Årsredovisning 2025

Financial statements of foreign operations
The financial statements of the Group’s foreign subsidiaries are translated 
into Swedish krona (SEK)� The translation of the balance sheet is based 
on the exchange rates ruling at the balance sheet date, while the income 
statements are translated using an average rate for the period� The result-
ing translation differences are charged in other comprehensive income and 
accumulated in the translation reserve in equity� The accumulated transla-
tion differences are reclassified to the income statement when the foreign 
operation is divested�
Operating expenses 
Cost of sales include costs for acquired and produced content, sports rights, 
distribution costs including streaming distribution, and all costs directly 
related to sale of a product or service including customer service and sales 
commissions� Selling and marketing expenses includes costs for sales and 
marketing personnel and overhead as well as marketing, advertising and 
public relation expenses� General and administrative expenses include costs 
related to central functions, as well as technology and development costs 
for the streaming platform�
Note 1 cont�
Note 2  Accounting assumptions and estimates 
The preparation of financial statements in conformity with IFRS requires 
Viaplay Group to make assessments and estimates, and make assumptions 
that affect the application of accounting policies and the reported amounts 
of assets, liabilities, income and expenses� The estimates and associated 
assumptions are based on historical experience and various other factors 
that are believed to be reasonable under the circumstances� The results 
form the basis of making judgements about carrying amounts of assets and 
liabilities that are not readily apparent from other sources� The actual out-
come may differ from these estimates and judgements�
The estimates and underlying assumptions are reviewed on an ongoing 
basis� Revisions to accounting estimates are recognised in the period in 
which the estimate is revised if the revision affects only that period, or in the  
period of the revision and future periods if the revision affects both  current 
and future periods� The development, selection and disclosure of the 
Group’s critical accounting policies, and estimates and the application of 
these policies, and estimates are reviewed by the Audit Committee�
Key sources of estimation uncertainty
Note 12, Intangible assets, contain information of the assumptions and the 
risk factors relating to goodwill impairment� Note 16, Inventories and Note 
18, Prepaid expenses and accrued income contain information on valuation 
of programme rights inventory and prepaid programming� Litigations and 
provisions made are presented in note 20 Provisions�
Goodwill and other intangible assets
Intangible assets, except goodwill and intangible assets with  indefinite 
 useful lives, are amortised over their useful lives� These useful lives are 
based on management’s estimates of the period that the assets will 
 generate revenue�
Goodwill and intangible assets with indefinite useful lives are subject to 
impairment tests yearly or when triggered by events� The impairment review 
requires management to determine the fair value of the cash generating 
units on the basis of cash flow projections and internal forecasts and busi-
ness plans� For further information, see note 12 Intangible assets�
Programme rights inventory
The Group accounts for programme rights as inventories� Inventories are 
valued at the lower of cost or net realisable value� Net realisable value is the 
estimated selling price in the ordinary course of business, less the estimated 
costs of completion and the estimated cost to make the sale� 
The Group’s programme rights inventory are expensed in accordance 
with estimated consumption� The consumption and hence expense pattern 
differs by platform and type of content� The Group uses several assump-
tions to estimate timing and period for amortisation such as expected 
revenue, expected runs, type of right or license, broadcasting period as well 
as historical consumption pattern� The estimated consumption patterns or 
broadcasting period could change, and, as a result of this, affect net income 
for the period and the financial position�
Provisions and contingent liabilities
A provision is recognised when a present obligation exists as a result of a 
past event, it is probable that economic resources will be transferred, and 
reliable estimates can be made of the amount of the obligation� In such a 
case, a provision is calculated and recognised in the balance sheet� 
The Group has long-term contracts particularly with sports rights holders� 
The Group has concluded part of the contracts for sport rights for the Nor-
dics market as well as contracts related to the markets the Group has exited 
(Poland, Baltics and UK) are loss making contracts or so called onerous 
contracts� Onerous contracts are described within IAS 37 as a contract in 
which the unavoidable costs of meeting the obligations under the contract 
exceed the economic benefits expected to be received under it� Assets 
related to these contracts have been written down and as a second step 
the difference between the expected cash inflows and outflows has been 
provided for at a discounted value� The preparation of the adjustments 
above requires management to make significant judgements, estimates 
and assumptions� The estimates and associated assumptions are based on 
various factors that are believed to be reasonable under the current circum-
stances� Actual results may differ from these estimates� 
Group
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A contingent liability will be disclosed when a possible obligation has arisen, 
but its existence has to be confirmed by future events outside the Group’s 
control, or when it is not possible to calculate the amount� Realisation of 
any contingent liability which is not disclosed or for which an amount is not 
currently recognised, could have a material impact on the Group’s finan-
cial position�
The Group regularly reviews significant litigations in order to assess the 
need for provisions� Among the factors considered are the nature of the 
litigation, claims, legal processes and potential level of damages, the opin-
ions and views of the legal counsellors, and the management’s intentions to 
respond to the litigations or claims� To the extent the estimates and judge-
ments do not reflect the actual outcome, this could materially affect the 
result for the period and the financial position� For further information, see 
note 20 Provisions�
Going concern
The Board of Directors have assessed the Group’s ability to continue as a 
going concern based on the Group’s ability to meet its obligations as they 
fall due for at least 12 months after this Annual Report was published� 
The consolidated financial statements for the period ending 31 December 
2025 have been prepared based on the going concern assumption�
Note 3  Operating segments
The Group’s two operating segments, Core operations and Non-core opera-
tions, are primarily based on its customers’ geographical domicile� 
The reporting reflects the Group’s operational structure and how the 
performance in the Group is internally monitored, reported, and followed up 
upon by the Chief Operating Decision Maker (CODM)� The CEO is identi-
fied as the CODM of the Group�
Reconciliation segment reporting 
Group (SEK million)
Core  
operations
Non-core  
operations Total Group
2025 2024 2025 2024 2025 2024
Net sales 17,344 17,598 338 892 17,682 18,490
 of which Viaplay 
streaming subscription 7,799 7,930 338 892 8,137 8,822
Operating expenses 
before ACI and IAC –17,374 –17,7 79 –349 –980 –17,723 –18,759
Operating income 
before ACI and IAC –30 –181 –11 –88 –41 –269
Associated company 
income (ACI) –26 151
Items affecting 
 comparability (IAC) –420 –439
Operating income –486 –558
Net financial items –674 766
Tax –107 –102
Net income –1,267 106
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) as well as the Nether-
lands; commercial free-TV channels in Sweden, Denmark and Norway; and 
