FULLTEXT DEL 1 AV 4
Årsredovisning 2025
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2025
Annual & Sustainability Report
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TBU
Text fr 2022
About Viaplay Group
This is Viaplay Group � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4
2025 in brief � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7
CEO Statement � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8
Our strategy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 10
Our people, our purpose, our values � � � � � � � 13
Financial targets� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 14
Directors´ report
Financial performance � � � � � � � � � � � � � � � � � � � � � � � � � � � 16
Risks and risk management � � � � � � � � � � � � � � � � � � � � 22
Governance report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 27
Board of Directors� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 32
Group Executive Team � � � � � � � � � � � � � � � � � � � � � � � � 34
Sustainability statement
General disclosures � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 38
Environmental disclosures� � � � � � � � � � � � � � � � � � � � � � 45
Social disclosures� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 54
Governance disclosures � � � � � � � � � � � � � � � � � � � � � � � � � 74
Appendix
Alignment with TCFD-recommendations� 78
IRO-2 Index� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 79
Financial statements
Consolidated financial statements � � � � � � � � � � 84
Notes to the consolidated
financial statements� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 88
Parent company financial statements � � � 122
Notes to the Parent company
financial statements� � � � � � � � � � � � � � � � � � � � � � � � � � � � � 126
Signatures� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 132
Auditor´s report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 133
Auditor’s limited assurance report of
sustainability statement � � � � � � � � � � � � � � � � � � � � � � � 138
Remuneration report� � � � � � � � � � � � � � � � � � � � � � � � 140
Other information
Five-year summary � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 143
Alternative Performance Measures � � � � � � � 144
The Viaplay Group share� � � � � � � � � � � � � � � � � � � � � � 148
Definitions & glossary� � � � � � � � � � � � � � � � � � � � � � � � � � � 149
Financial calendar & contacts � � � � � � � � � � � � � � � 150
About this report
This is the 2025 Annual & Sustainability Report for Viaplay Group AB (publ), corporate registration
number 559124-6847. The Group publishes such a report on an annual basis: this report was published
on 31 March 2026 and covers the reporting period between 1 January 2025 and 31 December 2025.
The statutory Annual report covers pages 15–132. The Sustainability statement covers pages 36–82.
Some statements in this report are forward looking, and the actual outcomes could be materially
different. In addition to the factors explicitly discussed, others could have a material effect on the actual
outcomes. Such factors include, but are not limited to, general business conditions, fluctuations in
exchange rates and interest rates, political developments, the impact and pricing of competing products,
product development, commercialisation and technological difficulties, supply chain interruptions and
major customer credit losses.
The Annual & Sustainability Report is published in Swedish and English. The Swedish version is to be
considered the original and shall apply in any instance where the two versions differ.
This report is available for download in both language versions from the Viaplay Group website on
www.viaplaygroup.com/investors/annual-report-2025.
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FIS CROSS-COUNTRY
WORLD CUP
Markets: Sweden, Norway,
Finland and Denmark
ABOUTVIAPLAYGROUP
This is Viaplay Group � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4
2025 in brief � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7
CEO Statement � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8
Our strategy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 10
Our people, our purpose, our values � � � � � � � � 13
Financial targets� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 14
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Engaged
audiences
We reach millions of viewers, users
and listeners every day�
Multiple
platforms
We operate and innovate in streaming,
TV, radio and broadband�
Relevant
entertainment
We deliver attractive products and
impactful storytelling�
For whom How we do it What we do
What guides us
This is Viaplay Group
Our core markets span the Nordic
countries and Netherlands.
A responsible entertainer
In a fast-paced industry and rapidly changing world, customer focus and local relevance are at the heart of how we do business�
The sustainability of our success goes beyond showing the biggest sports, latest premiers and delivering high quality services�
We are committed to doing the right thing – for our audiences, for our customers, for our people and for all our stakeholders�
Core Markets
Share of Core operation net sales1
Viaplay Group is the Nordic region’s leading entertainment provider, building the most
competitive Nordic Media House.
Viaplay streaming subscription revenues: ....................47% (45)
Linear channel subscription revenues: ..........................27% (27)
Advertising revenues: ........................................................21% (20)
Sublicensing & other revenues: ...........................................5% (8)
1) Excludes Allente Group sales consolidated from 14th
November 2025�
Annual & Sustainability Report 2025
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#1 local streaming service
in the Nordics
Viaplay Select available
in +30 markets
4�4m unique subscribers
High quality TV solutions
via DTH, fibre and OTT
Broadband offering
across the Nordics
50+ premium Pay-TV
channels in Nordics
Specific sports
channels in NL
14 TV channels
in three markets (Denmark,
Sweden & Norway)
AVOD partnership with
Pluto TV in the Nordics
13 radio channels
in two markets
(Sweden & Norway)
Subscription Video
On Demand Broadband & TV Pay TV Ad TV Radio
Our offer
Viaplay Group’s streaming service is available in every Nordic country, as well as in the Netherlands
and our Viaplay Select branded content concept has been added to partner platforms around the
world. We also operate TV channels across most of our markets, as well as commercial radio stations
in Norway and Sweden. Allente offers TV and broadband services in our Nordic core market.
+4.4 m
VIAPLAY SUBSCRIBERS
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Our foundations Our ambition
A focused footprint
We are present in direct-to-consumer markets
where we can compete for the long term, and where
our products are relevant and popular� We operate
in the Nordics and the Netherlands�
Competitive content
We invest responsibly in stories that bring audi-
ences to our services – and keep them there� Our
line-up of premium sports is in a league of its own,
bringing fans every goal, every lap, every time� And
with unmissable local shows, the hottest Hollywood
blockbusters, high-quality documentaries, kids con-
tent and much more, our films and series offering has
both the creative and commercial angles covered�
A sustainable strategy
An integrated business and sustainability strategy
is key to creating value� We have set meaningful
targets and our work with social and environmental
topics will help us to futureproof our operations,
make our supply chain more sustainable and play
our part in addressing industry challenges�
Sustainable success
We want to create a successful and sustainable
business that generates profitable growth,
healthy cash flows and attractive return on
investment – all by delivering competitive
products that offer unique experiences and
value for money�
Our misson:
Telling stories,
touching lives,
expanding worlds
MEANING OF LIFE
Markets: Sweden, Norway
and Finland
Seasons: 2
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Strengthened sustainability
governance
In 2025 we aligned our sustainabil-
ity work with CSRD, strengthened
governance and data quality, and
improved due diligence across
our operations� We expanded the
Sustainable Production Guide and
integrated quarterly ESG controls
into our financial reporting�
2025 in brief
Acquiring Allente
In 2025, we completed the acquisi-
tion of Telenor’s 50 percent stake in
Allente Group� Allente is a leading
provider of satellite (DTH), IPTV
and OTT television across Norway,
Sweden, Finland and Denmark, and
offers broadband services in Swe-
den� Established in 2020 through
the merger of Canal Digital (Tele-
nor) and Viasat Consumer (Viaplay
Group), Allente has since been joint-
ly owned and operated by us and
Telenor� The acquisition of Allente
is an important strategic step in our
ongoing transformation and is fully
aligned with our focus on strength-
ening our Nordic core� By adding
Allente’s DTH, IPTV and OTT
platforms, we extend our customer
reach� The transaction represents a
natural evolution of the successful
long-term partnership between the
companies�
Fighting illegal IPTV and Piracy
In 2025, we advanced our efforts
to combat piracy and safeguard
the exclusivity of our content� A
major milestone was achieved in
April when we secured a dynamic
blocking order in Sweden against
a leading Nordic illegal IPTV
provider, reinforcing the protection
of our streaming platform� We also
strengthened our capabilities to
detect and disrupt infringements
and expanded industry
collaborations, driving lobbying
initiatives to protect our content
and live sports rights�
Bold local storytelling which is
relevant and engaging
In 2025, we expanded our line-up of
local formats across Sweden, Norway
and Denmark� In Sweden, new
titles such as Better Sex, St Görans
Hospital and Mafia joined returning
favourite Paradise Hotel, which
remained one of the most watched
shows of the year� In Norway,
Stjernebryllup premiered and
quickly became a viewer favourite�
In Denmark, Smak og Ubehag and
Elbæks Real Estate for Millions
added variety and reach� Our local
stories once again connected with
audiences across all platforms�
Bringing sports fans together
across the Nordics and beyond
Sports bring people together�
They connect generations and
create memories that last� In 2025,
our sports portfolio once again
delivered strong engagement and
viewing across our markets� For-
mula 1 was the most watched sport
of the year, while the Ice Hockey
World Championship, the Premier
League, the Golf Majors and the
UEFA Women’s Euros attracted large
audiences on all platforms� Through
smart packaging, selective subli-
censing and broader distribution, we
maximised the reach and value of
our sports rights and strengthened
Viaplay’s position as the leading
sports destination in the Nordics�
These efforts delivered solid returns
and reinforced our focus on com-
mercial value and long term growth�
Leaving our last
non-core market
As part of our strategy to focus on
our core markets: the Nordics and
the Netherlands, we exited our final
non-core market, Poland, in July
2025� This marked the completion
of our plan to withdraw from all
non-core operations and to fully
concentrate capital allocation on
our core business�
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Over the past years, we have simplified the organisa-
tion, reduced complexity and strengthened our focus
on return on investment across the business� We have
taken decisions that were necessary to stabilise perfor-
mance and restore consistency in how we allocate cap-
ital� These changes are now part of our daily operations
and reflected in how we evaluate new initiatives� Our
ambition is not growth for its own sake, but profitable
development built on relevance, performance and
return on investment�
The progress we have made during this period would
not have been possible without the focus and profes-
sionalism of our colleagues�
Building a stronger Nordic platform
In November, we acquired the remaining 50 percent
of Allente� This step was the natural evolution of a
long-standing partnership and fully aligned with our
strategy to concentrate on markets where we have
scale, strong brands and operational expertise� Full
ownership enables us to align commercial priorities,
investment decisions and organisational structures in a
more integrated and consistent way�
Allente was created through the merger of Viasat
Consumer and Canal Digital and developed together
with Telenor into a DTH, TV and broadband provider
with a solid customer base across the Nordics� That
foundation remains important because it provides
distribution reach, recurring revenues and deep under-
standing of the markets in which we operate�
Managing traditional TV distribution alongside
streaming services is not new to us� We have experience
of operating these models in parallel and understand
how they can reinforce each other when managed
thoughtfully� Allente contributes established custom-
er relationships and market knowledge, while Viaplay
Group brings premium content, streaming technology
and more than four million unique subscribers�
Allente is gradually being integrated into our coun-
try-based operating model, where decisions are taken
close to customers and markets� Together, we are
building the biggest Nordic media house, combining
efficient distribution, premium content and streaming
at scale�
Content with commercial focus
Content remains the foundation of our business, and
our approach is guided by relevance, quality and clear
commercial logic� We have moved from volume to
value, and every content investment is assessed against
defined return requirements and measurable contribu-
tion to the business�
Sports continues to be a strong driver of engage-
ment and subscription value�
2025 was a year of execution and consolidation. We strengthened our Nordic operations, improved
how we manage the business and took important steps to enhance Viaplay Group’s competitiveness.
The work that began in 2023 continues, and while there is still more to do, the company today operates
with clearer priorities, improved financial control and a sharper focus on long-term value creation.
CEO Statement
”Together, we are
building the biggest
Nordic media house,
combining efficient
distribution, premium
content and
streaming at scale.”
Jørgen Madsen Lindemann
President & CEO, Viaplay Group
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Formula 1 and the Premier League remain central
parts of our premium sports portfolio, alongside
UEFA competitions and major winter sports events�
Our sports portfolio spans all five core markets and
reinforces our position as a leading sports broadcaster
in the Nordics�
In entertainment, we focus on formats with proven
audience appeal and sustainable economics� Para-
dise Hotel, Robinson Ekspeditionen and Svenska Fall
demonstrate the value of combining established franchise
brands with carefully selected new concepts� We prioritise
formats that can scale across markets and that contribute
to subscriber growth and retention� The overall produc-
tion slate is more selective than in previous years, with
more relevant projects and clearer financial follow-up�
The breadth of our offer remains our competitive
strength� Customers who engage with multiple cate-
gories of content tend to stay longer and demonstrate
higher lifetime value� The combination of premium
sports, engaging local entertainment and international
programming differentiates our service in the Nordic
market and supports sustainable monetisation�
Partnerships and commercial development
Partnerships remain central to our operating model,
enabling risk sharing and broader distribution of our con-
tent� During 2025, we entered into and expanded selec-
year on an organic basis, which primarily reflected the
decline in Sublicensing & Other sales when compared
with the exceptionally high volume of scripted content
sales and sports rights sublicensing in 2024�
Revenue development reflects pricing adjustments
and subscription trends during the year, while advertis-
ing markets remained under pressure� Digital advertis-
ing revenues increased during the year, and continued
cost control contributed to improved operating results
compared with 2024�
Financial control remains central to our strategy�
Capital allocation decisions are guided by return on
investment and long-term sustainability�
2026 and beyond
The media landscape continues to evolve, with intense
competition for content and consumer attention and
ongoing consolidation among global players�
In 2026, we will continue the integration of Allente and
focus on delivering the identified synergies� We will
prioritise execution, further improve monetisation of our
content portfolio and maintain strict cost control and
capital allocation focused on return on investment�
We are building a more focused and commercial-
ly stronger Viaplay Group, positioned to compete
effectively in a changing market� We have set out new
long-term financial ambitions that will create long-term
sustainable value for our owners, investors, partners,
customers and audiences across the Nordics and Neth-
erlands�
Jørgen Madsen Lindemann
PRESIDENT & CEO, VIAPLAY GROUP
tive sublicensing agreements across the Nordics designed
to balance audience reach with financial exposure�
The launch of Viaplay Sport in Sweden strengthened
our sports offering and increased flexibility in how we
package and distribute content� We continued refining
our hybrid streaming model, increasing digital adver-
tising inventory and adjusting pricing structures to
support both accessibility and sustainable monetisation�
The advertising market remains structurally challenged,
particularly within linear television� Digital advertising
represents a growing share of our revenues, and we are
adjusting our commercial focus accordingly�
Sustainability
Sustainability considerations are integrated into our
daily operations� During 2025, we implemented CSRD
reporting and enhanced the collection of supplier-spe-
cific emissions data to strengthen transparency in our
scope reporting�
Financial performance
Group net sales amounted to SEK 17,682m and
comprised SEK 17,344m for the Core operations,
including SEK 578m of Allente Group sales after the
acquisition of the remaining 50% of Allente Group on
13 November 2025, and SEK 338m for the Non-core
operations� Core operation net sales were down year on
2025 Financial targets
Group FY 2025 pro forma performance1 2025 Financial targets1 Outcome 2025
Core operations net sales SEK 21�0-22�0 billion SEK 21�494 billion
Core operations EBITDA before ACI & IAC SEK 0�8-1�1 billion SEK 1�144 billion
Adjusted Group operating free cash flow2 SEK 0�5-0�75 billion SEK 0�804 billion
1) Including Allente Group as if fully consolidated from 1 January 2025
2) Adjusted operating free cash flow refers to Group free cash flow, adjusted for costs related to
acquisitions, interest for debt funding, dividends, and extraordinary one-off working capital effects�
CEO Statement
“We are building a more focused and commercially
stronger Viaplay Group, positioned to compete
effectively in a changing market.”
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An organisation fit for purpose
Our country-based organisation supports growth and
efficiency� It is a commercially focused model that
allows us to respond swiftly to the unique demands
and opportunities of each market� This setup also
enables us to prioritise the well-being and development
of our people locally while advancing diversity and
inclusion in ways tailored to each market’s needs�
Our presence across several markets gives us scale in
technology, content acquisition, and shared functions�
A commercially successful original format created for
one market can, for instance, be adapted and launched
in others, extending reach and value� We also share live
production resources across markets, for example by
covering major sports events from a single location� This
strengthens our content offering and helps us capture
creative and operational synergies across markets�
Maximising opportunities across platforms
Our broad portfolio of platforms, content, and mar-
kets creates a wide range of commercial opportu-
nities� We engage audiences both directly through
our direct-to-consumer services and via business-to-
business partnerships, while providing significant reach
and impact for advertisers� By optimising these revenue
streams, we can reinvest in even more compelling con-
tent for our viewers and listeners�
Viaplay streaming service
Viaplay reaches a broad audience with a unique mix of
premium live sports, locally relevant shows, kids content
and popular international titles� We refine our pack-
aging and pricing models to reflect the value Viaplay
delivers to users and partners, while managing churn
and driving growth in key customer segments� During
the year, we expanded our advertising tier to include
all core markets and sports� This makes our content
accessible to wider audiences and increases our digital
advertising inventory� In our business-to-business part-
nerships, we take a value focused approach, prioritising
value over volume� This includes renegotiating terms
and strengthening commitments that improve unit eco-
nomics and the effect of each partnerships� Together
these steps support Viaplay Group’s financial perfor-
mance and our long term business objectives�
Allente
As part of our strategy to strengthen our Nordic core
and drive long-term value creation, we complet -
ed the acquisition of Telenor’s 50 percent stake in
Allente Group�
Allente contributes established customer relation-
ships, multi-platform distribution capabilities, and deep
market knowledge across the Nordics�
With subscribers across DTH, IPTV, OTT and broad-
band, Allente provides direct access to Nordic house-
holds through multiple channels�
Combined with our content, we deliver an offering
that integrates streaming, linear TV and broadband�
This enables us to serve customers through their pre -
ferred platforms while optimising how we monetise our
content investments�
Our strategy
We engage audiences with relevant entertainment and products delivered on multiple
platforms. We focus on our core markets in the Nordics, the Netherlands and Viaplay
Select. We invest responsibly in our content, people and technology to create value and
remain competitive over time. Our strategy is sustainable and we measure our success as a
group both by our financial results and our contribution to the societies where we operate.
