910 – – Accounts payable 4,025 – 4,025 4,025 – – Liabilities included in assets held for sale 77 – 77 77 – – Total 13,681 –2,000 13,406 10, 163 352 2,890 1) Forward looking interest and future payments based on the interest rates, estimated funding fees and capital amounts after the recapitalisation in February 2024. Note 23 cont. Net debt Group (SEK million) 2024 2023 Short-term borrowings 200 4,700 Long-term borrowings 1,858 2,550 Total financial borrowings 2,058 7,250 Prepaid borrowing expense 189 – Cash and cash equivalents 1,040 2,542 Cash and cash equivalents included in assets held for sale – 27 Financial net debt 829 4,681 Lease liabilities 376 401 Lease liabilities included in liabilities related to assets held for sale – 4 Sublease receivables 92 110 Total lease liabilities net 284 295 Net debt 1,11 3 4,976 Cash pool overdraft facilities 53 54 of which utilised – – R evolving credit facilities 3,392 4,000 of which utilised 20 0 4,000 Debt by due date Group (SEK million) 2024 2023 Amount due for settlement within 12 months 200 4,700 Amount due for settlement within 13 to 38 months 1,858 2,550 Total 2,058 7,250 Annual & Sustainability Report 2024 62 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 63 ===== Net of hedges and forecasted transaction exposures for the next 12 months 31 Dec 2024 31 Dec 2023 Group (SEK million) USD EUR DKK NOK GBP PLN USD EUR DKK NOK GBP PLN Transaction flows –2,686 –7,431 3,775 2,738 –813 159 –3,327 –7,451 3,468 2,743 –518 503 Hedges due in 12 months – – – – – – 2,522 – – – 177 – Net transaction flows –2,686 –7,431 3,775 2,738 –813 159 –805 –7,451 3,468 2,743 –341 503 Effect if SEK falls 5% –134 –372 189 137 –41 8 –40 –373 173 137 –17 25 Market risks Interest rate risk Interest rate risk is the risk that changes in the market interest rates will adversely affect cash flow, financial assets and liabilities. The Group is exposed to interest rate risk through loans, derivatives, other financial assets and utilised interest-bearing credit facilities. The Group’s financial policy aims to gain financial flexibility through a balanced mix between variable and fixed interest rates and spreading maturities to match funding needs. During 2023– 2024, the weighted average interest rate period was less than two years. The Group has an interest rate swap with a nominal value of SEK 300m, fixing the interest of the term loans until 2027 to 3.4% and an interest rate swap with a nominal value of SEK 700m fixing the interest of the term loans until January 2025 to 3.4%. The swaps have a combined carrying amount of SEK –8m (–7) of which SEK –1m (1) is accrued interest and SEK –5m (–5) is fair value adjustment to OCI and SEK –3m (–3) fair value adjustment to profit and loss. Cash and cash equivalents amounted to SEK 1,040m (2,569) including SEK 0m (27) of cash in assets held for sale. The average interest rate period on these assets was around 0 month. An increase of market rates of 1% would increase the interest cost by approximately SEK 13m. A 1% decrease would reduce the interest expense by approximately SEK 13m. Of the SEK 13m, SEK 16m is from borrowing including interest rate swaps, and SEK –3m from cash and cash equivalents. Currency risk Currency risk is the risk that fluctuations in exchange rates will adversely affect the income statement, balance sheet and/or cash flows. The risk can be divided into transaction exposure and translation exposure. Transaction exposure Transaction exposure arises when inflow and outflow in foreign currencies are not matched. The transaction exposure in the Group occurs when the subsidiaries have external and internal transactions in currencies other than the subsidiary’s functional currency. According to the Group’s financial policy the Group shall hedge the major contractual future currency flows ahead of next year, provided there are hedging facilities which do not put the Group’s available liquidity at risk or incur unreasonably high costs. Note 23 cont. Due to the recapitalisation process the Group has not been able to enter into currency forward contracts with its financial counterparties during 2024. The Group’s treasury department strives to match inflows and outflows in the same currency to take advantage of natural hedges. Hedging is per- formed to protect the Group against the effects of transaction exposures in relation to the contracted outflows for sports rights and content acquisi- tions mainly paid in Euro and US dollars. At the balance date the contracted USD outflows related to programme acquisitions for the next 12 months are not hedged. The hedging reserve at year-end amounted to a total of SEK 0m (–37), net of tax. Derivative instruments The Group has used forward contracts to hedge its exposure to foreign exchange arising from operational activities, and currency swaps to match the timing of foreign exchange flows. Cash in corresponding currencies may also be used to hedge currency exposures instead of derivative currency instruments. The effective part of the gain or loss in the cash flow hedge is recognised in other comprehensive income with the aggregated changes in value in the hedge reserve in equity. When the forecasted transaction results in the recognition of programme inventory, the cumulative gain or loss is removed from equity and included in the initial cost of inventory. The Group uses interest rate swaps to hedge its exposure to variable three months Stibor interest on bonds. Valuation of future cash-flows is recognised in other comprehensive income with the aggregated changes in value in the hedge reserve in equity. Derivatives that do not qualify for hedge accounting are accounted for as financial instruments valued at fair value through profit and loss. This includes the part of the interest swaps matching the part of corporate Bonds that were written down in February 2024. Annual & Sustainability Report 2024 63 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 64 ===== The effect of a change in the currency rate by 5% on all of the outstanding positions as of 31 December would have been approximately SEK 0m (135) before tax. Translation exposure Translation exposure is the risk that arises when translating equity in a for- eign subsidiary, associated company or joint venture. There are no hedging positions for translation exposure. Foreign net assets¹ Group (SEK million) 2024 2023 Currency NOK 528 552 DKK 345 369 GBP – –242 EUR 85 102 Other currencies –95 28 Total 863 809 1) Including goodwill and other intangible assets arising from acquisitions of operations. A 5% change in NOK/SEK would affect equity by approximately SEK 26m (28), in DKK/SEK the effect would be approximately SEK 17m (18), GBP/SEK the effect would be approximately SEK 0m (–12) and EUR/SEK the effect would be approximately SEK 4m (5). Accounting principle for financial instruments Financial assets and liabilities include cash and cash equivalents, securities, derivative instruments, other financial receivables, accounts receivable, accounts payable and loan liabilities. Financial assets at fair value through profit and loss SHARES The Group’s shareholdings in other companies refers to non-listed compa- nies, changes in the fair values of these shares are recognised in profit and loss. DERIVATIVES Derivatives are recognised as a financial asset at fair value and changes in the value is recognised in profit and loss or other comprehensive income when the hedged cash-flow is not yet recognised. Financial assets at amortised costs LOANS AND RECEIVABLES Non-derivative financial assets including interest-bearing receivables, cash and cash equivalents, and accounts receivable, are measured at amortised cost. The amortised cost may be adjusted from time to time with valuation to market interest rates and write-downs based on risk assessment from historical losses. Such adjustments are minor at the balance date. Financial liabilities at fair value through profit or loss DERIVATIVES Derivatives at fair value are recognised as financial liabilities and the chang- es in the value are recognised in profit and loss or other comprehensive income when the hedged cash-flow is not yet recognised. Financial liabilities at amortised costs Financial liabilities measured at amortised costs refers to accounts pay- able, long- and short-term interest-bearing liabilities as well as the Group’s accrued pr ogramming expenses. The table on next page shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy. The reported value of cash and cash equivalents, accounts receiv- able and other receivables as well as interest-bearing liabilities, accounts payable and other liabilities equals fair value. For other financial liabilities the fair value is approximately SEK 300m (1,200) lower than the carrying amount, based on the net difference between the price of the listed bonds and the carrying amount. Note 23 cont. Nominal value of the major cashflow hedge contracts 2024 2023 Group (Currency million) Nominal value Carrying amount, SEK¹ Weighted average hedged rate Term, months Hedge reserve through OCI, net of tax, SEK Nominal value Carrying amount, SEK¹ Weighted average hedged rate Term, months Hedge reserve through OCI, net of tax, SEK USD – – – – 251 –62 10.23% 1–9 GBP – – – – 14 –4 13.09% 1–3 Total, SEK – 33 –66 –174 1) Included in ”Other current receivables” SEK 0m (21) and ”Other current liabilities” SEK 0m (88) in the Balance sheet. Annual & Sustainability Report 2024 64 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 65 ===== Note 23 cont. The Group’s financial instruments by level 2024 2023 Group (SEK million) Fair value hedging instrum ents Fair value through pro fit and loss Financial assets / liabilities a t amortised cost Total Level 1 Level 2 Level 3 Total Fair value hedging instrum ents Fair value through pro fit and loss Financial assets / liabilities a t amortised cost Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value Other shares – – – – – – – – – 111 – 111 – – 111 111 Forward exchange contracts used for hedging¹ – – – – – – – – 21 – – 21 – 21 – 21 Total – – – – – – – – 21 111 – 132 – 21 111 132 Financial assets measured at amortised cost Accounts receivable and other receivables – – 1,231 1,231 – – – – – – 1,170 1,170 – – – – Cash and cash equivalents in assets held for sale – – – – – – – – – – 27 27 – – – – Cash and cash equivalents – – 1,040 1,040 – – – – – – 2,542 2,542 – – – – Total – – 2,271 2,271 – – – – – – 3,739 3,739 – – – – Financial liabilities measured at fair value Interest rate swaps² 5 3 – 7 – 7 – 7 5 3 – 8 – 8 – 8 Forward exchange contracts used for hedging – – – – – – – 88 – – 88 – 88 – 88 Foreign exchange swaps³ – 5 – 5 – 5 – 5 – – – – – – – – Total 5 7 – 12 – 12 – 12 93 3 – 96 – 96 – 96 Financial liabilities measured at amortised cost Long-term borrowings – – 1,858 1,858 – – – – – – 2,550 2,550 – – – – Short-term borrowings – – 200 200 – – – – – – 4,700 4,700 – – – – Accounts payable – – 3,008 3,008 – – – – – – 4,025 4,025 – – – – Accrued programming expenses – – 1,558 1,558 – – – – – – 1,910 1,910 – – – – Financial liabilities included in assets held for sale – – – – – – – – – – 74 74 – – – – Total – – 6,625 6,625 – – – – – – 13,259 13,259 – – – – 1) Included in ‘Other long-term receivable’ in the Balance sheet. 2) Included in ‘Oth er non-current liabilities’ in the Balance sheet. 3) Included in ‘Oth er current liabilities’ in the Balance sheet. Annual & Sustainability Report 2024 65 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 66 ===== Note 24 Leases Right-of-use assets 2024 2023 Group (SEK million) Real estate Other leases Total Real estate Other leases Total Acquisition values Opening balance 552 6 558 581 6 587 New lease contracts 9 – 9 2 1 3 End of lease contracts –10 – –10 –19 –1 –20 Modification of lease contracts 38 5 43 2 – 2 Reclassification to assets held for sale – – – –6 –1 –7 Translation differences 1 – 1 –8 1 –7 Closing balance as of 31 December 590 11 601 552 6 558 Accumulated depreciation and write-downs Opening balance –302 –5 –307 –249 –4 –253 Depreciation and write-downs during the year –62 –1 –63 –78 –1 –79 End of lease contracts 9 – 9 18 – 18 Reclassification to assets held for sale – – – 4 – 4 Translation differences –2 – –2 3 – 3 Closing balance as of 31 December –358 –6 –364 –302 –5 –307 Carrying amount As of 1 January 250 1 251 332 2 335 As of 31 December 232 5 237 250 1 251 lease payments discounted by the implicit interest on the lease. When the interest rate cannot be easily determined, funding base rates with a risk premium are to be used. The future lease payments include fixed payments, variable payments based on an index or a rate, amounts to be paid under a residual value guarantee and lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option as well as penalties for early termination of a lease, if the Group is reasonably certain to terminate early. Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability adjusted for any lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs and restoration cost. The right-of-use asset is depreciated over the lease term, using the straight-line method. Group as a lessor – Subleases The Group assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head-lease. Lease contracts with the Group as lessor are classified as finance leases when substantially all of risks and rewards are transferred to the lessee, and otherwise as operating leases. Under a finance lease, the transaction is recognised as a sale and a lease receivable at an amount equal to the net investment in the lease. Lease payments are recognised as repayment of the lease receivable and interest income. Short term leases, leases of low value items and variable lease payments The Group has applied the recognition exemption for short-term leases and leases for low value items. Lease fees for these leases are reported as a cost on a straight-line basis over the lease term. Lease commitments The Group has identified the following categories of leases; offices, cars and car parks. An interest rate of 0.8%–12.0% (local IBOR rate including risk premium) has been applied. Accounting principle Group as a lessee Upon initiation, contracts are assessed by the Group, to determine whether a contract is, or contains a lease. If the contract conveys the right to control the use of an identified asset for a certain period of time in exchange for consideration, then it is or contains a lease. All leases are recognised on the balance sheet at the date at which the leased asset is available for use by the Group as a right-of-use asset, representing the right to use the under - lying asse t, and lease liability. The lease liability is initially measured at the present value of the future Annual & Sustainability Report 2024 66 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 67 ===== Note 24 cont. Change in lease liabilities Group (SEK million) 2024 2023 Opening balance 401 513 New lease contracts 22 4 Modification of lease contract 43 1 End of lease contracts – –1 Interest on lease liabilities 30 17 Amortisation –119 –126 Reclassification to assets held for sale – –4 Translation differences –1 –3 Closing balance as of 31 December 376 401 of which long-t erm 280 308 of which shor t-term 96 93 Age analysis lease liabilities Group (SEK million) 2024 2023 Within 1 year 91 82 1–2 years 95 73 2–5 years 171 189 Over 5 years 18 57 Total 376 401 Cash flow during period Group (SEK million) 2024 2023 Payments of sublease receivables 31 33 Amortisation of lease liabilities –119 –126 Short-term leases –2 –30 Leases of low value items –24 –46 Variable lease fees –4 –5 Total –119 –174 Contractual cash flow Group (SEK million) 2024 2023 Within 1 year 108 103 1–2 years 111 93 2–5 years 208 246 Over 5 years 21 77 Total 448 519 Short-term leases, leases of low value items and variable lease fees Group (SEK million) 2024 2023 Short-term leases Studio equipment 1 26 Other short term leases 1 4 Leases for low value items IT and office equipment 14 33 Other low value items 11 13 Expense for contracts for which the recognition exemption is applied 26 76 Variable lease fees Real estate tax 4 5 Studio equipment is normally leased on a short-term basis, and most IT- and office equipment are of low value. Subleases in the Group A substantial part of the London offices are subleased and classified as finance lease, as at 31 December the sublease receivable amounted to SEK 92m (110) and a payment of SEK 31m (33) was received during the year. Note 25 Future payment commitments Future payment commitments in respect of contractual programme or sport rights that have not yet been accounted for as inventory or prepaid expens- es. The majority of commitments are in EUR and USD. The table below show future payment commitments for non-cancellable programme and sport rights as at 31 December. Group (SEK million) 2024 2023 Within 1–3 years 36,630 29,155 Within 4–10 years 8,656 17,539 Total 44,286 46,694 The Group has provided for onerous contracts related to part of above future commitments. Total provision for onerous contracts as of 31 Decem- ber amounts to SEK 2,820m (3,486). Some of the future commitments for programme or sport rights have been sublicensed. Annual & Sustainability Report 2024 67 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 68 ===== Note 27 Dives ted operations Accounting principle A capital gain or loss from divested operations arise from the difference between the fair value of the consideration received and the carrying amount of the former subsidiaries’ net assets. The gain or loss is recognised when Viaplay Group loses control over the subsidiaries. The capital gain or loss is reported in the income statement within items affecting comparabil- ity. Note 28 Supplementary information to the statement of cash flow Adjustments to reconcile net income/loss to net cash provided by operations Group (SEK million) 2024 2023 Total operations Depreciation and amortisation 201 300 Write-down of assets – 1 Total depreciation, amortisation and write-down 201 301 Share of earnings in associated companies and joint ventures –151 –63 Capital gain or loss on divestment –73 – Debt write-down –1,190 – Write-down of shares in other companies 116 2 Provisions –263 –407 Adjustment for Items affecting comparability – 9,180 Other items 234 –808 Total other adjustments for non-cash items –1,327 7,904 Payments of interest and corporate tax Group (SEK million) 2024 2023 Total operations Interest paid –245 –222 Interest received 49 81 Net interest –196 –141 Corporate income tax –45 –67 Divestment of Paprika Holding AB The divestment of Paprika Holding AB, including its direct and indirect subsidiaries in Central and Eastern Europe (“Paprika Group”) was finalised on 19 January 2024. The total consideration amounted to SEK 62m on a cash and debt-free basis, resulting in a capital loss amounting to SEK –1m. Paprika Group were classified as assets held for sale per 31 December 2023. Group (SEK million) 2024 Consideration received, after transaction costs 62 Carrying amount of net assets divested –64 Result before reclassification of translation reserve –2 Reclassification of translation reserve 1 Total capital loss on divestment –1 Divestment of the UK operations (previously Premier Sports) The divestment of the UK operations (previously Premier Sports) was com- pleted on 4 April 2024. The total consideration amounted to SEK 64m on a cash and debt-free basis, resulting in a capital gain amounting to SEK 71m. The UK operations were classified as assets held for sale per 31 December 2023. Group (SEK million) 2024 Consideration received, after transaction costs 64 Carrying amount of net assets divested –29 Result before reclassification of translation reserve 35 Reclassification of translation reserve 36 Total capital gain on divestment 71 Divestment of associated company The associated company NSR Scandinavia AB was divested in December 2024. The total consideration amounted to SEK 6m and the capital gain amounted to SEK 3m. Note 26 Assets ple dged and contingent liabilities Asset pledged The financing agreements (Revolving credit facility agreement, Guarantee facility agreement, Term-loan facility agreement and amended Medium term notes), which entered into force in conjunction with the recapitalisa- tion on February 9, 2024, are secured in the form of collateral in tangible and intangible assets, present and future assets, shares in certain compa- nies in the Group, significant intellectual property, certain bank accounts, certain insurances as well as intra-group loans. Contingent liabilities Various companies within the group are involved in disputes, with for exam- ple collecting societies, over payment of royalties for the past use of copy- rights and similar rights. Further, Viaplay companies are parties in litigations. The Group doe s not believe that the outcome of these litigations are likely to have a material adverse effect on the financial position of the Group. Annual & Sustainability Report 2024 68 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 69 ===== Note 29 Average number of employees Average number of employees by country 2024 2023 Group Men Women Total Men Women Total Sweden 333 237 570 443 316 759 Norway 102 76 178 136 104 240 Denmark 126 53 179 135 66 201 Finland 21 12 33 24 12 36 United Kingdom 35 45 80 57 71 128 Other countries 73 22 95 109 52 161 Total 690 445 1,1 3 5 904 621 1,525 At year-end total headcount was 1,126 (1,313). Gender distribution senior executives 2024 2023 Group, % Men Women Men Women Board of Directors 56 44 54 46 President & CEO 100 – 100 – Other senior executives 77 23 66 34 Weighted average 68 32 63 37 Note 30 Audit fe es Group (SEK million) 2024 2023 KPMG, audit fees 12 13 KPMG, audit related fees 0 0 KPMG, tax related fees 0 0 KPMG, other services¹ 2 0 Total 14 13 1) Includes fees for services performed in relation to the Group’s prospectus. Reconciliation of debts arising from financing activities 2024 2023 Group (SEK million) Long-term borrowings Short-term borrowings Lease liabilities L ong-term borrowings Short-term borrowings Lease liabilities Openin g balance 2,550 4,700 405 3,250 650 513 New borrowings – – – – 985 – Amortisation – – –89 – –1,635 –109 Change in revolving credit facility – –3,192 – – 4,000 – Reclassification 115 –115 – –700 700 – Debt write-down –480 –710 – – – – Debt-to-equity swap –327 –483 – – – – Other non-cash items – – 60 – – 1 Closing balance as of 31 December 1,858 200 376 2,550 4,700 405 Note 28 cont. Annual & Sustainability Report 2024 69 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 70 ===== Note 31 Related party transactions Accounting principle The Group conducts transactions with some of its related parties, such as associated companies, joint ventures and owners. These transactions occur in the ordinary course of business, are based on market terms, and are negotiated on an arm’s length basis. Transactions between Group compa- nies have been eliminated in the consolidated financial statements. Group (SEK million) 2024 2023 Net sales Canal+ 357 – PPF – – Allente Group AB 1,553 1,572 Associated companies – – Total 1,910 1,572 Cost Canal+ 2 – Allente Group AB 32 32 Associated companies 19 19 Total 53 51 Group (SEK million) 2024 2023 Accounts receivable and other receivables Canal+ 4 – PPF – – Allente Group AB 352 212 Associated companies – – Total 356 212 Accounts payable and other liabilities Allente Group AB 6 6 Associated companies – 3 Total 6 9 Dividend from Allente Group AB 100 100 Dividend from associated companies 1 – The Group has related party relationships with its subsidiaries, associated companies and joint ventures (see note 14 and 15). Allente Group AB is a related party since May 2020. In December 2024 the Group divested its 47% holdings in NSR Scandinavia AB. In addition, the Group has related party relationships with shareholders having significant influence in Viaplay Group AB. On February 9, 2024, in conjunction with the completion of the recapitalisation program, PPF Cyprus Management Limited and Group Canal+ SA became the largest shareholders of the Group, holding 29% each. All subsidiaries of PPF and Canal+ are considered related parties. Remuneration to senior executives No other transactions than reported in note 7 have been made. Note 32 Significant ev ents after the reporting period There are no significant events after the reporting period. Annual & Sustainability Report 2024 70 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 71 ===== SEK million Note 2024 2023 Net sales 108 96 General and administrative expenses P3 –201 –182 Other operating income and expenses 5 1 Items affecting comparability –37 –67 Operating income P2 –125 –152 Interest income and other financial income P4 2,011 665 Interest expenses and other financial expenses P4 –483 –385 Income before tax and appropriations 1,403 128 Group contribution –1,078 – Income before tax 325 128 Tax P5 2 31 Net income for the year 327 159 Other comprehensive income Items that are or may be reclassified to profit or loss net of tax Cash flow hedge 1 –2 Other comprehensive income for the year 1 –2 Total comprehensive income for the year 328 157 Parent company income statement Parent company Annual & Sustainability Report 2024 71 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 72 ===== SEK million Note 31 Dec 2024 31 Dec 2023 Non-current assets Shares and participations in Group companies P6 9,225 5,925 Long-term receivables from Group companies P7 2,115 3,005 Other long-term receivable 210 74 Total non-current assets 11,550 9,004 Current assets Short-term receivables from Group companies 4,090 6,968 Other current receivables 16 127 Prepaid expenses and accrued income P8 56 78 Cash and bank 935 2,428 Total current assets 5,097 9,601 Total assets 16,647 18,605 SEK million Note 31 Dec 2024 31 Dec 2023 Equity Share capital  275 158 Share premium reserve 8,697 4,282 Fair value reserve –3 –4 Retained earnings 2,505 2,201 Net income for the year 327 159 Total equity 11,801 6,796 Provisions Provisions 7 19 Total provisions 7 19 Non-current liabilities Long-term borrowings P10 1,858 2,550 Other non-current liabilities 28 14 Total non-current liabilities 1,886 2,564 Current liabilities Short-term borrowings P10 200 4 700 Accounts payable 4 34 Liabilities to Group companies P10 2,596 4,240 Accrued expenses and prepaid income P9 124 116 Other current liabilities 29 136 Total current liabilities 2,953 9,226 Total liabilities 4,839 11,790 Total equity and liabilities 16,647 18,605 Parent company balance sheet Parent company Annual & Sustainability Report 2024 72 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 73 ===== Restricted equity Non-restricted equity SEK million Share capital Share premium reserve Fair value reserve Retained earnings Net income for the year Total Balance as of 1 January 2023 157 4,282 –2 2, 199 0 6,636 Appropriation of earnings – – – – – – Net income for the year – – – – 159 159 Other comprehensive income for the year – – –2 – – –2 Total comprehensive income for the year – – –2 – 159 157 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 –4 2,201 159 6,796 Balance as of 1 January 2024 158 4,282 –4 2,201 159 6,796 Appropriation of earnings – – – 159 –159 – Net income for the year – – – – 327 327 Other comprehensive income for the year – – 1 – – 1 Total comprehensive income for the year – – 1 – 327 328 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 –3 2,505 327 11,801 Parent company statement of changes in equity Parent company Annual & Sustainability Report 2024 73 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 74 ===== SEK million Note 31 Dec 2024 31 Dec 2023 Operating activities Net income for the year 327 159 Adjustments for non-cash items P12 –47 –10 Cash flow from operations excluding changes in working capital 280 149 Change in operating receivables 60 64 Change in operating liabilities –26 10 Changes in working capital 34 74 Cash flow from operating activities 314 223 Investing activities Shareholders’ contribution to Group companies –3,300 –5,700 Cash flow from investing activities –3,300 –5,700 Financing activities New borrowings P12 – 985 Amortisation of borrowings P12 – –1,635 Net change in revolving credit facility –3,192 4,000 Share issue 4,000 – Transaction cost, total recapitalisation –396 – Net change in receivables/ liabilities from/ to Group companies 1,065 1,950 Cash flow from other financing activities 16 –5 Cash flow from financing activities 1,493 5,295 Change in cash and cash equivalents for the year –1,493 –182 Cash and cash equivalents at beginning of the year 2,428 2,610 Cash and cash equivalents at end of the year 935 2,428 Parent company cash flow statement Parent company Annual & Sustainability Report 2024 74 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 75 ===== Notes to the Parent company financial statements Parent company Accounting and reporting fundamentals Note P1 Acc ounting and valuation principles � � � � � � � � � � � � � � � � � � � � � � �76 Income statement Note P2 Classification by n ature of expense � � � � � � � � � � � � � � � � � � � � � � � �76 Note P3 Salaries, o ther remuneration and social security expenses � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �76 Note P4 Financial it ems� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �76 Note P5 Tax es� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �77 Assets Note P6 Share s and participations in Group companies� � � � � � � � � �78 Note P7 Long-t erm receivables from Group companies� � � � � � � � � �78 Note P8 Prepaid expens es and accrued income � � � � � � � � � � � � � � � � � � �78 Shareholder equity and liabilities Note P9 Accrued expens es and prepaid income � � � � � � � � � � � � � � � � � � �78 Note