commercial radio networks and audio streaming services in Sweden and 
Norway� The segment also includes Viaplay select operations� 
Allente Group have been included in Core operations since the acquisition of 
the remaining 50% of Allente Group on 13 November 2025� 
Non-core operations
Non-core operations includes the international markets the Group is exiting, 
i�e� Poland, UK, Baltics and North America� The Group’s full live sports  
portfolio in the Baltic region has been sublicensed to a third party starting  
1 February 2024� The UK based Premier Sports business was divested begin-
ning of April 2024 and the North American direct-to-consumer operations 
has been closed down during Q1 2024� The discontinuation of the Polish 
market was completed 30 June 2025� 
Sales by category
The operational follow up of sales by category in the Management reporting 
differs in some respect from the presentation of revenues streams in accordance 
with “IFRS 15 Revenue from Contracts with customers” as presented in Note 4�
Group (SEK million) 2025 2024
Viaplay streaming subscription 7,799 7,930
Linear channel subscription 4,595 4,747
Advertising 3,445 3,491
Sublicensing & other 927 1,430
Allente Group net sales 771 –
Elimination of sales to Allente Group –193 –
Net sales, Core operations 17,344 17,598
Viaplay streaming subscription 338 892
Net sales, Non-core operations 338 892
Total net sales 17,682 18,490
Viaplay streaming subscription
Sales mainly generated by the Viaplay streaming service including subscrip-
tion payments and customers purchasing content on a pay-per-view basis� 
Viaplay sales are generated directly from end-customers and from distribu-
tor or partner organisations� In the operational follow up, Viaplay streaming 
subscriptions includes certain agreements and partnerships related to the 
Viaplay streaming service� All sales in the segment “Non-core operations” are 
classified as Viaplay streaming subscriptions�
Group
Note 2 cont�
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Linear channel subscriptions 
Sales generated from the Group’s traditional TV channels and channel 
packages when sold through wholesalers, fees received from distributors for 
carriage of the Group’s TV channels, and other subscription related revenues� 
Advertising
Advertising and sponsorship sales are generated by the Group’s TV channels, 
radio stations and streaming services�
Sublicensing & other
Sublicensing & other includes sales from the Viaplay Select branded concept 
and other sublicensing as well as external sales generated by the Group’s 
 content production business�
Allente Group net sales
Allente Group net sales include Allente Groups external sales from November 
14 2025� Allente Group generates sales from subscription of pay-tv via satel-
lite, fibre or streaming both direct-to-consumers and business-to-business� 
Allente Group also have a broadband offering in certain Nordic countries�
Sales and intangible and tangible assets by geographical area
Sales are shown per geographical area from which the revenue is derived�
Net sales
Intangible and  
tangible assets
Group (SEK million) 2025 2024 2025 2024
Sweden 5,213 4,663 5,008¹ 932
Rest of Nordics 10,403 10,935 752 807
Rest of Europe 2,012 2,828 27 29
Rest of the World 54 65 – –
Total 17,682 18,490 5,787 1,768
1) The goodwill and other intangible assets relating to the acquisition of Allente Group is 
currently allocated to Sweden, the allocation will be reviewed during 2026�
Note 4  Revenue
Accounting principle
Revenue from external customers is mainly derived from sale of subscrip-
tions, advertising and licenses� The accounting principles for the main 
revenue streams are described in further detail below� 
Advertising revenue
Revenue derived from the sale of advertising space as well as  sponsoring� 
Revenue generated from advertising is generally recognised over time in a 
pattern that best depicts the service performed, i�e� as the ad is played out�
Subscription revenue
The Group generates subscription revenue from subscription fees for 
streaming services and pay-TV� 
For streaming services, the customer pays a fee to access content which 
the customer has subscribed for� Each customer pays for the streaming 
service in advance on a monthly basis� The streaming period usually consists 
of a trial period, during which the customer is not committed to start a 
subscription� The transaction price is not allocated to the trial period� The 
performance obligation is satisfied over time as the Group provides access 
to the content on the streaming service over a period of time (in practice 
per month)� Revenue is generated from direct-to-consumer sale or from 
sales to distributors and partner organisations� The subscription contracts 
are mainly without a binding period, with a one-month notice period� Both 
the Group and the customer have the right to terminate the contract, and 
neither party has enforceable rights that period� 
In addition to the streaming service, the customer can add other services 
to the contract such as rental or purchase of films and series� These addi-
tional services are treated as separate performance obligations since the 
customer can benefit from these services separately� Each additional service 
has a separate price and the revenue is recognised at a point in time, i�e 
when the film or serie are delivered� 
The Group’s traditional TV channels and channel packages are sold through 
wholesalers and distributors� Fees are received for carriage of the Group’s 
TV channels� The revenue from the third party is recognised as the custom-
er’s subsequent usage occurs, i�e� the TV channels or channel packages are 
made available to the end consumer (i�e� per subscriber each month)� Some 
of the contracts with third party distributors includes a fixed minimum fee� 
The fixed fee is a minimum consideration for a right to access the Group’s 
channels (i�e� right to access intellectual property) and the minimum fee is 
recognised over the contract period� 
Subscription revenue - Allente Group
A subscription typically consists of a subscription fee and, where applicable, 
hardware (a box), installation, and freight� The contract term for pay-TV 
subscriptions varies between 1 and 24 months, after the contract period 
ends, the agreements convert into subscriptions without a fixed term and 
with a one month notice period� Customers typically pay for the subscrip-
tion monthly in advance� The customer receives and consumes the benefits 
as the Group delivers the service, subscription revenue is therefore rec-
ognised over time� 
Licenses, royalty and other
A license arrangement establishes the customer’s right related to the 
Group’s intellectual property and the obligation of the Group to provide 
those rights� The Group is granting licenses to format and broadcasting 
rights� All licenses are classified as “right-to-use-licenses” and revenue is 
recognised when the license period begins� Allentes revenue for hardware is 
included in this revenue stream when identified as a separate performance 
obligation and not part of a subscription�
Production revenue
Revenue in the Group’s studio business was generated by production of 
films and TV series� The contracts normally consisted of one performance 
obligation and recognised over time� As a result of the divestment of Papri-
ka Group in 2024, the production revenue is now limited�
Group
Note 3 cont�
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Principal or agent 
The Group assesses whether it is acting as a principal or agent in all trans-
actions where another party is involved in providing products or services 
to the customer� In transactions where the Group is acting as an agent, 
revenue is recognised net in the income statement� In transactions where 
the Group is acting as a principal, revenue is recognised gross in the income 
statement� There are currently only a few transactions where Viaplay Group 
act as a principal�
Revenue from performance obligations satisfied in previous periods
Within pay-TV, third-party distribution fees occur related to third-party 
agreements for ’end-customers’ usage of TV channels� This fee is estimated 