FORMULA 1
Markets: Sweden, Denmark,
Iceland, Norway, Finland and
Netherlands
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Full distribution suite to optimise content monetisation
• High quality TV solutions via DTH, fibre and OTT
• Broadband offering across the Nordics
• Multiple revenue streams from subscriptions, adver -
tising, partnerships and sublicensing
This combination creates commercial opportunities
through cross-selling between customer bases, integrat -
ed product offerings that reduce churn, and increased
scale in content negotiations� We invest in the content
and technology that engage audiences and create value
across platforms�
Linear subscriptions
Viaplay Group’s TV channels reach audiences across
Sweden, Norway, Denmark, Finland and the Nether-
lands� TV remains an important medium, and we con-
tinue to see opportunities to work with our distribution
partners to create value for both sides� We strengthen
our channel offerings to reach different audience
segments while maintaining focus on cost efficiency
and innovation�
During the year we launched Viaplay Sport, a new
linear channel for live sports� It combines key rights
such as Formula 1, football qualifiers and major hand-
ball tournaments, and is available through Viaplay and
distribution partners� The launch expands our reach
and strengthens the value of our sports portfolio�
Sublicensing and other commercial models
We continue to maximise the value of our content port-
folio through sublicensing across several markets� This
creates additional revenue streams and broadens the
reach of our content� Beyond sublicensing, we explore
new commercial models that unlock further value from
our existing assets�
Advertising
In 2025, most advertising revenues came from TV and
radio� Radio remains stable, while the linear TV market
continues to decline as advertisers follow audiences to
digital platforms� To meet this shift we are expanding
our digital ad inventory� This increases our reach and
relevance for advertisers and positions us for future
growth� We are committed to responsible advertising
with a clear separation between editorial content and
advertising, rejecting bias and avoiding conflicts of
interest� We also continue to donate airtime to social
and charitable causes, reflecting our values and com -
mitment to positive societal impact�
Relevance and return on investment
Content remains both our greatest asset and our largest
cost� We strengthen our data-driven approach to deliver
stories that engage audiences and create value for part-
ners and for the business� Execution remains our absolute
priority, and we place clear focus on value over volume in
our operations, investments and partnerships� Through
extensive consumer research together with our partners,
we ensure that our storytelling resonates across markets�
Sports content
We hold some of the world’s most sought-after sports
rights, including the Premier League and Formula 1� These
rights set Viaplay apart and strengthen our position as the
leading sports destination in the Nordics� Guided by data
and industry expertise, we manage our sports portfolio to
align with market dynamics and to ensure cost-efficient
and well-informed investments� We focus on the rights
that deliver the greatest impact and engagement� Sub-
licensing partnerships are used when they improve con-
tent placement and overall value, and individual matches
or events are sublicensed to extend reach and build an
effective ecosystem around our broader sports offering�
Original and acquired content
Our original productions are at the heart of Viaplay’s
offer� They are locally rooted, relevant and commercially
strong, and they continue to attract large and loyal audi-
ences across our markets� We focus on stories that stand
out, travel well and strengthen our brand� Our approach
to commissioning is disciplined and data driven, ensur-
ing that every project delivers both creative and finan-
cial value� Alongside our originals, we partner with major
US studios to bring audiences a wide range of popular
international series and films� This combination of exclu-
sive local content and global hits gives Viaplay a unique
position in the market� We focus on relevance, appeal
and impact rather than volume, and on creating content
that drives engagement, sales and long term retention�
Our strategy
LUKSUSFELLEN
Markets: Norway, Sweden
and Denmark
Seasons: 27
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===== SIDA 12 =====
• Value over volume
• Adjust D2C pricing to reflect unique customer
value proposition
• Enhance B2B partnership model to improve
unit economics
• Increase digital ad inventory
• Launch new products to drive monetisation
• Focus on commercially successful & locally
relevant content
• Disciplined KPI driven approach to acquisition
costs, product pricing, churn management, and
customer lifetime value
• Sublicense or sell content that does not move
the needle or require exclusivity
• Integration into Viaplay Group’s country-based
operating model
• Deliver cost synergies through reducing
duplication and driving efficiencies
• Drive maximum lifetime value of high-margin
DTH customer base
• Explore commercial opportunities for the
combined Group
• Sell/partner/close Baltics, Poland, UK,
US, Canada and Viaplay Studios
• New mandated and accountable country-
based operating model
• New content and tech investment
approval processes
• Optimise team set-up
Our priorities
EUROPEAN HANDBALL
CHAMPIONSHIP
Markets: Sweden, Denmark,
Finland and Norway
We have defined clear transformation priorities
to deliver profitable growth, disciplined capital
allocation and sustainable cash flow generation.
Re-focus top-line drivers Improve return on content investment Allente Group integration Organisational changes
Ongoing Completed
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===== SIDA 13 =====
Our people, our purpose, our values:
The Viaplay Group culture
Our talented people come to work every day
with a shared passion and clear mission to
entertain millions of people with our unique
offering of locally relevant storytelling,
which spans premium live sports, films,
series and music.
Our people share a passion for delivering first-class
entertainment experiences� Whether through locally
relevant storytelling or premium live sports, our mission
is simple: To entertain millions of people by telling
stories, touching lives, and expanding worlds�
Our talented colleagues form a dynamic, inclusive
and creative community of bold, smart, curious, and
engaging individuals� This unique culture empowers
us to connect with our audiences, deliver sustainable
value, and ensure every project is both relevant and a
good investment�
Tailored for success: Our localised approach
to excellence across the markets
Our country-specific operating model reflects our belief
that “one size fits nobody�” By investing in local exper-
tise and building long-term relationships, we ensure
our content and partnerships align with the needs of
each market� This adaptability is key to achieve suc-
cess across regions� We believe in our teams to make
informed decisions while benefiting from the scale and
support of centralised functions�
We celebrate the talent and passion of our people�
Together, we’ve created a culture where creativity
thrives, collaboration drives success, and our shared
purpose inspires everything we do�
At Viaplay Group, our culture is more than a foundation –
it’s an enabler of success� A strong performance culture
is essential to achieving our commercial goals, and our
new values reflect this ambition� While our country-
specific model ensures local adaptability, we also lever-
age centralised functions where shared expertise and
economies of scale drive both efficiency and excellence�
Transformation is demanding, and we recognise the
challenges it brings� We remain committed to strength-
ening employee engagement, ensuring that our peo-
ple feel empowered and connected even in times of
change� As we continue evolving, fostering a culture of
resilience, collaboration, and shared purpose will be key
to achieving our long-term ambitions�
Our values in action
Bold
We dare to lead� Backed by thorough research
and customer insight, we challenge conventions
and take calculated risks� We shape discussions
in our industry and beyond with confidence,
not arrogance, always prepared to explain our
perspective while respecting others�
Smart
We are informed and insightful, using data and
knowledge to solve problems and create clarity�
Open and proactive, we communicate with purpose
and precision, making every conversation meaningful
and results driven�
Curious
We constantly seek to learn and grow, exploring
new ideas and perspectives� Our curiosity drives
innovation and keeps us ahead of the curve,
ensuring we remain adaptable and relevant in
an ever-changing landscape�
Engaging
We meet our audiences on their level, speaking
to hearts and minds� Adapting our tone and
approach to each context, we connect through
real-world examples and answer the question,
“What’s in it for me?” before it’s asked�
UEFA WOMENS EURO
Markets: Sweden and
Denmark
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===== SIDA 14 =====
Long-term ambitions for Core Operations1
2026 Financial targets
Financial targets
Viaplay Group’s long-term financial ambitions
were updated in conjunction with the
announcement of the Allente acquisition on
17 July 2025. The Group’s financial targets for
2026 reflect the acquisition of the remaining
50% of Allente Group in November 2025.
Core operation sales Stable on an organic basis
Core operation EBITDA
before ACI & IAC
SEK 1.0-1.4 billion
Core organic sales
on average stable over
the period
2025–2028
Double-digit core
EBITDA margin before
ACI & IAC in 2028
ELBAS MEAGLERE FOR
MILLIONER
Markets: Denmark
Seasons: 1
1) The adjusted operating free cash flow ambition has been removed in line with the 2026 full year guidance�
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===== SIDA 15 =====
Financial performance � � � � � � � � � � � � � � � � � � � � � � � � � � � � 16
Risks and risk management � � � � � � � � � � � � � � � � � � � � 22
Governance report� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 27
Board of Directors� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 32
Group Executive Team � � � � � � � � � � � � � � � � � � � � � � � � 34
DIRECTORS´REPORT
FORMULA 1
Markets; Sweden,
Denmark, Island, Norway,
Finland and Netherlands
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===== SIDA 16 =====
Financial performance
The Board of Directors and President and CEO of Viaplay Group AB (publ),
corporate registration number 559124-6847 and registered office in
Stockholm Sweden, hereby submit the annual accounts and consolidated
accounts for 2025.
Operations and market
Viaplay Group is a commercial video-on-demand streaming, TV and radio
entertainment provider headquartered in Stockholm, Sweden. The Group
was established in 2018 as Nordic Entertainment Group AB, in anticipation
of its demerger from Modern Times Group MTG AB. The shares were dis-
tributed to MTG’s shareholders and listed on Nasdaq Stockholm in 2019.
Nordic Entertainment Group was renamed Viaplay Group in 2022.
Viaplay Group’s streaming service Viaplay is a broad video entertainment
service delivered on a technology platform that is designed to provide
relevant and appreciated viewing experiences. Viaplay is available in
every Nordic country, as well as in the Netherlands, and the Viaplay Select
branded content concept has been added to partner platforms around the
world. In addition to the Viaplay streaming service, Viaplay Group holds
broadcasting permits and operating licences or authorisations for its TV and
radio broadcasting operations. The TV and radio broadcasting operations
consist of commercial TV channels in Denmark, Norway, Sweden and the
Netherlands; pay-TV channels in Denmark, Norway, Sweden and Finland;
and commercial radio stations in Sweden and Norway. Customers subscribe
through the Viaplay D2C offerings, and through B2B partnerships with third
party pay-TV distributors.
On 13 November 2025, Viaplay Group completed the acquisition of
Telenor’s 50 percent stake in Allente Group. Allente is a leading provider of
satellite (DTH), IPTV and OTT television across Norway, Sweden, Finland
and Denmark, and offers standalone broadband in Sweden.
In July 2023, Viaplay Group announced a strategic refocusing on its Core
operations in the Nordics, the Netherlands and Viaplay Select. In July 2025
the Group exited the final non-core market, Poland. This marked the com-
pletion of the withdrawal from all non-core operations and to fully concen-
trate capital allocation on the core business.
Viaplay Group has two operating segments, Core operations and Non-
core operations. Core operations includes the Group’s operations related
to the Viaplay streaming service available in all Nordic countries and the
Netherlands, pay-TV channels in all Nordic countries (except Iceland) and
the Netherlands, commercial free-TV channels in Sweden, Denmark and
Norway; and commercial radio networks and audio streaming services in
Sweden and Norway. Allente Group and its operations have been included
in Core operations since the acquisition of the remaining 50% of Allente
Group. The segment also includes Viaplay select operations. Non-core
includes the international markets the Group has exited, ie. Poland, UK and
Baltics. The reporting reflects the Group’s operational structure and how
the performance in the Group is internally monitored, reported and fol-
lowed up on.
The Group’s average number of employees was 1,105 (1,135). Total num-
ber of employees amounted to 1,357 (1,126).
Financial performance
Sales
Group net sales amounted to SEK 17,682m (18,490) and comprised SEK
17,344m (17,598) for the Core operations, including SEK 578m of Allente
Group sales after the acquisition of the remaining 50% of Allente Group on
13 November 2025, and SEK 338m (892) for the Non-core operations. Core
operation net sales were down year on year on an organic basis, which pri-
marily reflected the decline in Sublicensing & Other sales when compared
with the exceptionally high volume of scripted content sales and sports
rights sublicensing in 2024.
Full year pro forma Core operation net sales, when including Allente
Group as if it had been consolidated from 1 January 2025, amounted to
SEK 21,494m. (Please see page 147 for more information regarding the pro
forma calculation)
Operating income
Operating income before ACI and IAC amounted to SEK –41m (–269) and
comprised SEK –30m (–181) for the Core operations, including SEK 31m
of Allente Group operating income after the acquisition of the remaining
50% of Allente Group on 13 November 2025, and SEK –11m (–88) for the
Non-core operations. Items affecting comparability (IAC) amounted to SEK
–420m (–439) and mainly comprised the writing down of legacy non-sports
content, as well as foreign exchange translation effects related to previous
content provisions and the Group’s limited possibility to hedge currency
exposure during the first 9 months of 2025. IAC also included transaction
costs related to the acquisition of Allente Group and redundancy costs
(please see note 8 for full breakdown of IAC). ACI of SEK –26m (151) pri-
marily comprised the 50% share of the net income of Allente Group up until
the acquisition, as well as revaluation effects arising from the consolidation
of Allente Group. Total operating income amounted to SEK –486m (–558).
Full year pro forma Core operation EBITDA before ACI and IAC, when
including Allente Group as if it had been consolidated from 1 January 2025,
amounted to SEK 1,144m (Please see page 147 for more information regard-
ing the pro forma calculation).
Financial overview
SEK million 2025 2024 2023
Net sales 17,682 18,490 18,567
Operating income before ACI and IAC¹ –41 –269 –1,115
Associated company income (ACI) –26 151 63
Items affecting comparability (IAC)¹ –420 –439 –9,224
Operating income –486 –558 –10,276
Net income –1,267 106 –9,747
Basic earnings per share (SEK) –0.28 0.03 –124.61
1) Alternative performance measures used in this report are explained and
reconciled on pages 144–147.
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===== SIDA 17 =====
Net financial items and net income
Net financial items totaled SEK –674m (766). Net interest amounted to SEK
–489m (–327), of which SEK –25m (–26) related to net lease liabilities.
Net interest also included SEK –121m of accelerated interest payments
and written-off prepaid borrowing costs related to the renegotiation of
the Group’s banking agreements and cancellation of its guarantee facility
during the fourth quarter. Other financial items amounted to SEK –185m
(1,093) and included SEK –20m of costs related to the renegotiation, as well
as facility fees and the impact of changes in currency exchange rates on the
revaluation of financial items. 2024 comprised the gain from the debt write-
down of SEK 1,190m.
Taxes amounted to SEK –107m (–102), with Group net income of SEK
–1,267m (106) and basic earnings per share of SEK –0.28 (0.03).
Cash flow and financial position
Cash flow from operating activities
Cash flow from operations, excluding changes in working capital, totaled
SEK –45m (–919) and included SEK 500m (100) of cash dividends from
Allente Group prior to the acquisition. Changes in working capital amounted
to SEK –2,248m (–1,080) and cash flow from operating activities therefore
totaled SEK –2,293m (–1,999).
Cash flow from investing activities
Cash flow from investing activities amounted to SEK –1,777m (105) and
included SEK –49m (–43) of capital expenditure on tangible and intangible
assets, SEK –1,744m (132) from acquisition and divestments of operations.
Viaplay Group acquired the remaining 50% of Allente Group in 2025.
Cash flow from financing activities
Cash flow from financing activities amounted to SEK 4,205m (352) and
reflected the refinancing made in connection with the acquisition of the
remaining 50% of Allente Group, as well as changes in the usage of the
revolving credit facility. The total net change in cash and cash equivalents
amounted to SEK 135m (–1,542).
Free cash flow
Group free cash flow (cash flow from operating activities plus cash flow
from investing activities excluding acquisitions and divestments) amounted
to SEK –2,326m (–2,026), of which SEK –1,961m (–1,227) related to the
Core operations and SEK –365m (–799) related to the Non-core operations.
