Årsredovisning 2024

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
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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�
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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
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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
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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
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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.
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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
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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
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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.
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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.
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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. 
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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
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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
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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
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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
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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
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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. 
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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.
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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.
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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 
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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. 
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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.  
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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.
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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. 
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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
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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
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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
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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
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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
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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
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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
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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
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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)
�
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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)� 
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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
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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
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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
�
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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 
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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
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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
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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�
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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
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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
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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
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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
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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
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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
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===== 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
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===== 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. 
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===== 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
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===== 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 – –
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===== 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.
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===== 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.
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===== 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.
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===== 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
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===== SIDA 102 =====