based on historical data� When the actual usage is received an adjustment is 
made for revenue recognised to date�
Unsatisfied performance obligations
The Group does not disclose any information regarding unsatisfied perfor-
mance obligations as at December 31, as the majority of the performance 
obligations relate to contracts with a contract term of 12 months or less� 
Performance obligations arising from contracts with a term exceeding 12 
months are not assessed to be material� 
Disaggregation of revenue
Group (SEK million) 2025 2024
Revenue streams
Subscription 12,937 13,077
Advertising 3,416 3,440
Licenses, royalties and other 1,312 1,954
Production 17 19
Total 17,682 18,490
Timing of revenue recognition
Over time 16,370 16,536
At a point in time 1,312 1,954
Total 17,682 18,490
Contract liabilities
Contract liabilities comprise the following types of prepaid income: 
• Prepaid advertising revenue in free-TV and radio, arising when 
customer are invoiced in advance of service delivery� 
• Prepaid subscription revenue, arising when customer are invoiced in 
advance of service delivery� 
• Prepaid revenue related to content production, as revenue is recog nised 
over time�
Change in contract liabilities
Group (SEK million) 2025 2024
Opening balance 1,197 822
Acquired operations 737 –
Net change in contract liability during the year –275 375
Closing balance as of 31 December 1,659 1,1 9 7
The contract liabilities included in the opening balance have been recog-
nised as revenue during the year�
Cost to obtain and fulfill a contract
A portion of the subscription acquisition cost is classified as cost to obtain a 
contract� These costs consist of external fees paid to third parties when pro-
viding a new subscription, which represent expenses the Group would not 
have incurred had the subscription not been entered into� These expenses 
are capitalised as an asset and amortised over the subscription term� Costs 
incurred to obtain a contract are presented as prepaid expenses�
Cost to obtain a contract
Group (SEK million) 2025 2024
Opening balance – –
Acquisition of operations 124 –
Increase in contract assets from new contracts during the year 19 –
Amortisation of capitalised expenses to obtain a contract –22 –
Closing balance as of 31 December 121 –
Contract assets
Contract assets consist of accrued revenue where the Group is entitled to 
compensation for completed work but invoicing has not occurred at the bal-
ance sheet date, primarily related to free months, hardware, and installations 
for customers who have entered into a subcription agreement with Allente� 
For these performance obligations, revenue is recognised and subsequently 
offset against future subscription revenue� Contract assets are presented in 
the balance sheet under the item prepaid expenses and accrued income�
Contract assets 
Group (SEK million) 2025 2024
Opening balance – –
Acquisition of operations 60 –
Net change in contract assets during the year –3 –
Closing balance as of 31 December 57 –
Group
Note 4 cont�
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Note 6  Other operating income and expenses
Other operating income and expenses refers to income and expenses that 
does not derive from the Group’s core operations, such as government 
grants, gains or losses on sale of intangible and tangible assets as well as 
foreign exchange gains or losses on operating receivables and payables�
Group (SEK million) 2025 2024
Other operating income
Government grants / tax incentives – 5
Gain from exchange rate differences 4 70
Sublease income 37 37
Other 4 12
Total 45 124
Other operating expenses
Loss from exchange rate differences –52 –80
Total –52 –80
Total other operating income and expenses –7 44
Note 5  Classification by nature of expense 
A function-based income statement is presented as part of the financial 
statements of the Group� The table below presents how the operating 
expenses are classified based on the nature of expense� 
Group (SEK million) 2025 2024
Net sales 17,682 18,490
Other operating income 352 204
Cost of goods and services –15,417 –15,868
Personnel costs –1,547 –1,769
Depreciation and amortisation –239 –201
Other external expenses –1,291 –1,565
Share of earnings in associated companies and joint ventures –26 151
Operating income –486 –558
Note 7  Salaries, other remuneration and social security expenses
Accounting principle
Short-term employee benefits
Short-term benefits to employees are reported as an expense when the 
related services are received, these benefits are not discounted� 
A provision is recognised for the expected cost of bonus or profit-shar-
ing plans when the Group has a present legal or constructive obligation to 
make such payment as a result of services received from employees and can 
make a reliable estimate of the obligation� 
Post employment benefits 
The Group’s employees are mainly covered by defined contribution pension 
plans� A defined contribution plan is a post-employment benefit plan under 
which an entity pays fixed contributions into a separate entity and will have 
no legal or constructive obligation to pay further amounts� The Group’s 
payments to defined contribution plans are reported as an expense in the 
period when the employee performed the services to which the fee relates� 
The Group has defined benefit pension plans in Norway and Sweden� In 
Sweden there is a multi-employer defined benefit plan� The Group reports 
these pension expenses in the same way as defined contribution plans� A 
defined benefit plans, is provided to part of employees in Norway� Under 
defined benefit pension plans, the company enters into a commitment to 
provide post-employment benefits based upon one or several parameters 
for which the outcome is not known at present� For futher information on 
the defined benefit plans please see Not 21�
Termination benefits
Termination benefits are payable when the employment is terminated 
by the Group before the normal retirement date, or when the employee 
accepts voluntary redundancy in exchange for these benefits� Termination 
benefits are recognised at the earlier of 
i) when the Group can no longer withdraw the offer of those benefits and 
ii)  when the entity recognises costs for a restructuring and involves the 
payment of termination benefits� 
Group
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Share-based compensation
The Group may issue equity-settled share-based payments to certain 
employees� Equity-settled share-based payments are measured at fair value 
at the date of grant� The fair value determined at the grant date is based on 
the Group’s estimate of the number of shares that will eventually vest and 
is expensed on a straight-line basis over the vesting period� The expense is 
reported in the income statement with the corresponding increase in equity� 
The related accrual for social security is remeasured on a quarterly basis� 
Salaries, other remuneration and social security expenses
Group (SEK million) 2025 2024
Wages and salaries 1,182 1,341
Social security expenses 226 242
Pension costs 121 124
Share-based payments 4 –8
Social security expenses on share-based payments 1 –
Total 1,533 1,699
Group (SEK million) 2025 2024
Board of Directors, CEO and Group Executive Team 144 205
 of which variable remuneration 74 118
Other employees 1,389 1,494
Total 1,533 1,699
Remuneration to the Board of Directors 
The remuneration to the Board of Directors has been paid in accordance 
with the resolution approved at the 2025 Annual General Meeting (AGM)� 
The remuneration includes fees for ordinary Board work and fees for work 
within the committees of the board� For 2025, and the period leading up to 
the 2026 AGM, the Board fees amounted to SEK 7�1m� The composition of 
the Board remained unchanged during the period�
Remuneration to the Group Executive Team
Except for the adjustments to performance and vesting periods in relation 
to the STI and STID as disclosed in the Remuneration Report the Remuner-
ation Committee and Board have concluded that there were no derogations 
or deviations from the 2024 remuneration guidelines� The proposed 2026 
remuneration guidelines have been revised to accommodate these consid-
erations�
The Remuneration Guidelines for the Group Executive Team