Full year pro forma adjusted Group operating free cash flow, when
including Allente Group as if it had been consolidated from 1 January 2025,
amounted to SEK 804m and comprised SEK 1,169m for the Core operations
and SEK -365m for the Non-core operations. (Please see pages 147 for
more information regarding the pro forma calculation).
Financial position
The Group’s net debt totaled SEK 5,525m (1,113) at the end of the period.
Financial net debt, when excluding net lease liabilities of SEK 279m (284),
totaled SEK 5,246m (829). Cash and cash equivalents amounted to SEK
1,132m (1,040), and the Group’s total borrowings amounted to SEK 6,422m
(2,058).
The Group entered into a new SEK 1,726m term loan in Q4 2025, in order
to refinance the existing indebtedness of Allente Group. A new SEK 2,500m
working capital facility was also established and the EUR 646m (approx-
imately SEK 7,100m) guarantee facility was cancelled. The SEK 1,858m of
outstanding bonds and notes is unchanged, while the size of the revolving
credit facility has been reduced from SEK 3,392m to SEK 2,817m, of which
SEK 500m (200) was drawn at the end of the period.
Performance by operating segment
Core operations
Viaplay streaming subscription sales grew by 1% year-on-year on an organic
basis. The development reflected continued growth in average revenue per
user, and the growth in premium sports subscription sales in particular. The
direct-to-consumer subscriber base continued to grow, while the busi-
ness-to-business subscriber base fell as expected due to the re-sizing of
certain partner agreements in line with the Group’s ongoing focus on value
over volume.
Linear channel subscription sales, which comprise fees received from
distributors for including the Group’s linear channels in their TV packages,
declined by 1% year-on-year on an organic basis, and reflected the ongo-
ing transformation of the distribution model to focus on value over volume.
Various pricing and packaging initiatives during the year offset the ongoing
structural decline in linear TV subscriptions as customers migrate to stream-
ing subscriptions.
Group advertising sales grew 1% year-on-year on an organic basis, as the
ongoing growth in digital advertising and Hybrid Video On Demand sales
were partly offset by the structural decline in linear TV advertising sales and
lower radio advertising sales.
Sublicensing and other sales, which primarily comprise the sublicensing of
sports and non-sports content to third parties, declined by 34% year-on-year
on an organic basis. The development reflected a normalisation after the
exceptionally high volume of scripted content sales and sports rights subli-
censing in 2024. The lower sales volumes were also reflected in lower costs.
Segment operating expenses were reduced year-on-year, when exclud-
ing the consolidation of Allente Group for half of the fourth quarter, and
reflected lower content distribution costs, SG&A savings and positive FX
effects, which were partly offset by the embedded inflation in legacy con-
tent agreements.
SEK million 2025 2024
Reported
change
Organic sales
growth
Viaplay streaming subscription 7,799 7,930 –1.7% 0.5%
Linear channel subscription 4,595 4,747 –3.2% –0.5%
Advertising 3,445 3,491 –1.3% 1.0%
Sublicensing & other 927 1,430 –35.2% –34.1%
Net sales¹ 16,767 17,598 –4.7% –2.5%
Allente Group net sales² 771 – – –
Elimination of sales to Allente
Group³ –193 – – –
Total net sales4 17,344 17,598 –1.4% –
Operating expenses before ACI
and IAC –17,374 –17,7 79 –2.3% –
Operating income before ACI
and IAC
–30 –181 83% –
Operating margin before ACI and
IAC (%) –0.2% –1.0% – –
Viaplay subscribers (‘000) 4,358 4,757 –8.4% –
1) The Viaplay Group sales category lines include the full year of sales to Allente Group.
2) The ‘Allente Group net sales’ line comprises Allente Group’s total sales after Viaplay
Group’s acquisition of Allente Group on 13 November 2025 up until the end of the period.
3) The ‘Elimination of sales to Allente Group’ line comprises Viaplay Group’s sales to Allente
Group after the date of the acquisition, which are eliminated at a Group level.
4) Reported net sales for Core operations.
Financial performance
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===== SIDA 18 =====
Non-core operations
The decline in net sales reflected the exit from the Polish markets. Segment
operating income before ACI and IAC amounted to SEK –11m (–88), and
segment free cash flow amounted to SEK –365m (–799).
SEK million 2025 2024
Total net sales 338 892
Operating expenses before ACI and IAC –349 –980
Operating income before ACI and IAC –11 –88
Operating margin before ACI and IAC (%) –3.3 n.a
Viaplay subscribers (’000) – 1,590
Parent company
Viaplay Group AB (publ) is the Parent company of the Group and is respon-
sible for group-wide management, administration and financing. Net sales
for the Parent company amounted to SEK 73m (108). Income before tax
and appropriations amounted to SEK –1,521m (1,403) and included a SEK
–1,489m write-down of shares in subsidiaries. Net income for the year
amounted to SEK –1,523m (327). At year-end the Parent company had cash
and cash equivalents of SEK 666m (935).
Share and share capital
Viaplay Group AB (publ) has, in May 2025, acquired a total of 31,334,462
own class B shares within the scope of the repurchase programme intro-
duced by the Board of Directors with the purpose of securing the delivery
of class B shares to the participants of the company’s long term incentive
(“LTI”) programme resolved upon by the Annual General Meeting 2025.
According to Viaplay Group AB’s (publ) articles of association, owners
of Class A shares have the right to have such shares converted into Class
B shares. During February 2025, at the request of a shareholder, 120,008
Class A shares were converted to Class B shares.
Viaplay Group AB had a total of 4,579,122,244 shares at the end of
the period, of which 411,528 were class A shares with 10 votes each,
4,577,821,216 were class B shares with one vote each, and 889,500 were
class C shares with one vote each. Viaplay Group held 31,341,244 class B
shares and all 889,500 class C shares as treasury shares.
As of 31 December 2025, the largest shareholders were Groupe Canal+
SA, holding 29% of the votes, and PPF Cyprus Management Limited, hold-
ing 29% of the votes. Nordea Funds was also a significant shareholder, hold-
ing 13% of the votes. No other shareholder held more than 5% of the votes
at year-end. Further details on shareholders’ equity are provided in Note 19.
There are no restrictions on the transfer of shares, voting rights or the
right to participate in the Annual General Meeting (AGM), and Viaplay
Group AB is not aware of any agreements between shareholders that may
limit the right to transfer shares (save for the restrictions on transfer of
shares pursuant to the cooperation agreement between PPF Cyprus Man-
agement Limited and Groupe Canal+ SA previously disclosed in the Group’s
share issue prospectus from 2024 and which is presented in the Securities
Council ruling 2023:61). In addition, there are no stipulations in the Articles
of Association regarding appointment or dismissal of Board members or
agreements between the Parent company and Board members or employees
that require remuneration if such persons leave their posts, or if employment
is terminated, as a result of a public bid to acquire shares in the company.
Proposed distribution of earnings
The following funds are available for distribution by the Annual
General Meeting:
SEK thousands
Share premium reserve 8,696,922
Retained earnings 2,815,705
Net income for the year –1,522,679
Total 9,989,948
The Board of Directors proposes that the unappropriated earnings be allo-
cated as follows:
SEK thousands
Carried forward 9,989,948
Total 9,989,948
The Board of Directors proposes to the Annual General Meeting of share-
holders that no annual cash divided be paid for 2025 and that the Parent
company’s earnings for the period ended 31 December 2025 be carried
forward into the 2026 accounts.
Sustainability
The statutory sustainability report has been prepared in accordance with
the Swedish Annual Accounts Act (ÅRL). The sustainability report has been
drafted in compliance with the requirements of the EU Corporate Sustaina-
bility Reporting Directive (CSRD) and the European Sustainability Reporting
Standards (ESRS). The sustainability report constitutes a separate section of
this director’s report.
Remuneration
Principles regarding remuneration to the Board of Directors, the President
and CEO, and other members of Group Executive Team are specified in
note 7. Note 7 includes the remuneration guidelines, adopted by the 2024
Annual General Meeting, and information on how the guidelines were
adhered to in 2025. For the Annual General Meeting 2026 the Board of
Directors’ proposes new remuneration guidelines presented on next page.
Significant events during the year
On 17 July Viaplay Group announced the Group, through a wholly-owned
subsidiary, had entered into an agreement with Telenor Communication II
AS to acquire Telenor’s 50 percent stake in Allente Group, a leading provid-
er of televisions services delivered via satellite (DTH) and broadband, for a
cash consideration of SEK 1.1 billion, to become the sole owner of Allente.
The acquisition was completed November 13. The acquisition was financed
with available cash, as well as a new SEK 1,726m term loan to refinance the
existing indebtedness of Allente. Viaplay Group also established a new SEK
2,500m working capital facility and cancelled its EUR 646m (approximately
SEK 7,100m) guarantee facility. In addition, Viaplay Group reduced the size
of its revolving credit facility from SEK 3,392m to SEK 2,817m.
On 1 December Viaplay Group appointed Jonas Karlén as EVP and CEO
Viaplay Group Sweden. Johan Johansson and Christian Albeck, who have
previously shared responsibility for Viaplay Group’s Swedish operations as
Co CEOs, will focus fully on their respective roles, Johan as EVP and Group
CFO and Christian as EVP Content Acquisition.
Significant events after the reporting period
Significant events after the reporting period are described in note 33.
Financial performance
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===== SIDA 19 =====
Viaplay Group proposed Remuneration Guidelines 2026
Proposed guidelines for remuneration for the President
and CEO and other members of the Group Executive
Team, to be approved by Viaplay Group’s Annual
General Meeting on 12 May 2026.
The Remuneration Guidelines (the “guidelines”) will
apply to the President and CEO and other members of
the Group Executive Team (”GET”). The guidelines are
forward looking, i.e., they are applicable to remunera-
tion agreed and amendments to remuneration already
agreed, after the adoption of the guidelines by the
2026 Annual General Meeting. The intention of the
Board of Directors (“the Board”) and its Remuneration
Committee (“the Committee”) is that the guidelines will
remain in place for four years from the date of approv-
al. These guidelines do not apply to any remuneration
decided or approved by the Annual General Meeting,
for example, share related long-term incentive plans.
Viaplay Group’s remuneration guidelines are
designed to:
i) Drive and reward sustainable company
and individual performance.
ii) Be market competitive to attract and
retain best-in-class talent.
iii) To incentivise the creation of long-term
shareholder value in a rapidly changing industry.
Specifically, Viaplay Group’s strategic priorities and
vision are reflected in the design of executive remuner-
ation as set out below:
• Deliver profitable growth: A substantial proportion
of remuneration is variable and linked to the Group’s
key performance drivers. Performance measures in
our short- and long-term incentive plans are carefully
selected to promote growth through stretching and
relevant incentive targets.
• Create long-term shareholder value: Incentive
plans are designed to reward sustainable company
performance and value creation. Resulting outcomes
are intended to reflect shareholders’ experience and
contribute to increased alignment as executives are
required to build and maintain a significant share-
holding in Viaplay Group.
• Lead with relevant and popular products, consis-
tently generating healthy returns: A remuneration
structure and mix that provides agility to adapt
quickly to business needs in a fast moving industry
and highly competitive talent market.
Remuneration guidelines by element
Total remuneration shall be on market terms and may
include base salary, pension, benefits and performance
linked elements in the form of short-term (‘STI’) and
long-term incentive (‘LTI’) plans. Share-based long-term
incentive plans are approved by the Annual General
Meeting and, while not governed by these guidelines,
are included in summary form for completeness. The
table on the next page provides more detail on the
individual elements, their purpose and their link to the
business strategy.
Service contracts and payments upon
termination of employment
In general, executive contracts have an indefinite dura-
tion. However, the contracts may be issued on a fixed
term basis if warranted by certain circumstances, such
as interim positions or for executives close to retire-
ment age. Upon termination of employment, the notice
period may not exceed 12 months. Fixed cash salary
during the notice period and any severance pay may
not, in combination, exceed an amount equivalent to
two years’ fixed salary.
In addition, the company may enter into non-com-
petition undertakings providing for non-competition
indemnities as legally required and aligned with rele-
vant country market practice.
Remuneration governance and decision making
The Board has established a Remuneration Committee.
The Committee’s tasks include preparing the Board’s
decision on guidelines for executive remuneration.
The Board shall submit a proposal for new guidelines
at least every four years, or in case of material changes
to the current policy, to the Annual General Meeting.
The guidelines shall be in force until new guidelines are
adopted by the Annual General Meeting. The Commit-
tee shall prepare, for resolution by the Board, remu-
neration related matters concerning the President and
CEO and any proposals regarding share based or share
related incentive plans in the company. Additionally, the
Committee shall monitor and evaluate programmes for
variable remuneration for GET, the application of the
guidelines for executive remuneration, as well as the
current remuneration structures and compensation lev-
els in the company. To avoid any conflict of interest, the
Committee shall consist of non-executive members only.
Remuneration is managed through well defined process-
es ensuring that no individual is involved in the decision
making process relating to their own remuneration.
Salary and employment terms for the
broader population/company’s employees
In preparing and applying these guidelines, the
Committee considers the pay and conditions elsewhere
in the company, which are informed by general market
conditions and internal factors such as the performance
of the Group or relevant business unit. The Committee
regularly consults with the President & CEO and People
& Culture team to be mindful of employee pay, condi-
tions, and engagement across the broader employee
population.
Deviation from the guidelines
The Board may temporarily resolve to deviate from the
guidelines, in full or in part, if there is special cause for
the deviation in a specific case, and if such deviation is
necessary to serve the company’s long-term interests,
including its sustainability, or to ensure the company’s
financial viability. As set out above, the Committee’s
tasks include preparing the Board’s resolutions in
remuneration related matters, including any resolutions
to deviate from the guidelines.
Annual & Sustainability Report 2025
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===== SIDA 20 =====
Fixed elements Purpose and link to strategy Purpose and link to strategy
Base salary To recruit, reward and retain executives Base salary shall be fair and competitive reflecting the individual executive’s responsibilities, skills and performance.
The Board of Directors will consider various factors when determining any changes to base salary, including individual contribution, business performance, the scope of the role, employee pay across Viaplay
Group and alignment with similar sized listed companies which may include broadcasting, streaming and other entertainment companies.
Pension To provide local market competitive pension Pension arrangements, including health insurance, shall be competitive and appropriate in context of the market practice in the applicable country of executives’ employment or residence and total remuneration.
The pension arrangements shall be provided in the form of a defined contribution or as a cash allowance and shall amount to no more than the fixed base salary. Pension arrangements may change from year to year.
Variable cash remuneration shall not qualify for pension benefits unless required by local legislation.
Benefits and
allowances
Additional tangible or intangible compensa-
tion paid annually which does not fall under
base salary, pension, STI or LTIP to provide
local market competitive benefits and sup-
port recruitment and retention
Benefits shall be competitive and appropriate in context of the market practice in the applicable country of executives’ employment or residence and total remuneration. Benefits may include but are not limited
to company phones, car allowance, travel allowance, tax support, wellbeing assistance, travel, company gifts, life insurance and medical insurance. Premiums and other costs for such benefits shall constitute a
limited proportion in relation to the total remuneration.
Additional benefits may be provided in specific individual situations, including changes in individual circumstances such as health status and changes in roles such as relocation, if considered appropriate. Any
resolution on such remuneration shall be made by the Board based on a proposal from the Committee.
Variable
elements
Purpose and link to strategy
Purpose and link to strategy
Annual
short-term
incentive (‘STI’)
To incentivise and reward the achievement
of annual financial and, when appropriate,
non-financial performance measures clearly
linked to the strategic priorities and sus-
tainable development of the Group and the
executives’ area of responsibility
The maximum payment under the STI shall not exceed 150% of base salary. The satisfaction of criteria for awarding STI shall be measured over a performance period of up to one year.
The Board approves the corporate performance measures, targets and relative weightings at the start of each year on the recommendation by the Committee. The Board ensures that there is strong alignment
with the business strategy and that the targets are clear and sufficiently stretching.
STIs may also consider the individual executives’ performance against predetermined and measurable objectives within their area of responsibility, determined in consultation with the President and CEO (or, in
the case of the President and CEO, the Chair of the Board). These objectives may be functional, operational, strategic and non-financial, including, among others, objectives relating to environmental, social and
governance issues.
Payment under this plan is made after the end of the performance period, following the Committee’s and Board’s determination of achievement against the corporate targets and the individual objectives set for
the President and CEO. The President and CEO determines the achievement of any annual individual objectives for other executives.
The terms for the STI shall be structured so that the Committee and Board have the possibility of (i) limiting or refraining from paying variable remuneration if such payment is considered unreasonable and
incompatible with the company’s responsibility in general to the shareholders, employees, and other stakeholders, and (ii) adjusting the targets retroactively for extraordinary circumstances. Any use of such
discretion will be disclosed and explained in the annual Remuneration report. Furthermore, the Committee and the Board have the authority to (i) adjust payments before they are made (‘malus’) and (ii) to claw
back payments that have already been made if extraordinary circumstances exist, such as financial misstatement, payments based on incorrect grounds, reputational damage, failure of risk management or any
other circumstances as determined by the Board of Directors.