P10 Financial ins truments and financial risk management� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �79 Additional information Note P11 Assets pledged an d contingent liabilities � � � � � � � � � � � � � � � � �79 Note P12 Supplemen tary information to the statement of cash flow� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 80 Note P13 Aver age number of employees� � � � � � � � � � � � � � � � � � � � � � � � � � � � � 80 Note P14 Audit fee s� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 80 Note P15 Proposed tr eatment of unappropriated earnings � � � � � � 80 75 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 76 ===== Notes to the Parent company financial statements Note P1 Acc ounting and valuation principles Viaplay Group AB (publ) (Viaplay), corporate identity number 559124-6847, is the Parent company of Viaplay Group� The c ompany is a limited liability company and its shares are listed on Nasdaq Stockholm, Sweden� Viaplay Gr oup AB is a company domiciled in Sweden� The c ompany’s headquarter is located in Stockholm, Sweden and the registered office is at Ringvägen 52, P �O� Bo x 2094, SE-103 13 Stockholm, Sweden� Basis o f preparation The Parent company applies the same accounting principles as the Group, except in the cases specified in the sections below � The P arent company has prepared the Annual Report according to the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board recommendation RFR 2 Accounting for Legal Entities � RFR 2 inv olves appli- cation of all IFRSs and interpretations endorsed by EU, except where the possibility to apply IFRS is restricted by the Swedish Annual Accounts Act and due to tax rules � Holdings in subsidiaries Holdin gs in subsidiaries are recognised in the Parent company according to the cost method, which means that the transaction costs are included in the value of shares in subsidiaries � The Gr oup recognises these costs in the income statement immediately when occurred� Group c ontributions Group contributions received and paid are recognised as appropriations in the income statement � Note P3 Salaries, other remuneration and social se curity expenses Parent company (SEK million) 2024 2023 Wages and salaries 150 121 Social security expenses 46 38 Pensions costs 9 13 Share-based payments –7 0 Social security expenses on share-based payments 0 –3 Total 198 169 Parent company (SEK million) 2024 2023 Board of Directors, CEO and Group Executive Management 123 101 of which variable r emuneration 70 19 Other employees 75 68 Total salaries and other remuneration 198 169 For further information regarding remunerations to the Board of Directors, President and CEO and the Group Executive Management together with the Group’s long term incentive programme see the Group’s Note 7 � Note P2 Classification by n ature of expense A function based income statement is presented as part of the financial statements of the Parent company � The table belo w presents how the operatin g expenses are classified based on the nature of expense� Parent company (SEK million) 2024 2023 Net sales 108 96 Other operating income 5 1 Personnel cost –201 –171 Other external expenses –37 –78 Operating income –125 –152 Note P4 Financial it ems Parent company (SEK million) 2024 2023 Interest income from external parties 49 61 Interest income from Group companies 770 604 Income from debt write-down1 1,190 – Exchange rate differences 2 – Total interest income and other financial income 2,011 665 Interest expenses on borrowings to external parties –337 –289 Interest expenses to Group companies –145 –94 Interest expense other –1 –1 Exchange rate differences – –1 Total interest expense and other financial expenses –483 –385 Net financial items 1,528 280 1) For more information see Group’s Note 9� Parent company Annual & Sustainability Report 2024 76 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 77 ===== Note P5 Tax es For a description of the accounting principle see Group’s Note 10� Distribution of tax expens e Parent company (SEK million) 2024 2023 Current tax expense – – Deferred tax 2 31 Total 2 31 Reconciliation of effective tax 2024 2023 Parent company (SEK million) Tax base Current tax Deferred tax Total Tax Tax base Current tax Deferred tax Total Tax Income before tax – Nominal tax rate, 20�6% 325 – 67 – –67 128 –26 – –26 Non-taxable income – – – – – – – – Non-deductible expenses –336 69 – 69 –275 57 – 57 Temporary differences 10 –2 2 – –9 2 –2 – Tax losses, recognised – – – – 156 –33 33 – Total –1 – 2 2 – – 31 31 Deferred tax is attributable to Parent company (SEK million) Opening balance 1 Jan 2023 Deferred tax recognised in the P&L Deferred tax recognised in OCI 31 Dec 2023 / 1 Jan 202 4 Deferred tax recognised in the P&L Deferred tax recognised in OCI Closing balance 31 Dec 2024 Tax losses carried forward 36 33 – 68 0 – 67 Financial assets 1 –2 1 – 2 – 2 Total 37 31 1 68 2 – 69 of which Def erred tax asset 37 68 69 Annual & Sustainability Report 2024 77 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 78 ===== Note P6 Share s and participations in Group companies Viaplay Group Sweden Holding AB Co� Reg�no� 556057 -9558 Share capital, % 100 Voting rights, % 100 Number of shares 5,000 Registered office Stockholm Shares and participations in Group companies Parent company (SEK million) 2024 2023 Opening balance 5,925 223 Long-term incentive programme related to employees in Group companies – 3 Shareholder’s contribution 3,300 5,700 Closing balance 31 December 9,225 5,925 A full list of shares and participations in Group companies are presented in in the Group’s Note 14� Note P7 Long-term receivables from Group companies Interest-bearing receivables from Group companies 2024 2023 Parent company (SEK million) Long-term receivables Short-term receivables Long-term receivables Short-term receivables Opening balance 3,005 69 9,053 18 New borrowings – – 65 – Amortisation –890 –69 –6,056 – Reclassification – – –51 51 Translation difference – – –6 – Closing balance as of 31 December 2 ,115 – 3,005 69 Note P8 Prepaid expens es and accrued income Parent company (SEK million) 2024 2023 Prepaid expenses 3 78 Prepaid funding fees 53 – Total 56 78 Note P9 Accrue d expenses and prepaid income Parent company (SEK million) 2024 2023 Accrued personnel expenses 74 58 Other accrued expenses 50 58 Total 124 116 Annual & Sustainability Report 2024 78 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 79 ===== 2024 2023 Parent company (SEK million) Fair value hedging instruments Fair value through profit and loss Financial assets / liabilities at amortised cost Total Fair value hedging instruments Fair value through profit and loss Financial assets / liabilities at amortised cost Total Financial assets measured at fair value Forward exchange contracts used for hedging1 – – – – 109 – – 109 Total – – – – 109 – – 109 Financial assets measured at amortised cost Receivables from Group companies – – 6,205 6,205 – – 9,973 9,973 Other receivables – – – – – – 1 1 Cash and cash equivalents – – 935 935 – – 2,428 2,428 Total – – 7,14 0 7,14 0 – – 12,402 12,402 Financial liabilities measured at fair value Interest rate swaps² 5 3 – 7 5 3 – 8 Forward exchange contracts used for hedging³ – – – 109 – – 109 Foreign exchange swaps³ – 5 – 5 – – – – Total 5 7 – 12 114 3 – 117 Financial liabilities measured at amortised cost Long-term borrowings – – 1,858 1,858 – – 2,550 2,550 Short-term borrowings – – 200 200 – – 4,700 4,700 Liabilities to Group companies – – 2,596 2,596 – – 4,240 4,240 Accounts payable and other liabilities – – 28 28 – – 61 61 Total – – 4,682 4,682 – – 11,551 11,551 1) Included in ‘Other current receivables’ in the Balance sheet� 2) Included in ‘Oth er long-term liabilities’ in the Balance sheet� 3) Included in ‘Oth er current liabilities’ in the Balance sheet� Note P10 Financial ins truments and financial risk management The table below shows the carrying amounts and fair values of financial assets and financial liabilities, including the levels in the fair value hierarchy� The carr ying amount of cash and cash equivalents, other receivables, and receivables from Group companies and interest-bearing liabilities, accounts payable and other liabilities equals fair value except for other financial liabil- ities where the fair value is SEK 300m lower than carrying amount for 2024 and SEK 1,200m higher for 2023 � Note P11 Assets ple dged and contingent liabilities Assets pledged The Parent company is the borrower under the Revolving credit facility agreement, Guarantee facility agreement, Term-loan facility agreement and amended Medium term notes, which entered into force in conjunction with the recapitalisation on February 9, 2024 � The fin ancial agreements are secured in the form of collateral in various assets in the Group� The P arent company’s shares in Viaplay Group Sweden Holding AB with a carrying amount of SEK 9,225m, an intra-group loan receivable from Viaplay Group Services AB amounting to SEK 2,115m are pledged, in addition certain bank accounts and insurances are collaterals � Con tingent liabilities The Parent company has guarantees related to rental agreements and supplier financing amounting to SEK 296m (1,123) � In addition th e Parent company issues guarantees to the benefit of the Group companies having future payment commitments amounting to SEK 26,140m (30,362) (see note 25) � Annual & Sustainability Report 2024 79 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 80 ===== Note P12 Supplemen tary information to the statement of cash flow Adjustments for non-cash items Parent company (SEK million) 2024 2023 Provisions –12 41 Debt write-down –1,190 – Group contribution 1,078 – Other items 77 –51 Total –47 –10 Interest and corporate tax paid Parent company (SEK million) 2024 2023 Interest paid –215 –205 Interest received 45 58 Net interest –170 –147 Corporate income tax – – Note P13 Aver age number of employees 2024 2023 Men 9 16 Women 19 30 Weighted average 28 46 Gender distribution senior executives 2024 2023 % Men Women Men Women Board of Directors 56 44 54 46 CEO 100 – 100 – Group Executive Management 74 26 50 50 Total 61 39 54 46 Note P14 Audit fe es Parent company (SEK million) 2024 2023 KPMG, audit fees 2 2 KPMG, other services¹ 2 – Total 4 2 1) Includes fees for services performed in relation to the Group’s prospectus� Note P15 Propose d treatment of unappropriated earnings The Board of Directors proposes that the unappropriated earnings be allocated as follows: The following amount in the Parent company is available for disposal by the Annual General Meeting: SEK thousands Share premium reserve 8,696,923 Retained earnings 2,502,376 Net profit for the year 327,459 Total 11,526,758 The Board of Directors proposes that the unappropriated earnings be allocated as f ollows: SEK thousands Carried forward 11,526,758 Total 11,526,758 Reconciliation of debt arising from financing activities 2024 2023 Parent company (SEK million) Long-term borrowings Short-term borrowings Long-term borrowings Short-term borrowings Opening balance 2,550 4,700 3,250 650 New borrowings – – – 985 Amortisation of borrowings – – – –1,635 Change in revolving credit facility – –3,192 – 4,000 Reclassification 115 –115 –700 700 Debt write-down –480 –710 – – Debt-to-equity swap –327 –483 – – Closing balance as of 31 December 1,858 200 2,550 4,700 At year-end cash pool liabilities amounted to SEK 1,517m (4,240)� Annual & Sustainability Report 2024 80 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 81 ===== Signatures The Board of Directors and the Chief Executive Officer declares that the annual accounts have been prepared in accordance with accepted account- ing standards in Sweden, and that the consolidated accounts have been prepared in accordance with the international accounting standards in Reg- ulation (EC) No � 1606/2 002 of the European Parliament and of the Council of July 19, 2002 on the application of international accounting standards� The ann ual accounts and the consolidated accounts give a true and fair view of the Group’s and Parent company’s financial position and results of operations � The Dir ectors’ report for the Group and the Parent company gives a true and fair view of the Group’s and the Parent company’s opera- tions, position and results, and describes significant risks and uncertainty factors that the Parent company and Group companies face � The ann ual accounts and the consolidated statements were app rov ed by the Board of Directors and the Chief Executive Officer on March 26, 2025� The c onsoli- dated income statement and balance sheet, and the income statement and balance sheet of the Parent company, will be presented for adoption by the Annual General Meeting on May 13, 2025 � Stockh olm March 26, 2025 Jørgen Madsen Lindemann President and CEO Our Audit report was submitted March 26, 2025 KPMG AB Tomas Gerhardsson Authorised Public Accountant Andrea Gisle Joosen Non-Executive Director Erik Forsberg Non-Executive Director Simon Duffy Chair of the Board Maxime Saada Non-Executive Director Jacques du Puy Non-Executive Director Katarina Bonde Non-Executive Director Anna Bäck Non-Executive Director Annica Witschard Non-Executive Director Didier Stoessel Non-Executive Director Annual & Sustainability Report 2024 81 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 82 ===== Auditor’s report Report on the annual accounts and consolidated accounts Opinions We have audited the annual accounts and consolidated accounts of Viaplay Group AB (publ) for the year 2024, except for the corporate governance statement on pag- es 22–30 � The ann ual accounts and the consolidated accounts of the company are included on pages 13–81 in this document � In our opinion, the annual a ccounts have been pre- pared in accordance with the Annual Accounts Act, and present fairly, in all material respects, the financial posi- tion of the parent company as of December 31, 2024 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act � The c onsolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of December 31, 2024 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopt- ed by the EU, and the Annual Accounts Act � Our opin- ions do n ot cover the corporate governance statement on pages 22–30� The s tatutory administration report is consistent with the other parts of the annual accounts and consolidated accounts � We ther efore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group � Our opinions in this report on th e the annual accounts and consolidated accounts are consistent with the content of the additional report that has been submitted to the parent company’s audit committee in accordance with the Audit Regulation (537/2014) Article 11 � Basis for Opinions W e conducted our audit in accordance with Inter- national Standards on Auditing (ISA) and generally accepted auditing standards in Sweden � Our re spon- sibilities under those standards are further described in the Auditor’s Responsibilities section � We ar e inde- pendent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon- sibilities in accordance with these requirements � This include s that, based on the best of our knowledge and belief, no prohibited services referred to in the Audit Regulation (537/2014) Article 5 �1 hav e been provided to the audited company or, where applicable, its parent company or its controlled companies within the EU � We believ e that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions � Key A udit Matters Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts and consolidated accounts of the current period � The se matters were addressed in the context of our audit of, and in forming our opinion thereon, the annual accounts and consol- idated accounts as a whole, but we do not provide a separate opinion on these matters � To the gen eral meeting of the shareholders of Viaplay Group AB (publ), corp� id 5591 24-6847 Annual & Sustainability Report 2024 82 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 83 ===== Other Information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and is found on pages 1–12, 87–125 and 127–136 � The B oard of Directors and the Chief Executive Officer are responsible for this other information� Our opinion on the annual a ccounts and consolidat- ed accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information � In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts � In this proc edure we also take into account our knowledge otherwise obtained in the audit and assess whether the informa- tion otherwise appears to be materially misstated � If we, based on the work performed concerning this information, conclude that there is a material mis- statement of this other information, we are required to report that fact � We h ave nothing to report in this regard� Responsibilitie s of the Board of Directors and the Chief Executive Officer The Board of Directors and the Chief Executive Officer are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annu- al Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Stan- dards as adopted by the EU � The B oard of Directors and the Chief Executive Officer are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consol- idated accounts that are free from material misstate- ment, whether due to fraud or error � In prep aring the annual accounts and consolidat- ed accounts The Board of Directors and the Chief Executive Officer are responsible for the assessment of the company’s and the group’s ability to contin- ue as a going concern � The y disclose, as applicable, matters related to going concern and using the going concern basis of accounting � The goin g concern basis of accounting is however not applied if the Board of Directors and the Chief Executive Officer intend to liquidate the company, to cease operations, or has no realistic alternative but to do so � The Audit C ommittee shall, without prejudice to the Board of Director’s responsibilities and tasks in general, among other things oversee the company’s financial reporting process � Auditor’s report Program rights amortization See note 2, 5 and 16 in the annual accounts and consolidated accounts for detailed information and description of the matter. Description of key audit matter Payments for program rights are accounted for as either inven- tories or prepaid expenses, depending mainly on the start of the license period � Progr am rights inventory, where the license period has commenced, amounted to SEK 2,244 million as of December 31, 2024 � Det ermining the timing and amount to be expensed of program rights inventory requires judgment in selecting the appropriate recognition profile and ensuring that this profile meets the objective of recognizing inventory expense in a manner consistent with how the rights are used by the Group � Ther e is a risk that the recognition profile selected by the Group to account for inventory expense does not fairly reflect the usage � Respons e in the audit We have examined the methodology for expensing program rights inventory taking into account the different genres of programs, any significant changes in viewing patterns during the year and other factors evaluated by the Group � In addition, we per formed sample testing of contracts to evaluate acqusition cost and amortization periods� We e valuated the recoverability of the carrying amount by analyzing the assets on a portfolio basis and comparing the carrying amount as of December 31, 2024, to calculated net realizable value and future projections to determine if any indicators of write-down exist � We ha ve also assessed the content of the disclosures on inventories in the annual accounts and the consolidated accounts � Valuation of goodwill and other intangible assets See note 2 and 12 in the annual accounts and consolidated accounts for detailed information and description of the matter. Description of key audit matter The Group recognized goodwill and other intangible assets such as trademarks and capitalized expenditure of SEK 1,635 million as of December 31, 2024 � Goodwill an d intangible assets with indefinite useful lives are tested annually for impairment� Other in tangible assets are tested when there is an indication of impairment� Impairm ent tests are complex and involve significant judgments in deter- mining the estimated recoverable amount � The es timated recoverable amount of the assets is based on forecasts and discounted future cash flows where estimates of discount rate, revenue projections and long-term growth rate are dependent on the Group’s judgment � In the parent company, the carrying value of shares in sub- sidiaries at December 31, 2024 amounted to SEK 9,225 million� The same t ype of testing of the carrying value is also performed, using the same technique and judgments, as described above� Response in the audit We have assessed whether the impairment test has been pre- pared in accordance with the prescribed technique � We ha ve evaluated the methodology used, assumptions made, and data used for the calculation� Fur thermore, we have evaluated the projections of future cash flows and the underlying assumptions on which they are based, including the long-term growth rate and the discount rate used � We h ave considered the Group’s sensitivity analyses which demon- strated the impact of reasonable changes in assumptions in determining whether an impairment charge is required � We h ave also assessed the content of the disclosures on goodwill and other intangible assets in the annual accounts and the consolidated accounts � Annual & Sustainability Report 2024 83 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 84 ===== Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstate- ment, whether due to fraud or error, and to issue an auditor’s report that includes our opinions � Reas onable assurance is a high level of assurance, but is not a guar- antee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists � Missta tements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts � As part o f an audit in accordance with ISAs, we exer- cise professional judgment and maintain professional scepticism throughout the audit � We als o: • Identify an d assess the risks of material misstatement of the annual accounts and consolidated accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions � The risk o f not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis- sions, misrepresentations, or the override of internal control � • Obtain an under standing of the company’s internal control relevant to our audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control � • Evalua te the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Direc- tors and the Chief Executive Officer � • Conclude on th e appropriateness of the Board of Directors’ and the Chief Executive Officer’s, use of the going concern basis of accounting in preparing the annual accounts and consolidated accounts � We als o draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company’s and the group’s ability to continue as a going concern � If we c onclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts and consolidated accounts or, if such disclosures are inadequate, to modify our opinion about the annual accounts and consolidated accounts � Our con clusions are based on the audit evidence obtained up to the date of our auditor’s report � How ever, future events or conditions may cause a company and a group to cease to contin- ue as a going concern � • Evalua te the overall presentation, structure and content of the annual accounts and consolidated accounts, including the disclosures, and whether the annual accounts and consolidated accounts represent the underlying transactions and events in a manner that achieves fair presentation � • Plan and perf orm the group audit to obtain suffi- cient and appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated accounts � We ar e responsible for the direction, supervision and review of the audit work performed for purposes of the group audit � We r emain solely responsible for our opinions� We mus t inform the Board of Directors of, among other matters, the planned scope and timing of the audit� We m ust also inform of significant audit findings during our audit, including any significant deficiencies in internal control that we identified � We m ust also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to commu- nicate with them all relationships and other matters that may reasonably be thought to bear on our indepen- dence, and where applicable, measures that have been taken to eliminate the threats or related safeguards � From th e matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the annual accounts and consolidated accounts, including the most import- ant assessed risks for material misstatement, and are therefore the key audit matters � We de scribe these matters in the auditor’s report unless law or regulation precludes disclosure about the matter � Report on other legal and regulatory requirements AUDITOR’S AUDIT OF THE ADMINISTRATION AND THE PROPOSED APPROPRIATIONS OF PROFIT OR LOSS Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Chief Executive Officer of Viaplay Group AB (publ) for the year 2024 and the proposed appropriations of the com- pany’s profit or loss � We recommend to the general meeting of sharehold- ers that the profit be appropriated in accordance with the proposal in th e statutory administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year � Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden � Our re spon- sibilities under those standards are further described in the Auditor’s Responsibilities section � We ar e inde- pendent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical respon- sibilities in accordance with these requirements � We belie ve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions � Responsibilitie s of the Board of Directors and the Chief Executive Officer The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss � At th e proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s and the group’s type Auditor’s report Annual & Sustainability Report 2024 84 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 85 ===== of operations, size and risks place on the size of the parent company’s and the group’s equity, consolidation requirements, liquidity and position in general � The Bo ard of Directors is responsible for the compa- ny’s organization and the administration of the com- pany’s affairs � This include s among other things con- tinuous assessment of the company’s and the group’s financial situation and ensuring that the company’s organization is designed so that the accounting, man- agement of assets and the company’s financial affairs otherwise are controlled in a reassuring manner � The Chie f Executive Officer shall manage the ongo- ing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures that are necessary to fulfill the compa- ny’s accounting in accordance with law and handle the management of assets in a reassuring manner � Auditor ’s responsibility Our objective concerning the audit of the administra- tion, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Chief Executive Officer in any material respect: • has under taken any action or been guilty of any omis- sion which can give rise to liability to the company, or • in any oth er way has acted in contravention of the Companies Act, the Annual Accounts Act or the Arti- cles of Association� Our objective c oncerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with rea- sonable degree of assurance whether the proposal is in accordance with the Companies Act � Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accor- dance with generally accepted auditing standards in Sweden will alw ays detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act � As part o f an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and maintain professional scep- ticism throughout the audit � The examination of the administr ation and the proposed appropriations of the company’s profit or loss is based primarily on the audit of the accounts � Addition al audit procedures performed are based on our professional judgment with starting point in risk and materiality � This means th at we focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company’s situation � We examin e and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to our opinion con- cerning discharge from liability � As a basis f or our opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss we examined whether the proposal is in accordance with the Companies Act � THE AUDITOR’S EXAMINATION OF THE ESEF REPORT Opinion In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the Chief Executive Officer have prepared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for Viaplay Group AB (publ) for year 2024 � Our examina tion and our opinion relate only to the statutory requirements� In our opinion, the Es ef report has been prepared in a format that, in all material respects, enables uniform electronic reporting � Basis for opinion W e have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the Esef report � Our re sponsibility under this recom- mendation is described in more detail in the Auditors’ responsibility section � We ar e independent of Viaplay Group AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements � We belie ve that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion � Responsibilitie s of the Board of Directors and the Chief Executive Officer The Board of Directors and the Chief Executive Officer are responsible for the preparation of the Esef report in accordance with the Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), and for such internal control that the Board of Directors and the Chief Executive Officer determine is necessary to prepare the Esef report without material misstatements, whether due to fraud or error � Auditor ’s responsibility Our responsibility is to obtain reasonable assurance whether the Esef report is in all material respects pre- pared in a format that meets the requirements of Chap- ter 16, Section 4(a) of the Swedish Securities Market Act (2007:528), based on the procedures performed � Re vR 18 requires us to plan and execute procedures to achieve reasonable assurance that the Esef report is prepared in a format that meets these requirements � Reas onable assurance is a high level of assurance, but it is not a guarantee that an engagement carried out according to RevR 18 and generally accepted auditing standards in Sweden will always detect a material mis- statement when it exists � Missta tements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Esef report � The a udit firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regard- ing compliance with ethical requirements, professional standards and applicable legal and regulatory require- ments � The examina tion involves obtaining evidence, through various procedures, that the Esef report has been prepared in a format that enables uniform elec- tronic reporting of the annual accounts and consolidat- ed accounts � The pr ocedures selected depend on the Auditor’s report Annual & Sustainability Report 2024 85 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 86 ===== auditor’s judgment, including the assessment of the risks of material misstatement in the report, whether due to fraud or error � In carryin g out this risk assess- ment, and in order to design procedures that are appro- priate in the circumstances, the auditor considers those elements of internal control that are relevant to the preparation of the Esef report by the Board of Directors and the Chief Executive Officer, but not for the purpose of expressing an opinion on the effectiveness of those internal controls � The examin ation also includes an evaluation of the appropriateness and reasonableness of the assumptions made by the Board of Directors and the Chief Executive Officer � The pr ocedures mainly include a validation that the Esef report has been prepared in a valid XHTML format and a reconciliation of the Esef report with the audited annual accounts and consolidated accounts � Furth ermore, the procedures also include an assess- ment of whether the consolidated statement of finan- cial performance, financial position, changes in equity, cash flow and disclosures in the Esef report have been marked with iXBRL in accordance with what follows from the Esef regulation � THE AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE STATEMENT The Board of Directors is responsible for that the corporate governance statement on pages 22–30 has been prepared in accordance with the Annual Accounts Act � Our examination o f the corporate governance state- ment is conducted in accordance with FAR´s standard RevR 16 The auditor´s examination of the corporate governance statement � This means th at our examina- tion of the corporate governance statement is different and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden � We belie ve that the examination has provided us with sufficient basis for our opinions� A corpor ate governance statement has been pre- pared� Disclosur es in accordance with chapter 6 section 6 the second paragraph points 2–6 of the Annual Accounts Act and chapter 7 section 31 the second para- graph the same law are consistent with the other parts of the annual accounts and consolidated accounts and are in accordance with the Annual Accounts Act � KPMG AB, P�O�Bo x 382, SE-101 27, Stockholm, was appointed auditor of Viaplay Group AB (publ) by the general meeting of the shareholders on May 14, 2024 � KPMG AB or audit ors operating at KPMG AB have been the company’s auditor since 2018� Stockh olm March 26, 2025 KPMG AB Tomas Gerhardsson Authorized Public Accountant Auditor’s report Annual & Sustainability Report 2024 86 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 87 ===== Photo credit: Viaplay Documentary: S10. 