The following Remuneration Guidelines (the “guidelines”) were approved 
by the Annual General Meeting 2024� New Remuneration Guidelines will 
be put to vote at the Annual General Meeting 2026� The 2024 Remunera-
tion Guidelines continue to apply until 2028 if the updated Remuneration 
Guidelines are not approved at the 2026 Annual General Meeting� The 
guidelines apply to the President & CEO and the other members of the 
Group Executive Team (”GET”), currently comprising ten members� 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 approval� These guidelines do not apply to any 
remuneration decided or approved by the general meeting, for example 
share-based long-term incentive plans� 
Our approach to remuneration
Viaplay Group’s remuneration policy is designed to 
i) drive and reward sustainable company and individual performance,
ii) be market competitive to attract and retain best-in-class talent, and 
iii) to incentivise the creation of long-term shareholder value in a rapidly 
changing industry� 
Specifically, our strategic priorities and our vision are reflected in the 
design of executive remuneration as set out below: 
• Deliver profitable growth: A substantial proportion of remuneration 
is variable and linked to our key drivers of performance� Performance 
 measures in our short- and long-term incentive plans are carefully select-
ed 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 shareholder experience and contribute 
to increased alignment as executives are required to build and maintain 
a significant shareholding in Viaplay Group� 
• Lead with relevant and popular products, generating healthy returns:  
A remuneration structure and mix that provides agility to quickly adapt to busi-
ness needs in a fast-moving industry and highly competitive talent market�
Remuneration to the Board of Directors
May 2025–May 2026 May 2024–May 2025
Group (SEK thousand)
Remuneration for 
ordinary board work
Remuneration for 
work in committees Total
Remuneration for 
ordinary board work
Remuneration for  
work in committees Total
Simon Duffy, chair of the board 1,570 140 1,710 1,570 140 1,710
Anna Bäck 540 65 605 540 65 605
Andrea Gisle Joosen 540 165 705 540 165 705
Annica Witschard 540 65 605 540 65 605
Didier Stoessel 540 140 680 540 140 680
Erik Forsberg 540 275 815 540 275 815
Jacques du Puy 540 140 680 540 140 680
Katarina Bonde 540 140 680 540 140 680
Maxime Saada 540 65 605 540 65 605
Total 5,890 1,1 9 5 7,085 5,890 1,1 9 5 7,085
Group
Note 7 cont�
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Elements Purpose and links to strategy Description and operations
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, scope of the role, employee pay across Viaplay Group and align-
ment to similar-sized listed 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 evolve year-on-year� Variable cash remuneration shall not qualify for pension benefits unless 
required by local legislation�
Benefits and  
allowances
Additional tangible or intangible compensation paid
annually that does not fall under base salary, pension,
STI or LTI to provide local market-competitive benefits
and support recruitment and retention�
Benefits shall be competitive and appropriate in context of the market practice in the applicable country of executives’ employment or residence and total remu-
neration� Benefits may include but are not limited to company phones, car allowance, travel allowance, tax support, well-being assistance, travel, company gifts, life 
insurance and medical insurance� Premiums 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 Remuneration Committee (Committe)�
Annual short-term
incentive (STI) plan
To incentivise and reward the achievement of annual financial 
and, when appropriate, non-financial performance measures 
clearly linked to the strategic priorities and sustainable develop-
ment of the Group and the executives’ area of responsibility�
The maximum payment under the STI shall not exceed 150% of base salary� The satisfaction of criteria for awarding STI shall typically be measured over a period of 
one year� The Board of Directors, on the recommendation of the Committee, may reduce the performance measurement period to six months of the financial year to 
allow for adaptability to changing company and market conditions� Any such change will be disclosed and explained in the Remuneration report� 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 will also take into account the individual executives’ 
performance against pre-determined and measurable objectives within their area of responsibility, determined in consultation with the President and CEO (or, in the 
case of the President and CEO, the Chair of the Board)� These objectives may be functional, operational, strategic and non-financial, including, among others, objec-
tives relating to environmental, social and governance issues� Payment under this plan is made after year-end following the Committee’s and Board’s determination of 
achievement against the annual corporate targets and the achievement of annual individual objectives for the President and CEO� The President and CEO determines 
the achievement of 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�
Remuneration guidelines by element
Total remuneration shall be on market terms and may include base salary, 
pension, benefits and performance-linked elements in the form of short-
term (’STI’) and long-term incentive (’LTI’) plans� The share-based long-term 
incentive plans are approved by the general meeting and are not governed 
by these guidelines� A summary is included for completeness� The table 
below provides more detail on the individual elements, their purpose and 
their link to the business strategy� 
Group
Note 7 cont�
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Elements Purpose and links to strategy Description and operations
Long-term 
incentive (LTI)
The LTIP shall be linked to certain pre-determined financial, 
non-financial (including ESG measures) and/ or share- or 
share-price-related performance criteria and shall ensure a 
long-term commitment to the development of Viaplay Group 
and align the senior executives’ incentives with the interest 
of shareholders�
The LTIP can be delivered in cash or shares� Share-based LTIPs will be resolved upon separately by the Annual General Meeting and therefore excluded from these 
guidelines� Cash-based plans will have a performance and vesting period of three years� The 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� Further-
more, the Committee and the Board have the possibility to (i) adjust payments before they are made (‘malus’) and (ii) to claw back payments that have already been 
made if extraordinary circumstances exist, such as financial misstatement, payments based on incorrect grounds, reputational damage, failure of risk management or 
any other circumstances, as determined by the Board of Directors�
Extraordinary 
 arrangements
To aid recruitment or retention required to ensure successful 
implementation of the company’s strategy and safeguarding 
its long-term interests�
By way of exception, additional one-off arrangements can be made on a case-by-case basis when deemed necessary, subject to Board approval based on a recommen-
dation from the Committee� Each such 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 interests 
of shareholders�
The President and CEO and members of GET are required to accumulate Viaplay Group shares over time towards target ownership levels that are based on a percent-
age of net base salary� Target ownership levels: President and CEO: 150% Other members of GET: 75% The Committee has the authority to adjust these requirements 
if  considered appropriate in individual cases�
Service contracts and payments upon termination of employment
In general, executive contracts have indefinite duration� However, the con-
tracts may be issued on a fixed-term basis if warranted by certain circum-
stances, such as for interim positions or for executives close to retirement 
age� Upon termination of employment, the notice period may not exceed 
twelve months� Fixed cash salary during the notice period and any sever-