Long-term
incentive (LTI)
The LTIP shall be linked to certain predeter-
mined financial, non-financial (including ESG
measures) and/or share or share price related
performance criteria and shall ensure a long-
term commitment to the development of
Viaplay Group and align the senior executives’
incentives with the interest of shareholders.
The LTIP can be delivered in cash or shares. Share based LTIPs will be resolved upon separately by the Annual General Meeting and are therefore excluded from these guidelines. Cash based plans should be
performance based and will have a plan period exceeding one year. The maximum opportunity for GET can amount up to 165% of base salary.
The terms for any cash based LTIP shall be structured so that the Committee and Board have the possibility to; (i) limit or refrain from paying variable remuneration, if such payment is considered unreasonable
and incompatible with the company’s responsibility in general to the shareholders, employees and other stakeholders and (ii) adjust the targets retroactively for extraordinary circumstances.
Any use of such discretion will be disclosed and explained in the annual Remuneration report. Furthermore, the Committee and the Board have the possibility to (i) adjust payments before they are made
(‘malus’) and (ii) to claw back payments that have already been made if extraordinary circumstances exist, such as financial misstatement, payments based on incorrect grounds, reputational damage, failure of
risk management or any other circumstances, as determined by the Board of Directors.
Viaplay Group proposed Remuneration Guidelines 2026
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===== SIDA 21 =====
Other elements Purpose and link to strategy Purpose and link to strategy
Other
arrangements
To support recruitment or retention or other
business critical situations necessary to
ensure the successful implementation of the
company’s strategy and to safeguard its long
term interests.
Additional other arrangements can be made on a case by case basis when deemed necessary, subject to Board approval based on a recommendation from the Committee. Each such arrangement shall be
capped and never exceed two (2) times the individual’s annual base salary.
Additionally, the Board may, on the recommendation of the Committee, consider compensating an individual for remuneration forfeited from a previous employer during recruitment. Such an award will take
into consideration relevant factors, including the form of the award (cash or shares), performance conditions attached, and the remaining vesting/payment period. Generally, such awards will be made on a
comparable basis to those forfeited.
Share
Ownership
Requirement
To ensure that executives build and maintain
a significant shareholding in Viaplay Group
and are aligned with the interest of share-
holders.
The President & CEO and members of GET are required to accumulate Viaplay Group shares, over time, toward target ownership levels that are based on a percentage of net base salary.
Target ownership levels:
• President & CEO: 150%
• Other members of GET: 75%
The Committee has the authority to adjust these requirements if considered appropriate in individual cases.
Viaplay Group proposed Remuneration Guidelines 2026
Annual & Sustainability Report 2025
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===== SIDA 22 =====
Risk categories
Risks and risk management
• General economic
development combined
with content and sports
cost commitments
• Competition for
subscribers, content
and sports rights
• Content and sports
rights attractivness
• Advertising market
development
• Business partner risks
• Interruptions in service
• Competition for skilled
employees
• Process quality
• Currency movements
• Financing and
refinancing risks
• Compliance with
financial covenants
• Credit risks
• Changes in Interest rate
• Piracy
• Changes in regulation
• Third party risks or legal
proceedings
• Corporate compliance
• Privacy
Viaplay Group’s strategy lays the foundation for setting short-term and long-term targets�
When setting targets, there are always certain risks associated� The purpose of risk
management is to understand these risks and to decide how best to manage them.
The risk management process is used for:
1) Identifying risks to the successful delivery of the targets set.
2) Classifying the extent to which individual risks are acceptable,
or perhaps even desirable.
3) Defining mitigation actions to ensure the right balance
between risk and return.
All risks identified are analysed to establish their financial or non-financial
impacts, the likelihood of their occurrence and the cause of the risks. Unac-
ceptable risks are thereafter addressed. The process is led by Viaplay Group’s
risk management function, and the responsibility for managing the risks lies
with the operational business functions. Once the risks are assessed, they are
consolidated, evaluated and their mitigations monitored at group level by the
Group Executive Team. The principal risks and their status are presented to
the Audit Committee at least four times per year and to the Board of Directors
at least twice per year. Viaplay Group divides its risks into four categories: stra-
tegic and commercial risks, operational risks, financial risks, and compliance
and regulatory risks. The principal risks in each category are described on the
following pages but they are not presented in the order of priority. The devel-
opment of the risk profile is also presented, i.e. whether the likelihood and/
or impact of each risk has increased, decreased or remain unchanged during
2025. Viaplay Group monitors material environmental, social, and governance
risks, through the Double Materiality assessment (DMA) which frames its man-
agement of sustainability matters. Compared to the principal risks presented
in this section, the DMA includes additional risks as it uses a lower financial
threshold to account for the longer time horizons considered in the manage-
ment of sustainability topics. See disclosures SBM-3 and IRO-1 (pages 43–44)
in the Sustainability Statement for further details.
Operational risks
Inadequate processes or
systems, or events that can
have a significant impact
on Viaplay Group’s financial
performance and position,
operations or people.
Compliance
& Regulatory risks
Risks that the Group’s activities
are non-compliant with rules,
regulations, or policies, or the
risk of changes in laws and
regulations, or the lack of laws
and regulations.
Financial risks
Events or changes that can have
a significant impact on Viaplay
Group’s financial performance
or position�
Strategic &
Commercial risks
Events that can have a
significant impact on
Viaplay Group’s strategy and
business plan�
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===== SIDA 23 =====
Risk description Mitigations Development during 2025
General economic development combined with content and sports cost commitments
Both consumers and companies that Viaplay Group interact with are impacted by global and regional
economic events� High inflation, future uncertainty and/or low economic growth can reduce demand for
subscriptions and reduce company spend on marketing� At the same time, Viaplay Group typically holds
multi-year commitments with content providers and sport rights holders, which are not affected by to cus-
tomer usage levels, the size of Viaplay Group’s subscriber base, or the development in other revenue streams
such as advertising revenue or sublicensing� This presents a risk to Viaplay Group’s profitability�
• Continue to reduce the fixed cost base�
• Launch a range of new direct-to-consumer
initiatives to improve the monetisation of the
content portfolio, including but not limited to
new packaging, different binding periods, and
changing prices�
• Increase lobbying against illegal IPTV ser-
vices�
• Enter new partnership to increased the mone-
tisation of the content and sports portfolio�
Unchanged.
Competition for subscribers, content and sports rights
Viaplay Group competes for subscribers, content and sports rights, viewers and listeners against local and
international players� There is a risk that competition increases in the coming years� This could have an
adverse impact on subscription-, advertising and other sales, or reduce the ability to secure and maintain
high-quality content and sports rights�
• Deliver a comprehensive commercial content
offering with a unique mix of locally relevant
own productions, engaging acquired content,
and exclusive premium sports rights�
• Continually review and optimise the content
and sports rights portfolio to drive return on
investment�
• Increase monetisation through new digital
revenue streams�
Increased. Global streaming companies are more active in
content and sports acquistions which increases compe-
tition�
Content and sports rights’ attractiveness
Viaplay Group’s ability to generate subscription, advertising, sublicensing and other revenue streams is
dependent on the ability to produce or procure high-quality content and sports rights that attract a large
number of viewers� There is a risk that the produced or procured content and sports rights do not generate
the expected return on investment levels�
• Continue assessing and understanding viewing
trends across target audiences and platforms�
• Focus on relevant and commercially success-
ful content and sport rights that work across
target audiences and platforms, with an
increased focus on locally relevant storytelling
and healthy investment returns�
• Work strategically by entering new partner-
ships to improve the monetisation of the
content and sports rights portfolio�
Unchanged.
Advertising market development
Viaplay Group generates linear and digital advertising revenues across its core markets (except Iceland) and
radio advertising revenues in Sweden and Norway� As content consumption continues to shift from linear
to digital platforms, advertisers are increasingly moving their investments in the same direction� Viaplay
Group has successfully managed this transition to date, creating new opportunities within digital advertising�
However, it remains important to offset the ongoing decline in linear TV viewing and advertising with growth
in digital consumption and advertising, while also addressing the growing market share of social media in the
digital advertising space, in order to prevent the potential decline in overall advertising sales�
• Continually optimise pricing and introduce
new creative products for linear viewing�
• Transform and accelerate digital advertis-
ing sales by introducing new products and
partnerships�
• Continue to focus on commercially relevant
story telling�
Unchanged. Unchanged thanks to effective mitigations
in place�
Business partner risks
Viaplay Group distributes its content and sports rights on various platforms, including its own Viaplay plat-
form and third-party distribution platforms (generating revenue shares and sublicensing revenues)� Changes
in consumer behaviour and global economic development can impact the partner agreements that Viaplay
Group can make and their economic attractiveness� There is a risk that the Group is unable to renew partner
agreements on financially attractive terms�
• Product innovation with new or existing
partners that strengthens partner
collaboration and opens up new growth
opportunities�
• Continue to focus on commercially relevant
story-telling and attractive direct-to-
consumer offerings�
• Continue to sublicense, enter revenue sharing
arrangements, or sell content outside core
markets when relevant�
Unchanged.
Strategic & Commercial risks
Risk
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===== SIDA 24 =====
Risk description Mitigations Development during 2025
Interruptions in service
Streaming is a complex ecosystem of technology and services, all of which need to work toghether to create a
good customer experience� Viaplay Group has become a large-scale streaming company operating in multiple
markets� Interruptions in our service can arise from various factors, including but not limited to in-house
systems, third-party suppliers or malicious actors� For example, the cyber-threat environment is becoming
increasingly sophisticated, especially for companies with a high digital profile like Viaplay Group� Attacks
could result in unauthorised access to confidential or sensitive data, or interruption of critical business pro-
cesses� Also, customer experience can be disrupted by factors outside the Group’s control, such as problems
with customer devices or Wi-Fi networks, or network congestion with local internet service providers�
• Continued investments in cyber threat
intelligence, security architecture, systems
and tools, expertise and processes to
identify, protect and respond to cyber
threats�
• Risk awareness training and proactive
communication to all employees�
• Participation in relevant forums to share
ideas, information and experiences�
• Continuous investment in platform scaling
and resilience�
• Close partnerships with third-party vendors�
• Continuous investment in market education
around streaming services�
• Improved redundancy in video
streaming origin�
• Improved security with regards to
content storage�
Increased. Current macro-economic instability has led
to a global increase in hacking activities and increasingly
sophisticated DDoS attacks, exemplified by attacks and
subsequent incidents at other major companies and
organisations in markets where Viaplay Group is present�
Competition for skilled employees
The ability to attract and retain skilled people is key for Viaplay Group to execute on its strategy and
provide high quality products and service to its customers�
• Maintain the culture and environment
that enable people to develop their
capabilities and competences and to
perform at a high level�
Unchanged.
Process quality
Process quality refers to best practices and tools for business process management and workflow
automation� It allows a business to efficiently and effectively transition ideas into outcomes, to continue
to serve its customers with best-in-class technology platforms with attractive offers and customer expe-
riences and to automate processes in order to support cost-efficient and high-quality assurance systems
and ways of working� Failure to execute these activities can have a negative impact on Viaplay Group’s
profitability and competitiveness� In 2025 Viaplay Group acquired the remaining 50% of Allente and a
focus for 2026 is to integrate Allente’s systems, equipments and organisation to Viaplay Group, capture
synergies and ensure processes are adapted accordingly� There is a risk that the integration may take
longer and/or that synergies are lower than expected�
• Continue improving governance
and internal control processes, with
disciplined investment decision making,
and resource allocation�
• Dedicated workstreams driving further
automation and efficiency in processes
and systems, using AI solutions whenever
possible and sensible�
• Ensure the Group’s values, targets and
priorities are clear to all employees and
reflected in all parts of the business�
• Dedicated teams in place to secure the
smooth integration of Allente�
Increased. The risk increased during 2025 due to the
Allente acquisition and the effect the integration may
have on the process quality before the new processes
have been fully embedded�
Operational risks
Risk
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===== SIDA 25 =====
Risk description Mitigations Development during 2025
Currency movements
Foreign exchange risk is the risk that fluctuations in exchange rates will adversely affect Viaplay Group’s
income statements, financial position and/or cash flows� Foreign exchange risk is divided into transaction
exposure and translation exposure� Translation exposure arises from the conversion of Viaplay Group’s
subsidiaries’ and associated companies’ earnings, balance sheets and cashflows into the Swedish Krona
reporting currency from other currencies� Transaction exposure occurs when Viaplay Group’s subsidiaries
have external and internal transactions such as importing or exporting in currencies other than the subsidiar-
ies functional currencies� Since many of the subsidiaries report in currencies other than Swedish Krona and
transact in foreign currencies, Viaplay Group is exposed to exchange rate fluctuations�
• Transaction exposure may be hedged mainly
for contracted programme acquisition outflows
through forward exchange agreements (current-
ly up to 12-month forward contracts)� The ability
to manage currency hedging is dependent on
available derivative limits�
• Translation exposure is not hedged�
Deceased. Transaction exposure has decreased during 2025
as a result of entering into forward contracts for USD and EUR
purchases�
Financing and refinancing risks
The Group faces financing and refinancing risk in its short and long-term borrowing and committed credit facil-
ities� See also note 23 for more details on those arrangements� The Group’s existing cash balances and credit
facilities are currently considered sufficient�
• All debt maturities are extended to 2028�
• External borrowing is managed centrally in
accordance with the Group’s financial policies�
• The Group operates with a mix of capital mar-
kets funding and different lenders�
• Refinancing of all loans are initiated at the latest
12 months prior to maturity�
• Loans are primarily raised by the
Parent company and transferred to
subsidiaries via cash pools, internal
loans or capital injections�
Decreased. In November 2025, the Group acquired the
remaining 50% of Allente and amended the financing arrange-
ments� Apart from strengthening the company, two material
things were changed - the maturity of Allente’s funding was
extended to 2028, and the trade finance facility for bank guar-
antees was replaced with a SEK 2�5bn term loan for working
capital purposes�
Compliance with financial covenants
Viaplay Group’s financing arrangements are subject to certain financial covenants and undertakings� These
covenants and undertakings require the Group to fulfil certain financial covenants and impose limitations on
certain disposals of assets, acquisitions and raising additional debt, which may limit Viaplay Group’s financial
and operating flexibility, or ultimately limit access to funding�
• Continuously and closely monitor performance
against the financial covenants�
• Deliver on the new strategy to to improve prof-
itability and cash flow, to enable refinancing on
improved terms�
Decreased. The risk decreased in 2025 in connection with
acquiring the remaining 50% of Allente and amending the
financing arrangements�
Credit risks
Credit risk is defined as the risk that the counter party in a transaction will not fulfil its contractual obliga-
tions, and any collateral will not cover the claim of Viaplay Group� The credit risk in Viaplay Group consists of
financial credit risk and customer credit risk�
• The credit risk with respect to Viaplay Group’s
trade receivables is diversified among a large
number of customers, both private individuals
and companies�
• High credit ratings are required for
all material credit sales and solvency
information is obtained to reduce the
risk of bad debt�
Unchanged. Historical credit losses are low and the Group’s
customer credit risk is spread over a large number of custom-
ers, both private individuals and companies� The majority of
outstanding accounts receivable relate to previously known
customers with strong credit worthiness
Changes in interest rates
Interest rate risk is the risk that changes in market interest rates will adversely affect cash flows, financial
assets and liabilities� Viaplay Group’s sources of funding are primarily shareholders’ equity, cash flows from
operations and external borrowing� Interest bearing debt exposes Viaplay Group to interest rate risk as a
result of interest rate fluctuations in the financial markets�
• The largest part of the interest-bearing debt has
a variable interest rate�
Unchanged. Viaplay operates debt, cash and cash equivalents
with predominately variable interest rates, same as previous
year�
Financial risks
Risk
Annual & Sustainability Report 2025
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===== SIDA 26 =====
Risk description Mitigations Development during 2025
Piracy
Tech development, digital rights management technologies being breached, lack of effective regulation, global
growth of high-speed broadband access, and the division of streaming content between multiple distributors,
all increase the risk of piracy� This is partly because it has become easier to copy and distribute content, and
partly because pirate services often collect content from several streaming services, which increases the value
of the pirate services� Viaplay Group’s attractive content, including premium sports rights, combined with
Viaplay Group’s presence across several markets, also increase the value of pirating this content�
• Engage in additional legal activities to fight piracy�
• Raise awareness and encourage actions against piracy at EU and
national level�
• Partner with Nordic Content Protection and other organisations
fighting piracy�
• Continued investments in anti-
piracy technologies and solutions,
and enforcement measures� In
2025, Viaplay Group introduced an
automated system for identifying
fraudulent behaviour and expanded its
monitoring activities�
Unchanged. Viaplay Group has made further
progress in protecting its content and fighting
piracy, but methods to share and distribute con-
tent illegally have also become more advanced,
which is why the risk level is unchanged�
Changes in regulation
Viaplay Group operates in multiple markets and is subject to regulations in many different jurisdictions�
Viaplay Group’s business is regulated by both EU and national laws, as well as by requirements from addi-
tional authorities and international bodies� These requirements relate to, inter alia, advertising, copyright,
broadcasting, consumer protection, privacy, competition and taxation (including so-called streaming taxes
and/or related investment obligations imposed on Viaplay Group in certain markets)� Changes in such laws
and regulations, particularly in relation to advertising requirements, geo-blocking requirements, licensing
requirements, access requirements, content transmission and spectrum specifications, consumer protection,
taxation, or other aspects of Viaplay Group’s or its competitors’ businesses, could limit or otherwise adversely
affect the manner in which Viaplay Group conducts our business�
• Regularly reviewing and updating Viaplay Group’s policies to
ensure compliance with current regulations and market stan-
dards�
• Monitoring regulatory developments across Viaplay Group’s
markets and assessing potential impacts on Viaplay Group’s
business�
• Engaging in lobbying activities
when and where relevant�
Unchanged.