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 Sustainability statement Note: This Sustainability statement is the statutory sustainability report, it has been prepared in accordance with GRI standards, but with reference to the ESRS � GRI stan dards have been mapped to the ESRS disclosure fra- mework via an index found in an appendix to this report� ESRS dis clsoure codes have been used for illustrative purposes� Annual & Sustainability Report 2024 87 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 88 ===== the sustainability statement covers the parts of Viaplay Group’s upstream and downstream value chain where such topics are material. BP-2 Disclosures in relation to specific circums tances Disclosures stemming from other legislation or generally accepted sustainability reporting pronouncements The Sustainability Statement has been prepared in accordance with GRI 2021 standards, which have been mapped to the ESRS disclosure framework via an index found in an appendix to this report. Incorporation by reference The following disclosures and datapoints have been incorporated by reference: Disclosure Page / Par agraph SBM-1 Strategy, business model and value chain 4, 9-10 / This is Viaplay Group, Our strategy Preparing for the Corporate Sustainability Reporting Directive From the 2025 financial year, Viaplay Group will report according to the Corporate Sustainability Reporting Directive (CSRD), a new EU directive incorporated into the Swedish Annual Accounts Act in July 2024. The directive requires companies across the EU to report on their environmental, social, and governance per- formance in a standardised manner. To meet these requirements, a set of European Sustainability Report- ing Standards (ESRS) has been adopted by the EU. In 2023, the Group began adapting its Annual Sustainabil- ity Reporting from GRI standards to the fundamental structure of the ESRS. In 2024, the Group’s goal has been to align as closely as possible with the standards in preparation for fully integrating sustainability report- ing with the Directors’ Report in 2025. BP-1 General basis for preparation of sustain ability statement This Sustainability Statement has been prepared on a consolidated basis with the same scope as the financial statements, which includes subsidiares, associated com- panies, and joint ventures. With respect to the man- agement of material impacts, risks, and opportunities, Sustainability governance Group Executive Team Audit Committee Finance LegalPeople & Culture GOV-1 The role of the administrative, man agement and supervisory bodies The Board Committees, in particular the Audit Commit- tee, and the Group Executive Team are the dedicated bodies responsible for oversight of impacts, risks, and opportunities, whereas the Board of Directors is the ultimate decision-making body at Viaplay Group. The role and responsibilities of the committees in relation to this oversight are embedded in each of their committee instruction documents, and the Group Executive Team’s role and responsibilities are embedded in relevant polices. Responsibility for the overarching sustainability efforts and associated decision-making rests with the Board. This includes conducting and approving a dou- ble materiality assessment as the basis for the Group’s sustainability efforts and for the approval of the Annual and Sustainability Report. The Board has, from 2025, delegated oversight of the monitoring of sustainability reporting to the Audit Committee. This oversight will be exercised through the inclusion of reporting on sustain- ability KPIs and due diligence efforts within the existing processes established for financial reporting. The Board delegates responsibility for managing impacts, risks, and opportunities to the Group Execu- Board of Directors Group Sustainability • Decision-making: DMA, Roadmap • Information and discussion • Environment • ESG reporting • Social • Governance • Prep. of materials, proposal of targets Head of Sustainability • Coordin ates process, defines reporting criteria, monitors implementation General disclosures Annual & Sustainability Report 2024 88 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 89 ===== General Disclosures tive Team and Head of Sustainability. They coordinate with all other business functions to ensure accountabil- ity for implementing and achieving the sustainability roadmap’s specific goals and targets. The Board annually approves sustainability roadmap targets, based upon information and recommenda- tions from the Audit Committee. The Board and Audit Committee review information and holds discussion on developments related to impacts, risks, and opportu- nities when relevant on progress towards sustainability targets. The Group Executive Team is responsible for proposing roadmap targets, and preparing materials for the Board and Audit Committee. The Head of Sustain- ability coordinates reporting processes, defines report- ing criteria, and monitors the implementation of the sustainability roadmap. GOV-2 Information provided to and sustain ability matters addressed by management The Board receives regular updates on sustainabil- ity-related topics, including discussion on trends in sustainability, developments in the management of material impacts, risks, and opportunities, as well as on the implementation of due diligence processes. These updates take place as part of recurring annual process- es, including the review and approval of the Sustainabil- ity Policy, Double Materiality Assessment, Sustainability Roadmap, and Annual and Sustainability Report. From 2025, the Audit Committee will begin receiving regular updates on progress towards targets on a quarterly basis, as well as annual risk assessments of sustainability reporting processes. Viaplay Group’s sustainability work is integrated with the company’s business strategy and material impacts, risks, and opportunities are considered in major trans- actions. The Group has an ESG due-diligence frame- work for entering new markets, as well as for mergers and acquisitions. The Board and Audit Committee have reviewed all material impacts, risks, and opportunities identified in the Double Materiality Assessment during the report- ing period, and have addressed relevant management approaches through development and approval of targets. A full list of topics can be found on pages 92 and 93 of this report. GOV-3 Integration of sustainability-related perf ormance in incentive schemes Incentive schemes and remuneration policies offered to members of the Group Executive Team or other employees are not linked to sustainability matters. GOV-4 Statement on sustainability due diligenc e Viaplay Group takes additional measures to safeguard human rights and environmental stewardship across its value chain. Sustainability due diligence processes, in addition to standard due diligence processes, aim to ensure ethical and effective business practices. To meet its responsibilities, Viaplay Group has established Mapping of due diligence Core elements of due diligence Disclosure in the sustainability statement Embedding due diligence in governance, strategy and business model GOV-2 – Information provided to and sustainability topics addressed by the undertaking’s administrative, management and supervisory bodies G1-1 – Business conduct policies and corporate culture G1-2 – Management of relationships with suppliers G1-3 – Prevention and detection of corruption or bribery Engaging with affected stakeholders in all key steps of the due diligence SBM-2 – Interests and views of stakeholders S1-2 – Processes for engaging with own workers and workers’ represen- tatives about impacts S2-2 – Processes for engaging with value chain workers about impacts S4-2 Processes for engaging with consumers and end-users about impacts G1-2 – Management of relationships with suppliers Identifying and assessing adverse impacts IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns S4-3 – Processes to remediate negative impacts and channels for con- sumers to raise concerns Taking actions to address those adverse impacts SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model S1-4 – Taking action on material impacts on own workforce... S2-4 – Taking action on material impacts on value chain workers... S4-4 – Taking action on material impacts on customers and end-users... Tracking the effectiveness of these efforts and communicating S1-4 – Taking action on material impacts on own workforce... and effec- tiveness of those actions S2-4 – Taking action on material impacts on value chain workers... and effectiveness of those actions S4-4 – Taking action on material impacts on value chain workers... and effectiveness of those actions Annual & Sustainability Report 2024 89 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 90 ===== a framework for sustainability due diligence focused on the proactive systematic identification and review of potential human rights issues and environmental impacts aligned with OECD Due Diligence Guidance for responsible business conduct. The process aims to identify, prevent, mitigate and account for how Viaplay Group addresses actual and potential adverse sus- tainability impacts in its operations, supply chain and any direct and indirect business relations where it has significant leverage. The table titled ‘Mapping of due diligence’ provides references to disclosures in the Sustainability Statement that contain information on the due diligence process, including how the Group applies key aspects of this framework. GOV-5 Risk mana gement and internal controls over sustainability reporting The risk management process implemented by the Group over its sustainability reporting covers all sus- tainability reporting included in the Annual and Sustain- ability report. The risk management process consists of internal control systems to ensure the timely collection, compilation, completeness, integrity, and accuracy of data, as well as an external assurance process. Viaplay Group employs a qualitative approach to risk assessment related to its sustainability reporting. Risk prioritisation considers the effectiveness, efficiency, and maturity of processes involved in the collection and management of environmental, social, and gover- nance data as well as the resilience of said processes. After assessment, risk prioritisation follows a traffic light system establishing a three-tier categorisation in which the status of relevant processes is either: green – high quality; yellow – improvement area; or red – high risk. The risk assesment for the 2023 sustainability report- ing cycle and external assurance process identified no high-risk areas. The main improvement areas identified included: manual consolidations within decentralised data collection processes, the need to supplement defined expectations and requirements for documen- tation collection, and the timing and execution of data collection and calculations. Mitigation strategies include automating data collection processes, strength- ening the control environment for data quality and accountability, and transitioning environmental data to a quarterly reporting schedule. From 2025, sustainability reporting will be moved into the same internal control environment as financial reporting. Consequently, the collection and compi- lation of sustainability data will be moved under the finance function and oversight over existing reporting processes will be further developed. Additionally, the Audit Committee will begin exercising regular oversight of sustainability data on a quarterly basis and receive annual risk assessment findings in relation to sustain- ability reporting. SBM-1 Strategy, business model and value chain For information on Viaplay Group’s strategy, business model, and value chain and how they consider the management of sustainability matters, see pages 4 and 9–10. General Disclosures Annual & Sustainability Report 2024 90 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 91 ===== SBM-2 Interests and views of stakeholders Stakeholder Engagement Open and continuous dialogue with key stakeholders is vital for proactively and effectively identifying concerns, and tracking global trends and market expectations. Viaplay Group considers the interests and concerns of these groups when defining its strategies and articu- lating its goals. The Group regularly engages with its stakeholders through both structured and ad-hoc inter- action as well as through feedback channels, including surveys on topics such as customer and employee satis- faction, social media platforms, and focus groups. The Board and General Executive Team are regularly informed of views and interests of affected stakehold- ers in regard to Viaplay Group’s sustainability-related impacts through recurring annual processes involving approval of the Double Materiality Assessment as well as the development and approval of Sustainability Roadmap targets. Additionally, management bodies are informed of views and interests of the affected stakeholders on an ad-hoc basis, when relevant through oversight of due-diligence processes. Views of affected stakeholders are taken into account through their inte- gration as input in decision making procesess and the refinement of Group policies and practices. Engaging with key stakeholder groups Employees • Contin uous Employee Engagement Survey monitoring • Pers onal Development Dialogue • Employmen t relations, health and safety representation • Including emplo yees’ perceptions and expe- riences • Contributin g to a sustainable workplace and working life • Intern al policy updates • Improv ement and action plans • Communica tions from management Business customers & suppliers • Custom er support and guidance • Periodic re views • Business p artner due diligence • Building trust • Enabling cus tomers to achieve their targets • Product an d service improvements • Engagem ent with and input to industry initiatives Workers in the value chain • Third-par ty audit programme • On-site visits an d surveys • Complianc e with supplier code of conduct • Prot ecting human and labour rights of workers • Streamlin ed supplier expectations • Correc tive action plans for suppliers Customers • Regular int eraction • Focus groups • Surv eys and systematic measurement of the Net Promoter Score (NPS) • Unders tanding brand perceptions • Feedba ck on product and service offerings • Product an d service improvements • Adapta tion of marketing strategies Industry peers • Industr y forums • Collectiv e action alliances • Intern ational and local associations • Developin g industry standards on sustain- ability • Shared tr aining and aligned sustainability expectations for suppliers Investors & analysts • Regular enga gement, participation on board, roadshows & investor calls • Annual Gen eral Meeting • Unders tanding expectations • Enhancin g transparency • Respons es to investor queries • Change s to company strategies General Disclosures Stakeholder Engagement channels Purpose of engagements Examples of outcomes from engagements Annual & Sustainability Report 2024 91 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 92 ===== SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Overview of material impacts, risks and opportunities Viaplay Group’s Sustainability Statement includes separate chapters on all material sustainability topics. Each chapter includes a description of Viaplay Group’s sustainability context and dependencies, a description of material impacts, risks and opportunities in relation to the topic, and corresponding disclosures on gover- nance, strategy, policies, as well as metrics and tar- gets. In the tables on pages 92 and 93 you will find an overview of all material impacts, risks and opportunities identified in the Double Materiality Assessment and where they occur in the value chain. Overview of potential and actual impact on sustainability topics across the value chain Buying & creating content Packaging & marketing Content distribution Consumer experience E1 Climate Change A B1 A B1 BA A B1 S1 Own workforce 3 C2 C F32 C3 S2 Workers in the value chain D F42 S4 Consumers and end-users 21 E F21 G1 Business Conduct G5 G5 G5 Drivers of positive impact 1. Promo tion of climate change mitigation and adaptation via content. 2. Advan cing diversity, equality, and inclusion in workforce and via content. 3. Secure emplo yment, adequate wages, social protection, career development and an inclusive work environment. 4. Job creation an d engagement on standards for decent work, human and workers’ rights across the value chain. 5. Engagem ent on business conduct, compliance, anti-corrup- tion, and other sustainability topics. Drivers of negative impact A. Fossil fuel an d non-renewable electricity use. B. Greenhous e gas emissions. C. Pot ential well-being and discrimination related impacts on own work force. D. Pot ential health and safety risks and impact on human rights for workers in the value chain. E. Pot ential incidents relating to protection of children and social inclusion of customers / end-users. F. Pot ential incidents relating to information protection and privacy. G. Pot ential incidents related to compliance and business ethics. General Disclosures Annual & Sustainability Report 2024 92 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 93 ===== IRO-1 Description of the processes to identif y and assess material impacts, risks and opportunities Viaplay Group assesses material sustainability-relat- ed impacts, risks and opportunities according to the ESRS concept and requirements of double materiality. The assessment is validated by Viaplay Group’s Audit Committee and approved by the Board of Directors on an annual basis. The materiality assessment is based on input from Viaplay Group’s sustainability function and subject matter experts in Group functions, including Risk, Business Control, Financial Reporting, Corporate Compliance, People and Culture, Content Compliance, Data Privacy, and Customer Experience, as well as input from external experts. Involvement of risk management resources in the materiality assessment process supports the identi- fication and further evaluation of sustainability-re- lated impacts and risks. The views of Viaplay Group’s stakeholders are incorporated into the materiality assessment annually. Group functions and business areas summarise input provided to them through their engagement with affected stakeholders, interactions with external sustainability experts, and users of the Sustainability Statement. Impact materiality Impact materiality is assessed based on actual and potential sustainability impacts from Viaplay Group’s activities and business relationships across the upstream and downstream value chain. Severity is evaluated by scope, scale, irremediability, and whether the impact is actual or potential. Significance is deter- mined by both severity and likelihood. For human rights impacts, severity takes precedence over likelihood. Financial materiality Financial materiality is assessed in terms of the risk of negative reputational, financial, or commercial con- sequences for Viaplay Group that are associated with sustainability topics, as well as potential sustainabili- ty-related opportunities for Viaplay Group. All identified sustainability-related impacts, risks and opportunities that are considered material for affected stakeholders or users of Viaplay Group’s sustainabil- ity statement are presented in the table of material sustainability topics provided in the SBM-3 disclosure found on pages 92 and 93. However, not all sustain- ability-related risks in the Sustainability Statement are specifically highlighted in Viaplay Group’s risk reporting. Overview of Viaplay Group’s exposure to sustainability related risks and opportunities Buying & creating content Packaging & marketing Content distribution Consumer experience E1 Climate Change A B1 A1 A B1 S1 Own workforce D3 3 S2 Workers in the value chain C2 C S4 Consumers and end-users D2 G1 Business Conduct E E C Potential sustainability related opportunities 1. Pot ential increased profit margins on production and acquisi- tion of climate change relevant content and savings from low emission production practices. 2. Pot ential for reaching new demographics through diverse and inclusive content. 3. Attra cting and retaining talent through offering safe and secure jobs an d a diverse and inclusive work environment. Potential sustainability related risks A. Pot ential reputational impacts from failure to meet climate targets. B. Pot ential impacts from climate disruption of sporting events and content productions, C. Pot ential financial losses associated with reputational impacts from human rights related incidents in the value chain. D. Pot ential financial losses from fines related to data privacy incidents. E. Pot ential Financial losses from fines associated with various business conduct risks. General Disclosures Annual & Sustainability Report 2024 93 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 94 ===== Environment Topic Sub-topic Long-term targets / ambitions KPI 20 24 targets Performance 2025 targets Climate change mitigation and adaptation Reduce GHG emissions in absolute scope 1 (fuel use), scope 2 (energy) & scope 3.6 (business travel) by 46.2% by end of 2030 from a 2019 base year (SBTs). 1 % reduction of CO2 emissions from 2019 baseline. Reduce direct emissions from vehicles and facilities (scope 1), purchased energy (scope 2), and business travel (scope 3.6) by at least 21% from 2019 levels by end of 2024. Achieved. 74% (Scope 1), 48% (S cope 2), 57% (scope 3.6) from 2019 levels. Reduce direct emissions from vehicles and facilities (scope 1), purchased energy (scope 2), and business trav- el (scope 3.6) by at least 25.2% from 2019 levels by end of 2025. 71% of suppliers by emissions covering purchased goods and services will have science-based targets by end of 2026. 1 % of suppliers by emissions engaged. 15% of suppliers by emissions covering purchased goods and services will have science-based targets by end of 2024. Not achieved. 8% of suppliers b y emissions covered. By the end of 2025, launch an initiative to collect sup- plier-specific emission factors to support science-based target en gagement through due diligence. Develop and implement Viaplay’s Sustainable Produc- tion Guide, including People & Planet storytelling test in all Viaplay Group’s commissioned content productions (incl. sports productions) by end of 2026. 2 % of productions with SPG imple- mented. Develop a Sustainable Production Guide version for Viaplay’s sports productions; implement Sustainable Production Guide in 30% of Viaplay Group’s commissioned content productions by end of 2024. Partially achieved. Intial sc oping of Sports version; SPG in 30% of productions. No longer pursued. Programme to be integrated with standard production processes during 2025. Energy Achieve >95% renewable energy use across Group oper- ations by the end of 2030. 3 % renewable energy use Develop Group-wide target for renewable energy use by end of 2024. Achieved. Tar get devel- oped. Achieve 75% renewable energy use by end of 2025. Achiev ed Partially a chieved Not achie ved  Climate change 1) Science-based emission reduction target validated by SBTi as aligned with the Paris agreement end of 2021. 2) Targe t no longer pursued as of 2025. 3) Revis ed long-term target as of 2025. Sustainability roadmap This roadmap contains all long-term and annual targets related to Viaplay Group’s sustainability efforts, as well as performance against 2024 targets. Several long-term targets relating to due diligence and gender balance have been replaced by ambitions to showcase intent of actions where time bound targets are unsuitable. General Disclosures Social Topic Sub-topic Long-term targets / ambitions KPI 20 24 targets Performance 2025 targets Working conditions Employee well-being index score of 78 in Employee Engagement Survey by end of 2026 (revised baseline: 74, 2024). 3 Well-being index score (EES). Employee perception of well-being index score of 78 (revised baseline 77, 2023) in Employee Engagement Survey by end of 2024. Not directly comparable. Well-bein g index score of 74 achieved in new scoring system. Employee well-being index score of 76 in Employee Engagement Survey by end of 2025 (baseline: 74, 2024). Equal treatment and opportunity for all Ambition: Reach 50F/50M% gender balance in the workforce. 3 F/M% Increase female talents to reach 42F/58M% gender balance in total workforce by end of 2024 (revised baseline 41F/59M%, 2023). Not achieved. 39%F /61%M, 2024. Increase female talents to reach 40F/60M% gender balanc e in total workforce by end of 2025 (revised baseline 41%F/59%M, 2023). Own workforce Annual & Sustainability Report 2024 94 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 95 ===== Governance Topic Sub-topic Long-term targets / ambitions KPI 20 24 targets Performance 2025 targets Corporate culture and management of suppliers Ambition: Enhance Viaplay Group’s Ethics and Com- pliance programme through targeted training and centralised supplier risk mana gement across all markets.2 % of employees completing CoC training. Maintain >95% completion of CoC training for all employees and targeted training for employees in high-risk positions. Partially achieved. Tar geted training completed; 86% completion rate for CoC. No longer pursued. Group transitioning away from time- bound due diligence targets to ensure a continuous, adaptive approach that better addresses evolving risks and regulatory requirements. % of strategic suppliers screened. Roll out centralised supplier screening process to screen 90% of our strategic supplier base. Not achieved, Supplier s creening process rolled out, only 3.5% of stra- tegic supplier base screened.  