ance pay may combined not exceed an amount equivalent to two years’ 
fixed salary� In addition, executives may be compensated for non-compete 
restrictions invoked post termination� Such compensation shall be based on 
the base salary at the time of notice of termination of employment and be 
awarded during the restriction period which cannot exceed twelve months� 
Such payment cannot be combined with severance payments�
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 prepare a proposal for new guidelines at least 
every four years or in case of material changes to the current policy and 
submit these to the general meeting� The guidelines shall be in force until 
new guidelines are adopted by the general meeting� The Committee shall 
prepare, for resolution of the Board, remuneration-related matters concern-
ing the President & CEO and any proposals on share-based or share-relat-
ed long-term incentive plans in the company� In addition, 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 levels in the company� In 
order to avoid any conflict of interest, the Committee shall consist of non-ex-
ecutive members only� Remuneration is managed through well-defined pro-
cesses 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 in turn are informed 
by general market conditions and internal factors such as the perfor-
mance of the Group or relevant business unit� The Committee regularly 
consults with the President & CEO and the SVP, People & Culture to be 
mindful of employee pay, conditions and engagement across the broader 
 employee population� 
Deviation from the guidelines
The Board may temporarily resolve to deviate from the guidelines, in full 
or in part, if in a specific case there is special cause for the deviation and a 
deviation is necessary to serve the 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� This includes any resolutions to deviate from 
the guidelines� 
Group Executive Team
At year-end 2025, the Group Executive Team included the President & CEO 
and ten other executives� The Group Executive Team is described on pages 
34–35�
Decision process
The remuneration to the President & CEO is decided by the Board of 
 Directors on recommendation by the Remuneration Committee� The 
 remuneration policy for the Group Executive Management is determined 
by the Remuneration Committee and the Board� 
Group
Note 7 cont�
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Remuneration and terms of employment for the President and CEO in 2025
The remuneration to the President and CEO includes fixed salary, variable 
components in the form of STI and long-term incentive (LTI) plans, pension 
in the form of cash contribution as a percentage of fixed salary and other 
benefits/allowances� Notably, no salary adjustment was made for the Pres-
ident and CEO in 2025; the base salary therefore remained at SEK 12�6m 
and the maximum STI pay out amounts to 100% of the annual base salary� 
The President and CEO participates in the hybrid LTI scheme with a total 
grant value of 165% of the gross annual base salary, unchanged from prior 
year� The hybrid structure comprises a cash-based Short-Term Incentive 
Deferred (STID) plan and a share-based Long-Term Incentive (LTI) plan� For 
the President and CEO, the hybrid structure results in a 2025 LTIP share 
grant equivalent to 49�5% of the gross annual base salary and a 2025 STID 
grant equivalent to 115�5% of the gross annual base salary� The two plans in 
the hybrid structure are described in more detail further down in this note� 
For more detailed information regarding the performance targets, please 
see the Remuneration Report for 2025� A notice of termination period of 
one year applies for the President and CEO if such notice is given by the 
Remuneration and other benefits to the Group Executive Team
Fixed remuneration Variable remu neration
Remuneration with share 
purchase obligation7
Group (SEK thousand)
Base  
salary1
Other  
benefits2
Pension 
expense
One-year 
variable³
Multi-year 
variable4
Total  
remuneration
Extra ordinary  
items
Multi-year 
variable
2025
Jørgen Madsen Lindemann, President & CEO 12,566 378 1,257 10,132 7,246 31,579 – 6,519
Group Executive Team (10 members)5 34,166 838 3,171 19,518 10,102 67,794 – 12,903
Total 46,732 1,216 4,427 29,650 17,348 99,373 – 19,421
2024
Jørgen Madsen Lindemann, President & CEO 12,566 378 1,256 11,310 9,634 35,144 12,200 9,634
Group Executive Team (10 members, including 3 leavers)6 51,519 712 3,970 20,179 14,567 90,947 20,486 14,567
Total 64,085 1,090 5,226 31,489 24,201 126,091 32,686 24,201
1) Base salary includes salary during notice period as well as severance pay for GET members leaving the Group�
2) Other benefits include car allowance�
3) One-year variable refers to STI earned during each of the financial years�
4) Multi-year variable refers to the cash award for STID and the LTI component granted free of charge with a 3 year performance period�
5) The 2025 amounts disclosed for the Group Executive Team, relate to the full period for Christian Albeck, Lars Bo Jeppsen, Kenneth Andresen, Philip Wågnert, Vanda Rapti, Peter Nørre-
lund and Johan Johansson, whereas part of the year for Jonas Karlén (from 17 November)�
6) The 2024 amounts disclosed for the Group Executive Team, relate to the full period for: Christian Albeck, Lars Bo Jeppsen, Kenneth Andresen, Philip Wågnert, Vanda Rapti and Peter 
Nørrelund, whereas part of the year for Johan Johansson (from August)� Members that left during the year are Enrique Patrickson, Matthew Hooper and My Perrone� The base salary 
includes payment during their notice period as well as severance pay and amounts in total to SEK 25,917t�
7) Remuneration with share purchase obligation includes “Extraordinary items”, referring to a one-off cash investment bonus subject to a 100% net share purchase obligation and a 
24-month holding period� It also includes a “multi-year variable” component, comprising the remaining 50% of the 2023 & 2024 STID plans, which replaced the share-based remuner-
ation of LTI plans and is subject to a 50% net share purchase obligation with a 12-month holding period� The plan rules for the STID 2025 remains the same with the exception of the 
share holding period, revised to a 24-month instead of previous 12 months� 
company or the President and CEO respectively� The agreement does not 
provide for any severance pay�
Remuneration and terms of employment for  
other members of Group Executive Team in 2025
The remuneration to the Group Executive Team members included fixed 
salary, variable components in the form of STI and LTI plans, pension in the 
form of defined contribution and other benefits/allowances� In addition to 
participating in the 2025 Viaplay Group STI plan, Group Executive Team 
members have participated in one long-term incentive plan during the 
year, LTIP 2025 and in one Short-Term Incentive Deferred (STID)� The two 
plans in the hybrid structure are described in more detail further down in 
this note� For more detailed information regarding the performance targets, 
please see the Remuneration Report for 2025� Notably for 2025, no salary 
adjustment was made for Group Executive Team� A notice of termination 
period of six to twelve months applies to the Group Executive Team mem-
bers if such notice is  given by the company or the Group Executive Team 
member respectively� 
Short Term Incentive Deferred (STID)
Group Executive Team members have further participated in the Short-
Term Incentive Deferred (STID) plans� The STID are cash award plans with 
share purchase requirements, covering the employees nominated to LTIP 
alongside selected new executives and key personnel� The STID offers 
participants the same percentage of opportunity as the LTI, expressed as 
a percentage of base salary� Due to limitations, participants from Tier 1 to 
Tier 3 have 70% of their grant opportunity allocated to STID whereas the 
remaining 30% allocated to LTIP� Participants belonging to Tier 4 and Tier 5 
are keeping their full grant opportunity� 
STID 2025 is a cash incentive with share purchase and shareholding 
requirement� The performance period is measured on half-year basis with 