Third party risks or legal proceedings
Viaplay Group works with third parties across the value chain (e�g� distribution partners, media companies,
service providers, sub-contractors etc)� The Group is reliant on these parties’ business ethics, operational
resilience and adherence to contractual terms� There is a risk that partners fail to meet contractual obliga-
tions, breach applicable national or international laws, regulations or conventions, or fail to adhere to Viaplay
Group’s values or policies� Additionally, Viaplay Group may also be involved in legal proceedings due to com-
mercial and contractual disputes� Any of the above could have a negative impact on Viaplay Group’s finances,
operations or reputation�
• Risk-based screening of business partners and third parties to
identify potential risks�
• Contractual requirement for suppliers to comply with Viaplay
Group’s Third-Party Code of Conduct or equivalent policies�
• Risk analysis to identify high-risk business partners and suppliers�
• Ongoing review and optimisation of
the supplier due diligence process�
• Onsite third-party audits at selected
commissioned productions�
Unchanged.
Corporate compliance
Viaplay Group’s corporate compliance framework is designed to ensure that the Group complies with all
applicable laws and regulations, including anti-bribery and corruption legislation and sanctions regimes�
Breaching such requirements could have a significant negative impact on reputation, brand value and
shareholder value, and could result in the imposition of financial or criminal penalties� Moreover, the
Group’s financing agreements include provisions requiring compliance with applicable laws and regulations�
Non-compliance with these obligations constitutes a breach of contract, which could trigger associated con-
sequences under the terms of the agreement�
• A Group-wide compliance programme is in place that includes
policies and directives, as well as training for all Viaplay Group
employees and consultants�
• Mandatory signing of the Code of Conduct and completion of a
Code of Conduct e-learning for Viaplay Group employees and
consultants�
• Risk-based third-party screening to
identify potential risks and performing
ongoing monitoring throughout the
duration of the business relationship�
Increased. Temporarily increased due to recent
regulatory changes and the acquisition of
Allente leading to a more complex compliance
landscape�
Privacy
Viaplay Group is a data-driven organisation and processes large volumes of personal data to deliver its
services� Any loss, alteration, or unauthorised disclosure of personal data, whether resulting from mishandling,
system failures, or cyber-attacks, could violate users’ rights to privacy and breach applicable data protection
legislation� Such incidents may also lead to regulatory penalties, reputational damage, and erosion of custom-
er trust�
• Dedicated Privacy organisation consisting of Data Protection
Officers for all core markets and an established Data Protection
Governance Framework to support the business in identifying
and mitigating risks�
• Yearly roadmap and a state-of-the-art Privacy Risk Framework
established to prioritise and map mitigation of identified risks�
• Clear data breach procedures in place�
• Continued investments in cyber-threat
intelligence, security architecture,
systems and tools, as well as expertise
and processes to identify, protect and
respond to cyber-threats�
Unchanged.
Compliance & Regulatory risks
Risk
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===== SIDA 27 =====
Governance and responsibility
Corporate Governance
As a public limited liability company with securities list-
ed on Nasdaq Stockholm, Viaplay Group is subject to a
variety of external rules that affect its governance, such
as the Swedish Companies Act and the Swedish Annual
Accounts Act, the Swedish Corporate Governance
Code, the Nasdaq Stockholm Rulebook for Issuers as
well as recommendations and statements from the
Swedish Corporate Reporting board, Swedish Securities
Council’s rulings on good practice in the Swedish stock
market and the Council for Swedish Financial Reporting
Supervision’s review of the financial reports of Swedish
listed companies.
Viaplay Group has also established an internal
steering document framework, consisting of codes of
conduct and Group Policies, Directives and Guidelines,
expressing the Group’s values and commitment to
conducting business in compliance with applicable laws,
regulations and standards.
Shareholders
For information about Viaplay Group’s ownership
structure, share capital and shares, please refer to the
section “Viaplay Group share” on page 148. Information
regularly provided to shareholders by the Group during
the year includes interim and full year reports, Annual &
Sustainability Reports, and press releases on significant
events; all of which can be found at viaplaygroup.com.
General Meetings
The Swedish Companies Act and the Group’s articles of
association determine how notices to General Meetings
shall be issued, and who has the right to participate in,
and vote at, these meetings. There are no restrictions
on the number of votes each shareholder may cast
at General Meetings. Each Class A share entitles the
holder to 10 votes, and each Class B and Class C share
entitles the holder to one vote. The Board has the right
before a General Meeting to decide that shareholders
shall be able to exercise their rights to vote by post
before the General Meeting.
Decisions at the AGM 2025 included:
• Approval of the remuneration report for 2024.
• To discharge the members of the Board of Directors
and the current CEO, Jørgen Madsen Lindemann,
from liability for the 2024 financial year.
• Resolution for the disposition of the company’s
results and that Viaplay’s unappropriated earnings
should be carried forward.
• Adoption of the Nomination Committees proposal
of the board of directors and the Auditor.
• That the number of directors elected by the AGM
for a term ending at the next AGM would be nine
(9) directors.
• Determination of remuneration to the members of
the Board and the Auditor.
• Re-election of Simon Duffy,Maxime Saada, Jacques
du Puy, Didier Stoessel, Annica Witschard, Andrea
Gisle Joosen, Katarina Bonde, Anna Bäck and Erik
Forsberg as members of the Board.
• Re-election of Simon Duffy as Chair of the Board.
• Resolution for the establishment of a long-term
incentive program “LTIP 2025”.
• Resolution for the authorization for the Board to
resolve to repurchase own class B shares.
• Re-election of KPMG as auditing company up to
and including the Annual General Meeting 2026.
2026 Annual General meeting
The 2026 Annual General Meeting of Viaplay share-
holders will be held on Tuesday 12 May, 2026 in Stock-
holm. Shareholders wishing to have matters considered
at the meeting should submit their proposals in writing
to agm@viaplaygroup.com or to the Company Secre-
tary, Viaplay Group AB, BOX 17104, 104 62 Stockholm,
Sweden, at least seven weeks before the meeting in
order that such proposals may be included in the notic-
es to the meeting. Further details of when and how to
register will be published in advance of the meeting.
The Nomination Committee
The Nomination Committee comprises representatives
of some of Viaplay Group’s largest shareholders, and its
responsibilities include:
• Evaluating the Board of Directors’ work
and composition
• Submitting proposals to the AGM regarding the
election of the Board of Directors and the Chair
of the Board
• Preparing proposals regarding the election of
auditors in cooperation with the Audit Committee
(when applicable)
Corporate governance at Viaplay Group is exercised through a number of bodies according to applicable laws, rules and internal
processes� At the Annual General Meeting (the “AGM”), shareholders can exercise their voting rights with regards to the composition
of the Board of Directors of Viaplay Group and the election of external auditors� The duties of the Board are partly exercised through
its Audit Committee and Remuneration Committee� The CEO and President of Viaplay Group is responsible for the day-to-day
management and operations of the Group, in accordance with instructions from the Board�
Annual & Sustainability Report 2025
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• Preparing proposals regarding fees to be paid to the
Board of Directors and the company’s auditors
• Preparing proposals for the Chair of the AGM
• Preparing proposals for the administration and order
of appointment of the Nomination Committee for
the AGM.
The Board has identified several key competencies
that are essential to fulfilling its responsibilities: stra-
tegic oversight, digital transformation, AI and data
analytics, audio-visual content strategy, technology
platform development, financial and risk management,
governance in listed companies, expertise on business
conduct matters, and operating in highly competitive
consumer markets.
The Board currently consists of four women and
five men, none of which are members of the executive
management of the company, and the current gender
representation is considered to be balanced. The Board
is committed to maintaining high standards of integri-
ty, open debate, and fact-based decision-making, and
aims to ensure a diverse, inclusive and effective com-
position in order to support Viaplay Group’s long-term
success.
In accordance with the applicable procedures of the
Nomination Committee, the Chair of the Viaplay Group
Board convened a Nomination Committee to prepare
proposals for the 2026 AGM. The Nomination Commit-
tee comprises Audrey Richard, appointed by Groupe
Canal+ SA; Richard Torgerson appointed by Nordea
Funds (replaced Filippa Gerstädt 17 February 2026);
Brendan Donahue, appointed by PPF Cyprus Manage-
ment Limited; and Simon Duffy, Chair of the Viaplay
Group Board. The members of the Nomination Com-
mittee appointed Audrey Richard as Committee Chair at
their first meeting.
Information about how shareholders can submit
proposals to the Nomination Committee is available at
viaplaygroup.com, where the Nomination Committee’s
motivated statement regarding its proposals to the
AGM and a brief presentation of its work will be pub-
lished in advance of the AGM on 12 May 2026.
In its work, the Nomination Committee applies Sec-
tion III, 4.1 of the Code as its diversity policy. According-
ly, the Nomination Committee gives particular consider-
ation to the importance of increased diversity in board
representation, including gender, age and nationality,
as well as depth of experience, professional background
and skillset.
The Board of Directors
Board members are elected at the AGM for a period
ending at the close of the next AGM. The Group’s arti-
cles of association contain no restrictions regarding the
eligibility of Board members. According to the Group’s
articles of association, the number of Board members
can be no less than three and no more than nine, all
of whom are to be elected at the AGM. The Board of
Directors has comprised of nine members during 2025.
The current Board of Directors comprises: Simon Duffy
(Chair since May 2024), Erik Forsberg, Andrea Gisle
Joosen, Katarina Bonde, Anna Bäck, Maxime Saada,
Jacques du Puy, Didier Stoessel and Annica Witschard.
The Board has complied with the Code’s provision that
the majority of members shall be independent of the
Group and its management, and that at least two mem-
bers shall also be independent of the Group’s major
shareholders (i.e. shareholders with a holding exceeding
10%). Biographical information about each Board mem-
ber can be found on pages 32–33.
Responsibilities and duties
of the Board of Directors
Viaplay Group’s Board of Directors is responsible for
the overall strategy of the Group, and for organising
Composition and diversity of Board of Directors
Ref. Indicator Unit 2025
GOV-1 §21a Number of executive members # 0
GOV-1 §21a Number of non-executive members # 9
GOV-1 §21b Number of employees in the company # 0
GOV-1 §21e Percentage of independent Board members % 56
GOV-1 §21d Percentage of women % 44
GOV-1 §21d Percentage of men % 66
Board of Directors and attendance at Board and Committee meetings 2025
January – December
Board members
Board
meetings¹
Audit
Committee
meetings²
Remuneration
Committee
meetings³
Independent
of major
shareholders
Independent of
the company and
management
Simon Duffy4 9/9 4/7 6/6 Yes Yes
Erik Forsberg 9/9 7/7 - Yes Yes
Andrea Gisle Joosen 9/9 - 6/6 Yes Yes
Katarina Bonde 9/9 7/7 - Yes Yes
Maxime Saada 8/9 - 5/6 No Yes
Jacques du Puy 9/9 7/7 - No Yes
Anna Bäck 9/9 - 5/6 Yes Yes
Annica Witschard 9/9 3/7 6/6 No Yes
Didier Stoessel 9/9 3/7 1/6 No Yes
1) The total number of Board meetings during 2024 were nine (9), of which three (3) were held prior to the Annual General Meeting held
on 13 May 2025 and six (6) were held following the 2025 Annual General Meeting.
2) The total number of Audit Committee meetings during 2025 were seven (7), of which three (3) were held prior to the Annual General
Meeting held on 13 May 2025 and four (4) were held following the 2025 Annual General Meeting.
3) The total number of Remuneration Committee meetings during 2025 were six (6), of which four (4) were held prior to the Annual
General Meeting held on 13 May 2025, and two (2) were held following the 2025 Annual General Meeting.
4) Simon Duffy was a member of the Audit Committee between January-April 2025.
Governance report
Annual & Sustainability Report 2025
28
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===== SIDA 29 =====
its administration in accordance with the Swedish
Companies Act.
The Instructions for the Board, as well as the instruc-
tions for the CEO are updated and approved at least
once per year. A Remuneration Committee and an Audit
Committee have been established within the Board as
subsidiary bodies, but do not reduce the Board’s overall
responsibility for the governance of the Group or for
the decisions taken.
The work of the Board
During 2025, the Board of Directors held frequent
meetings (9 in total, not including per capsulam Board
meetings or Board Committee meetings). Prior to each
ordinary meeting, the members receive a written agen-
da, based on the Board’s established procedures, and
a complete set of documents for information sharing
and decision making. Recurring items on the Board’s
agenda include the Group’s financial performance and
position, market conditions, investments and adoption
of the financial statements. Reports by the Audit and
Remuneration Committees, as well as reports on inter-
nal controls and financing activities, are also regularly
addressed. Important issues addressed during the
year included strategic review, M&A activities, content
investments and acquisitions, and key market develop-
ments. The CEO presents matters for discussion at the
meetings, and the Group’s Chief Financial Officer and
other members of management also participate and
present specific matters. The Group General Counsel
acts as secretary of the Board.
Ensuring quality in financial reporting
The reporting instructions approved annually by the
Board include detailed instructions about the type of
financial reports and other information to be submit-
ted to the Board. In addition to the interim and full
year reports, the Board reviews and evaluates financial
information related both to the Group as a whole and
to entities within the Group. The Board also reviews,
primarily through its Audit Committee, the most import-
ant accounting principles applied by the Group in its
financial reporting, as well as any major changes in
these principles. The tasks of the Audit Committee also
include reviewing reports regarding internal controls
and financial reporting processes, as well as reports
submitted by the Group’s internal audit function. The
Group’s external auditor reports to the Board as and
when required. The external auditor also reports to the
Audit Committee. Minutes are taken at all meetings
and are made available to all Board members and the
external auditor.
Sustainability
Viaplay Group’s sustainability work is an important
part of the Group’s business and governance. Viaplay
Group’s commitment to sustainability and responsible
business practices stem from the Group’s values, and
culture. These efforts are operationalised by a policy
framework and sustainability targets which support the
Group’s business strategy. Viaplay Group has aligned its
Sustainability reporting with EU Corporate Sustainabili-
ty Reporting Directive 2022/2464 (CSRD) requirements
and makes disclosures on the governance of its sustain-
ability efforts as part of the Sustainability Statement
included in this Directors’ report. See GOV-1 and GOV-
2 disclosures of the sustainability statement for more
information (page 39).
Evaluation of the Board of Directors
The Board conducts an annual performance review
process to assess the work and procedures of the
Board and its committees. The objective of the review
process is to gain a better understanding of the issues
that the Board finds warrant greater focus, as well as to
determine areas where additional competence may be
needed within the Board and whether the Board com-
position can be improved. The evaluation also serves as
guidance for the work of the Nomination Committee.
The evaluation tools include detailed questionnaires
and discussions. The questionnaire includes a mix of
multiple-choice questions, quantitative ranking, and
open questions. The Chair presents the outcome of the
Board evaluation to the full Board and to the Nom-
ination Committee, both of whom discuss the result
in detail.
Remuneration Committee
The Remuneration Committee comprises Andrea Gisle
Joosen (Chair), Anna Bäck, Maxime Saada and Annica
Witschard. The Remuneration Committee’s assignments
include salaries, pension terms and conditions, incentive
plans and other conditions of employment for senior
executives. The remuneration guidelines applied by
the Group in 2024 are presented in note 7. Minutes are
kept of the Remuneration Committee’s meetings and
are made available to the full Board.
The Audit Committee
The Audit Committee comprises Erik Forsberg (Chair),
Katarina Bonde, Jacques du Puy and Didier Stoessel.
The Audit Committee’s assignments are stipulated in
Chapter 8, Section 49 b of the Swedish Companies Act.