Business conduct Social Topic Sub-topic Long-term targets / ambitions KPI 20 24 targets Performance 2025 targets Working Conditions Ambition: Ensure ethical behaviour, human rights and well-being in all Viaplay Group’s commissioned content productions by strengthened processes, trainings and audit programme. % of productions screened Conduct sustainability screening of all Viaplay productions including sports, and onsite audits of all identified high-risk productions by end of 2024. Achieved. 100% pr o- duction screened and one audit of high risk production conducted. Conduct Human Rights screening of all Viaplay produc- tions including sports, and onsite audits of identified high- risk productions by end of 2025. Conduct extended human right impact assessment of value chain to strengthen the Group’s Human Rights Due Diligence process by 2024. Partially achieved. Asse sment ongoing. Equal treatment and opportunity for all Reach and maintain 50F/50M% gender balance in Viaplay Group’s production value chain by 2026 (baseline 47F/53M%, 2021). F/M% Maintain a 50%F/50%M gender balance in the creative value chain in all Viaplay Group’s commissioned content productions by end of 2024 (47F/53M%, 2021). Achieved. 49%F /51%M, 2024. Maintain a 50%F/50%M gender balance in the creative value chain in all Viaplay Group’s commissioned content productions by end of 2024 (47F/53M%, 2021). Personal safety and social inclusion Enhance content accessibility by providing subtitles for 65% and audio description, sign language, and spoken text for 10% of content subject to national accessibility requirements across all markets by the end of 2026. 3 % of content cov- ered Pilot AI Subtitling on local language content by end of 2024. Achieved. AI subtitlin g was successfully piloted. Implement AI solution to ensure that 60% of live pro- gramming, subject to national accessibility requirements, includes subtitles by the end of 2025. Information- related impacts Achieve 40% reduction in data privacy incidents by enhancing customer privacy and facilitating the exercise of privacy rights by the end of 2026 (Reference: 2024). 3 % reduction in data privacy incidents Continuous improvement and development of incident response processes to protect customer data. Achieved. Adv anced bot detection tool deployed. Achieve a 30% decrease in response time for handling privacy rights request from 2024 levels by implementing automated systems by the end of 2025. Consumers and end-users Workers in the value chain General Disclosures Achiev ed Partially a chieved Not achie ved 2) Targe t no longer pursued as of 2025. 3) Revis ed long-term target as of 2025. Annual & Sustainability Report 2024 95 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 96 ===== EU Taxonomy Reporting on alignment of business activities with European Union environmental objectives in accor- dance with Taxonomy Regulation (EU) 2020/852. Background The EU (European Union) Taxonomy for sustainable a ctivities is a classification system for economic activities that was fully implemented in 2023. The taxonomy offers guidance for policy makers, industr y and investors on how best to support and invest in economic activities that contribute to achieving a climate-neutral economy. It sets performance thresholds for economic activities by defining technical criteria for making a substantial contri- bution to one of the EU’s environmental objectives: 1. Climate change mitigation, 2. Climate change adap- tion, 3. Sustainable use and protection of water and marine r esources, 4. Protection and restoration of biodiversity and ecosystems, 5. Pollution prevention and control, and 6. Transition to a circular economy. The activity must comply with the technical review criteria defined by the Commission while also doing no significant harm to the other objectives (”Do No Significant Harm” principle – DNSH). Companies should also meet minimum safeguards that ensure sustainable activities meet standards for human and labour rights, as well as ethical business practices through compliance with the International Labour Organization’s eight “fun- damental conventions”. Business model alignment Viaplay Group falls under the scope of the Non-Finan- cial Reportin g Directive and must disclose to what extent the activities that the Group carries out meet the criteria set out in the EU Taxonomy. Viaplay Group has identified that some of its economic activities qualify as eligible under the Taxonomy Regulation (EU) 2020/852 and its delegated acts (the “Taxonomy”). Viaplay Group operates video streaming services, pay-TV and commercial free-TV channels, commercial radio networks, audio streaming services as well as pro- ducing content primarily for the Group’s Viaplay stream- ing service. These activities are eligible pursuant to economic activities 8.3 Programming and Broadcasting, 13.3 Motion picture, video and television programme production, sound recording and music publishing activities, and 7.7 Acquisition and ownership of build- ings of Annex 1 to Commission Delegated Regulation (EU) 2021/2139 (the “Delegated Climate Act”). Nuclear and fossil gas-related activities Row Nuclear energy-related activities 1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. NO 2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. NO 3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. NO Fossil gas-related activities 4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. NO 5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/ cool and power generation facilities using fossil gaseous fuels. NO 6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. NO Annual & Sustainability Report 2024 96 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 97 ===== EU Taxonomy Reporting and financial disclosures The Group’s turnover is defined as eligible according to economic activities 8.3 and 13.3. The Group currently has 163 titles licensed or pro- duced that could be considered taxonomy-aligned based on th e definition of supporting activities in these sections. However, the revenue from these titles is not significant. See Note 4 Revenues of the Financial state- ment for the Group’s total revenue. During 20 24, the Group had SEK 47m of capital expenditure considered as eligible by the EU Taxonomy. See Note 12 Intangible assets, Note 13 Tangible assets and Note 24 Leases for the Group’s total capital expen- diture. During 2024, the Group had SEK 1m of operating expenditure considered as eligible by the EU Tax- onomy. Out of the Group’s total costs an estimation has been made to be included in the definition of operating expenditure. The Group currently does not extract maintenance expense in its financial reporting in accordance with the EU Taxonomy definitions and some simplifications have been made when estimating the operating expenditure. See Consolidated income statement and Note 24 Leases. The Group has evaluated its due diligence processes against the minimum safeguards defined by the EU Tax- onomy to ensure its activities meet standards for human and labour rights, as well as ethical business practices. For more information on these processes see GOV-4 Statement on sustainability due diligence on page 89. This disclosure is based on Viaplay Group’s current understanding of the legislation and may be amended in the future to align with new regulatory guidance pro- vided and maturing reporting practices. The share of eligible and aligned activities may increase in the future due to Viaplay Group’s commitment to sustainability. Scope and alignment with EU taxonomy for all environmental objectives Share of OpEx/total OpEx % Taxonomy- aligned per objective Taxonomy- eligible per objective CCM 0 0 CCA 0 3 WTR – – CE – – PPC – – BIO – – Annual & Sustainability Report 2024 97 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 98 ===== EU Taxonomy – Turnover Year Substantial contribution criteria DNSH criteria (‘Do No Significant Harm’) Economic activities (1) SEKm % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A. 1. Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activitie s (Taxonomy-aligned) (A. 1) 0 0% – – – – – – – – – – – – – 0% Of which enabling 0 0% – – – – – – – – – – – – – 0% E Of which transitional 0 0% – – – – – – – – 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Programming and broadcasting activities CCA 8 �3 15,0 31 81% N/EL EL N/EL N/EL N/EL N/EL 98% Motion picture, video and television programme produc- tion, sound recording and music publishing activities CCA13�3 19 0% N/EL EL N/EL N/EL N/EL N/EL 2% Turno ver of Taxonomy-eligible but not environmentally sustainable a ctivities (not Taxonomy-aligned activities) (A.2) 15,050 81% 0% 81% – – – – 100% A. Turnover of Taxonomy-eligible activities (A. 1 + A.2) 15,050 81% 0% 81% – – – – 100% B. TAXONOMY NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy- non-eligible activities 3,440 19% TOTAL 18,490 100% Code (2) Turnover (3) Proportion of Turnover, year 2024 (4) Climate change mitigation (5) Climate change adaptation (6) Water (7) Pollution(8) Circular Economy (9) Biodiversity (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy- aligned (A.1.) or -eligible (A.2.) turnover, year 2023 (18) Category enabling activity (19) Category transitional activity (20) Y: Yes, Taxonomy-eligible and Taxonomy-aligned ac tivity with the relevant environmental objective. N: No, Tax onomy-eligible but not Taxonomy-aligned activit y with the relevant environmental objective. N/EL: Not eligible, Tax onomy-non-eligible activity for the relevant environmental objective. EL: Taxon omy-eligible activity for the relevant objective. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a contribution, as well as the section number the activity in the relevant Annex covering the objective: Climate Change Mitigation: CCM, Climate Change Adaptation CCA. Annual & Sustainability Report 2024 98 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 99 ===== EU Taxonomy – CapEx Year Substantial contribution criteria DNSH criteria (‘Do No Significant Harm’) Economic activities (1) SEKm % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A. 1. Environmentally sustainable activities (Taxonomy-aligned) CapEx of environmentally sustainable activities (Taxonomy-aligned) (A. 1) 0 0% – – – – – – – – – – – – – 0% – – Of which enabling 0 0% – – – – – – – – – – – – – 0% E Of which transitional 0 0% – – – – – – – – 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Acquisition and ownership of buildings CCM 7 �7 47 52% EL N/EL N/EL N/EL N/EL N/EL 0% CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 47 52% 2% – – – – – 0% A. CapEx of Taxonomy-eligible activities (A. 1 + A.2) 47 52% 2% – – – – – 0% B. TAXONOMY NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy-non-eligible activities (B) 43 48% Total 90 100% Code (2) CapEx (3) Proportion of CapEx, year 2024 (4) Climate change mitigation (5) Climate change adaptation (6) Water (7) Pollution(8) Circular Economy (9) Biodiversity (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy- aligned (A.1.) or -eligible (A.2.) CapEx, year 2023 (18) Category enabling activity (19) Category transitional activity (20) Y: Yes, Taxonomy-eligible and Taxonomy-aligned ac tivity with the relevant environmental objective. N: No, Tax onomy-eligible but not Taxonomy-aligned activit y with the relevant environmental objective. N/EL: Not eligible, Tax onomy-non-eligible activity for the relevant environmental objective. EL: Taxon omy-eligible activity for the relevant objective. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a contribution, as well as the section number the activity in the relevant Annex covering the objective: Climate Change Mitigation: CCM, Climate Change Adaptation CCA. Annual & Sustainability Report 2024 99 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 100 ===== EU Taxonomy – OpEx Year Substantial contribution criteria DNSH criteria (‘Do No Significant Harm’) Economic activities (1) SEKm % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A. 1. Environmentally sustainable activities (Taxonomy-aligned) OpEx of environmentally sustainable activities (Taxonomy-aligned) (A. 1) 0 0% – – – – – – – – – – – – – 0% – – Of which enabling 0 0% – – – – – – – – – – – – – 0% E Of which transitional 0 0% – – – – – – – – 0% T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Motion picture, video and television programme produc- tion, sound recording and music publishing activities CCA 13 �3 1 3% N/EL EL N/EL N/EL N/EL N/EL 0% Transpor t by motorbikes, passenger cars and light com- mercial vehicles CCM 6�5 0 0% EL N/EL N/EL N/EL N/EL N/EL 0% OpEx of Taxonomy-eligible but not environm entally sustainable activities (not Taxonomy-aligned activitie s) (A.2) 1 3% 0% 3% – – – – 0% A. OpEx of Taxonomy-eligible activities (A. 1+A.2) 1 3% 0% 3% – – – – 0% B. TAXONOMY NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy-non-eligible activities (B) 11 100% Total 11 100% Code (2) OpEx (3) Proportion of OpEx, year 2024 (4) Climate change mitigation (5) Climate change adaptation (6) Water (7) Pollution(8) Circular Economy (9) Biodiversity (10) Climate change mitigation (11) Climate change adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy- aligned (A.1.) or -eligible (A.2.) OpEx, year 2023 (18) Category enabling activity (19) Category transitional activity (20) Y: Yes, Taxonomy-eligible and Taxonomy-aligned ac tivity with the relevant environmental objective. N: No, Tax onomy-eligible but not Taxonomy-aligned activit y with the relevant environmental objective. N/EL: Not eligible, Tax onomy-non-eligible activity for the relevant environmental objective. EL: Taxon omy-eligible activity for the relevant objective. The Code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a contribution, as well as the section number the activity in the relevant Annex covering the objective: Climate Change Mitigation: CCM, Climate Change Adaptation CCA. Annual & Sustainability Report 2024 100 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 101 ===== Climate Change creating and delivering high-quality content. The Group views this as an opportunity both to gain greater insight into production practices fit for the future and to share them with its industry partners. The Group aims to work collaboratively to reduce its environmental impact while commissioning authentic and relatable content that reflects the changing world in which it operates. Costs associated with Groups decarbonisation efforts in its own operations are insubstantial and do not require significant investment, due to its incremental long-term approach to emission mitigation and pairing of emission reduction efforts with overall efforts to optimise organ- isational efficiency and reduce operational overhead. The Group has a dedicated budget for sustainability efforts and dedicated resources to advance the transi- tion plan through work with industry groups and actors in the value chain. Viaplay Group is working with media industry groups to align on common approaches to reporting under the CSRD and interpretations of relevant criteria for broadcasting activities to serve as enabling activities in relation to the EU taxonomy. E1-1 Transition plan for climate change mitigation Viaplay Group monitors, measures and reports on greenhouse gas (GHG) emissions linked to its opera- tions and supply chain in accordance with the interna- tional standard GHG Protocol. At the end of 2022, the Science Based Targets Initiative (SBTi) validated Viaplay Group’s near-term scope 1 and 2 target ambition as in line with a 1.5°C trajectory. In conjunction with the SBTi commitment, Viaplay Group has been committed to the Business Ambition for 1.5°C Campaign and the UN’s Race to Zero initiative since 2020. This means that the Group is committed to reducing GHG emissions across its business and supply chain over the coming years at levels in line with the goals of the Paris Agreement. The Group sees decarbonisation as an opportunity to enhance operations while minimising environmental impact. Key decarbonisation levers identified include increasing renewable energy use, improving energy efficiency, reducing waste, and supporting value chain partners in measuring emissions and setting reduction targets. Producing and commissioning content generates the bulk of GHG emissions associated with Viaplay Group’s value chain, due to the extensive logistics involved in Buying & creating content Packaging & marketing Content distribution Consumer experience Impacts 2 31 2 31 32 2 31 Risks & Opportunites B CA BA B CA – – –– – ––+ ++ € €€ Actual Potential + Positive – Negative € Transition opportunity t Transition risk p Physical risk 1. Promo tion of climate change mitigation and adaptation via content. 2. Fossil fuel an d non-renewable electricity use. 3. Greenhous e gas emissions. A. Pot ential increased profit margins on production and acquisi- tion of climate change relevant content and savings from low emission production practices. B. Pot ential reputational impacts from failure to meet climate targets. C. Pot ential impacts from climate disruption of sporting events and content productions. SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model – t ttp p Annual & Sustainability Report 2024 101 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 102 ===== SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Viaplay Group works to reduce the climate impact of its business activities by measuring and improving ener- gy use and carbon emissions from its operations and commissioned productions. The Group also engages with business partners on climate topics and works with industry groups to address emissions from end-us- er devices, network infrastructure and data centres. Viaplay Group conducted an initial resilience analysis of its business strategy in relation to climate change in line with TCFD recommendations in 2022. The analysis is regularly updated and findings inform the Group’s double materiality assessment process, in which the financial materiality of climate related risks are further evaluated. The scope of the analysis includes Viaplay Group’s entire value chain as well as all TCFD risk cate- gories and the analysis utilises a scenario analysis across multiple time horizons. Viaplay Group views its business strategies as resil- ient to climate-related scenarios across all assessed time-frames, due to preemptive mitigation activities undertaken to future-proof its operations and, increas- ingly its value chain. Material climate-related physical and transitional risks are documented in the table on page 101, alongside identified climate related impacts. None of the identified risks is believed to be critical enough to fundamentally challenge Viaplay Group’s business operations or ability to generate revenue, cash-flows and profits. The material physical risk identified was present on all considered time horizons and scenarios but more pronounced on longer time horizons considered, as well as under the high-carbon scenario. The material transition risk and opportunity identified were present in the low-carbon scenario and most pronounced over the short- and medium-term time horizons. IRO-1 Description of the processes to identify and ass ess material climate-related impacts, risks and opportunities Climate-related impacts are identified and assessed via the impact materiality assessment included in the dou- ble materiality assessment undertaken annually by the Group. This process is guided by Viaplay Group’s annual GHG emissions accounting across its operations and value chain, along with insights from industry initiatives focused on reducing climate impacts and enhancing the industry’s positive role in the climate transition, aligned with EU and national targets. Additionally, the Group conducts a detailed risk assessment to identi- fy climate-related physical and transition risks across Viaplay Group’s value chain, in which all identified risks are scored based on the likelihood and severity of their potential or actual impact on its financial results. Viaplay Group monitors identified climate-related risks that have the potential to have a material financial impact on the organisation, and any emerging issues are communicated directly to the Group Executive Team, which in turn escalates relevant issues to the Board. Scenario Analysis A range of complexities exist due to the uncertainties of the trajectory of global greenhouse gas emissions and the long-term impact of climate change, which may have unforeseen impacts on Viaplay Group’s business activities, the environment and society. To address this, the likelihood of risks occurring is assessed under two scenarios based on IPCC Representative Concentra- tion Pathways (RCP) scenarios representing physical impacts of a low-carbon future 1.5°C and a high-car- bon scenario (2–4°C). Additional transition scenario considerations from IEA NZE 2050 are included in the low-carbon future scenario to account for transition impacts. Considered time horizons for the materialisa- tion of each risk included short-term (>5 years), medi- um-term (5–10 years), and long-term (>10 years). Low-carbon scenario (Transition / 1.5°C / RCP 1.9 & IDE NZE 2050) This scenario entails a future in line with the ambitions of the Paris Agreement in which rapid emission reduc- tions have limited global temperature change to 1.5°C. Transition impacts are most pronounced and physical impacts such as rising sea levels will be extensive over the rest of the century but manageable. Governments have enacted strategies for implementing rapid emis- sion reductions to reach net zero emissions by 2050 and schemes to secure negative emissions by the end of the century. Risks and opportunities considered in analysis of this scenario included those relevant policy and legal, technology, market and reputational domains. High-carbon scenario (Business as usual / 4–5°C / RCP 8.5) This scenario entails a future in which global GHG emissions continue to rise, without sufficient action to address them, leading to potential mean temperature increases of 4–5°C by the end of the century. Extreme physical impacts including increasingly frequent extreme weather events, widespread ecosystem failures and significant sea level rises are likely to be wide- spread and increasingly unmanageable in the lead up to the end of the century. Risks considered in analysis of this scenario included both acute and chronic physi- cal risks. E1-2 Policies related to climate change mitigation an d adaptation Viaplay Group’s climate transition efforts are governed by the Group Sustainability Policy and Group Travel and Expense Directive. Additionally, the Group’s Suppli- er Code of Conduct includes key measures that estab- lish expectations for suppliers to work to minimise their impact on the environment and work towards devel- oping their own transition plans for climate change mitigation aligned with the Paris Agreement. The Sustainability Policy outlines the Group’s approach to sustainability and its commitment to inte- grating universal principles and guidelines for respon- sible business conduct into its operations. Through the Sustainability Policy, the Group establishes its approach to environmental management and climate change mitigation, constituted by commitments to compliance with all relevant environmental laws and regulations, Climate Change Annual & Sustainability Report 2024 102 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 103 ===== a precautionary and preventative approach to envi- ronmental concerns, and continuous improvement of sustainability performance. Viaplay Group’s environ- mental management efforts are focused on the follow- ing topics: energy consumption, renewable energy use, production, technology and services, business travel, use of materials and waste management. Overarching responsibility for the Sustainability Policy, strategy, goals, actions and follow-up rests with the Board of Directors. The Viaplay Group Travel and Expense Directive supports the Group’s business travel emission reduction efforts through encouraging employees to travel less (by opting for digital meetings when feasible, utilising local staff and resources, and combining meetings and activities into fewer trips) and to travel more efficiently (by opting for lower emission modes of travel, walking and using public transport instead of taxis, and when traveling by air by taking direct flights whenever pos- sible). The directive is supported through reminders, notices and recommendations in the Group’s central travel booking system that aim to nudge its employees to travel with a reduced environmental impact. E1-3 Actions and resources in relation to clima te change policies Own operations During the reporting period, Viaplay Group continued to optimise its organisational footprint to align with its market oriented organisational model and strategy. This led to reduced energy consumption, heating use and total business travel volumes across markets. Addition- ally, the Group reduced the number of vehicles it owns and operates, driving reductions in emissions from fuel use. These actions led to emissions from direct com- bustion and purchased energy (Scope 1 & 2) decreasing 27% YoY and 50% compared with 2019 levels, surpass- ing the target of a 21% reduction from 2019 levels for 2024. Additionally, Viaplay Group achieved its stated ambi- tion of establishing a group-wide target for deployment and procurement of renewable energy of >95% by the end of 2030, which applies to all facilities it directly con- trols or influences energy procurement of. See disclo- sure ‘E1-5 Energy consumption and mix’ for information on current levels of renewable energy procurement. Viaplay Group concluded that the effects from organisational changes during the year were considered organic under SBTi guidelines and no revision of climate target base-year or target values was necessary. Value Chain Continued optimisation of the Group’s organisation- al footprint as well as increasing alignment of travel with the Group Travel and Expense Directive lead to continued reduction in emissions from business travel. Emissions from business travel declined 39% YoY and 57% from 2019 levels, leading the Group to achieve its annual emission reduction target. Additionally, divest- ment from business operations in non-core markets at the begining of 2024 as well as significant reduction in the commissioning of scripted content productions contributed to reduced emissions across scope 3 cate- gories. Climate change mitigation efforts targeting the group production supply chain continued during 2024. During the year, the Group’s Sustainable Production Guide (SPG) process was used to measure, reduce, and report carbon emissions in 30% of productions, increas- ing product-specific emission data from productions and meeting the implementation target. Additionally, the Group partially achieved its stated ambition of developing a SPG guide process for sports productions, completing an initial scoping of a sports edition of the SPG before the end of the year. Viaplay Group continues to engage with its suppliers responsible for emissions from purchased goods and services in order to achieve its long-term science-based target of having suppliers responsible for 71% of these emissions covered by science-based targets. The Group fell short of its Scope 3 target for supplier engag- ment, with only 8% of suppliers by emissions covering purchased goods and services having science-based targets at the end of the year. Future actions In 2025, Viaplay Group will complete the development of a sports edition of SPG, integrate SPG use into stan- dard production processes and contracts with produc- tion suppliers. These efforts will further support the col- lection of absolute emission data from commissioned productions and improve Scope 3 emission reporting with product specific emission factors. Additionally, the Group will continue to participate in a collaborative industry effort to create a Nordic Ecological Production Standard aimed at aligning all industry stakeholders on a single set of criteria for sustainable production. Viaplay Group will also participate in a consortium of academic institutions and businesses in a EU Horizon Europe - Innovation Action Programme project enti- tled ‘StreamSCAPES research and innovation project’. StreamSCAPES aims to develop approaches for driving the sustainable climate transition through streaming platforms as central nodes within the audiovisual and cultural sectors. By the end of 2025, the Group will launch an ini- tiative to collect supplier-specific emission factors to support science-based target engagement with its suppliers through due diligence. Climate Change Annual & Sustainability Report 2024 103 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 104 ===== E1-4 Targets related to climate change mitigation and adaptation Long-term target related to energy revised. Targets related to Sustainable Production Guide no longer pursued. Climate Change Climate change mitigation and adaptation Energy Long-term targets Reduce GHG emissions in absolute scope 1 (fuel use), scope 2 (energy) & scope 3.6 (business travel) by 46.2% by end of 2030 from a 2019 base year (SBTs). 71% of suppliers by emis- sions covering purchased goods and services will have science-based tar- gets by end of 2026. Develop and implement Viaplay’s Sustainable Produc- tion Guide, including People & Planet storytelling test in all Viaplay’s Group’s commis- sioned content productions (incl. sports productions) by end of 2026. Achieve >95% renewable energy use across Group operations by the end of 2026. 