different weighting, 40% weighting for H1 and 60% for H2� Payments are 
divided into two parts: a cash award and a share award� The share award 
is used to purchase Viaplay Group B shares with 100% of the net payout, 
while the cash award is deferred one year, provided that the plan conditions 
are met� A total of four payments will be made, two corresponding to H1 
and the remaining two corresponding to H2� The shares purchased under 
the share award are subject to a 24-months holding period�  
Group
Note 7 cont�
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The Group accrues costs for the STID plans over the combined perfor-
mance and employment retention periods, totalling 24 months per plan�
Share-based compensation
The Group issues equity-settled share-based payments to certain key 
employees� Equity-settled share-based payments are measured at fair 
value at the date of grant� The current plan has a three-year vesting period 
and payment depends on the fulfilment of certain stipulated performance 
conditions� 
Long-term incentive plan
The 2025 Annual General Meeting approved LTIP 2025, a share-based 
incentive plan for approximately 20 participants, including the Group Exec-
utive Team, senior executives, and key employees� The plan has a three-year 
performance period, and participants are granted shares at the beginning 
of the program� Designed to attract, retain, and align key talent with share-
holder interests, the plan requires the CEO and GET (Tiers 1–3) to accumu-
late shares based on a percentage of net salary� 
Due to the recapitalisation, certain limitation was put to the LTIP� Under 
the plan, 30% of the participant’s total grant opportunity, calculated as a 
percentage of annual base salary, is allocated to the LTIP component� 
Vesting of the shares is conditional upon the achievement of a single 
performance criteria, an absolute share price hurdle of SEK 1�10, measured 
as the volume-weighted average share price (“VWAP”) over 30 trading days 
prior to the 2028 Annual General Meeting� If the performance condition is 
not met, no shares will vest� The plan has no upper limit on potential vesting� 
One Group Executive Team member has been exempted from the 2024 
requirements onwards, as he had already fulfilled the share ownership obli-
gation prior to Viaplay Group’s recapitalisation, which substantially reduced 
the value of his holdings�
Number of share awards outstanding per category 2025
Maximum number of 
B shares¹
Maximum value 
(SEKm)²
LTIP 2025 LTIP 2025
President & CEO 9,366,319 8,476,519
Group Executive Team and other senior management 21,700,657 19,639,095
Share awards outstanding as of 31 December 2025 31,066,976 28, 115,613
1) Representing 100% of the number of shares granted in May 2025�
2) Calculated based on a share price of SEK 0�905 on 31 December 2025�
Change in number of share awards outstanding
LTIP 2025 LTIP 2022 LTIP 2021
Share awards outstanding in the beginning of the year 2024 – 273,400 172,190
Forfeit during the year – –115,059 –172,190
Share awards outstanding as of 31 December 2024 – 158,341 –
Share awards outstanding in the beginning of the year 2025 – 158,341 –
Allotted during the year 31,066,976 – –
Forfeit during the year – –158,341 –
Share awards outstanding as of 31 December 2025 31,066,976 – –
Group
Note 7 cont�
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Fair value of Long-term incentive plan
The fair value for the long-term incentive plans includes adjustments for 
the TSR development performance conditions at the grant date, using a 
Monte Carlo model�
Cost effects of the incentive programme
LTIP 2025 is equity-settled� The initial fair value at grant date of the share 
programme, is expensed during the vesting period� The cost for the pro-
gramme is recognised as an operating expense with the corresponding 
increase in equity� The cost is based on the fair value of the Viaplay Group 
AB's (publ) Class B share at grant date and the number of shares expected to 
vest� The cost recognised for the LTIP programmes amounts to SEK –4m (8), 
of which SEK –4m (–) refers to the LTIP 2025 and SEK –2m (8) refers to the 
LTIP 2022 and and LTIP 2021� Social charges amounted to SEK 1m (0) for the 
LTIP programmes� There were no share rights exercisable at the end of 2025� 
Dilution
If all the share rights awarded to senior executives and key employees as 
31 December 2025 would have been exercised, the outstanding shares of 
Viaplay Group AB (publ) would increase by 31,066,976 Class B shares, and be 
equivalent to a dilution of 0�7% of the issued shares and 0�7% of the related 
voting rights at the end of 2025� 
Note 8  Items affecting comparability
Items affecting comparability (IAC) refers to material items and events relat-
ed to changes in the Group’s structure or line of business, which are relevant 
to understanding the Group’s development on a like-for-like basis� Separate 
reporting of items affecting comparability provides a better understand-
ing of the Group’s underlying result and offers more comparable figures 
between periods�
Group (SEK million) 2025 2024
Write-down of other assets – –116
Write-down and provision – non sports content –659 –27
Restructuring and redundancy costs –18 –96
Capital gain/loss from divestments – 73
Cost related to acquisition –26 –
Advisory costs and recapitalisation costs – –38
Currency translation effects1 283 –234
Total –420 –439
Items affecting comparability classified by function
Group (SEK million) 2025 2024
Cost of sales –659 –25
Administrative expenses –42 –141
Other operating income and expenses 281 –274
Total –420 –439
1) Following the recapitalisation process 2024, the Group was not able to enter curren-
cy forward contracts with our financial counterparties, resulting in a larger share of 
unhedged currency exposure which have resulted in large deviations and currency 
effects related to acquired content and US dollar exposure� The Group has reported 
these currency effects as items affecting comparability� In the latter part of the third 
quarter 2025 the Group hedge a major part of the exposure and from Q4, report these 
currency differences within Operating income before IAC� However the Group has 
continued to report the currency differences arising from the provisions made in 2023 
related to onerous contracts as items affecting comparability� 
Note 9  Financial items
Group (SEK million) 2025 2024
Interest income 40 49
Total interest income 40 49
Interest expense on borrowings –496 –337
Interest expense, other –8 –13
Total interest expenses –504 –350
Lease interest income 3 4
Lease interest expense –28 –30
Lease net interest –25 –26
Net exchange rate differences –26 21
Interest expenses from discounting –37 –15
Income from debt write-down1 – 1,190
Guarantee facility –122 –108
Other financial items – 5
Other financial items –185 1,093
Net financial items –674 766
1) The recapitalisation programme 2024 included write-down of existing debt obligations 
of SEK 2,000m in exchange of 0,5 billion shares� The equity value of the shares at the 
date the debt was extinguished totaled SEK 810m and was reported within the Group’s 
equity and SEK 1,190m was i reported as other financial income�
Group
Note 7 cont�
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Reconciliation of effective tax
2025 2024
Group (SEK million) Tax base Current tax Deferred tax Total Tax Tax base Current tax Deferred tax Total Tax
Income before tax – Nominal tax rate, 20�6% –1,160 239 – 239 208 –43 – –43
Share of earnings in associated companies and JVs 26 –5 – –5 –151 31 – 31
Non-taxable income –168 35 – 35 –105 24 – 24
Non-deductible expenses 118 –24 – –24 154 –41 – –41
Temporary differences 577 –119 119 – 321 –67 67 –
Tax losses, recognised 1 – – – – – – –
Tax losses, not recognised 1 116 –230 – –230 –222 46 – 46
Tax losses carry-forward, previously recognised –3 1 –1 – 8 –1 1 –
Tax losses carry-forward, previously not recognised –104 25 – 25 194 –48 – –48
Tax losses can’t be used, will be forfeited – – – – – – – –
Revaluation of deferred tax – – –2 –2 – – 5 5
Revaluation of deferred tax, negative net interest – – –116 –116 – – –71 –71
Effects from foreign tax rates – –15 – –15 – –1 – –1
Prior year adjustment – –14 – –14 – –3 – –3