The Audit Committee’s tasks include monitoring Viaplay
Group’s financial reporting and the efficiency of internal
controls and internal audits, as well as maintaining fre-
quent contact with external and internal auditors. The
Audit Committee’s work primarily focuses on the quality
and accuracy of the Group’s financial accounting and
accompanying reporting, as well as its internal finan-
cial controls. The Audit Committee also evaluates the
auditors’ work, qualifications and independence. The
Audit Committee monitors the development of relevant
accounting policies and requirements, discusses other
significant issues connected with Viaplay Group’s finan-
cial reporting and reports its observations to the Board.
In 2025, the Audit Committee’s responsibilities were
broadened to include the monitoring of CSRD reporting
including the double materiality assessment. Minutes
are kept of the Audit Committee’s meetings and are
made available to the full Board.
Remuneration of Board members
The remuneration of Board members for Board and
Committee work is proposed by the Nomination Com-
mittee and approved by the AGM. The Nomination
Committee’s proposal is based on benchmarking of
peer group company compensation. Information about
the remuneration of Board members is provided in note
7. Board members do not participate in the Group’s
incentive plans.
External auditors
At the 2025 AGM, KPMG was elected as Viaplay
Group’s auditor for the financial year 2025 until the end
of the 2026 AGM. KPMG was appointed as the Group’s
external auditor in connection with the Group’s forma-
tion in 2018, and was re-elected in connection with the
Group’s listing in 2019. Tomas Gerhardsson, Authorised
Public Accountant, has been responsible for the audit
on behalf of KPMG since 2021. Audit assignments have
involved the examination of the Annual & Sustainability
Report and financial accounting, the administration
by the Board and the CEO, other tasks related to the
duties of a company auditor, and consultation or other
services that may have resulted from observations not-
ed during such examination or the implementation of
other tasks. All other tasks are defined as other assign-
ments. The auditor reports its findings to shareholders
by means of the Auditor’s Report presented to the
AGM. In addition, the Auditor’s Report details findings
at ordinary meetings of the Audit Committee and to
Governance report
Annual & Sustainability Report 2025
29
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 30 =====
Governance structure
the full Board as necessary. KPMG provided certain
additional services in 2025. These services mainly com-
prised tax compliance services, and other assignments
of a similar kind and closely related to the audit process.
For more detailed information about the auditor’s fees,
please see note 31.
Pre-approval of policies and procedures
for non-audit related services
To ensure the auditor’s independence, the Audit
Committee has established pre-approval policies and
procedures for non-audit related services to be per-
formed by the external auditor. These policies and
procedures were approved in September 2025 by the
Audit Committee.
Group Executive Team
At the end of 2025, the Group Executive Team com-
prised the CEO, the Chief Financial Officer and nine
other members. Biographical information, including
shareholdings as of 28 Februari 2026, for each member
of the Group Executive Team is provided on pages
34–35.
Chief Executive Officer (CEO)
The CEO is responsible for the ongoing management
and operations of the Group, in accordance with the
instructions established by the Board. In consultation
with the Chair of the Board, the CEO prepares the infor-
mation and documentation required as the basis for
the work of the Board and to enable Board members to
make well-informed decisions. The CEO is supported by
the Group Executive Team. The Board regularly eval-
uates the CEO’s performance. Additionally, the Board
has a set item on the agenda to discuss the CEO’s
performance, without the CEO or any other member of
the Group Executive Team present, at least once a year
during one of its meetings. The CEO and the Group
Executive Team – supported by the business func-
tions– are responsible for adherence to and delivery
of the Group’s overall strategy, financial and business
controls, financing, capital structure, risk management,
mergers, divestments and acquisitions. This includes the
preparation of financial reports and information to, and
communication with, shareholders and other capital
markets participants.
Executive remuneration
The existing guidelines for the remuneration of the
Group Executive Team, which were approved at the
2024 AGM, can be found in note 7 and apply until the
Annual General Meeting 2026, where new Remunera-
tion Guidelines are put to vote. The 2024 Remuneration
Guidelines continues to apply if the updated remuner-
ation guidelines are not approved at the 2026 Annual
General Meeting. Note 7 also includes further informa-
tion regarding the application of, and deviation from,
the existing guidelines, as well as the remuneration paid
during 2025.
Internal controls
The Group’s internal control framework is designed to
ensure reliable overall financial reporting and external
financial statements, in accordance with IFRS Account-
ing Standards (IFRS), applicable laws and regulations,
and other requirements for companies listed on Nasdaq
Stockholm.
Control environment
The Board has specified instructions and working
processes regarding the roles and responsibilities of the
CEO and the Board Committees. The Board has also
established guidelines and policies related to internal
control activities, and monitors performance against
plans and prior years. The Audit Committee assists the
Board in overseeing various issues, such as monitoring
internal audits and establishing accounting policies
for the Group. The responsibility for maintaining an
effective control environment and internal control
over financial reporting is delegated to the CEO. Other
managers at various levels have respective responsibil-
ities. Members of the Group Executive Team regularly
reports to the Board according to established routines
and in addition to the Audit Committee’s reports.
Defined responsibilities, instructions, and policies, as
well as laws and regulations, together comprise the
control environment. Group employees are required to
comply with policies and instructions.
Risk assessment and control activities
The Group has developed a risk management frame-
work to identify, assess and mitigate risks in all business
functions, which are reviewed by the Board of Directors
and/or the Audit Committee. More information about
Viaplay Group’s risk management process and principal
risks can be found in the section Risk and risk manage-
ment on pages 22–26.
Business conduct and corporate compliance
The Board of Directors holds ultimate responsibility
for ensuring ethical business conduct and compliance
across the Group. The Group Compliance function sup-
ports this mandate by monitoring adherence to appli-
cable laws and regulations, including data protection,
sanctions, anti-bribery, and anti-corruption. It manages
the Group’s Codes of Conduct and implements them
through internal controls, training, and awareness
initiatives. Progress on the compliance programme,
as well as any incidents or investigations, is regularly
reported to the Audit Committee. Additionally, aspects
Shareholders Annual General
Meeting
Board of
Directors
Chief Executive
Officer
Group Executive
Team
External
Auditors
Remuneration Com-
mittee
Audit
Committee
Internal
Audit
Nomination
Committee
Governance report
Annual & Sustainability Report 2025
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About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 31 =====
such as ethical business conduct, data protection, and
anti- corruption, are regularly discussed by the Board
of Directors and Executive Management in connection
with risk reviews, contributing to development of exper-
tise on business conduct matters.
Information and communication
The guidelines used in the Group’s financial reporting
are updated and communicated to relevant employ-
ees on an ongoing basis. There exist both formal and
informal communication channels to the Group Exec-
utive Team and Board of Directors for key information
from employees. Guidelines for external communication
ensure that the Group communicates in a responsible
manner and in line with the rules and guidelines that
apply to listed companies.
Follow-up
The Board of Directors regularly evaluates and discuss
the information provided by the Group Executive Team
and the Audit Committee, such as the Group’s financial
position, strategies and investments. The Audit Com-
mittee reviews all interim reports prior to publication
and is responsible for following up on internal control
activities. This work includes ensuring that measures
are taken to deal with any inaccuracy and following
up suggestions for actions emerging from internal and
external audits. The Group has an independent inter-
nal audit function responsible for the evaluation of risk
management and internal control activities. This work
includes scrutinising the application of established rou-
tines and guidelines. The internal audit function submits
its audit plan to the Audit Committee for approval and
reports the result of its reviews to the Audit Committee.
The external auditors report to the Audit Committee at
ordinary meetings of the Committee.
THE ANIMAL CLINIC
Markets: Norway, Finland
Seasons: 1
Governance report
Annual & Sustainability Report 2025
31
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 32 =====
Board of Directors
Maxime Saada
Non-Executive Director
French, born 1970
Elected 2024
Maxime Saada has been a member of the Board of
Directors since May 2024� He has been Chief Exec-
utive Officer of the CANAL+ group since 2015 and
Chairman of the Management Board since 2018�
He currently serves as: Chairman of Dailymotion,
Chairman of STUDIOCANAL, Chairman of L’Olympia
and Vice-President of the Lagardère Group� He was
a member of Vivendi’s Management Board between
June 2022 and December 2024�
Maxime has been with the CANAL+ group for 20
years, starting as the group’s EVP Strategy� After
working on the merger with TPS, he successively held
the positions of Marketing Director, Head of CANAL-
SAT, Commercial Director, EVP in charge of Distribu-
tion, before being promoted to Executive Vice-Pres-
ident in charge of pay-TV in 2013� He is a graduate of
the Institut d’Etudes Politiques de Paris (Sciences Po
1992) and holds an MBA from HEC (1994)�
Member of the Remuneration Committee�
Representative of a major shareholder�
Ownership: 0 VPLAY Class B shares�¹
Simon Duffy
Chair of the Board and Non-Executive Director
British, born 1949
Elected 2018
Simon Duffy has been a member of the Board of
Directors since July 2018 and Chair of the Board since
July 2023� Simon was Executive Chairman of Tradus
plc until the company’s sale in March 2008� Simon
was also Executive Vice-Chairman of ntl:Telewest un-
til 2007, having joined ntl in 2003 as CEO� Simon has
also previously served as non-executive director of
Avianca Group International Limited, CFO of Orange
SA, CEO of wireless data specialist End2End AS, CEO
and Deputy Chairman of WorldOnline International
BV , and held senior positions at EMI Group plc and
Guinness plc�
Simon is a Non-Executive Chairman of Modern Times
Group MTG AB and of YouView TV Ltd� Simon holds
a Master’s degree from University of Oxford and an
MBA from Harvard Business School�
Independent of the Company, management and
major shareholders�
Ownership: 29,988 VPLAY Class B shares�¹
Andrea Gisle Joosen
Non-Executive Director
Swedish, born 1964
Elected 2024
Andrea Gisle Joosen has been a member of the
Board of Directors since May 2024� She is currently a
member of the Boards of Directors of evoke Holdings
plc, Stadium, Logent, Grafton plc, Atlantic Grupa and
Zühlke Group� Andrea is also chairing the nomination
committee of the Swedish Trade Federation�
She has previously held positions as CEO of the
Swedish operations of Boxer TV and Managing
Director of the Nordic operations of Panasonic,
Chantelle and 20th Century Fox Home Entertainment,
as well as senior management positions with Procter
& Gamble, Johnson & Johnson and Mars� Andrea holds
an MSc in International Marketing from Copenhagen
Business School�
Chair of the Remuneration Committee�
Independent of the Company, management and
major shareholders�
Ownership: 234,165 VPLAY Class B shares�¹
Katarina Bonde
Non-Executive Director
Swedish, born 1958
Elected 2024
Katarina Bonde has been a member of the Board of
Directors since May 2024� She is currently Chair of
the Board of Stillfront Group (publ) and Mentimeter�
Katarina is also a member of the Board of Directors
of Mycronic (publ), AB Trav och Galopp and Check-
proof AB�
She has previously had board roles at public and
private companies such as Zimpler, Opus Group, ACQ
Bure, AP6 (Sixth Swedish National Pension Fund)�
She has also been CEO of UniSite Software, Manag-
ing Director of Captura International, EVP, Sales and
Marketing at Captura Software (acquired by SAP) and
Sales Director at Dun & Bradstreet� Katarina holds an
MSc in Applied Physics and Mathematics from the
Royal Institute of Technology in Stockholm�
Member of the Audit Committee�
Independent of the Company, management and
major shareholders�
Ownership: 200,000 VPLAY Class B shares�¹
Erik Forsberg
Non-Executive Director
Swedish, born 1971
Elected 2024
Erik Forsberg has been a member of the Board of
Directors since May 2024� He is currently Chair of
the Board of Collectia Group (Care Bidco Aps DK)
and Satellite Group (Satellite Midco AB)� Erik is also
a member of the Boards of Directors of Stillfront
Group (publ), Enento Group (publ), Serafim Finans
and Deltalite�
He has previously held positions such as CFO Intrum
AB, CFO Cision AB and Business Area CFO, Group
Treasurer and Business Controller EF Education� Erik
holds an MSc in Business and Administration from
Stockholm School of Economics�
Chair of the Audit Committee�
Independent of the Company, management and
major shareholders�
Ownership: 400,000 VPLAY Class B Shares�¹
1) Ownership as of 2026-02-28.
Annual & Sustainability Report 2025
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===== SIDA 33 =====
Jacques du Puy
Non-Executive Director
French, born 1958
Elected 2024
Jacques du Puy has been a member of the Board
of Directors since May 2024� He currently serves as
Member of the Management Board of Canal+ SA in
charge of Global Pay-TV , and holds various additional
board positions within the Canal+ group�
Jacques was previously COO of Vetoquinol, CEO,
Europe, Africa and Middle East at Bayer CropScience,
CEO, Japan and Korea at Aventis CropScience, and
CEO, India then Japan at Rhône-Poulenc Agro� He
holds a Master’s degree in Agricultural Engineering
from Agro-Paris Tech and a Business Master’s degree
from Sorbonne University-IAE�
Member of the Audit Committee�
Representative of a major shareholder�
Ownership: 0 VPLAY Class B shares�¹
Didier Stoessel
Non-Executive Director
French, born 1963
Elected 2024
Didier Stoessel has been a member of the Board of
Directors since May 2024� He is currently Co - Chief
Executive Officer of PPF Group, and he holds various
company board positions within the PPF Group
portfolio, such as Inpost�
Didier was previously CEO, Nova Broadcasting Group,
CEO, Apace Media (publ), Global CEO, Corporate
Finance at HSBC Investment Bank and Director of
Investment Banking at Merrill Lynch International� He
holds an MSc in engineering from ENSTA in Paris, an
MBA from INSEAD and a Master’s degree in Europe-
an Affairs from École Nationale d’Administration�
Member of the Audit Committee�
Representative of a major shareholder�
Ownership: 0 VPLAY Class B shares�¹
Annica Witschard
Non-Executive Director
Swedish, born 1973
Elected 2024
Annica Witschard has been a member of the Board of
Directors since May 2024� She is currently a member
of the Board of Directors of Sampo plc� Annica is also
serving as Head of Servicing at Intrum Group�
Annica has previously been CEO, Home Credit
Vietnam and Home Credit Philippines, and CEO,
Nordics for GE Money Bank� Home Credit Group
is PPF Group’s consumer finance division� Annica
holds an MSc in Business and Economics from
Linköping University�
Member of the Remuneration Committee�
Representative of a major shareholder�
Ownership: 60,240 VPLAY Class B shares�¹
Anna Bäck
Non-Executive Director
Swedish, born 1972
Elected 2024
Anna Bäck has been a member of the Board of
Directors since May 2024� She is currently Chair of
the Board of Directors of Precis Digital, Getswish
and Tradera� Anna is also a member of the Boards of
Directors of Nordnet Bank, Permobil, the Swedish
Biathlon Association and Systembolaget�
She has previously held positions such as CEO, Kivra
and Associate Partner at McKinsey & Company� Anna
holds an executive MBA from Stockholm School of
Economics, and an MSc in Industrial Engineering and
Management from Linköping University�
Member of the Remuneration Committee�
Independent of the Company, management and
major shareholders�
Ownership: 249,687 VPLAY Class B shares�¹
1) Ownership as of 2026-02-28.