2024 Annual targets Reduce direct emissions from vehicles and facilities (scope 1), purchased ener- gy (scope 2) and business travel (scope 3.6) by at least 21% from 2019 levels by end of 2024. 15% of suppliers by emis- sions covering pur chased goods an d services will have science-based tar- gets by end of 2024. Develop a Sustainable Production Guide version for Viaplay’s sports produc- tions; implement Sustainable Production Guide in 30% of Viaplay Group’s commissioned content productions by end of 2024. Develop Group-wide target for renewable energy use by end of 2024. Performance Achieved. 74% (Scope 1), 48% (S cope 2), 57% (Scope 3.6) from 2019 levels. Not achieved. 8% of suppliers b y emissions covered by science- based targets. Partially achieved. Sus tainable Production Guide implemented in 30% of productions; only initial scoping of Sports version completed. Achieved. Target dev eloped. 2025 Annual targets Reduce direct emissions from vehicles and facilities (scope 1), purchased ener- gy (scope 2) and business travel (scope 3.6) by at least 25.2% from 2019 levels by end of 2025. By the end of 2025, launch an initiative to collect supplier-specific emission factors to sup- port science-based target engagem ent through due diligence. No longer pursued. Pro- gramme to be integrated with standard production process- es during 2025. 75% renewable energy use by end of 2025. Achiev ed Partially a chieved Not achie ved E1-5 Energy consumption and mix Only energy from electricity included in reporting. 2024 2023 Total energy consumption from fossil sources [MWh] 1,699 2,550 Share of fossil sources in total energy consumption [%] 34% 46% Total energy consumption from nuclear sources [MWh] – – Share of consumption from nuclear sources in total energy consumption [%] 0 0 Fuel consumption from renewable sources [MWh] – – Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources [MWh] 3,248 3,048 Consumption of self-generated non-fuel renewable energy [MWh] – – Total energy consumption from renewable sources [MWh] 3,248 3,048 Share of total energy consumption from renewable and low carbon sources [%] 66% 54% Total energy consumption [MWh] 4,947 5,598 Annual & Sustainability Report 2024 104 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 105 ===== Climate Change E1-6 Gross scope 1, 2, 3 and total GHG emissions Retrospective Milestones and target years Base year 2024 2023 % 2024 /2023 2025 2030 Annual % target /Base year Gross Scope 1 GHG emissions (tCO2eq) 161 42 76 76% 120 92 4.2%/2019 Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) – – – – Gross location-based Scope 2 GHG emissions (tCO2eq) 974 492 488 101% Gross market-based Scope 2 GHG emissions (tCO2eq) 1,960 1,021 1,382 74% 1,466 984 4.2%/2019 Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 74,102 38,959 117,998 33% 1 Purchas ed goods and services 61,153 26,485 105,139 25% Engagement Cloud computing and data centre services – 17 – 2 Capital goods 105 – – – 3 Fuel and en ergy-related Activities (not included in Scope1 or Scope 2) 947 173 325 53% 4 Upstream tr ansportation and distribution 82 5 559 <1% 5 Wast e generated in operations 11 2 48 4% 6 Business tr aveling 5,239 2,240 3,663 61% 4.2%/2019 7 Employee c ommuting 1,500 626 691 91% 8 Upstream leas ed assets – – – 9 Downstr eam transportation – – – – 10 Proce ssing of sold products – – – – 11 Use of s old products 4,894 9,359 7,516 125% 12 End-o f-life treatment of sold products – – – – 13 Downstr eam leased assets – – – – 14 Fr anchises – – – – 15 Inv estments 171 52 57 91% Total GHG emissions (location-based) (tCO2eq) 75,237 39,493 118,562 33% Total GHG emissions (market-based) (tCO2eq) 76,223 40,022 119,456 33% Accounting principles Viaplay Group applies an operational control approach, covering all Scope 1, 2, and 3 emissions under its sub- sidiaries, and discloses downstream emissions from joint ventures and investments. Emission factors are sourced from government databases, academic studies, and regulatory disclosures, with a 100-year Global Warming Potential (GWP) applied per IPCC guidelines, and all six greenhouse gases are included in the calculation and are expressed in CO 2 equivalents. Some energy and waste figures are estimated. • Scope 1 (Vehicles & Fuel): Calculated using the latest DEFRA conversion factors. • Scope 2 (Purchased Energy): Reports both market- and location-based emissions per ESRS and GHG Protocol guidelines. The market-based approach uses supplier-specific data and renewable certifi- cates, while the location-based approach applies national grid mixes (AIB emission factors). Estimates are used for shared office spaces. • Scope 3 (Value Chain Emissions): Primarily estimated using spend and transaction data. Purchased content emissions are based on production spend and 2020 benchmarks. EXIOBASE models upstream emis- sions, while UK DEFRA, Idemat, Quartz, and EPDs inform activity-based calculations. Business travel and Employee commuting follow the well-to-wheel (WTW) methodology. • Scope 3�11 (Us e of Sold Products): Streaming emissions are calculated using the DIMPACT Video Streaming Model, developed with academic and industry partners. E1-7 GHG remo vals and GHG mitigation projects financed through carbon credits Viaplay Group is focused on reducing it emissions and has not engaged in GHG removal projects to date. The primary mitigation efforts undertaken by the company involve collaboration with the industry to standardise methodologies for and mainstream the practice of mea- suring emissions from film and TV production. E1-8 Internal carbon pricing Viaplay Group has no plans to apply an internal carbon pricing scheme at this time. E1-9 Anticipated financial effects from ma terial physical and transition risks and potential climate-related opportunities In its initial double materiality assessment aligned with ESRS guidance, Viaplay Group identified potential financial impacts from climate-related risks and oppor- tunities. The Group will conduct a more detailed anal- ysis of these impacts and integrate the findings with financial reporting in 2025. Annual & Sustainability Report 2024 105 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 106 ===== Own-workforce rights policy is not only a reflection of its values but is embedded within its business practices and culture. The key areas of focus that are directly relevant to Viaplay Group’s workforce are outlined below. Fair treatment and non-discrimination: Viaplay Group is committed to providing equal oppor- tunities for all employees regardless of their race, ethnicity, gender, sexual orientation, religion, disability, age, or any other characteristic protected by Swedish national law. The Group actively works to eliminate any form of discrimination, harassment, or unfair treatment in the workplace. This is reflected in Group diversity and inclusion programs and is supported by regular training and awareness campaigns. Safe and healthy work environment Employee safety and well-being are a priority. Viaplay Group adheres to the highest standards of occupational health and safety, ensuring that our work environments are free from hazards and conducive to productivit y. This includes regular health and safety audits, risk assessments, and providing employees with access to necessary protective equipment, training, and support. These efforts are supported by a Work Environment Policy. SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model At Viaplay Group, ensuring employee well-being and equal opportunities for all is of the utmost importance. The Group continuously monitors the well-being of employees and recognises potential positive and nega- tive impacts concerning well-being, equal gender repre- sentation, equal pay for equal work, and a fair, open, and safe w ork environment. To reduce health and safety risks and to promote employee well-being, Viaplay Group has introduced group-wide standards and a systematic approach to the management of these topics through its People Policy, Work Environment Policy, and Equal Opportunities Directive. S1-1 Policies related to own workforce Human rights Viaplay Group is committed to promoting and pro- tecting human rights in its operations, across its supply chain and be yond. The Group views this commitment as integral to fostering a fair, ethical, and inclusive work environment for all its employees. The Group’s human Buying & creating content Packaging & marketing Content distribution Consumer experience Impacts 2 31 3 421 31 Risks & Opportunites BA A – – * ––+ + € + € Actual Potential + Positive – Negative € Opportunity * Risk 1. Advan cing diversity, equality, and inclusion in workforce and via content. 2. Secure emplo yment, adequate wages, social protection, career development and an inclusive work environment. 3. Pot ential well-being and discrimination related impacts on own work force. 4. Pot ential incidents relating to information protection and privacy. A. Being an a ttractive employer offering safe and secure jobs and a diverse and inclusive work environment. B. Pot ential financial losses from fines related to data privacy incidents. SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Annual & Sustainability Report 2024 106 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 107 ===== Fair Wages and Benefits Viaplay Group is committed to providing competitive wages that meet or exceed industry standards, along with a comprehensive benefits package. Group com- pensation policies ensure that all employees are fairly compensated for their contributions, and the Group regularly reviews these policies to remain competitive in the marketplace. Viaplay Group is dedicated to upholding these principles across all levels of its workforce, ensuring that each employee is treated with dignity, fairness, and respect. These policy commitments are embedded in the Employee Code of Conduct and outlined in the Human Rights Policy, various People and Culture policies as well as reaffirmed in the Group’s annual Modern Slavery Act Statements. Viaplay Group follows OECD Guidelines for Multina- tional Enterprises on responsible business conduct and is committed to the UN Global Compact’s principles in areas of human rights, labour rights, environment, and anti-corruption. The Group respects the UN Guiding Principles on Business and Human Rights and works to uphold human rights in accordance with these interna- tionally accepted standards and expects the same from its partners and suppliers. Group policies contain explicit provisions ensuring the protections prohibiting trafficking of human beings, forced labour, compulsory labour, as well as child labour. These policies apply to all employees of sub- sidiaries and entities in which Viaplay Group exercises decisive control (directly or indirectly), as well as con- tractors or individuals under the company’s supervision. SVP People & Culture is responsible for maintain- ing, updating, and ensuring that the People Policy, Non-discrimination and Anti-harassment Directive, and Equality and Diversity Directive are properly published and enforced. Viaplay Group’s Board of Directors has overall responsibility for the Group’s Human Rights Policy. The Head of Sustainability is responsible for its content, maintaining and updating it and for ensuring that it is properly published and enforced. Members of the Group Executive Team are responsible for commu- nicating and implementing all Group Policies, and for ensuring that all employees within their area of respon- sibility are familiar with and follow Group Policies. Equal opportunities and anti-discrimination Viaplay Group acknowledge that its business can potentially have positive and negative impacts on areas such as gender equality, employee diversity, equal pay for equal work and perceptions of equitable treatment. Our commitment to mitigating potential negative impacts while advancing equal opportunities for all in our workplace is outlined in our People Policy, Non-discrimination and Anti-harassment Directive, and Equality and Diversity Directive. These guiding docu- ments emphasise our commitment to recognising the expertise and ability of every individual and to ensuring that no employee is discriminated against by explicitly covering grounds for discrimination based on racial and ethnic origin, sexual orientation, gender identity, dis- ability, age, religion, and national extraction. They also underscore our commitments to equal remuneration, development and promotion opportunities. Viaplay Group’s commitments to equal treatment and oppor- tunities for all are embedded in various workstreams, with a primary focus on two key areas: creating a sense of belonging for all and attracting and retaining diverse talents. Viaplay Group has implemented specific policy com- mitments and initiatives within the following areas: Creating a sense of belonging for all • Inclusion aw areness initiatives, including training, mentorship programmes and events. • The pro vision of free menstrual care products in office restrooms through a collaboration with Red Locker. This initiative aims to create conditions for all employees to manage their everyday lives on equal terms. The products are currently available in our offices in Sweden, Denmark, Norway and the UK. • A menop ause directive that provides support for employees experiencing the menopause, such as flexible work arrangements and access to supportive resources. • Advoca ting for all employees, regardless of gender, to take parental leave. Viaplay Group measures and tracks parental leave metrics to ensure effective follow-up and support systems are in place and addi- tionally, it provides parental pay compensation uplift during the absence. Attracting and retaining diverse talents • Annual gender p ay-gap analyses. • The Group assesses all candidates, internal and extern al, that have applied for positions, based on their skills, experience, and assessed ability to do the job. Job advertisements and publications used are non-discriminatory. • Job applicants will no t be disadvantaged by require- ments that are not essential for the job. Where a person has a disability, appropriate consideration will be given as to whether reasonable adjustments can be made. • Recruitmen t procedures will be reviewed regularly to ensure that individuals are treated based on their rel- evant merits and abilities and that sufficiently diverse sectors of the community, are reached. S1-2 Processes for engaging with own workers and w orkers’ representatives about impacts Viaplay Group recognises the vital importance of engaging with employees and their representatives to foster a culture of transparency, mutual respect, and collaboration. The commitment to ensuring that the perspectives of the Group’s workforce are heard and considered is central to its long-term success. Viaplay Group believes that this engagement not only drives operational improvements but also strengthens its abili- ty to adapt to changing market conditions and enhance employee satisfaction. The Group continuously monitors the well-being of its employees and recognises potential positive and negative impacts concerning well-being, stress, and health and safety. Viaplay Group uses an employee survey tool to identify trends, patterns and areas that need attention within teams and the organisation. The Own-workforce Annual & Sustainability Report 2024 107 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 108 ===== tool generates real-time insights through continuously collecting employee feedback and views in bursts every two weeks, enabling us to be more agile and make timely, data-driven decisions as an organisation. Topics surveyed include: leadership, job satisfaction, mean- ingfulness, autonomy, work situations, participation, personal development, team spirit, and commitment, psychological safety, and equality, diversity and inclu- sion. The tool also provides anonymous 2-way com- munication with open comments and anonymous chat functionality between respondent and managers. We identify health and safety risks through various work streams including the participation of local safety representatives in safety rounds which contribute to work environment development. All employees and workers at Viaplay Group are always encouraged to react to unsafe or unhealthy work situations. Health and safety con- cerns and incidents can be reported locally or through an intern al incident reporting system available to all employees via the Group’s intranet. Viaplay Group’s pol- icies prohibit any form of repercussions against employ- ees who use the incident reporting system. A reported issue or a work-pla ce incident will be handled through a risk assessment process, either in a formal or informal manner, depending on the nature of the situation. Additionally, Work Environment Committees that include employee representatives exist in all countries of operation and represent all Viaplay Group employ- ees. The committees work to ensure a safe working environment and address any concerns related to workplace safety. They are responsible for informing and educating employees on the importance of a good working environment, and for reviewing and following up on incidents and accidents, as well as for making suggestions on changes to processes. The frequency of the committee meetings varies from country to country. The operational responsibility for ensuring these engagement processes are effective lies with the Peo- ple & Culture function, which works closely with leader- ship teams across departments to integrate employee feedback into strategic planning and decision-making processes. By engaging with its workforce in a mean- ingful way, Viaplay Group ensures that the voices of its employees help shape the direction of the company, enabling it to create a positive, inclusive, and high-per- formance work environment. S1-3 Processes to remediate negative impa cts and channels for own workers to raise concerns Viaplay Group encourages all employees and workers to raise concerns, particularly regarding health and safety. These can be reported through the internal incident reporting system on the Group’s intranet, anonymous- ly via the EES tool, or directly to a People & Culture representative. Additionally, work environment commit- tees and employee representatives help communicate collective concerns and suggestions. Employees are also encouraged to address unsafe or unhealthy work situations. The Group grievance mecha- nism provides a structured and confidential process for reporting workplace issues such as harassment, dis- crimination, unfair treatment, safety hazards, or policy breaches. Complaints undergo a risk assessment and may be handled formally or informally, depending on the situa- tion. Serious or complex cases prompt a formal inves- tigation, conducted confidentially to ensure all parties can share their perspectives. Appropriate actions—such as mediation, disciplinary measures, or policy updates— are taken based on the findings. The resolution is com- municated to the involved employees while maintaining confidentiality. S1-4 Taking action on material impacts on own w orkforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions Viaplay Group works to identify risks or issues that could impact employees, related to working conditions, discrimination, harassment, wage-related issues, or oth- er forms of mistreatment or harm and to mitigate them and remediate any negative impacts that may occur in an appropriate manner. The primary approach to miti- gating material risks and pursuing opportunities related the well-being of workforce is through continuous stakeholder engagement via regular employee surveys and the monitoring of results. Continuous monitoring allows for early intervention on any emerging issues, as well as the tracking and assessment of the effectiveness of any intervention. Additionally, the Group’s Data Pri- vacy team works to ensure the security of all employee data in addition to the data of its customers, in order to safeguard their right to privacy. Key actions taken to prevent or mitigate material negative impacts and risks, as well as advance oppor- tunities related to the well-being of the workforce and promoting equal opportunities for all over the course of the reporting period across all markets included: • Holding value s workshops with all employees and leaders after resetting corporate culture with new values to instil a performance driven culture. • Conduc ting an office based working engagement drive across all offices with activities to foster a sense of community, enhance cross function collaboration, and boost productivity. • Increasin g information sharing between functions via implementing regular market-based town halls to support the new organisational configuration. • Conduc ting an annual gender pay gap analysis in each market and acting on the findings, to ensure equal pay for equal work regardless of gender. S1-5 Targets related to managing material ne gative impacts, advancing positive impacts, and managing material risks and opportunities New baseline for Employee well-being targets The Group has revised its baseline for employee well-being targets after using a new AI-based platform that measures our team’s and organisation’s engage- ment, well-being, and development in real-time via bi-weekly pulse surveys for a full-year. The new system uses employee responses to an index of questions relating to their work situation including stress-levels, if the employees feel that they have the right conditions to do a good job, as well as questions about bullying, harassment, and discrimination to determine a well-be- Own-workforce Annual & Sustainability Report 2024 108 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 109 ===== ing index score. The Group wide well-being index score for the reporting period was 74 and this will become the new baseline for both the long-term and 2025 annual target. During the reporting period the Group observed a positive development in well-being index score, with a score of a 73 at the end of the first half of the year improving to a score of a 75 by the end of the year. The Group has revised its long-term ambition to adjust to the new scoring system and has set its long-term target. Gender-balance targets progress development To support our ambition to ensure equal opportunities and respect for all, Viaplay Group sets targets relating to gender balance in our total workforce. The Group had a negative develop ment in r elation to its long-term target of achieving equal gender balance in its total workforce, ending the reporting period with a gender balance across our total workforce of 39% women and 61% men. This was predominantly driven by an increase in hiring within male skewed industry segments includ- ing Tech and Sports broadcasting. S1-6 Characteristics of the company’s employ ees Number of employees (head count) Gender Male 686 Female 440 Total 1,1 2 6 Country Sweden 580 Demark 188 Norway 180 United Kingdom 53 Netherlands 36 Finland 35 Spain 28 Poland 25 United States 1 Total 1,1 2 6 Contract type Female Male Total Number of employees 440 686 1,126 Number of permanent employees 422 628 1,050 Number of temporary employees 18 58 76 Number of non-guaranteed hours employees 0 0 0 Number of full-time employees 416 624 1 040 Number of part-time employees 6 4 10 Employee Turnover 2024 2023 Employee Turnover Rate [%] 23 41 Accounting principles Headcount for full-time employees and part-time employees is based on permanent employees. The most representative figure related to the employment num- bers above found in the financial reporting, is reported in Full-time Equivalent as opposed to Headcount and can be found in Note 29 Average number of employees in Notes to the consolidated financial statements on page 69. The turnover rate calculated based on how many employees left during the year (either voluntarily, due to dismissal, retirement or death in service) divided by the number employees the company had by year end. Employees who left the company after the set end-date of their temporary employment are not included in the turnover figures. Employee well-being Equal opportunities for all Long-term target Increased employee well-being index score of 78 in Employee Engagement Survey by end of 2026 (revised base-line: 74, 2024). Reach and maintain 50F/50M% gender balance in total workforce by 2026 (revised baseline: 41%F/59%M, 2023). 2024 Annual targets Employee well-being index score of 78 in Employee Engagement Survey by end of 2024 (baseline: 77, 2023). Increase female talents to reach 42F/58M% gender balance in total workforce by end of 2024 (revised baseline: 41%F/59%M, 2023). Performance Due to a different scoring system results are not direc tly comparable. Well-being index score of 74 achieved in new scoring system. Not achieved. 39%F/61%M, 2024. 20 25 Target Employee well-being index score of 76 in Employee Engagement Survey by end of 2025 (baseline: 74, 2024). Increase female talents to reach 40F/60M% gender balance in total workforce by end of 2025 (revised base- line: 41%F/59%M, 2023). Achiev ed Partially a chieved Not achie ved Own-workforce Annual & Sustainability Report 2024 109 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 110 ===== S1-7 Characteristics of non-employee workers in the c ompany’s own workforce The most common type of non-employee workers at Viaplay Group are contractors. Due to the project based nature of production work, they are most often used within the Sports and Radio organisation where they work within productions and media broadcasting. Working time of non-employee workers varies depend- ing on the type of work. 243 out of 358 non-employee workers are seasonal and only work for a few weeks a year. 2024 2023 Number of non-employees in the company’s own workforce 358 n.a. Accounting principles In 2024, the People & Culture organisation implement- ed a new process to collect and register all non-em- ployee workers in a centralised system. Reporting on the gender of the non-employee workers is not possi- ble as personal information on external workers is not something that is collected. All numbers are reported at the end of the reporting period. S1-8 Collective bargaining coverage and social dialogue At present, 59 employees or 5% of Viaplay Group’s employees are covered by collective bargaining agreements. For employees not covered by these agreements, Viaplay Group determines their working conditions and terms of employment by mirroring the benefits of collective agreements while often offering additional advantages that go beyond what is generally established through collective negotiations. All Viaplay Group employees working in Spain are covered by collective agreements due to the legal framework for collective bargaining in the country. Coverage Rate, % Collective Bargaining Coverage – Employees in EEA 1 Social Dialouge / Workplac e representation 0–19 Sweden, Denmark, Norway 20–39 40–59 60–79 80–100 Spain Sweden, Denmark, Norway 1) For countries with >50 employees. representing >10% total employ ees. S1-9 Diversity metrics Distribution of top management by gender 2024 2023 Number of women in top management 18 28 Number of men in top management 41 49 Percentage of women in top management [%] 31 36 Percentage of men in top management [%] 69 64 Distribution of employees by age 2024 2023 Number of employees under 30 years old 148 169 Number of employees 30–50 years old 776 959 Number of employees over 50 years old 202 187 Percentage of employees under 30 years old [%] 13 13 Percentage of employees 30–50 years old [%] 69 73 Percentage of employees over 50 years old [%] 18 14 Accounting principles Top Management includes employees with the titles of CEO, Executive Vice President (EVP), Senior Vice Presi- dent (SVP), and Vice President (VP). S1-10 Adequate wages Viaplay is committed to ensuring that its employees receive fair and adequate wages that reflect their con- tributions and meet both legal and ethical standards. The Group believes that adequate compensation is cru- cial for employee satisfaction, retention, and well-being. The methodologies and significant assumptions that guide its approach to determining adequate wages are outlined below. Market Comparison The Group regularly benchmarks employee compensa- tion against industry standards and local labour market conditions. This involves analysing compensation sur- veys, third-party data sources, and reports from labour and employment agencies to ensure that its wages are competitive within its industry and geographic regions. Internal Equity Analysis Viaplay Group ensures that wages are internally equi- table by analysing compensation structures across roles, departments, and levels within the company. This approach ensures that employees are paid fairly for their skills, experience, and responsibilities, while main- taining a balanced pay structure. In all markets the Group is present in it has estab- lished that all employees are paid adequate wages in-line with applicable benchmarks including 60% of the country’s median wage and 50% of the gross aver- age wage. The Group’s adequate wage-related data has been validated externally by independet third-parties. Own-workforce Annual & Sustainability Report 2024 110 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 111 ===== S1-11 Social protection All employees are covered by social protection against loss of income due to major life events, either through public programs or through benefits offered by the company. S1-13 Training and Skills Development metrics Viaplay Group manages performance and learning cul- ture primarily through a performance and development appraisal known as the Development Dialogue. This is an essential component of its talent development strategy, as it allows the Group to set clear performance expectations, identify development opportunities and support all its employees in reaching their full poten- tial. The Development Dialogue enables managers and employees to establishes short- and long-term career development goals, which are followed up on a reg- ular basis. On top of that, in 2024, Viaplay Group has introduced a performance review process assessing key talents but also identifying development areas to set its focus on next. To support specific areas or teams, learning initia- tives like team development trainings and “Hack Days” are conducted. The latter see cross-functional teams collaborating on projects of their choice to discover technology-driven solutions for various aspects of the business. These initiatives promote innovation and cre- ativity, inspiring employees to think outside the box and implement new ideas that can drive business success. Regular performance reviews 2024 2023 Total participation in performance reviews [%] 92 83 Percentage of women who participated in performance reviews [%] 97 82 Percentage of men who participated in performance reviews [%] 89 84 Average training hours 2024 2023 Average training hours per female employee 4.3 0.6 Average training hours per male employee 3.3 0.2 Average number of training hours per employee 3.7 0.5 Accounting principles Average training hours per employee is calculated using the total number of hours of training conducted by employees in each category and the total number of employees in the category. S1-14 Health and saf ety indicators Employees in the company’s own workforce 2024 2023 Fatalities as a result of work-related injuries 0 0 Fatalities as a result of work-related ill health 0 0 Recordable work-related accidents 5 1 Rate of recordable work-related accidents 3.78 n.a. Cases of recordable work-related ill health n.a. n.a. Days lost to work-related injuries and fatalities from work-related accidents and work-related ill health and fatalities from ill health 44 5 Accounting principles The rate of recordable work-related accidents is clac- ulated using the number of recordable incidents and an approximation of the total number of hours worked based on the extrapolated average annual working hours for all markets multiplied by headcount. This figure was not reported in 2023. Cases of recordable work-related ill health have not been separately tracked to date but were previously included in Absentee Rate reporting. Dedicated reporting on these cases will com- mence in 2025. S1-15 Work-life balance indicators Viaplay Group advocates for all employees, regardless of gender, to take parental leave. The Group respects all relevant national legislation relating to family-relat- ed leave and measure parental leave metrics to ensure effective follow-up and support systems are in place. 