Total 403 –107 – –107 407 –103 1 –102
Unrecognised tax losses carry-forward by expiry date
Group (SEK million) 2025 2024
Within 1 year – –
1–5 years – –
Over 5 years – –
No expiry date 6,828 6,221
Total 6,828 6,221
None of the Group's tax losses carry-forward are limited by any expiration� 
Note 10  Taxes
Accounting principle
Tax expenses included current Swedish and foreign corporate income taxes 
and deferred tax� Current tax is calculated based on the taxable result for 
the year� This can differ to the income before tax reported in the income 
statement due to adjustment for non-taxable and non-deductible income 
and expenses and temporary differences� Current taxes are calculated on 
the basis of the tax regulations prevailing in the countries where the Group 
companies have operations�
Deferred tax refers to temporary differences between an asset’s or a lia-
bility’s carrying amount and it’s tax base� The deferred tax asset is calculat-
ed based on the tax rates in the respective country� 
The Group’s tax receivables are recognised to the extent that it is prob-
able that taxable profits will be generated, against which the deductible 
temporary differences can be utilised before the right to use tax loss 
carryforwards expires� The Group’s assessment of each subsidiary’s future 
earnings development is based both on reported results in recent years and 
on improved future profitability prospects� 
Distribution of tax expense
Group (SEK million) 2025 2024
Current tax expense –93 –100
Adjustment for prior years –14 –3
Total current tax –107 –103
Deferred tax – 1
Total –107 –102
Unrecognised temporary differences by expiry date
Group (SEK million) 2025 2024
Within 1 year – –
1–5 years 590 66
Over 5 years 565 344
No expiry date – –
Total 1,15 5 410
Unrecognised temporary differences are primarily attributable to non-de-
ductible interest under the Swedish EBITDA-rule� 
Group
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Deferred tax is attributable to
Group (SEK million)
Opening balance  
1 Jan 2024
Deferred tax  
recognised in the P&L
Deferred tax 
recognised in OCI
Translation 
differences
31 Dec 2024 
/1 jan 2025
Deferred tax  
recognised in the P&L
Acquired  
operations
Deferred tax 
recognised in OCI
Translation 
differences
Closing balance  
31 Dec 2025
Tax losses carried forward 927 7 – – 934 –26 17 – – 925
Intangible assets –202 – – 1 –201 5 –449 – 3 –642
Tangible assets 6 1 – – 7 –1 4 – – 10
Right-of-use assets –80 4 – – –76 13 3 – – –60
Financial assets 11 – –9 – 2 3 – 2 – 8
Inventories 1 –1 – – – –3 6 – – 2
Current receivables 4 –1 – – 3 31 23 – – 57
Provisions 14 –2 – – 12 –9 –3 1 – 1
Lease liabilities 89 –3 – – 86 –14 – – – 72
Current liabilities 7 –5 – – 2 1 – – – 4
Untaxed reserves – – – – – – – – – –
Total 777 1 –9 1 769 – –399 3 3 376
 of which Deferred tax asset 972 974 962
 of which Deferred tax liability –195 –205 –586
OECD Pillar Two model rules 
Viaplay Group is within the scope of the OECD Pillar Two model rules� The 
Group has performed an assessment based on the most recent information 
available regarding the financial performance of the constituent entities in 
the Group� Based on the assessment performed, the Pillar Two effective tax 
rates in all jurisdictions in which the Group operates are above 15%� There-
fore, the Group does not expect material top-up tax to arise for the finan-
cial year 2025 under prevailing conditions and consequently no significant 
impact on the consolidated tax expense by the Pillar Two legislation� As at 31 
December 2025, the Group has applied the mandatory temporary exception 
issued by the IASB in respect of deferred tax accounting related to Pillar Two 
and therefore does not recognise or disclose information about deferred tax 
assets and liabilities arising from the enacted Pillar Two legislation�
Group
Note 10 cont�
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Note 11  Earnings per share
Group (SEK million) 2025 2024
Weighted average number of shares, basic 4,558,616,594 4, 110,047,635
Net income attributable to the equity holders of 
the Parent company –1,267 106
Basic earnings per share, SEK –0.28 0.03
Weighted average number of shares, diluted 4,558,616,594 4, 110,047,635
 of which diluted average number of shares – –
Net income attributable to the equity holders of 
the Parent company –1,267 106
Diluted earnings per share, SEK –0.28 0.03
Potentially dilutive instruments 
Viaplay Group AB has one outstanding long-term share-based incentive 
plan from 2025 where the performance conditions are not fulfilled, but that 
might have a diluting effect in the future. The potential dilution is calculat-
ed in order to determine the number of shares that can be exercised at fair 
value based on the value of the share awards. Performance share awards 
are included in the potentially dilutive shares from the start of the pro-
gramme, and in accordance with the performance targets achieved. As per 
31 December 2025 the number of share awards totaled to 31,066,976 (see 
note 7).
Note 12  Intangible assets
Accounting principle
Intangible assets are carried net after deductions for accumulated amorti-
sation according to plan and impairment losses. Amortisation according to 
plan is normally calculated on a straight-line schedule based on the acquisi-
tion value of the asset and its estimated useful life. 
Goodwill and intangible assets with indefinite lives are tested for impair-
ment annually or if triggered by events. Impairment testing of goodwill and 
other intangible assets with indefinite lives, are based on calculations of 
the recoverable amount (value in use), using a discounted cash flow model. 
Impairment tests are made on the total cash generating unit.
The intangible assets are classified in the following categories:
Asset Amortisation period
Goodwill Indefinite lives with impairment tests annually  
or if triggered by events
Customer relationships 4-6 years
Trademarks 10 years or indefinite lives with impairment tests 
annually or if triggered by events
Capitalised development  
expenditure 
3–5 years
Broadcasting licenses and 
Beneficial rights
Estimated amortisation period based on the  
terms of the license
Goodwill 
Goodwill arising on consolidation represents the excess of the cost of 
 acquisition over the Group’s interest in the fair value of the identifiable 
assets and liabilities of an acquired business. Goodwill is recognised as an 
asset and tested for impairment losses at least annually. Any impairment is 
recognised immediately in the income statement and cannot be reversed. 
Customer relationships
In connection with the acquistion of Allente Group customer relationships 
were identified as a separate identifiable asset. This refers to relationships 
with existing customers that are expected to generate recurring revenue 
over their useful life. These assets are amortised on a straight-line basis over 
the estimated duration of the customer relationships.
Trademarks 
Trademarks are carried at cost less accumulated amortisation and impair-
ment losses. Previous acquired trademarks have been judged to have 
indefinite lives and are impairment tested annually or if triggered by events. 
Following the acquisition of Allente Group, Viaplay recognised the Allente 
brand as an intangible asset, which has been assessed to have an estimated 
useful life of 10 years. 
Capitalised development
Expenditure on development activities, aiming at new or substantially 
improved products and processes, are capitalised if the process is technically 
and commercially feasible and the Group has sufficient resources to com-
plete the development. The development expenditure capitalised includes 
the direct costs and, when appropriate, cost of direct labour and an appropri-
ate proportion of overheads. Other development expenditure is expensed in 
the income statement as incurred. Capitalised development expenditure are 
carried at cost less accumulated amortisation and impairment losses. 
Broadcasting licenses and beneficial rights 
Acquired broadcasting licenses and beneficial rights are carried at cost less 
accumulated amortisation and impairment losses. Beneficial rights have 
been fully amortised at year end 2024.