Board of Directors
Annual & Sustainability Report 2025
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===== SIDA 34 =====
Jørgen Madsen Lindemann
President and CEO
Danish, born 1966
Jørgen was appointed President and CEO of
Viaplay Group on 5 June 2023� Jørgen is the
former President and CEO of Modern Times
Group (MTG), the Sweden based digital
entertainment business, where he worked
from 1994 to 2020�
He served as a non-executive director on
the Board of Zalando from 2016 to 2021�
Jørgen has been a member of the Board
of ASOS Plc since 2021 and served as
Chairman of the Board from 2022 to 2025�
He has extensive experience leading digital-
first businesses�
Ownership: 20,546,405 VPLAY
Class B shares�¹
Group Executive Team
Vanda Rapti
EVP, Viaplay Select & Content Distribution
Greek, British, born 1976
Vanda was appointed EVP, Viaplay Select
& Content Distribution at Viaplay Group
on 1 July 2023� She was previously EVP and
Chief Commercial Officer, North America
& Viaplay� Before that, she was SVP and
Group Head of Acquisitions, Content
Distribution & Partnerships� Vanda joined
the Group in 2003 and has held roles
including VP Pay TV , VoD and New Media,
and Senior Lawyer�
She holds a degree in law from the Univer-
sity of Athens, an LLM in Entertainment
Law from the University of Westminster
and a degree in piano from the Hellenic
Conservatory of Music and Arts, and has
also studied theatre in Athens and London�
Vanda joined the Athens Bar Association in
2001 and has been a solicitor at the
Supreme Court of England and Wales
since 2003�
Ownership: 1,744,043 VPLAY
Class B shares�¹
Christian Albeck
EVP Content Acquisition
Danish, born 1980
Christian was appointed EVP Content
Acquisition 1 December 2025� Prior to
this role, he has served as EVP Content
Acquisition and Co-CEO Swedish
Operations at Viaplay Group since
1 July 2023�
He was previously SVP Content Nordics
at Viaplay� Prior to that, Christian has held
various positions at Viaplay Group since
joining the Group in July 2002� Christian
holds a Master of Science from Copenha-
gen Business School�
Ownership: 1,400,000 VPLAY
Class B shares�¹
Jonas Karlén
EVP and CEO Sweden
Swedish, born 1974
Jonas Karlén was appointed EVP and CEO
Sweden 1 December 2025�
Before joining Viaplay Group, Jonas held
leading positions in the media and e-com-
merce sectors� His previous roles include
CEO of Adlibris, CEO of Linas Matkasse,
CEO of Viaplay AB and Viasat AB, as well as
senior management positions within Viasat
and MTG� He holds a Bachelor’s degree in
Business Administration from Lund
University�
Ownership: 195,689 Viaplay Class B shares�¹
Johan Johansson
EVP and Group CFO
Swedish, born 1979
Johan Johansson has served as Group CFO
of Viaplay Group since 1 December 2025�
He joined the company in 2024 as Group
CFO and Co-CEO of Viaplay Group’s
Swedish operations�
Before joining, Johan was CFO and Deputy
CEO of Gilion (formerly Ark Kapital)� Prior
to that, he served as CEO and a Board
member of Daniel Wellington, where he is
currently still a board member, after having
been CEO of the telecom operator Three in
Sweden� Johan began his career at Mod-
ern Times Group (MTG), where he spent
10 years in various roles, including CFO &
COO MTG Sweden, and Vice President of
Finance and Operations� He is a graduate
of KTH Royal Institute of Technology and
Stockholm University�
Ownership: 853,846 VPLAY Class B shares�¹
1) Ownership as of 2026-02-28.
Kenneth Andresen
EVP and CEO Norwegian Operations
Norwegian, borh 1972
Kenneth was appointed EVP and CEO
Norwegian Operations at Viaplay Group on
1 January 2025� He was previously SVP and
Interim CEO, Norway and VP and head of
the Norwegian radio operations� Kenneth
has held various management positions in
Viaplay Group for more than twenty years
and has worked in the media industry for
more than thirty years� He has a back-
ground as a journalist and editor working
with news and current affairs in both public
and commercial broadcasting�
He joined the efforts to establish the
first national commercial radio station in
Norway, P4, in 1993� Kenneth has a me-
dia industry diploma from CBS Executive
and serves on several industry boards
including the National Association of Press
and Media�
Ownership: 959,142 VPLAY Class B shares�¹
Annual & Sustainability Report 2025
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About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 35 =====
Philip Wågnert
EVP and Chief Technology &
Product Officer
Swedish, born 1980
Philip was appointed EVP and Chief
Technology & Product Officer at Viaplay
Group on 3 May 2022�
He was previously SVP Product at Viaplay�
He joined the company in August 2018
from Travelport, and previously spent
five years in a range of leadership roles at
SAS, including VP Product Development
& Management� Philip holds a Bachelor’s
degree in Management from the London
School of Economics and Political Science,
and is a graduate of the Stockholm School
of Economics�
Ownership: 1,505,046 VPLAY Class B
shares�¹
William Linders
EVP, Viaplay Group and
CEO Netherlands
Dutch, born 1971
William was appointed EVP, Viaplay Group
& CEO, Viaplay NL at Viaplay Group in
January 2025� He has held several senior
management positions in the international
media industry before joining Viaplay�
William started his career at KPN before
running the global digital business for En-
demol from 2003 to 2008� He then served
as EVP, Global Content and Partnerships
for Fox Mobile until 2012, before joining
VodafoneZiggo as Content Director for
the Netherlands until 2018� Most recently,
William was a Partner at ODMedia, a global
digital distribution company�
Ownership: 0 VPLAY Class B shares�¹
Peter Nørrelund
EVP and Chief Sports &
Business Development officer
Danish, born 1971
Peter was appointed EVP and Chief Sport
& Business Development Officer at Viaplay
Group on 14 June 2023� He is also respon-
sible for running the Group’s operations
in the Netherlands and Poland� He first
joined the Group in 2003 and was previ-
ously EVP and Chief Sports Officer and an
advisor to Viaplay’s President and CEO on
sports rights� Peter was appointed Head
of Sports in 2013, having been responsible
for the company’s sports rights acquisitions
since 2006�
In addition, Peter has been EVP and Head
of Product Development & Incubation at
Modern Times Group, CEO of DreamHack
Sports Games and COO of Turtle Enter-
tainment� Peter graduated from the Danish
School of Media & Journalism and has
worked as a reporter, commentator, host
and Editor in Chief at Danmarks Radio�
Ownership: 6,265,864 VPLAY
Class B shares�¹
Lars Bo Jeppesen
EVP and CEO Danish and
Icelandic Operations
Danish, born 1967
Lars Bo was appointed EVP Viaplay Group
and CEO Danish and Icelandic operations
at Viaplay Group on 1 August 2023� Lars Bo
is the former CEO of media agency group
Dentsu in the Nordic, Central and Eastern
European markets from 2006–2019� He
then joined Parken Sport & Entertainment
and F�C� København as managing director
from 2020–2021�
Recently, Lars Bo has been General Manag-
er Nordics for the tech company Snap Inc,
where he joined April 2022� Lars Bo has a
strong leadership background from media,
tech, and communication�
Ownership: 3,491,230 VPLAY
Class B shares�¹
Mikael Svensson
CEO Finnish Operations
Swedish, born 1987
Mikael was appointed CEO of Viaplay
Finland in January 2025, after serving as
interim CEO from January 2024 and as
SVP Business Development and Strategy
between June 2023 and January 2024� He
has been with Viaplay Group since 2019,
when he became SVP and Head of Strategy
and M&A�
He was also previously Vice Chair of the
Board of Directors of Allente� Earlier in his
career, Mikael held senior roles at Bonnier
AB and worked as a management consul-
tant at The Boston Consulting Group�
He holds an MSc in Industrial Engineering
and Management from KTH Royal Institute
of Technology�
Ownership: 561,031 VPLAY
Class B shares�¹
1) Ownership as of 2026-02-28.
Group Executive Team
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===== SIDA 36 =====
General disclosures � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 38
Environmental disclosures � � � � � � � � � � � � � � � � � � � � � 45
Climate change � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 46
EU Taxonomy� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 52
Social disclosures � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 54
Own workforce � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 57
Workers in the value chain � � � � � � � � � � � � � � � � � � 65
Consumers and end-users� � � � � � � � � � � � � � � � � � � 69
Governance disclosures� � � � � � � � � � � � � � � � � � � � � � � � � 74
Business conduct� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 75
Appendix� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 78
SUSTAINABILITYSTATE ME NT
GRUVAN
Markets: Sweden, Norway,
Denmark and Finland
Seasons: 2
Note: This Sustainability statement is the statutory sustainability report�
It has been prepared in accordance with the European Sustainability
Reporting Standards (ESRS)�
36
Annual & Sustainability Report 2025 OtherRemuneration reportFinancial statementsDirectors’ reportAbout Viaplay Group Sustainability statement
===== SIDA 37 =====
General disclsoures
ESRS 2 – General disclosures
BP-1 General basis for preparation of sustainability
statement 38
BP-2 Disclosures in relation to
specific circumstances 38
GOV-1 The role of the administrative, management
and supervisory bodies 39
GOV-2 Information provided to and sustainability
matters addressed by management 39
GOV-3 Integration of sustainability-related
performance in incentive schemes 40
GOV-4 Statement on sustainability due diligence 40
GOV-5 Risk management and internal controls
over sustainability reporting 40
SBM-1 Strategy, business model and value chain 41
SBM-2 Interests and views of stakeholders 42
SBM-3 Material impacts, risks and opportunities
and their interaction with strategy and
business model(s) 43
IRO-1 Description of the processes to identify
and assess material impacts, risks and
opportunities 44
Environmental disclosures
ESRS E1 – Climate change
E1-1 Transition plan for climate change mitigation 47
E1-2 Policies related to climate change mitigation
and adaptation 48
E1-3 Actions and resources in relation to
climate change policies 48
E1-4 Targets related to climate change
mitigation and adaptation 49
E1-5 Energy consumption and mix 50
E1-6 Gross Scopes 1, 2 and 3 total GHG emissions
and GHG intensity based on net revenue 50
E1-7 GHG removals and GHG mitigation projects
financed through carbon credits 51
E1-8 Internal carbon pricing 51
E1-9 Anticipated financial effects from material
physical and transition risks and potential
climate-related opportunities 51
EU Taxonomy 52
Social disclosures
ESRS S1 – Own workforce
S1-1 Policies related to own workforce 57
S1-2 Processes for engaging with own workers and
workers’ representatives about impacts 58
S1-3 Processes to remediate negative impacts and
channels for own workers to raise concerns 59
S1-4 Taking action on material impacts on own
workforce, and approaches to mitigating
material risks and pursuing material
opportunities related to own workforce,
and effectiveness of those actions 60
S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities 61
S1-6 Characteristics of the company’s employees 61
S1-7 Characteristics of non-employee workers
in the company’s own workforce 62
S1-8 Collective bargaining coverage and
social dialogue 62
S1-9 Diversity metrics 62
S1-10 Adequate wages 62
S1-11 Social protection 63
S1-12 Persons with disabilities 63
S1-13 Training and skills development metrics 63
S1-14 Health and safety indicators 63
S1-15 Work-life balance indicators 64
S1-16 Remuneration metrics 64
S1-17 Incidents, complaints and severe human
rights impacts 64
ESRS S2 – Workers in the value chain
S2-1 Policies related to value chain workers 66
S2-2 Processes for engaging with value chain
workers about impacts 66
S2-3 Processes to remediate negative impacts
and channels for value chain workers to
raise concerns 67
S2-4 Taking action on material impacts on value chain
workers, and approaches to mitigating material
risks and pursuing material opportunities related
to value chain workers, and effectiveness of
those actions 67
S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities 68
ESRS S4 – Consumers and end-users
S4-1 Policies related to consumers and end-users 69
S4-2 Processes for engaging with consumers and
end-users about impacts 71
S4-3 Processes to remediate negative impacts and
channels for consumers to raise concerns 71
S4-4 Taking action on material impacts on consumers
and end-users, and approaches to mitigating
material risks and pursuing material opportunities
related to consumers and end-users, and
effectiveness of those actions 71
S4-5 Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities 73
S4-ES Entity specific metrics relating to
content compliance 73
Governance disclosures
ESRS G1 – Business conduct
G1-1 Business conduct policies and
corporate culture 75
G1-2 Management of relationships with suppliers 76
Appendix
Alignment with TCFD recommendations 78
ESRS 2 Data points that derive from other
EU legislation 79
Content
ESRS disclosure requirements covered by statement (IRO-2 §56)
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===== SIDA 38 =====
Page Key accounting estimates and judgements Estimate / Judgement Impact
50 E1-6: Scope 38: Upstream leased assets - Categorisation of emissions from leased facilities
without direct procurement of energy Emissions from leased facilities without energy data
are estimated using floor-area-based energy-intensity benchmarks, creating uncertainty due
to assumptions about occupancy, operating hours, and demand
Judgement, Estimate
50 E1-6: Scope 31 Purchased goods and services - Emissions from Productions where emission
data was not provided estimated on avg emissions per 1 MSEK spent
Estimate
59 E1-6: Scope 35 Waste generated in operations - Where site-specific waste data is unavail-
able, emissions are estimated using headcount-based waste-generation factors, introducing
uncertainty due to assumed waste volumes, composition, and treatment pathways
Estimate
63 S1-13: Training and skill development metrics - Some hours estimated based on assumed
cost of an hour of external training in calculation of average training hours
Estimate
Level of potential impact to the reported data: Low Medium High
General disclosures
Changes in presentation and restatements
from previous period (BP-2 §13)
In 2024, Viaplay Group reporting was inspired by the
CSRD and disclosure requirements outlined in the ESRS
In 2025, the Group has included several KPIs which
were not reported in past years to fully align with the
standard Additionally, with the introduction of a new
system for calculation of Scope 31 emissions the Group
has restated past year calculation for these emissions to
ensure comparability Read more about changes in pre-
sentation and restatements in the accounting principles
related to the sustainability performance data which it is
associated with There were no material reporting errors
in prior period
Page Changes in presentation and restatements Change / Restatement
63 S1-14: Inclusion of cases of work-related ill health data Change
50 E1-6: Scope 31 Purchased goods and services emissions for 2024 Restatement
Basis for preparation
BP-1 General basis for preparation of
sustainability statement (BP-1 §5a-e)
This Sustainability statement has been prepared on a
consolidated basis with the same scope as the finan-
cial statements, which includes subsidiaries, associated
companies, and joint ventures Allente is included in the
reporting for the period of full ownership With respect
to the management of material impacts, risks, and
opportunities, the sustainability statement covers the
parts of Viaplay Group’s upstream and downstream val-
ue chain where such topics are material No exclusions
have been made in relation to information correspond-
ing to intellectual property, know-how or the results of
innovation or of impending developments or matters
in the course of negotiation, as provided for in articles
19a(3) and 29a(3) of Directive 2013/34/EU
BP-2 Disclosures in relation
to specific circumstances
Uncertainties and estimates (BP-2 §10, 11)
Preparation of sustainability performance data requires
Management to make estimates in some areas, which
affect the reported data Management forms its esti-
mates based on historical experience, independent
advice, external data points, in-house specialists and
other information believed to be reasonable under the
circumstances Read more about uncertainties and
estimates in the relevant accounting principles section
accompanying the disclosures they are associated with
To minimise risks of reporting errors in relation to ESG
data, including areas with uncertainty, internal con-
trols and validation processes have been established
See table for an overview of key accounting estimates
and judgements
For the 2025 financial year, Viaplay Group has prepared the sustainability statement in accordance with the EU
Corporate Sustainability Reporting Directive (CSRD) and its underlying European Sustainability Reporting Standards
(ESRS) The directive requires companies across the EU to report on their environmental, social, and governance
performance in a standardised manner Reporting on sustainability focuses on material sustainability matters and
activities and encompasses areas where the Group may have the largest impact on people and planet through its
activities, or where Viaplay Group is exposed to the most significant financial risks or opportunities The material-
ity of sustainability matters and topics is determined based on the application of a double materiality assessment
(DMA) principle The results of the DMA have shaped the content of this sustainability statement
Disclosure Data points Paragraph Page
GOV-1 21a, 21b, 21c, 21d, 21e Composition and diversity of Board of Directors Corporate goverance 28
Incorporation by reference (BP-2 §16)
The following disclosures and data-points have been incorporated by reference:
Annual & Sustainability Report 2025
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About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 39 =====
Sustainability governance
Board of Directors
Decision-making: DMA, Roadmap
Audit Committee
Information and discussion
Group Executive Team
Prep. of materials, proposal of targets
Finance LegalPeople &
Culture
Group Sustainability
Environment
ESG reporting
Social Governance
Head of Sustainability
Coordinates process, defines reporting criteria,
monitors implementation
Sustainability governance
GOV-1 The role of the administrative,
management and supervisory bodies
(GOV-1 §22a-d, 23a, 23b)
The Board Committees, in particular the Audit Commit-
tee, and the Group Executive Team are the dedicated
bodies responsible for oversight of sustainability-
related 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 policies
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 sustainabili-
ty reporting to the Audit Committee This oversight is
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 Executive
Team and Head of Sustainability They coordinate with
all other business functions to ensure accountability for
implementing and achieving sustainability targets
The Board annually approves sustainability targets,
based upon information and recommendations from
the Audit Committee The Board and Audit Committee
review information and holds discussion on develop-
ments related to impacts, risks, and opportunities when
relevant on progress towards sustainability targets The
Group Executive Team is responsible for proposing tar-
gets, and preparing materials for the Board and Audit
Committee The Head of Sustainability coordinates
reporting processes, defines reporting criteria, and
monitors the implementation of sustainability targets
while providing sustainability related expertise that the
management bodies can leverage
In fulfilling their oversight responsibilities, the
Group’s administrative and management bodies draw
on sustainability-related expertise provided by the
Head of Sustainability and other internal specialists,
supported where needed by external experts and
targeted training, ensuring that the skills applied are
directly aligned with Viaplay Group’s material impacts,
risks and opportunities and are updated as needed
through ongoing reporting and educational initiatives
Employees and other workers are not represented
on the Board of Directors For more general information
on administrative, management, and supervisory bodies
role in relation to business conduct and other matters
see Governance report beginning on page 27
GOV-2 Information provided to and
sustainability matters addressed
by management (GOV-2 §26a, 26b)
The Board receives regular and structured updates on
sustainability matters, including emerging sustainabil-
ity trends, the management of material impacts, risks
and opportunities, the effectiveness of related policies,
actions, metrics and targets, and the ongoing imple-
mentation of the Group’s due-diligence processes