2024 2023 Percentage of employees entitled to take family-related leave [%] 100 100 Percentage of entitled employees that took family-related leave [%] 7 7 Percentage of entitled women that took family-related leave [%] 7 6 Percentage of entitled men that took family-related leave [%] 8 8 Accounting principles All types of absence are mandatory to report in our markets. Data on parental leave is collected through local time-tracking systems. Own-workforce Annual & Sustainability Report 2024 111 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 112 ===== S1-16 Remuneration metrics Gender pay gap 2024 2023 Aggregated gender pay gap [%] 14 n.a. Accounting principles The aggreated gender pay gap is the percentage difference between the gross hourly earnings of female and male employees. Average gross hourly earnings are calculated using annual working hours. Average annual base salary for men is 822 707 SEK whereas the average annual base salary for women was 708 256 SEK. The average gross hourly earnings by gender was calculated using total annual compensation divided by annual working hours of 1,850. Group Executive Team excluded from calculation. This figure was not reported in 2023. Annual total remuneration ratio 2024 2023 Annual total remuneration ratio 65:1 63:1 Accounting principles Annual total remuneration ratio is the ratio between the annual total remuneration of the highest paid individ- ual and the average annual total remuneration of all employees. S1-17 Incidents, complaints and severe human rights imp acts During the reporting period four incidents of discrim- ination were reported and acted upon. Three of these were filed through the Group’s channels for the work- force to raise concerns on the company intranet and one was reported directly to members of the People & Culture function. No reports were recorded in the third-party whistle-blowing channel or in the speak-up line. Work-related grievances, incidents and complaints 2024 2023 Total number of incidents of discrimination, including harassment 4 6 Number of complaints filed through channels for own workers to raise concerns (including grievance mechanisms) 3 2 Total amount of fines, penalties, and compen- sation for damages as a result of incidents and complaints [EUR] 0 0 Total number of severe human rights incidents connected to the company’s workforce 0 0 Own-workforce Annual & Sustainability Report 2024 112 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 113 ===== value chain are of paramount importance to Viaplay Group. Group policies work to safeguard human rights, health and safety, gender equality and labour rights for workers in the value chain by promoting responsible content production and acquisition, following up on the implementation of the Group Supplier Code of Con- duct, and other sustainability criteria across the supply chain. Viaplay Group policy commitments related to val- ue chain workers explicitly address trafficking of human beings, forced labour, and child labour in accordance with EU legislation. S2-2 Processes for engaging with value chain work ers about impacts Workers in the Group’s value chain are encouraged to raise concerns through Viaplay Group’s whistleblow- er channel, Compliance or Sustainability functions, at any time. This commitment is emphasised in Viaplay Group’s Supplier Code of Conduct. Viaplay Group takes proactive steps to engage with workers through its third-party production audit programme. Central to this programme is the dialogue it fosters with workers in the value chain via interviews, ensuring their voices are heard and any concerns raised are documented and addressed effectively with relevant suppliers. SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model At Viaplay Group safeguarding human rights, health and safety, gender equality and labour rights for work- ers in its value chain is a priority. The Group works to ensure responsible content production in its value chain through following up on the implementation of the Sup- plier Code of Conduct and conducting robust human rights due diligence across the value chain. Additionally, the Group works to ensure equal opportunities for all in its industry through monitoring and tracking gender representation in its creative value-chain. S2-1 Policies related to value chain workers Viaplay Group is committed to ensuring that workers in its value chain have fair and ethical workplaces and are treated with dignity and respect. The Group’s Supplier Code of Conduct, Sustainability Policy, Human Rights Policy and Work Environment Policy define its approach to managing impacts, mitigating potential risks, and acting on its commitments. As a primary business activ- ity, content production and workers in the associated Buying & creating content Packaging & marketing Content distribution Consumer experience Impacts 3 421 Risks & Opportunites BA B 1. Advancing diversity, equality, and inclusion in workforce and via con tent. 2. Job creation an d engagement on standards for decent work, human and workers’ rights across the value chain. 3. Pot ential heath and safety risks and impact on human rights for workers in the value chain. 4. Pot ential incidents relating to information protection and privacy. A. Pot ential for reaching new demographics through diverse and inclusive content. B. Pot ential financial losses associated with reputational impacts from human rights related incidents in the value chain. – – * * + + € Actual Potential + Positive – Negative € Opportunity * Risk Workers in the value chain SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Annual & Sustainability Report 2024 113 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 114 ===== Workers in the value chain S2-3 Processes to remediate negative impacts and ch annels for value chain workers to raise concerns Whistleblower channel and Sustainability Production Principles Information on the Group whistleblower channel, as well as a QR code providing easy access to it, is shared with all workers engaged in any Viaplay Group produc- tion via a ‘Sustainable Production Principles’ memo. This outlines principles for productions, which establish what an acceptable working environment should be in a production and how the Group intends people working on productions to be treated and to treat each other. In each production, the contents of the memo are discussed, and Viaplay Group provides information about its whistle-blower service to all production staff, both at start-up meetings and during set visits to ensure that everyone knows what to do and who to contact in the event of any issues. Additionally, informa- tion and access to this whistle-blower channel can be found on sets and in relevant production common areas via large-format posters. This grievance mechanism is designed to provide workers in the value chain with a safe and structured process to raise concerns related to workplace issues such as harassment, discrimination, unfair treatment, safety hazards or any breaches of the supplier code of conduct. It is open to all workers and sub-contractors. The Group additionally encourages direct communi- cation with Viaplay Representative involved in produc- tions. S2-4 Taking action on material impacts on value ch ain workers, and approaches to mitigating material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions Screenings and third-party audit programme Viaplay Group annually screens all planned produc- tions, based upon an assortment of criteria, to identify productions that may have a higher risk profile, and then conducts additional screening of the highest risk productions during the year through on-site audits. Viaplay Group’s third-party audit programme helps us to have oversight and ensure that policies and proce- dures are implemented and followed. At the same time, it enables us to identify best practices and systematical- ly to improve processes involving suppliers. A pre-de- termined number of audits are conducted each year depending on the initial screening. The audits cover requirements set out in the Supplier Code of Conduct and are conducted by a third-party auditor in coop- eration with the Viaplay Group Sustainability team. If required, a corrective action plan is established, agreed upon and followed up with the supplier concerned. In the event of major non-conformities, a follow-up audit is conducted. Additionally, Viaplay Group initiated an extended human rights impact assessment of value chain to strengthen the Group’s Human Rights Due Diligence process outside of the due-diligence processes con- ducted in the production value chain. Equal Opportunities and treatment for all Viaplay Group is committed to promoting equal gender representation in its creative value chain and to ensuring equal opportunities for all in the industry in which it oper- ates. Viaplay Group has implemented several initiatives to support this, includin g the tracking of gender balance of key roles in its creative value chain as well as integrating gender equality targets into its Sustainable Production Guide, a system which establishes actions suppliers can take when planning and producting content. S2-5 Targets related to managing material negative impacts, advancing positive impacts, and man aging material risks and opportunities Working conditons Equal opportunites and treatment for all Ambitions and long-term targets Ensure ethical behavior, human rights and well-being in all Viaplay Group’s commissioned content produc- tions by strengthened processes, trainings and audit programme. Reach and maintain 50F/50M% gender balance in Viaplay Group’s production value chain by 2026 (baseline 47F/53M%, 2021). 2024 Annual targets Conduct sustainability screening of all Viaplay produc- tions including sports, and onsite audits of all identi- fied high-risk productions by end of 2024. Conduct extended human rights impact assessment of value chain to strengthen the Group’s Human Rights Due Diligence process by end of 2024. Maintain a 50F/50M% gender balance in the creative value chain in all Viaplay Group’s commis- sioned content productions by end of 2024. Performance Achieved. Conducted sustainability screenings of all planned pr oductions and audits of identified high-risk productions. Partially achieved. Human Rights impact assessment under taken but not completed by end of reporting period. Achieved. 49F/51M% gender balance in the creativ e value chain. 2025 Annual targets Conduct sustainability screening of all Viaplay productions including sports, and onsite audits of all identified high-risk productions by end of 2025. Maintain a 50F/50M% gender balance in the creative value chain in all Viaplay Group’s commis- sioned content productions by end of 2025. Achiev ed Partially a chieved Not achie ved Annual & Sustainability Report 2024 114 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 115 ===== Group works proa ctively to make content accessible to as many people as possible. The Group’s Editorial Compliance Pack specifies its responsibilities to ensure accessibility on its platforms in-line with relevant reg- ulatory requirements that exist in markets in which it operates. To manage its impact and promote content accessi- bility, Viaplay Group aims to implement subtitling, sign language, audio description and spoken text across all relevant devices wherever possible. Accessibility is jointly managed by the Group’s Content Compliance, Programme Planning, Content and Sustainability teams. Content compliance and protection of children Viaplay Group has a responsibility in shaping the viewing experience of children and young adults. Given the increase in media literacy and exposure among chil- dren, Viaplay Group aims to provide a safe environment on its platforms and ensure that parents can effective- ly moderate the content their children view. The Group recognises its ability to contribute to potential negative impacts on children through its streaming platform, stemming from the portrayal of graphic violence or other dangerous material that could negatively impact their well-being. Conversely, Viaplay Group also strives to influence the development of children in a positive way by offering educational SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Viaplay Group’s approach to managing material impacts, risks and opportunities related to customers and end-users of its services aims to increase social inclusion through content accessibility, ensure the protection of children through content compliance, as well as safeguard consumers’ right to privacy through protection of personal data. S4-1 Policies related to consumers and end-us ers Social inclusion of viewers Viaplay Group recognises that content accessibility plays a vital role in ensuring that everyone, regardless of their abilities or background, can enjoy what its plat- forms have to offer. The Group recognises its ability to positively influence the social inclusion of viewers by prioritising accessibility on its platforms. Conversely, if the Group does not excel in its efforts, it risks con- tributing to negative impacts on the social inclusion of its viewers. It is therefore of high importance that the SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Buying & creating content Packaging & marketing Content distribution Consumer experience Impacts 21 3 421 Risks & Opportunites BA 1. Promotion of climate change mitigation and adaptation via con- ten t. 2. Advan cing diversity, equality, and inclusion in workforce and via content. 3. Pot ential incidents relating to protection of children and social inclusion of customers / end-user s. 4. Pot ential incidents relating to information protection and privacy. A. Pot ential for reaching new demographics through diverse and inclusive content. B. Pot ential financial losses from fines related to data privacy incidents. * + ++ + € Actual Potential + Positive – Negative € Opportunity * Risk Customers / End-users – – Annual & Sustainability Report 2024 115 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 116 ===== content on themes such as mathematics and chemistry. Group Child Protection Guidelines guide it in how to protect children from sensitive content and safeguard their well-being. Whenever Viaplay Group work involves the presence of minors, for example child actors in productions, Viaplay Group ensures that there are clear guidelines for those in charge of their welfare. These commitments are emphasised in the Child Protection Guidelines. Information-related impacts and data privacy The Group’s Data Protection Policy ensures lawful pro- cessing of personal data of consumers and end-users to safeguar d their data protection and privacy rights. The policy establishes uniform data protection standards in compliance with the applicable local laws. The policy applies to all personal data processed by Viaplay Group across the value chain. It covers data from consumers and end-users in all operating geographies. Exclusions are limited to anonymised information, i.e., information that cannot be used to identify a living individual in any way. During 2024, the policy was updated to include an obligation to perform enhanced due diligence of all third parties contracted by Viaplay Group that process personal data of consumers and end-users. S4-2 Processes for engaging with consumers and en d-users about impacts Viaplay Group engages with consumers and end-users directly through its customer support channels, as well as through credible proxies such as national consum- er protection bodies in relation to matters related to both content compliance as well as data protection. A dedicated customer service function has operational responsibility for direct engagement with consumers and end-users of Viaplay Group services. This team has been trained in how best to facilitate customer relations and to receive feedback related to impacts on consumers and end-users. This team is also responsible for handling direct communication and engagement with customer protection authorities, not related to media specific matters, as a credible proxy for con- sumers and end users in all markets. Additionally, this team ensures that feedback from customers related to impacts is directed to relevant decision makers within Viaplay Group. Customer engagement relating to data privacy and the handling of consumer data is facilitated through Integritetsskyddsmyndigheten, the Data Pro- tection Authority in Sweden, and Viaplay Groups Data Privacy team has operational responsibility for handling engagement with these proxies. Customer engagement relating to content compliance is facilitated through on-going communication with Mediemyndigheten and Medieombudsmannen, the customer protection author- ities in Sweden relating to Radio and TV. S4-3 Processes to remediate negative impacts and ch annels for consumers to raise concerns Viaplay Group’s approach to remediating material negative impact on consumers or end-users consists of acknowledging the issue and conducting investigation to assess the scope and cause of the impact, followed by potential engagement with affected consumers and end-users to understand their concerns and needs. Actions such as product recalls, service adjustments, or financial compensation can be implemented to address the impact. Insights from the issue are used to improve technical systems, content review processes, or data security processes to prevent recurrence. Viaplay Group provides multiple channels for con- sumers and end-users to raise concerns or express needs, including dedicated email support, customer support hotline, and online help centre. All channels are established by Viaplay Group and are designed to ensure timely responses and effective resolution of user concerns. Consumers and end-users can raise concerns via platforms provided by the specific company or busi- ness unit responsible for the impact, ensuring targeted issue resolution. Compliance-related issues and data protection concerns are addressed at the Group level. Viaplay Group tracks and monitors issues raised through its communication channels and ensures their effectiveness through the following processes: • Issue trackin g system. All concerns are logged in a centralised system and tracked from submission to resolution. • Regular m onitoring. Periodic reviews for response times are conducted. • Acc essibility and awareness. Channels are publicised and accessible to all stakeholders. • Contin uous learning. Insights from issues are ana- lysed to identify trends, improve processes, and prevent future impacts. Every concern raised by consumers and end-users on suspected violations of law or Viaplay Group’s Code of Conduct is handled with confidentiality and strict adherence to the applicable data protection rules. S4-4 Taking action on material impacts on consum ers and end-users, and approaches to mitigating material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions Social inclusion of viewers Viaplay Group works to ensure it is employing the latest technologies, selecting the most interesting and valuable content, and monitoring feedback from its viewers on the standard of its offering. To this end, the Group selects the most popular programmes for accessibility uplift so that all viewers can experience the best of Viaplay, and continuously aims to increase the catalogue of content available on the platform with accessibility options. Currently, the Group provides the following accessibility options across its TV and stream- ing services: • Subtitlin g: All pre-recorded content newly published in a local language is provided with subtitles wherev- er they are available. • Audio des cription: This is offered on a variety of con- tent in Sweden and Denmark on Group TV channels. The development work is ongoing, and the Group anticipates making this available in 2025 on the Viaplay streaming service. Customers / End-users Annual & Sustainability Report 2024 116 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 117 ===== • Sign language: All programmes with sign language bro adcast on Group TV channels are also available on Viaplay with sign language if the Group has the streaming rights to these programmes; in addition, selected popular series are shown with sign language interpretation. Viaplay Group tracks the progress of its initiatives by conducting annual assessments to measure the accessibility of its content offerings for viewers. During the reporting period, the Group piloted the use of AI subtitling on local language content. The Group aims to optimise the use of AI services to increase accessibility of its content offerings by the end of 2026. Content compliance and protection of children Viaplay Group has a dedicated Content Compliance team who implement content compliance requirements across its markets in accordance with relevant national regulations applicable to its programmes, sponsorships, commercials and trailers. Additionally, the team drives compliance through dedicated briefings on potential issues prior to productions, and through updating and maintaining a dedicated compliance handbook and training of all relevant staff in principles essential to their work. The Content Compliance team also reviews all programmes prior to inclusion on any of its services to ensure everything is thoroughly vetted. Viaplay Group protects younger viewers through parental controls, such as PIN locks, which help keep children safe from unsuitable materials on Viaplay streaming platform. The Group also ensures that all material is appropriately scheduled on it’s TV services. Age rating information is provided for all titles along with further information in plot summaries to help parents to make informed decisions on the content they allow their children to view. In addition, parents can create dedicat- ed child profiles that filter out unsuitable content. The child profile s also ensure that children can only access age-appropriate titles, thereby protecting them from unsuitable content. Information-related impacts and data privacy During 2024, Viaplay Group conducted periodic inter- nal data protection audit to evaluate the performance of risk mitigation actions. Based on the audit report, the Group implemented advanced bot detection tool to protect consumer data and mitigate privacy-related risks. Planned actions include establishing automated processes for consumers and end-users to exercise their data protection rights. Expected outcomes of the planned actions include: S4-5 Targets related to managing material negative impacts, advancing positive impacts, and man aging material risks and opportunities Social inclusion Information-related impacts Long-term targets Enhance content accessibility by providing subtitles for 65% and audio description, sign language, and spoken text for 10% of content subject to national accessibility requirements across all markets by the end of 2026. Achieve a 40% reduction in data privacy incidents by the end of 2026 by enhancing customer privacy and facilitating the exercise of privacy rights. (Reference year: 2024). 2024 Annual targets Pilot AI subtitling on local language content by end of 2024. Continuous improvement and development of incident response processes to protect customer data. Performance Achieved. AI subtitlin g was successfully piloted. Achieved. Adv anced bot detection tool deployed. 2025 Annual targets Implement AI solution to ensure that 60% of live pro- gramming, subject to national accessibility require- ments, includes subtitles by the end of 2025. Achieve a 30% decrease in response time for handling privacy rights request from 2024 levels by implement- ing automated systems by the end of 2025. Achiev ed Partially a chieved Not achie ved Customers / End-users S4-5 Entity specific metrics relating to content complian ce Incidents of non-compliance concerning marketing communications, product and service information and labelling - TV , Radio & Streaming 2024 2023 Marketing communications – advertising, promotion and sponsorship Resulting in a fine or penalty 0 3 Resulting in a warning 0 0 Relating to voluntary codes 0 0 Relating to minors 1 0 Product and service information and labelling Resulting in a fine or penalty 0 0 Resulting in a warning 0 0 Relating to voluntary codes 0 0 Relating to minors 0 1 Total number of incidents 1 4 Still pending at the end of reporting period 0 0 Accounting Principles All Viaplay Group’s Swedish-licensed TV channels, Norwegian and Swedish radio stations and streaming services are included in these figures. ‘Still pending’ means that the complaint had yet to be ruled upon. • Increas ed Efficiency. Consumers and end-users will experience faster response times when exercising their data protection rights, such as access or dele- tion requests. • Enhanc ed User Experience. A user-friendly interface will simplify the process, making it more accessible for all stakeholders. • Stron ger Trust. Transparency and responsiveness in addressing data rights requests will strengthen consumer confidence in Viaplay Group. Completion timeframe of data protection rights auto- mation is planned by Q2 2025. No severe human rights issues or incidents connected to the Viaplay Group’s customers or end-users have been reported during the reporting period. Annual & Sustainability Report 2024 117 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 118 ===== Business conduct conditions, asset protection, anti-corruption practices, conflicts of interest, fair competition, data protection and much more. It is a practical guide to how the Group does business, and it helps the workforce navigate ethi- cal and legal challenges they may face at work. Additionally, the Viaplay Group supports its corpo- rate culture through core values embedded in leader- ship behaviour and day-to-day operations. During the reporting period the Group launched new values aimed at ensuring a performance-based culture is in place across the Group. To achieve this the Group held both leadership workshops as well as values workshops with employees during the reporting period. In 2023, Viaplay Group implemented a new man- datory Code of Conduct E-Learning Programme for all employees. All employees undergo this mandatory training every two years, while new joiners complete it as part of their onboarding process within their first week of employment. Corruption and bribery Corruption and bribery are identified as one of Viaplay Group’s operational risk areas, and its Ethics and Compliance Programme is in place to mitigate this risk. The Programme provides a systematic way to detect and prevent corruption and violations of anti-corrup- tion laws. Furthermore, the Group’s Anti-Bribery and SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Viaplay Group aims to foster an open, inclusive and engaging culture that inspires employees and audi- ences, and creates long-term business value. Group policies support its commitment to conducting busi- ness responsibly and with integrity and extend these expectations to its suppliers and business partners. As a media organisation, the Group stands by the principles of freedom of expression, editorial independence and responsible content. G1-1 Business c onduct policies and corporate culture Corporate Culture Viaplay Group is committed to conducting business responsibly and with integrity, while working to ensure that its suppliers and partners do the same. Viaplay Group’s Code of Conduct describes its responsibilities to customers, business partners, shareholders and each other. It sets out Viaplay Group’s guiding principles and values, and its position on topics such as fair working Buying & creating content Packaging & marketing Content distribution Consumer experience Impacts 21 21 21 Risks & Opportunites A A B 1. Engagement on business conduct, compliance, anti-corrup- tion, and o ther sustainability topics. 