These updates take place as part of recurring annual
processes, including the review and approval of the
Sustainability Policy, Double Materiality Assessment,
Sustainability Roadmap, and Annual and Sustainabil-
ity Report Beginning in 2025, the Audit Committee
received regular updates on progress towards sus-
tainability targets on a quarterly basis from the Chief
Financial Officer with additional commentary by Head
of Sustainability and other internal specialists when
relevant, as well as annual risk assessments of sustain-
ability 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 transactions
The Group has an ESG due-diligence framework for enter-
ing 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 reporting period,
and have addressed relevant management approaches
through development and approval of targets A full list
of topics can be found on pages 43 of this report, and
description of material impacts, risks, and opportunities is
found on pages 45, 54-56 and 74
General disclosures
Annual & Sustainability Report 2025
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About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
===== SIDA 40 =====
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’ representatives
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 consumers 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 effectiveness 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
GOV-3 Integration of sustainability related
performance in incentive schemes
(GOV-3 §27, 28)
Incentive schemes and remuneration policies offered
to members of Group Executive team and other
employees are not linked to sustainability matters
GOV-4 Statement on sustainability
due diligence (GOV-2 §30, 32)
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
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 management and internal
controls over sustainability reporting
(GOV-2 §36a-e)
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 controls in place 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 assessment for the 2024 sustainability
reporting cycle and external assurance process iden-
tified the need for increased internal controls over
sustainability data and processes considering ESRS
requirements 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 under-
taken included automating data collection processes,
strengthening the control environment for data quality
General disclosures
Annual & Sustainability Report 2025
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===== SIDA 41 =====
Content
distribution
Packaging &
marketing
Buying &
creating content
and accountability, and transitioning environmental
data to a quarterly reporting schedule
In 2025, sustainability reporting was moved into
the same internal control environment as financial
reporting and the Audit Committee begin exercising
regular oversight of sustainability data on a quarterly
basis and receiving annual risk assessment findings in
relation to sustainability reporting in the reporting on
risk management and internal controls The internal
controls implemented for sustainability reporting within
this framework during 2025, consist of quarterly and
annual data-validation checks, four-eyes reviews, plat-
form-based completeness and accuracy controls, and
documented controller and process-owner sign-offs to
ensure reliable ESRS-aligned reporting
Strategy, business model
and value chain
SBM-1 Strategy, business model
and value chain
(SBM-1 §40a, 40b, 40e, 40f, 40g, 42a-c)
Viaplay Group is the Nordic region’s leading entertain-
ment provider Group sustainability efforts are focused
on improving the value proposition of its platforms for
customers and entertaining responsibly by reducing
the social and environmental impacts of our primary
business activities and value chain The Viaplay stream-
ing service operates direct to consumer and via distri-
bution partners; the Group also operates advertising
supported TV channels and pay TV channels across
core markets, and commercial radio networks in Norway
and Sweden Viaplay Select distributes curated Nordic/
European content to partner platforms in >20 markets
Consumer insight
& dialogue
Sustainability efforts and key actors in our value chain
Upstream
Ensuring content is produced responsibly in relation to human rights, labour rights, and the environment;
procurement ethics, supplier labour practices, and minimizing energy use in streaming
Downstream
Promoting social inclusion by increasing content accessibility, and upholding advertising standards;
listening to our customers to improve our service offerings
and the Group offers satellite, fibre, and broadband
services across the Nordics via Allente The Group has
exited non-core markets to focus on core geographies
The acquisition of the remaining 50% of Allente, as of
November 2025, strengthens Nordic distribution The
Allente acquisition presents additional matters for inves-
tigation in relation to human rights and environmental
impact tied to the value chain of physical commodities
that will be addressed during 2026, Group climate
efforts will also be re-evaluated to ensure coverage of
associated business segments In 2025, Viaplay Group
derived 17,682 MSEK revenue from its activities all of
which fall under the Technology: Media and Commu-
nication ESRS sector classification (see Note 3 of the
financial reporting for full segment reporting on page
90)
Viaplay Group is exposed to sector-specific sus-
tainability impacts, risks and opportunities related to
responsible content governance, creative-workforce
conditions in relation to its production value chain, and
data privacy The Group relies on licensed and self-pro-
duced content, digital infrastructure and partnerships
across its production and technology value chain,
secured through long-term agreements, due-diligence
processes and targeted technology investments The
Group’s outputs—premium content, streaming services,
broadcasting and connectivity—deliver value through
reliable customer experiences, stable subscription-based
revenues and support for Nordic creative industries
Viaplay Group addresses material sustainability
concerns in its upstream and downstream value chain,
in its own operations, and for its customers across all its
markets in relation to all products and services it offers
with the strategic ambitions of creating sustainable
value through:
• Taking climate and environmental action
• Advancing diversity, inclusion, and well-being
• Sports rights
• Licensed/acquired titles
• Own production formats
• Marketing / creative
suppliers
• Technology platforms
• CDNs
• Viaplay apps and
connected devices
• Telecom/TV operator bundles
• Satellite/IPTV via Allente
• Partner platforms carrying
Viaplay Select / SVOD channel
• Advertising buyers
• D2C subscribers and service
customers
• Pay-TV/telecom partners
• Advertisers
Consumer
experience
General disclosures
Our operations
Improving gender balance, ensuring equal
opportunites for all, and prioritizing well-
being in workplaces; reducing emissions
• 1,357 employees across the Nordics,
Netherlands, Spain, and UK
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Engaging with key stakeholder groups
Employees • Continuous Employee Engagement
Survey monitoring
• Personal Development Dialogue
• Employment relations, health and
safety representation
• Including employees’ perceptions
and experiences
• Contributing to a sustainable workplace
and working life
• Internal policy updates
• Improvement and action plans
• Communications from management
Business customers
& suppliers
• Customer support and guidance
• Periodic reviews
• Business partner due diligence
• Building trust
• Enabling customers to achieve their targets
• Product and service improvements
• Engagement with and input to industry initiatives
Workers in the
value chain
• Third-party audit programme
• On-site visits and surveys
• Compliance with supplier code of conduct
• Protecting human and labour rights
of workers
• Streamlined supplier expectations
• Corrective action plans for suppliers
Customers • Regular interaction
• Focus groups
• Surveys and systematic measurement of
the Net Promoter Score (NPS)
• Understanding brand perceptions
• Feedback on product and service offerings
• Product and service improvements
• Adaptation of marketing strategies
Industry peers • Industry forums
• Collective action alliances
• International and local associations
• Developing industry standards
on sustainability
• Shared training and aligned sustainability expectations
for suppliers
Investors & analysts • Regular engagement, participation on
board, roadshows & investor calls
• Annual General Meeting
• Understanding expectations
• Enhancing transparency
• Responses to investor queries
• Changes to company strategies
Stakeholder Engagement channels Purpose of engagements Examples of outcomes from engagements
SBM-2 Interests and views of stakeholders
Stakeholder engagement (SBM-2 §45a-e)
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
satisfaction, 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 processes and the
refinement of Group policies and practices
General disclosures
• Promoting responsible business conduct and ethics
Viaplay Group’s platforms and content as well as the
audiences and markets served by these services are the
most significant products and services, and customer
groups, in relation to sustainability-related goals
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SBM-3 Material impacts, risks and
opportunities and their interaction
with strategy and business model
Overview of material impacts, risks and opportunities
(SBM-3 §48a, 48c i, 48c ii, 48c iii)
Viaplay Group’s Sustainability statement includes separate
chapters on all material sustainability topics Each chapter
includes a description of Viaplay Group’s sustainabili-
ty context and dependencies, a description of material
impacts, risks and opportunities in relation to the topic, and
corresponding disclosures on governance, strategy, poli-
cies, as well as metrics and targets In the tables on pages
45, 54-56 and 74 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, and over what time-horizon they are expected to
occur
The DMA resulted in no changes to the material ESRS
IRO topics compared to the previous reporting period,
and minor changes in the presentation of individual
IROs across topics All IROs presented are covered by
the ESRS disclosure requirements except for Content
Compliance related metrics included under ESRS S4
Resilience of strategy and business model
The resilience of the strategy and business model has
been assessed through a qualitative, informal review
informed by existing governance, risk-management and
scenario-planning processes This assessment indicates
continued resilience to the material impacts, risks and
opportunities identified in the DMA, with sustainabil-
ity considerations embedded into strategic planning
Material opportunities—such as environmental efficien-
cies, the growing relevance of responsible content and
strengthened stakeholder trust—support long-term
value creation A formal quantitative resilience analysis
is not deemed relevant and has not been conducted
Overview of material topics
Climate change Impact
Adaptation & mitigation - + $
Energy -
General disclosures
Environment
Own workforce Impact
Working conditions - +
Equal treatment and opportunities for all + $
Other work-related rights $
Workers in the value chain
Working conditions - + $
Equal treatment and opportunities for all - $
Other work-related rights - $
Consumers and end-users
Information-related impacts for consumers
and/or end-users - $
Personal safety of consumers and/or end-users -
Social inclusion of consumers and/or end-users -
Social
Business conduct Impact
Corporate culture + $
Management of relationship with suppliers + $
Governance
- Negative impact + Positive impact $ Risk $ Opportunity
➔ For more information see p 45 ➔ For more information see p 54-56 ➔ For more information see p 74
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Double Materiality Assessment
IRO-1 Description of the processes to
identify and assess material impacts,
risks and opportunities (IRO-1 §53a-h)
Introduction
Viaplay Group identifies and assesses sustainability-
related impacts, risks, and opportunities (IROs) through
an annual Double Materiality Assessment (DMA)
aligned with the ESRS concept of double materiality
The process is validated by the Audit Committee and
approved by the Board of Directors It combines input
from the Sustainability function, subject matter experts
across Group functions (Risk, Business Control, Finan-
cial Reporting, Corporate Compliance, People & Culture,
Content Compliance, Data Privacy, Customer Experi-
ence), and external sustainability experts
The DMA is informed by input parameters including
Viaplay Group’s business model and value chain, regula-
tory context, historical sustainability performance, stra-
tegic developments and stakeholder insights, ensuring
a comprehensive basis for identifying material sustain-
ability matters The process evaluates impacts arising
from the Group’s own operations as well as impacts
that occur through its business relationships The DMA
aligns with the Group’s risk management framework
and incorporates stakeholder perspectives through
structured engagement The process is documented for
assurance purposes and reviewed annually to reflect
changes in operations, strategy, and regulatory require-
ments
General disclosures
Process overview
Viaplay Group’s DMA process consists of five steps:
1. ESG analysis
A review of Viaplay Group’s business model, strategy, geo-
graphic footprint, products and services, and value chain
with a specific focus on activities, business relationships and
geographies that may give rise to heightened risk of adverse
impacts This includes assessing operational contexts such
as local regulatory environments, labour- and content-pro-
duction practices, sector-specific risks, and the level of
reliance on third-party suppliers and partners The analysis
establishes the context for identifying sustainability matters
with which the Group is involved through its operations or
as a result of its business relationships The identification of
business-conduct-related IROs is guided by criteria covering
location-based risks, activity type (such as production, com-
missioning, or distribution), sector context, and the structure
and nature of business relationships and transactions across
Viaplay’s value chain
2. Screening and identification of IROs
All ESRS topics, sub-topics and sub-sub-topics were
assessed across Viaplay’s value chain, with relevant topics
shortlisted based on their potential to result in material
impacts or financial effects For each shortlisted topic,
Viaplay identified actual and potential impacts and key envi-
ronmental and social dependencies, and assessed how these
are connected to related risks and opportunities—consider-
ing how negative impacts or weak dependencies may create
risks, and how positive impacts or strong dependencies may
generate opportunities Each IRO is then classified by time
horizon (≤1 year; 1–5 years; >5 years) and mapped to its
position in the value chain
3. Severity and materiality assessment
Impact materiality is evaluated through cumulative score of
each ESRS criteria: scope (1-4), scale (1-4), irremediably (1-4,
for negative impacts), and likelihood (1-3) For human rights
impacts, severity takes precedence over likelihood
Financial materiality is assessed based on magnitude and
likelihood of financial effect, aligned with these thresholds:
• Negligible to low: 0 – 30 SEKm
• Medium to high: 30– 180 SEKm
• Very high: >180 SEKm
Types of financial effects considered include impacts on
company development, financial position, performance, cash
flows, access to finance, and cost of capital
4. Stakeholder engagement
Findings are validated through structured engagement with
internal and external stakeholders, including affected groups
and proxies Methods include qualitative interviews and
quantitative surveys Stakeholder input influences severity
scoring and prioritisation
5. Prioritisation and integration
IROs are ranked by impact and financial materiality into
categories For impact scoring, thersholds are as follows:
Critical (15-13), Significant (12-10), Important (9-7), Informa-
tive (6-4), and Minimal (3-1) Financial effects are classified
from Very High to Negligible Topics with impact categories
Important and greater and financial materiality of Low and
greater are then confirmed for ESRS reporting and inte-
grated into Viaplay’s sustainability strategy, KPIs, and risk
management processes
Results and changes
The DMA results determine which ESRS disclosure
requirements apply and inform the Group’s Sustain-
ability statement The process ensures that both
positive and negative impacts and short-, medium-,
and long-term risks and opportunities are considered
It is reviewed annually and documented for assurance
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 page 43 However, not all sustainability-relat-
ed risks in the Sustainability statement are specifically
highlighted in Viaplay Group’s risk reporting, which
includes key financial risks identified by the DMA only
Through its materiality assessment process, Viaplay
Group concluded that ESRS standards for pollution,
water and marine resources, biodiversity and ecosys-
tems, resource use and circular economy, and affected
communities were not material for the undertaking
through its assessment of its own operations and its
upstream and downstream value chain
During the reporting period, the DMA process was
refined to align more closely with ESRS 1 require-
ments, including enhanced screening of ESRS topics
and updated severity scoring criteria Compared to
prior years, the process now integrates Risk frame-
work thresholds for financial materiality and expanded
stakeholder engagement In 2026, the DMA will be
conducted again to incorporate Allente Group business
activities
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Environmental disclosures
Viaplay Group is committed to transparent and
robust environmental reporting, reflecting our
responsibility to manage climate-related risks and
contribute to the transition towards a low-carbon
economy This section presents our environmen-
tal disclosures in accordance with ESRS E1 and
includes our EU Taxonomy reporting, outlin-
ing how our activities align with and contribute
to climate-mitigation and climate-adaptation
objectives of the EU Additionally, the Group pro-
vides mapping to Task Force on Climate-Related
Financial Disclosures (TCFD) reporting framework
in the appendix of this statement Together, these
disclosures provide a comprehensive view of our
environmental performance and the progress of our
decarbonisation efforts
Following its detailed materiality assessment,
Viaplay Group concluded that ESRS E2–E5 were
not material for reporting purposes As a media
and entertainment company with limited physical
assets and no significant impacts related to pol-
lution, water and marine resources, biodiversity,
or resource use and waste, the Group does not
face material risks or dependencies in these areas
Environmental reporting therefore focuses on ESRS
E1, the only environmental topic deemed material to
Viaplay Group’s business model and value chain
E1 Climate change� � � � � � � � � � � � � � � � � � � 46
EU Taxonomy � � � � � � � � � � � � � � � � � � � � � � 52
E1 Climate change
Time horizon Business model & value chain
Climate change adaptation & mitigation IRO type Short Mid Long
Buying &
creating content
Packaging &
marketing
Content
distribution
Consumer
experience
Greenhouse gas emissions Actual - - - -
Promotion of climate change mitigation and adaptation via content Potential + + +
Potential reputational impacts from failure to meet climate targets Potential
Potential impacts from climate disruption of sporting events and content productions Potential
Energy
Fossil fuel and non-renewable electricity use Actual - - - -
Environmental commitment to stakeholders
Taking climate and environmental action
E1 Climate long-term target - Emissions
Reduce GHG emissions from vehicles and facilities
(scope 1), purchased energy (scope 2), and business
travel (scope 36) by at least 462% from 2019 levels by
end of 2030
2025 Target and performance
Reduce scope 1, scope 2 & scope 36 GHG emissions by
297% from 2019 levels by end of 2025
Achieved� 86% scope 1, 73% scope 2, 76% scope 3�6
E1 Climate long-term target - Supplier engagement
71% of suppliers by emissions covering purchased
goods and services (Scope 31) will have science-based
targets by end of 2026
2025 Target and performance
Launch initiative to collect supplier-specific emission
factors to support science-based target engagement
Achieved� Initiative launched�
E1 Climate long-term target - Energy
Achieve >95% renewable energy use across Group
operations by end of 2030
2025 Target and performance
75% renewable energy use by end of 2025�
Achieved� 88% renewable energy use�
- Negative impact + Positive impact $ Risk $ Opportunity Transition risk Physical risk
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