2. Pot ential incidents related to compliance and business ethics. A. Pot ential financial losses from fines associated with various business conduct risks. B. Pot ential financial losses associated with reputational impacts from business conduct incidents. – – – * * * + + + Actual Potential + Positive – Negative * Risk SBM-3 Material imp acts, risks and opportunities and their interaction with strategy and business model Annual & Sustainability Report 2024 118 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 119 ===== Corruption Policy is a robust framework that helps to prevent any type of corruption within the organisation. Viaplay Group strictly adheres to the provisions that prohibit bribery of both foreign and domestic officials, as outlined in the Swedish Penal Code (1962:700), the US Foreign Corrupt Practices Act and the UK Bribery Act. Viaplay Group has a strict policy against any kind of bribery and corruption. It prohibits facilitation payments and takes this principle a step further by not allowing the giving of anything valuable to public officials. Viaplay Group’s Business Integrity Screening (BIS) process thoroughly evaluates potential corrup- tion risks associated with the third parties with which it collaborates. This ensures that the Group steers clear of transactions that go against its commitment to ethical business practices. Stakeholders working in operations and supply chain management are at risk of attempts at bribery or kickbacks to influence decisions due to their involvement in negotiating contract, managing supplier relationships, and purchasing goods/services. Whistleblowing Viaplay Group’s speak-up culture is critical to pro- moting and maintaining an ethical work environment and business practices. Therefore, the Group strives to ensure that everyone at, or operating on behalf of it, is heard. Group employees, including work-related third parties such as suppliers, can in good faith report concerns or potential violations of its Code of Conduct and/or applicable laws and regulations anonymously, and without the risk of retaliation. In turn, the Group ensures a proper investigation and act when needed. In 2022, the Group updated its whistle-blower procedure, and in 2023 its new third-party whistle-blower function, and established procedures aligned with the EU Whis- tleblowing Directive, were in place. G1-2 Management of relationships with suppliers Viaplay Group adopts a comprehensive approach to managing supplier relationships, focusing on minimising risks and promoting lawful and ethical business con- duct. Viaplay Group’s Supplier and Business Partner Code of Conduct is central to developing and maintain- ing positive business relationships with suppliers. This Code of Conduct is incorporated into supplier contracts and stipulates requirements relating to human rights, labour rights, environment, anti-corruption and bribery standards, and data protection practices. Viaplay Group has implemented a centralised due diligence process to screen, evaluate, and classify third parties (suppliers and business partners) based on their risk profile, taking into account factors such as contract value, product/service type, and operational location. Third parties that reach certain risk thresholds undergo a business integrity screening, where their compliance with relevant laws and regulations, including but not limited to sanctions, bribery, corruption, working condi- tions, data protection and privacy, is evaluated. Viaplay Group integrates social and environmental criteria into its supplier selection process as follows: 1. Screening for compliance. Suppliers are required to c omply with applicable human rights standards, labour laws, and environmental regulations. 2. Evalua tion criteria. Social criteria include fair labour practices, workplace safety, and diversity policies. Environmental criteria focus on suppliers’ commit- ment to climate change mitigation efforts. 3. Due diligence. Viapla y Group conducts third party audits and reviews documentation to verify compli- ance with social and environmental standards. 4. Weightin g in selection process. These criteria are weighted alongside cost, quality, and delivery reli- ability during supplier evaluation. G1-3 Prevention and detection of corruption or bribery Viaplay Group’s Ethics and Compliance Programme is in place to mitigate the risk of corruption and bribery. The programme provides a systematic way to detect and prevent corruption and violations of anti-corruption laws, including: 1. A strict polic y against any kind of bribery and corrup- tion. The Group prohibits facilitation payments and take this principle a step further by not allowing the giving of anything valuable to public officials. 2. Existing an d new significant third-party relation- ships are subject to the Group’s Business Integrity Screening (BIS) process that is intended to ensure that it steers clear of transactions that go against its commitment to ethical business practices. 3. Employee s are trained on anti-bribery and corruption through regular e-learning, coupled with additional training sessions where necessary. 4. Employee s can report suspicions or knowledge of bribery and/or corruption anonymously through the Whistleblower Speak Up line without the risk of retaliation. 5. Viaplay Group ’s Internal Audit performs internal control to ensure that the business is conducted in a way that aligns with Viaplay Group’s Governance Framework, part of which is the Anti-bribery and Corruption Policy. Viaplay Group ensures that investigators or the inves- tigating committee are independent of the chain of management involved in investigating allegations or incidents of corruption and bribery reported through the dedicated Whistleblowing channels. Investigations are primarily conducted by the Group’s Head of Com- pliance who reports directly to Viaplay Group’s Board of Directors. This structure eliminates potential conflicts of interest and ensures objectivity in handling the investi- gation. In cases where the concerns raised are found to be valid by the investigator, the investigator compiles a detailed report summarising findings, evidence, and conclusions of the investigation. The report includes recommendations for corrective actions, policy chang- Business Conduct Annual & Sustainability Report 2024 119 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 120 ===== es, or preventive measures to address identified issues. Then, the following actions may be taken: • ref erral of the matter to the Chairman of Viaplay Group’s Audit Committee; or • ref erral of the matter to Viaplay Group’s Board of Directors; or • ref erral of the matter to the appropriate external regulatory body; and/or • ref erral of the matter to the police. Corruption and bribery policies Communication of corruption and bribery related poli- cies occurs via: • policy dissemin ation through multiple channels, including the company website and intranet portal. • manda tory training and awareness programs, where regular training sessions are conducted for employ- ees to ensure they understand the policies and their implications at least every second year. • onboardin g processes, ensuring new hires receive comprehensive information at time of concluding employment contract and as part of the onboarding training. Anti-corruption and bribery training Viaplay Group’s Code of Conduct training, which all employees and contractors employed by the group are required to complete at least every two years, includes a module on anti-corruption and bribery. The module covers topics including: • Definitions of corruption and what constitutes a bribe. • How an employee should act in the event a bribe is solicit ed. • Channels t o report potential incidents All at-risk functions are covered by the training pro- gramme. During the reporting period, an additional targeted training for employees in high-risk positions was completed by 78% of employees in such positions. Members of the Group Executive Team also complete the training at least every two years. The Board of Directors are not included in the training program. G1-4 Confirmed incidents of corruption or bribery Number of convictions of violation of anti-corruption and anti-bribery laws: 0 Amount of fines for violation of anti-corruption and anti-bribery laws [SEK]: 0 No actions have been taken to address breaches, as no substantiated breaches occurred. G1-6 Payment Practices Viaplay processes invoice payments based on the due date specified on the vendor invoice. The Group col- laborates with a variety of SMEs, including contractors and freelancers (such as commentators, studio person- nel, radio hosts), restaurants and catering companies, and event companies. Contractors and freelancers are either paid according to the due date on their invoic- es or processed as urgent payments to ensure timely compensation. In line with the Group’s Indirect Purchasing Directive, it aims to engage with vendors who offer at least 30-day payment terms whenever possible. However, the Group still adheres to the due date on the invoice, even if the payment terms are shorter than 30 days. Business Conduct Annual & Sustainability Report 2024 120 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 121 ===== Theme Recommend disclosures Disclosure reference Page Governance a) Describe th e board’s oversight of climate-related risks and opportunities GOV-1, GOV-2, IRO-1 88, 89, 93 b) Describe m anagement’s role in assessing and managing climate-related risks and opportunities GOV-2. IRO-1 89, 93 Strategy a) Describe th e climate-related risks and opportunities the organisation has identified over the short, medium, and long term IRO-1 93 b) Describe th e impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning SBM-3 92 c) Describe th e resilience of the organisation’s strategy, taking into consideration different climate related scenarios, including a 2 °C or lower scenario SBM-3, IRO-1 92, 93 Risk Management a) Describe th e organisation’s processes for identifying and assessing climate-related risks IRO-1, E1-9 93, 105 b) Describe th e organisation’s processes for managing climate-related risks E1-1, E1-2, E1-3 101, 102, 103 c) Describe h ow processes for identifying, assessing, and managing climate-related risks are integrated into the organisa- tion’s overall risk management SBM-3 102 Metrics and targets a) Disclose th e metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process E1-1, E1-4, E1-5 101, 104 b) Disclose s cope 1, scope 2, and, if appropriate, scope 3 green-house gas (GHG) emissions and the related risks E1-6 105 c) Describe th e targets used by the organisation to manage climate-related risks and opportunities and performance against targets E1-4 104 Alignment with TCFD recommendations Annual & Sustainability Report 2024 121 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 122 ===== GRI-index GRI Standard Content Indicator Location Comments, omissions & restatements GRI 2: General Disclosures 2021 Organisation and its reporting practices 2-1 Organisational details About Viaplay Group, Directors’ report 4, 6, 14 2-2 Entities included in the organization’s sustainability reporting Note 14 Entities included in sustainability reporting are the same as those included in financial reporting, BP-1 55, 88 2-3 Reporting period, frequency and contact point About Viaplay Group, Contact 2, 4, 6, 136 2-4 Restatements of information GRI Index (Omissions & restatements) 122–125 2-5 External assurance Independent assurance statement 126 (Incomplete) No reporting on policy related to external assurance. Activities and workers 2-6 Activities, value chain, and other business relationships Our Strategy 9–10 2-7 Employees S1-6 109 2-8 Workers who are not employees S1-7 110 (Incomplete) In 2024, no significant part of the Group’s work was performed by non-employees. Governance 2-9 Governance structure and composition Governance and responsibility, GOV-1 27–30, 88 (Incomplete) The number of other significant positions and commitments held by each member, and the nature of the commitments not included. 2-10 Nomination and selection of the highest governance body Governance and responsibility (The Nomination Committee) 23 2-11 Chair of the highest governance body Governance and responsibility (The Board of Directors) 23, 27 2-12 Role of the highest governance body in overseeing the management of impacts GOV-1, GOV-2 88–89 This index provides a reference list of disclosures with referen- ce to GRI Standards and refers to the locations where they can be found in the Annual & Sustainability Report. Data Boundaries: Unless otherwise stated, the Group’s conso- lidated performance figures expressed in this report relate to the par ent company, Viaplay Group AB, and all the companies which the Group holds over 50% of the voting rights directly or indirectly. Date of most recent report: 27 March 2024. Changes from most recent report: 2-28, 302-3 and 403-5 excluded from this years reporting. Statement of use: Viaplay Group AB has reported in accordan- ce with the GRI Standards for the period 1 January 2024– 31 December 2024. Annual & Sustainability Report 2024 122 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 123 ===== GRI Standard Content Indicator Location Comments, omissions & restatements 2-13 Delegation of responsibility for managing impacts GOV-1, GOV-2, G1-3 88–89, 119–120 2-14 Role of the highest governance body in sustainability reporting GOV-5, IRO-1 90, 93 2-15 Conflicts of interest Governance and responsibility, G1-1 22–26, 118-119 (Incomplete) Information on whether conflicts of interest are communicated to stakeholders not included in reporting. 2-16 Communication of critical concerns Governance and responsibility, GOV-2, G1-1, G1-3 22–26, 89, 118, 119 2-17 Collective knowledge of the highest governance body Governance and responsibility (The Board of Directors), GOV-1 27, 28, 88 2-18 Evaluation of the performance of the highest governance body Governance and responsibility (Evaluation of the Board of Directors and the Chief Executive Officer) 24 2-19 Remuneration policies Note 7, GOV-3 43, 89 2-20 Process to determine remuneration Governance and responsibility, Note 7, Remuneration report 24, 43, 46, 127 2-21 Annual total compensation ratio S1-16, Remuneration report 112, 127 (Comment) ESRS standards used, reporting on measure in relation to the mean instead of median wage as required by the GRI standard. Strategy, policies and practices 2-22 Statement on sustainable development strategy CEO Statement 7–8 2-23 Policy commitments GOV-4, E1-2, S1-1, S2-1, S4-1, G1-1 89, 102, 106, 113, 115, 118 (Comment) All policies can be found on www.viaplaygroup.com. 2-24 Embedding policy commitments GOV-2, S1-4, S2-4, S4-4, G1-1 89, 108, 114, 116–117, 118 2-25 Processes to remediate negative impacts S1-1, S1-3, S2-3, S4-1, S4-3, S4-4 106–108, 114, 115–117 (Incomplete) Viaplay Group is developing its grievance processes and is currently not reporting on d. and e. 2-26 Mechanisms for seeking advice and raising concerns S1-1, S2-3, S4-3, G1-1, G1-3 106, 114, 116, 118–119 2-27 Compliance with laws and regulations SMB-3, S2-4, S1-17, G1-4 112, 117, 120 2-28 Membership associations Omitted Stakeholder engagement 2-29 Approach to stakeholder engagement SMB-2, S1-1, S1-2, S2-1. S2-2, S4-1, S4-2 91, 106–108, 113–114, 115 2-30 Collective bargaining agreements S1-8 110 Annual & Sustainability Report 2024 123 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 124 ===== GRI Standard Content Indicator Location in Sustainability Statement Comments, omissions & restatements GRI 3: Material Topics 2021 3-1 Process to determine material topics BP-1, IRO-1 88, 93 3-2 List of material topics SBM-3 92–93 Anti-corruption 2017 3-3 Management of material topics SBM-3, G1-1, G1-3 118–120 205-2 Communication and training about anti-corruption policies and pr ocedures G1-3 119–120 (Incomplete) Viaplay Group only discloses % of employees who were trained. 205-3 Confirmed incidents of corruption and actions taken G1-4 120 Customer Privacy 2016 3-3 Management of material topics S4-1, S4-2, S4-4 115–117 418-1 Substantiated complaints concerning breaches of custom er privacy and losses of customer data S4-3, S4-4 116–117 (Incomplete) Viaplay Group does not disclosue total number of identified leaks, thefts, or losses of customer data. Diversity and equal opportunity 2016 3-3 Management of material topics SBM-3 106 405-1 Diversity of governance bodies and employees GOV-1, S1-6, S1-9 88, 109–110 (Incomplete) ESRS standards, reporting does not include percentage breakdown by category and gender for goverance bodies employees; or age breakdown information for goverance bodies. 405-2 Ratio of basic salary and remuneration of women to men S1-16 112 (Incomplete) ESRS standards, reporting does not include breakdown by category and significant locations of operations, or defintion of signficant locations of operations. Emissions 2016 3-3 Management of material topics SBM-3, E1-2, E1-3, E1-4, E1-7 102–105 (Comment) No emissions to report from biogenic sources across all scopes, base year of 2019 was first full year of Group emissions reporting. 305-1 Direct (Scope 1) GHG emissions E1-4, E1-6 104, 105 305-2 Energy indirect (Scope 2) GHG emissions E1-4, E1-6 104, 105 305-3 Other indirect (Scope 3) GHG emissions E1-4, E1-6 104, 105 Employment 2016 3-3 Management of material topics S1-1, S1-2, S1-4, S2-1 106–108, 113 401-1 New employee hires and employee turnover S1-6 109 (Incomplete) ESRS standards, reporting does not include number and share of new hires by age, gender and region; and number of leavers and breakdown by age, gender and region. 401-3 Parental leave S1-15 111 (Incomplete) ESRS standards, reporting does not include number of employees who took leave, returned from leave, or where still employed after 12 months of returning by gender, or ratios. Annual & Sustainability Report 2024 124 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 125 ===== GRI Standard Content Indicator Location in Sustainability Statement Comments, omissions & restatements Energy 2016 3-3 Management of material topic SBM-3, E1-2, E1-3, E1-4 102–104 302-1 Energy consumption within the organisation E1-5 104 (Incomplete) No reporting on standards, methodologies, assumptions, and/or calculation tools used or source of the conversion factors used. Reporting only includes energy from purchased electricity Marketing and labelling 2016 3-3 Management of material topic S4-1, S4-2, S4-4 115–117 417-2 Incidents of non-compliance concerning product and service information and labelling S4-5 117 417-3 Incidents of non-compliance concerning marketing commu- nications S4-5 117 Non-discrimination 2016 3-3 Management of material topic S1-1, S1-2 106–108 406-1 Incidents of discrimination and corrective actions taken S1-17 112 (Incomplete) No reporting on status of the incidents and actions taken. Occupational health and safety 2018 3-3 Management of material topic S1-1, S1-2, S1-4, S2-1, S2-2, S2-5 106–108, 113–114 403-2 Hazard identification, risk assessment, and incident investiga- tion S1-2, S1-3 107–108 403-3 Occupational health services S1-1 106–107 403-4 Worker participation, consultation, and communication on occupational health and safety S1-2, S1-3 107–108 403-6 Promotion of worker health S1-11 111 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships S2-4 114 403-9 Work-related injuries S1-14 111 (Incomplete) ESRS standards, no reporting on: high-consequence work-related injuries, types of injury, number of hours worked for employees; disclsoures related to workers who are not employed; use of the hierarchy of controls in minimising risks posed by hazards. Training and education 2016 3-3 Management of material topic S1-1, S1-2 106–108 404-1 Average hours of training per year per employee S1-13 111 (Incomplete) ESRS standards, no breakdown by category provided for this measure. 404-3 Percentage of employees receiving regular performance and career development reviews S1-13 111 (Incomplete) ESRS standards, no breakdown by category provided for this measure. Annual & Sustainability Report 2024 125 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 126 ===== To Viaplay Group AB (publ), Corp� Id� 559124-6847 Introduction We have been engaged by the Board of Directors and the Chief Executive Officer of Viaplay Group AB (publ) to undertake a limited assurance engagement of Viaplay Group AB (publ) Sustainability Report for the financial year 2024. Viaplay Group AB (publ) has defined the scope of the Sustainability Report that is also the Statutory Sustainability Report on page 2. Responsibilities of the Board of Directors and the Chief Executive Officer The Board of Directors and the Chief Executive Officer are responsible for the preparation of the Sustainability Statement including the Statutory Sustainability Report in accordance with applicable criteria and the Annual Accounts Act in accordance with the older wording that applied before 1 July 2024. The criteria are defined on pages 122-125 in the Sustainability Report and are part of the Sustainability Reporting Guidelines published by GRI (The Global Reporting Initiative), that are appli- cable to the Sustainability Statement, as well as the accounting and calculation principles that the Company has developed. This responsibility also includes the internal control relevant to the preparation of a Sus- tainability Statement that is free from material misstate- ments, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express a conclusion on the Sustainability Statement based on the limited assur- ance procedures we have performed and to express an opinion regarding the Statutory Sustainability Report. Our responsibility is limited to the historical information reported and thus does not include future-oriented information. We conducted our limited assurance engagement in accordance with ISAE 3000 (Revised) Assurance engagements other than audits or reviews of financial information. A limited assurance engagement consists of making inquiries, primarily of persons responsible for the preparation of the Sustainability Statement and applying analytical and other limited assurance proce- dures. Our examination regarding the Statutory Sustain- ability Report has been conducted in accordance with FAR’s auditing standard RevR12 The auditor’s opinion regarding the Statutory Sustainability Report. A limited assurance engagement and an examination according to RevR 12 is different and substantially less in scope than an audit conducted in accordance with Interna- tional Standards on Auditing and generally accepted auditing standards in Sweden. The firm applies International Standard on Quality Man- agement 1, which requires the firm to design, imple- ment and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We are independent of Viaplay Group AB (publ) in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. The limited assurance procedures performed and the examination according to RevR 12 do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. The conclusion based on a limited assurance engage- ment and an examination according to RevR 12 does not provide the same level of assurance as a conclusion based on an audit. Our procedures are based on the criteria defined by the Board of Directors as described above. We consider these criteria suitable for the preparation of the Sus- tainability Statement. We believe that the evidence obtained is sufficient and appropriate to provide a basis for our conclusions below. Conclusions Based on the limited assurance procedures performed, nothing has come to our attention that causes us to believe that the Sustainability Statement is not pre- pared, in all material respects, in accordance with the criteria defined by the Board of Directors. A Statutory Sustainability Report has been prepared. Stockholm, March 26, 2025 KPMG AB Tomas G erhardsson AUTHORIZED PUBLIC ACCOUNTANT Torbjörn Westman EXPERT MEMBER OF FAR Auditor’s Limited Assurance Report on Viaplay Group AB (publ)’s Sustainability Statement and statement regarding the Statutory Sustainability Report Annual & Sustainability Report 2024 126 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 127 ===== Remuneration report Introduction This Remuneration report¹ provides an outline of how Viaplay Group’s Remuneration Guidelines for executive remuneration (the “guidelines”) adopted by the 2024 Annual General Meeting (the “AGM”) were implement- ed in 2024. The report also provides details of the Pres- ident and CEO’s, Jørgen Madsen Lindemann’s, remu- neration during the year and a summary of the Group’s outstanding share-based incentive plans. Key developments 2024 On 9 February 2024, Viaplay Group announced the successful completion of its comprehensive recapi- talisation programme, which had been initiated on 1 December 2023. The programme included a SEK 4 bil- lion equity capital injection, comprising a SEK 3.1 billion directed share issue and a SEK 0.9 billion rights issue; a SEK 2 billion reduction in existing debt obligations; amendments and extensions to existing bank and bond commitments totalling SEK 14.6 billion; and a range of self-help measures aimed at improving Viaplay Group’s liquidity and profitability. In 2024, the Group continued executing its core strategy with focus on the Nordics, the Netherlands, and Viaplay Select. This included exiting the Baltics in March, selling the UK business in April, and clos- ing Viaplay Studios Nordics in July. Additionally, the Group advanced in its continued focus on performance improvements, monetisation, and strict cost control. In addition to his role as President and CEO of Viaplay Group, Jørgen Madsen Lindemann also served as interim CEO of the Swedish operations until January 16, 2024, and interim CEO of the Finnish operations until January 29, 2024. Impact on remuneration Base salary: The gross annual base salary of the Pres- ident and CEO for 2024 was set at SEK 12.57m, rep- resenting a 3% increase compared to the 2023 salary level. Annual bonus: The President and CEO’s maximum short-term incentive (STI) opportunity is 100% of the gross annual base salary. The 2024 STI targets for the President and CEO focused on growth in net sales, prof- it and cashflow (accounting for 80% weight of the total incen tive potential). The remaining targets (20% weight of the incentive) related to Viaplay subscribers and other key strategic organisational objectives. The President & CEO’s 2024 STI outcome resulted in a 91% fulfilment. Long-term incentive plan: The Remuneration Guide- lines, as approved at the 2024 Annual General Meeting (AGM), establish a maximum Long-Term Incentive (LTIP) opportunity for the President and CEO equivalent to 165% of the annual base salary. However, no LTI was implemented in 2024 due to the necessity of aligning with Viaplay Group’s owners’ intentions. The LTI was instead replaced with a short-term deferred cash incen- tive with share purchase requirement (STID), supporting the retention of key executives during a period of sig- nificant challenges. Under the STID, the President and CEO is eligible to receive a deferred cash award up to 165% of the gross annual base salary per year, aligning with his LTIP eligibility, with a requirement to allocate 50% of the net amount towards the purchase of Viaplay shares, which must be held during a 12-month period. For the 2024 financial year, the STID plan for the period January to June 2024 (H1) was part of the 2023 STID program, which had two half-year terms. However, since it was earned in 2024, it is included in the President and CEO’s 2024 financial reporting. As a result, the potential award under the STID 2024 plan strictly applies to the period from July to December 2024 (H2) and amounts to 82.5% of the gross annual base salary. This corre- sponds to half of the maximum 165% opportunity for the full year. The payout of the cash award, planned for July 2025, is conditional upon continued employment with the Group as well as the achievement of perfor- mance conditions related to revenue, EBIT and cash- flow. Additionally, the shares purchased with 50% of the received amount must be held until July 2026. The STID adheres to Viaplay Group’s remuneration guidelines, aligning with their variable, long-term element. Extraordinary item (Investment bonus): During Viaplay Group’s recapitalisation, the President and CEO’s unique expertise was essential in leading the financial restructuring, securing investor confidence, and ensuring the company’s long-term stability. This bonus recognised his leadership in executing complex negotiations, executing on operational transformation and driving strategic initiatives. As part of this recog- nition, a one-off cash incentive with a share purchase requirement was implemented in 2024 for the President and CEO, who, in accordance with the Remuneration Guidelines, is required to over time hold shares equiv- alent to at least 150% of the annual net base salary. The incentive required the purchase of Viaplay Group shares equivalent to 100% of the received net lump sum, ensuring alignment with the Company’s long-term objectives and supporting shareholder value creation. The President and CEO received a cash award of 100% of the 2023 gross annual base salary and is required to hold the purchased shares over a 24-month period. The investment bonus adheres to the Remuneration Guide- lines, aligning with its extraordinary arrangements. Pension and benefits: The President and CEO receives a pension allowance corresponding to 10% of the base salary, while benefits include car allowance and insur- ance coverage in accordance with policy. The insurance consists of group life, work injury and health insurance. Information on shareholder vote The 2024 Remuneration Report was approved with over 99% shareholder support. Viaplay Group maintains an ongoing dialogue with shareholders and investors 1) The report has been prepared in compliance with Chapter 8, Sec tions 53 a and 53 b of the Swedish Companies Act (2005:551) and the Remuneration Rules (dated December 1, 2020) issued by the Stock Market Self-Regulation Committee. Information required by Chapter 5, Sections 40–44 of the Annual Accounts Act (1995:1554) is available in note 7 on pages 43–49 in the Group´s annual report. No STID 2023 STID 2023 2024 STID 2024 H1 2023 H2 2023 H1 2024 H2 2024 127 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 128 ===== and welcomes feedback on remuneration arrangements and disclosure throughout the year. Total remuneration of the Group Executive Team Viaplay Group’s remuneration policy is designed to: i) drive and reward sustainable Group and individu- al performance; ii) be market competitive to attract and retain best-in-class talent; and iii) incentivise the creation of long-term shareholder value in a rapidly changing industry. Total remuneration shall be on market terms and may include base salary, pension, benefits and performance-linked elements in the form of STI and LTI plans. The remuneration guidelines adopted by the 2024 AGM can be found in note 7 of the 2024 Annual & Sustainability Report. The Auditor’s Report stating whether the guidelines have been complied with, will be available at www.viaplaygroup.com/general-meetings no later than three weeks before the 2025 AGM. In addition to the remuneration elements covered by the guidelines, Viaplay Group had one outstanding share-based LTI plan in 2024. The LTIP 2022, adopted by the 2022 AGM, will vest with no value, and no subsequent LTIP have been implemented since. Additionally, the AGM annu- tions related to the incentive programmes (STID and the one-off investment bonus). Outstanding share-based program Viaplay Group had one outstanding share-based LTI plan in 2024, approved by shareholders at the 2022 AGM. The plan was directed at members of the Group Executive Team, as well as other senior executives and key employees in the Group. Under the plan, partici- pants were granted performance share awards free of charge, which, after a three-year vesting period entitle them to receive Viaplay Group shares. LTIP 2022 Vesting of performance share awards under LTIP 2022 is conditional upon the achievement of two performance targets: (i) Total Shareholder Return (”TSR”) with a 70% weight, and (ii) Viaplay subscribers with 30% weight. Threshold and maximum target levels have been estab- lished by the Board at grant and disclosed to sharehold- ers. If the minimum threshold level is achieved, 25% of the performance share awards will vest, while 100% will vest if the maximum level is reached. For TSR, the thresh- old target level is 19%, and the maximum target level is 64% for the plan. The TSR performance is measured over a three-year period, from the 2022 AGM to the 2025 AGM. In terms of Viaplay subscribers, the threshold target level is 8.8 million subscribers and the maximum target level is 10.4 million subscribers. The subscriber target is measured over a three-year period from 1 January in the year of grant to 31 December in the year prior to vesting. Vesting of shares after the end of the performance period is subject to continued employment throughout the vest- ing period, with certain customary exceptions. The LTIP 2022 will vest; however, it will have no payout or realised value, as none of the performance conditions required for value generation have been met. LTIP 2023 and LTIP 2024 At the 2023 AGM, the Board informed shareholders that that its proposal for a long-term incentive plan 2023 (“LTIP 2023”) had been withdrawn. In 2024, the Board stated the need to align the LTIP with the intentions of Viaplay Group’s new owners and therefore, no LTIP 2024 was presented to Viaplay Group AGM 2024. Total remuneration of the President & CEO Fixed remuneration Variable remu neration Total cash remuneration Remuneration with Share purchase obligation 5 CEO & President (SEK) Financial year Base salary Other benefits 1 Pension expense 2 One-year variable 3 Multi-year variable 4 Extra -ordinary items Multi-year variable Jørgen Madsen Lindemann 2024 12,566,004 378,288 1,256,600 11,309,404 9,634,219 35,144,515 12,200,000 9,634,219 1) Other benefits include car allowance. 2) Pension expense is in the form of a defined contribution based on 10% of base salary. 3) One-year variable remuneration refers to remuneration earned during the current year, consisting of STI 2024. 4) The multi-year variable remuneration includes 50% of the STID deferred cash award (replacing LTIP), of which the President & CEO will receive SEK 7.1m in 2025. 5) Remuneration with share purchase obligation includes “Extraordinary items”, referring to a one-off cash investment bonus subject to a 100% net share purchase obligation and a 24-month holding period. It also includes a “multi-year variable” component, compromising the remain- ing 50% of the 2023 & 2024 STID plans, which replaced the share-based remuneration of LTI plans and is subject to a 50% net share purchase obligation with a 12-month holding period. ally resolves on remuneration to the Board that is not covered by this report. Such remuneration is disclosed in Note 7 of the 2024 Annual & Sustainability Report. Total remuneration of the President & CEO The table below presents the total remuneration of the President & CEO for 2024. The disbursement of pay- ments may or may not have occurred in the same year. Information on the work of the Remuneration Committee in 2024 is provided in the Governance report, on pages 22–30 of the 2024 Annual and Sustainability Report. Share-based remuneration The President and CEO is not included in any share- based long-term incentive plans (LTIP), as no such plans have been in place since his appointment in June 2023. Consequently, no remuneration in shares has been pro- vided, and cash-based plans with share purchase and holding obligations have been implemented instead in the form of STID (Short-Term Incentive Deferred) plans. The President and CEO has fully complied with the share purchase requirements, adhering to the estab- lished remuneration guidelines and fulfilling all obliga- 128 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 129 ===== Share Ownership Requirement To further incentivise the creation of long-term shareholder value, the President and CEO along with members of the Group Executive Team are required to build and maintain a significant shareholding in Viaplay Group. The President and CEO must hold shares equiv- alent to at least 150% of the annual net base salary. Due to the exceptional circumstances experienced by the Group in 2023, the shareholding requirement was temporarily frozen for the year. In 2024, the Remunera- tion Committee resolved to reinstate the shareholding requirement for the President and CEO and Group Executive Team members, with the exception of one executive due to the substantial economic loss incurred after previously fulfilling the share ownership target, which corresponds to 75% of annual net salary. Application of performance criteria Viaplay Group Short-term incentive (“STI”) The performance measures for the STI plan are reviewed and selected annually to incentivise and reward the achievement of annual financial and, when appropriate, non-financial performance measures are linked to the Group’s strategic priorities and sustainable development. Performance of the President & CEO in the reported financial year: Variable cash remuneration The President and CEO’s maximum short-term incen- tive (STI) opportunity is 100% of the gross annual base salary. Th e Corporate STI performance criteria account for 80% of the total incentive potential and are based on the achievement of sales (30%), EBIT (40%), and free cash flow (30%) targets, resulting in a 93% fulfillment of the weighted target conditions. The remaining 20% of the incentive is linked to Viaplay subscriber growth and other key strategic organisational objectives, with an achieved fulfilment of 84%. Based on these weighted outcomes, the President and CEO´s total STI achieve- ment for 2024 is 91%. The President and CEO´s maxi- mum short-term incentive deferred (STID) opportunity is 165% of the gr oss annual base salary. The STID 2024 performance criteria were based on the mentioned Cor- porate targets, divided into H1 (January to June 2024) and H2 (July to Dec ember 2024) resulting in 96.1% and 89.9% fulfilment levels, respectively. The H1 cash amount was disbursed to the President and CEO in January 2025, while the H2 amount will be paid out in July 2025. Additionally, 50% of the net amount must be used to purchase Viaplay shares when trading regulations permit, with a mandatory holding period of 12 months. Derogations and deviations from the remuneration guidelines and from the procedure for implementation of the guidelines The Remuneration Committee and Board have conclud- ed that there were no derogations or deviations from the 2024 remuneration guidelines. KPI tables of sales, profit and free cashflow H1 2024 H2 2024 SEKm Core Sales Core EBIT Group FCF 1 Core Sales Core EBIT Group FCF 1 Weight (total 100%) 30% 40% 30% 30% 40% 30% 100% (max) 9,101 –106 –1,182 9,049 392 –602 80% (entry) 8,105 –699 –1,432 8,449 92 –1,102 Outcome 8,9832 –342 –924 9,0803 160 –928 Fulfillment 98% 92% 100% 100% 85% 87% Weighted outcome 96. 1% 89.9% 1) Group free cash flow excluding tax, financing costs, and the Allente dividend. 2) Repor ted sales were SEK 8,751m compared to the target of SEK 9,101m (–3.9%). This is before adjusting for adverse FX effects from a weaker EUR and DKK against SEK, compared to the budget, totalling SEK 232m. 3) Reported sales were SEK 8,847m compared to the target of SEK 9,049m (–2.2%). This is before adjusting for adverse FX effects from a weaker EUR and DKK against SEK, compared to the budget, totalling SEK 233m. Comparative information on the change of remuneration and company performance Name of director, position, SEKm 2024 2023 Jørgen Madsen Lindemann, Presiden t and CEO 57.0 16.7¹ Group operating income before IAC –269 –1,115 Average remuneration, employees of Viaplay Group² 1.3 1.3 Average remuneration, employees of Parent company³ 2.3 1.5 1) The total remuneration is calculated on a pro-rata basis, effec tive from the appointment date, 5th June 2023. 2) Included as consider ed a better reference group of employees than the parent company which includes a small population. 3) The number o f employees in the parent company is limited and is therefore volatile to turnover and change in employee compensation. 129 Annual & Sustainability Report 2024 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 130 ===== Group (SEK million if not otherwise stated) 2024 2023 2022 2021 2020 Net debt Total financial borrowings 2,058 7,250 3,900 3,300 4,560 Cash and cash equivalents 1,040 2,542 2,775 5,702 2,040 Cash and cash equivalents included in assets held for sale – 273 – – – Financial net debt 829 4,681 1,105 –2,422 2,520 Net debt 1,113 4,976 1,482 –2,059 3,026 Key ratios Net debt/EBITDA before IAC 13.6 –6.6 8.6 –2.1 2.2 Per share data Shares outstanding at the end of the year 4,578,225,962 78,225,962 78,225,962 77,970,071 67,347,526 Basic average number of shares outstanding 4,110,047,635 78,225,962 78,137,402 76,731,753 67,345,231 Diluted average number of shares outstanding 4,110,047,635 78,225,962 78,225,008 77,031,536 67,664,386 Basic earnings per share (SEK) 0.03 –124.61 4.13 4.23 33.06 Proposed ordinary dividend/Cash dividend per share (SEK) 02 0 0 0 0 Market pric e of Class B shares at close of last trading day 0.68 5.18 198.05 469.20 458.60 Group (SEK million if not otherwise stated) 2024 2023 2022 2021 2020 Income statement¹ Net sales 18,490 18,567 15,691 12,661 12,003 Core operations, net sales 17,598 17,332 15,265 n.a. n.a. Reported sales growth, Core operations, % 1.5 13.5 n.a. n.a. n.a. Organic sales growth, Core operations, % 4.7 10.6 n.a. n.a. n.a. Operating income before ACI and IAC –269 –1,115 –372 607 978 Associated income (ACI) 151 63 275 40 100 Items affecting comparability (IAC) –439 –9,224 510 –74 2,109 Operating income –558 –10,276 413 573 3,186 Operating margin, % –3.0 –55.3 2.6 4.5 26.5 Net income for the year, continuing operations 106 –9,747 323 365 2,869 Net income for the year, total operations 106 –9,747 323 325 2,226 Cash flow Cash flow from operations, excluding changes in working capital –919 –1,442 304 1,294 2,2 Change in working capital –1,080 –1,906 –3,305 –817 –674 Cash flow from operating activities –1,999 –3,348 –3,001 477 1,526 Capital expenditures in tangible and intangible assets –43 –159 –186 –216 –147 Acquisitions and divestments of operations 132 5 –387 443 –222 Five-year summary 1) As from Q2 2020 Viaplay Group’s non-scripted, branded entertainment and events businesses was reported as discontinued operations. Periods 20 19–2020 has been restated. Splay One was divested in April 2021 and the sale of the remaining businesses was completed in September 2021. 2) The Bo ard propose no dividend to be paid for the year 2024. Subject to AGM approval. 3) At year- end 2023, the UK operations (formerly Premier Sports) and Paprika Group were classified as assets held for sale. Paprika Group was divested in January 2024 and the UK operations in April 2024. Annual & Sustainability Report 2024 130 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 131 ===== Alternative Performance Measures Below follows so-called alternative performance measures, i.e., financial measures that are not defined under IFRS. Viaplay Group believes that these alternative performance measures combined with other measures that are defined in accordance with IFRS contribute to the understand- ing of trends related to financial performance, return on investment and indebtedness and are useful information to investors. An alternative performance measure is defined as a financial measure of historical or future financial perfor- mance, financial position or cash flows other than a finan- cial measure defined or specified in the applicable financial reporting framework. These alternative performance measures should not be considered in isolation or as an alternative to performance measures defined in accor- dance with IFRS. In addition, such measures, as defined by Viaplay Group, may not be comparable to other similarly titled measures used by other companies. Viaplay Group uses the following Alternative Performance Measures: • Report ed sales growth and organic sales growth, Core operations • Operatin g income before associated company income (ACI) and items affecting comparability (IAC) • Operatin g income before IAC • Net debt an d net debt / EBITDA before IAC • Free cash flo w Reported sales growth and organic sales growth, Core operations Group (SEK million) Reported net sales Acquisitions/ divestments Net sales adjusted for acquisitions/ divestments Changes in FX rates Net sales adjusted for acquisitions/ divestments and changes in FX rates (organic sales) Viaplay streaming subscription 2024 7,930 – 7,930 49 7,979 2023 7,998 – 7,998 – 7,998 Growth –68 –68 –20 Growth, % –0.9% –0.9% –0.2% Linear channel subscription 2024 4,747 – 4,747 28 4,775 2023 4,531 – 4,531 – 4,531 Growth 216 216 244 Growth, % 4.8% 4.8% 5.4% Advertising 2024 3,491 – 3,491 30 3,521 2023 3,552 – 3,552 – 3,552 Growth –61 –61 –31 Growth, % –1.7% –1.7% –0.9% Sublicensing & other 2024 1,430 1,430 7 1,437 2023 1,251 –417 834 – 834 Growth 179 596 603 Growth, % 14.3% 71.5% 72.3% Total, Core operations 2024 17,598 – 17,598 114 17,712 2023 17,332 –417 16,915 – 16,915 Growth, Core operations 266 683 797 Growth, % 1.5% 4.0% 4.7% Reconciliation of reported sales growth and organic sales growth, Core operations Since the Core operations generates the majority of its sales in currencie s other than in the Group’s reporting currency (i.e. SEK, Swedish Krona) and the fact that the currency rates have proven to be rather volatile, and due to the fact that the Group has historically made acquisitions and divestments, the Group’s sales trends and performance are analysed as changes in organic sales growth within the Core operations. This presents the increase or decrease in the overall SEK net sales on a comparable basis, allowing separate discussions of the impact of acquisitions/divest- ments and exchange rates. Annual & Sustainability Report 2024 131 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 132 ===== Alternative Performance Measures Operating income before associated company income (ACI and items affecting comparability (IAC) Group (SEK million) 2024 2023 Operating income –558 –10,276 Items affecting comparability (IAC) (–) –439 –9,224 Operating income before IAC –119 –1,052 Associated company income (–) 151 63 Operating income before ACI and IAC –269 –1,115 Items affecting comparability Group (SEK million) 2024 2023 Exit markets – sports content (Non-core) – –2,650 Write-down and provision – non-sports content (Non-core) – –1,484 Impairment of goodwill & write-down of other assets –116 –641 Write-down and provision – non sports content (Core) –27 –2,268 Write-down and provision – sports content (Core) – –1,855 Restructuring and redundancy costs –96 –300 Acquisition and divestments 73 –3 Advisory costs and recapitalisation costs –38 –23 Currency translation effects1 –234 – Total –439 –9,224 Items affecting comparability classified by function Group (SEK million) 2024 2023 Cost of sales –25 –8,302 Administrative expenses (+) –141 –299 Other operating income and expenses (+) –274 –623 Total –439 –9,224 1) Following the recapitalisation process, the Group has not been able to enter currency forward contracts with our financial counterparties, resulting in a larger sh are of unhedged currency exposure which have resulted in large deviations and currency effects related to acquired content and US dollar exposure in Q4 2024. The Group reports these currency effects as items affecting comparability until the Group can hedge the exposure. The Group also reports currency differences arising from the provisions made in 2023 related to onerous contracts as items affecting comparability. Reconciliation of operating income before associated company income (ACI) and items affe cting comparability (IAC) Operating income before associated company income (ACI) and items affecting comparability (IAC) refers to operating income after the reversal of of the Group’s share of associated company’s and joint ventures net income and reversal of material items and events related to changes in the Group’s structure or lines of business, which are relevant for understanding the Group’s development on a like-for-like basis. This measure is used by management to follow and analyse the underlying profits and to offer more comparable figures between periods. Annual & Sustainability Report 2024 132 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 133 ===== Alternative Performance Measures Group (SEK million) 2024 2023 Cash flow from operating activities –1,999 –3,348 Capital expenditures in tangible and intangible assets –43 –159 Other cash flow from investing activities 16 17 Group – Free cash flow –2,026 –3,490 Core operations (SEK million) 2024 2023 Cash flow from operating activities –1,254 n.a. Capital expenditures in tangible and intangible assets –43 n.a. Other cash flow from investing activities 16 n.a. Core operations – Free cash flow –1,227 n.a. Non-core operations (SEK million) 2024 2023 Cash flow from operating activities –799 n.a. Capital expenditures in tangible and intangible assets – n.a. Other cash flow from investing activities – n.a. Non-core operations – Free cash flow –799 n.a. Rec onciliation of free cash flow Free cash flow refers to the sum of cash flow from oper- ating activities and cash flow from investing activities excluding the acquisitions and divestments of operations. The measure is used to follow and analyse cash flow for the Group. The measure is also an important measure to follow up the Non-core cashflow. Reconciliation of net debt / EBITDA before IAC ratio Net debt is used by Group management to track the indebtedness of the Group and to analyse the leverage and refinancing needs of the Group. The net debt to EBIT- DA before IAC ratio provides a KPI for net debt in relation to underlying cash profits generated by the business, i.e. an indication of a business’ ability to pay its debts. This measure is commonly used by financial institutions to rate creditworthiness. Prepaid borrowing expenses recognised in connection to the recapitalistion February 9, 2024 is reported within net debt. Net debt Group (SEK million) 2024 2023 Short-term borrowings 200 4,700 Long-term borrowings (+) 1,858¹ 2,550 Total financial borrowings 2,058 7,250 Prepaid borrowing expense (–) 189¹ – Cash and cash equivalents (–) 1,040 2,542 Cash and cash equivalents included in assets held for sale (–) – 27 Financial net debt 829 4,681 Lease liabilities (+) 376 401 Lease liabilities included in liabilities related to assets held for sale (+) – 4 Sublease receivables (–) 92 110 Total lease liabilities net 284 295 Net debt 1,11 3 4,976 Net debt / EBITDA before IAC Group (SEK million) 2024 2023 Operating income before IAC, continuing operations –119 –1,051 Depreciation and amortisation continuing operations² 201 301 EBITDA before IAC 82 –750 Net debt 1,113 4,976 Total net debt / EBITDA before IAC 13.6 –6.6 1) The remaining transaction costs December 31 2024 of SEK 216m, related to the refinancing of the Group is partly reported as prepaid borrowing cos ts (SEK 189m) and as a part of borrowings (SEK 27m) and will be expensed over the maturity period of the debt financing. 2) Ref ers to non-current assets only. Annual & Sustainability Report 2024 133 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 134 ===== Ownership structure Viaplay Group had 62,424 shareholders at the end of the year, as recorded in the share register held by Euroclear Sweden AB (Swedish Securities Centre). The shares held by the 10 largest shareholders correspond- ed to approximately 76% of the total number of shares and 76% of the voting rights. Institutional investors owned approximately 19% of the share capital, with Swedish private individuals owning approximately 13%, and approximately 1% held as treasury shares. The remaining 67% was owned by other and anonymous investors. Shareholders as of 31 December 2024 SEK million Viaplay Group A (VPLAY A) Viaplay Group B (VPLAY B) Capital, % Votes, % Groupe Canal+ SA 1,342,833,333 29.33 29.29 PPF Cyprus Management Limited 1,341,208,619 29.29 29.26 Nordea Funds 522,213,420 11.40 11.39 Sissener AS 65,000,000 1.42 1.42 Avanza Pension 2,780 61,706,851 1.35 1.35 Handelsbanken Fonder 43,735,586 0.96 0.95 AB Svensk Exportkredit 29,821,146 0.65 0.65 Nordea Funds (Lux) 28,400,172 0.63 0.63 Exportkreditnämnden 27,734,294 0.61 0.61 SEB Investment Management 27,202,953 0.59 0.59 Share information Marketplace Nasdaq Stockholm, Mid Cap segment Ticker VPLAY A, VPLAY B ISIN code (A share) SE0012324226 ISIN code (B share) SE0012116390 Market cap as of 31 December 2024 SEK 3,104m Share price as of 31 December 2024 0.678 SEK (VPLAY B) Share price development –56.86% Highest closing price during the y ear SEK 3.45 Lowest closing price during the y ear SEK 0.61 France 29. 7% Cyprus 29. 3% Sweden 18.9% Finland 11. 9% Norway 2.6% Denmark 2.4% Other 5.2% Geographic overview of shareholders Analysts covering Viaplay Group Company Name E-mail Kepler Cheuvreux Kristoffer Carleskär kcarleskar@keplercheuvreux.com Carnegie Mikael Laseen mikael.laseen@carnegie.se DNB Markets Martin Arnell Martin.Arnell@dnb.se The Viaplay Group share Annual & Sustainability Report 2024 134 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report ===== SIDA 135 ===== Financial key ratio definitions Associated Company Income (ACI) Associated company income is the Group’s share of the associated companies and joint ventures net income. Asso- ciated companies (excluding joint ventures) are companies in which the Group holds voting rights of at least 20% and no more than 50%. A joint venture is a joint arrangement whereby the parties that have joint control of the arrange- ment have rights to the net assets of the arrangement. EBITDA EBITDA comprises net income before net financial items, taxes, depreciation and amortisation. EBITDA before ACI and IAC EBITDA after reversal of associated company income and items affecting comparability. EBITDA before IAC EBITDA after reversal of items affecting comparability. Free cash flow Free cash flow refers to the sum of cash flow from operat- ing activities and cash flow from investing activities exclud- ing the acquisitions and divestments of operations. Items affecting comparability (IAC) Items affecting comparability refer to mat erial items and events related to changes in the Group’s structure or lines of business, which are relevant for understanding the Group’s development on a like-for-like basis. Net debt Financial net debt is the sum of short and long-term bor- rowings and dividends payable reduced by total cash and cash equivalent, prepaid borrowing expenses, short-term investments, interest-bearing receivables, and dividend receivables. Net debt also includes lease liabilities net of sublease receivables. A negative figure indicat es that the Group has a net cash position (cash in excess of inter- est-bearing liabilities). Net debt/EBITDA before IAC Net debt in relation to EBITDA before IAC for the last 12 months. Operating income Operating income comprises net income before net financial items and taxes, otherwise known as EBIT (reads Earnings Before Interest and Taxes). Operating income before ACI and IAC Operating income after reversal of associated company income and items affecting comparability. Operating income before IAC Operating income after reversal of items affecting compa- rability. Operating margin Operating income as a percentage of net sales. Organic sales growth Organic sales growth is the change in net sales compar ed to the same period of the previous year excluding acquisi- tions and divestments and adjusted for currency translation and transaction effects. Reported sales growth Change in net sales compared to the same period of the previous year in percentage. Operational definitions and glossary ARPU, Average revenue per user ARPU is defined as the average revenue per paying subscribers. CSOL, Commercial share of listening CSOL comprises Viaplay Group’s estimated share of com- mercial radio listening amongst 10+ year-olds in Norway and 12–79 year-olds in Sweden. CSOV , Commercial share of viewing CSOV comprises Viaplay Group’s estimated share of com- mercial TV viewing, including 3-party channels we repre- sent, amongst 30–64 year olds in Sweden, 30–69 years olds in Norway and 30–60 years olds in Denmark. Viaplay subscriber A Viaplay subscriber is defined as a customer who has access to Viaplay and for whom a method of payment has been provided. Viaplay Group only reports paid-for subscriptions where a payment has been received directly from the end-customer or from a partner organisation. As of Q2 2023, the Viaplay subscriber base excludes tempo- rary campaign subscribers that generate no meaningful ARPU via distribution partners. Annual & Sustainability Report 2024 135 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report Definitions & glossary ===== SIDA 136 ===== Contact Viaplay Group AB +46 (0)8 562 025 00 www.viapla ygroup.com Postal address Box 17104 SE-104 62 Stockholm Visitors’ address Ringvägen 52 SE-118 67 Stockholm Financial calendar Q1 Results announcement 24 April, 2025 Silent period starts: 3 April Annual General Meeting 2025 13 May, 2025 Stockholm Documentation and further details of when and how to give notice to attend will be published in advance on www.viaplaygroup.com Q2 Results announcement 17 July, 2025 Silent period starts: 26 June Q3 Results announcement 22 October, 2025 Silent period starts: 1 October Investors investors@viaplaygroup.com Sustainability sustainability@viaplaygroup.com Media press@viaplaygroup.com Annual & Sustainability Report 2024 136 About Viaplay Group Directors’ report Financial statements Sustainability statement OtherRemuneration report