Group
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Intangible assets
2025 2024
Other intangible assets Other intangible assets
Group (SEK million) Goodwill
Cutomer 
relation-
ships
Trade-
marks
Capitalised  
develop-
ment
Broad-
casting 
licenses 
Total other 
intangible 
assets Goodwill
Trade- 
marks
Capitalised  
develop-
ment
Broad- 
casting 
licenses
Total other 
intangible 
assets
Acquisition values
Opening balance 2,949 – 230 495 409 1,1 3 4 2,952 235 478 409 1,1 2 2
Acquired operations 1,803 2,064 265 60 – 2,389 – – – – –
Investments during the year – – – 27 – 27 – – 17 – 17
Sales and scapping during the year – – – –8 – –8 – – – – –
Translation differences –29 – –13 –4 – –17 –3 –5 – – –5
Closing balance as of 31 December 4,723 2,064 482 570 409 3,525 2,949 230 495 409 1,1 3 4
Accumulated amortisation and 
impairment
Opening balance –1,659 – – –452 –337 –790 –1,659 – –412 –292 –704
Sales and scrapping during the year – – – 8 – 8 – – – – –
Amortisation during the year – –51 –4 –31 –45 –131 – – –40 –45 –86
Translation differences –1 – – 1 1 2 – – – – –
Closing balance as of 31 December –1,660 –51 –4 –473 –381 –910 –1,659 – –452 –337 –790
Carrying amount
As of 1 January 1,290 – 230 43 72 345 1,293 235 66 117 418
As of 31 December 3,063 2,013 479 97 27 2,615 1,290 230 43 72 345
Amortisation by function
Group (SEK million) 2025 2024
Cost of sales –129 –75
Selling and marketing expenses –1 –1
General and administrative expenses –1 –10
Total –131 –86
Cash generating units 
The Group has three cash generating units, Core, Non-core operations and 
the newly acquired Allente. Goodwill and trademarks with indefinite life, 
total SEK 3,280m (1,520), of which SEK 1,477m (1,520) attributable to the 
Core operations and SEK 1,803m attributable to Allente. Non-core opera-
tions carry no intangible assets.
Impairment test
The impairment tests are carried out on a regular basis, annually or when 
triggered by events. 
Impairment testing of goodwill and other intangible assets with indefinite 
lives, are based on calculations of the recoverable amount (value in use), 
using a discounted cash flow model. Viaplay Group has goodwill amounting 
to SEK 3,063m (1,290) of which SEK 1,260m (1,290) is allocated to the cash 
generating unit Core operations and SEK 1,803m (0) to the cash generating 
unit Allente. Viaplay Group has trademarks of SEK 217m (230) with indefi-
nite lives allocated to the cash generating unit Core operations. Impairment 
tests are prepared for the cash generating units Core operations and Allente. 
The cash flows of the cash generating units are discounted at a pre-tax 
interest of 14% (15) considering the cost of capital, territory, the economic 
environment and risk. The models involves key assumptions such as sales, 
growth rates, sales prices and cost growth together with expected working 
capital movements. These cash flow projections, calculated over a 4-5-year 
period depending on CGU, are based on actual operating results, forecasts 
and financial projections, using historical trends, general market conditions, 
industry trends and other available information. After the last projections, a 
growth rate of 1% (1) is applied. 
According to the impairment tests carried out 2024 and 2025, no impair-
ment has been recognised.  
Sensitivity impairment test
The operations, which do not indicate an impairment requirement, have such 
a margin that reasonably possible adverse changes in individual parameters 
would not cause the value in use to fall below the carrying amount. 
However, cash flow projections are by their nature more uncertain and 
may also be influenced by factors outside the control of the Group. Such 
factors could be political risks and general market conditions, which might 
quickly deteriorate for example due to a financial crisis.
Group
Note 12 cont.
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Note 13  Tangible assets
Accounting principle
Tangible assets are reported at cost less accumulated depreciation and 
any write-downs. Depreciation is normally calculated using the straight-line 
method over the asset’s estimated useful life. Where parts of an item of 
machinery and equipment have different useful lives, they are accounted for 
as separate items of machinery and equipment. Machinery and equipment 
are depreciated over a period of three to five years.
Equipment, tools and installations
Group (SEK million) 2025 2024
Acquisition value
Opening balance 594 570
Acquired operations 8 –
Investments during the year 21 27
Sales and scrapping during the year –12 –5
Translation differences –14 2
Closing balance as of 31 December 597 594
Accumulated depreciation and write-downs
Opening balance -461 –412
Sales and scrapping during the year 11 5
Depreciation during the year –50 –52
Translation differences 12 –2
Closing balance as of 31 December –488 –461
Carrying amount
As of 1 January 133 158
As of 31 December 109 133
Depreciation by function
Group (SEK million) 2025 2024
Cost of sales –39 –41
General and administrative expenses –11 –12
Total –50 –52
Group
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Note 14  Shares and participations in Group companies
Group companies
The following companies are included in the Group. Share capital and voting rights represent 31 Dec 2025.
Shares and participations in Group companies as at 31 December 2025
Company name Co. Reg.no. Registered office Share capital, % Voting rights, %
Allente Group AB 559225-9666 Sweden 100 100
Allente Sverige AB 559218-1308 Sweden 100 100
Allente Norge AS Norway 100 100
Allente Danmark A/S Denmark 100 100
Kilohertz AB 556444-7158 Sweden 100 100
Matador Film AB 556793-6637 Sweden 100 100
Radiomätningar i Sverige AB 559545-8737 Sweden 100 100
Viaplay Group International AB 556840-9287 Sweden 100 100
Viaplay Group JV Holding AB 559480-6605 Sweden 100 100
Viaplay Group Radio AB 556365-3335 Sweden 100 100
Viaplay Group Radio Sales AB 556490-7979 Sweden 100 100
Viaplay Group Services AB 556711-0290 Sweden 100 100
Viaplay Group Sweden AB 556304-7041 Sweden 100 100
Viaplay Group Sweden Holding AB 556057-9558 Sweden 100 100
Company name Co. Reg.no. Registered office Share capital, % Voting rights, %
Viaplay Studios AB 556264-3261 Sweden 100 100
Viaplay Studios Sweden AB 556783-6704 Sweden 100 100
Epiq Films Aps Denmark 100 100
Viaplay Group Denmark A/S Denmark 100 100
Viaplay Group Denmark Sport A/S Denmark 100 100
Viaplay Group DK II A/S Denmark 100 100
Viaplay Group Finland Oy Finland 100 100
Viaplay Group Norway AS Norway 100 100
P4 Radio Hele Norge AS Norway 100 100
P5 Radio Halve Norge AS Norway 100 100
Viaplay Studios Norway AS Norway 100 100
Viaplay Group Poland sp. z o.o. Poland 100 100
Viaplay Group Spain Technology, S.L.U Spain 100 100
Viaplay Group Netherlands B.V. The Netherlands 100 100
Viaplay Group UK Limited United Kingdom 100 100
Viaplay Group US Inc. USA 100 100
Group
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Note 15  Associated companies and joint ventures Note 16  Inventories
Accounting principle
Programme rights purchased for the Group’s platforms are accounted for as 
inventory. Programme rights are recognised as inventory when the licence 
period has begun, the programme itself is available for its first broadcast, 
the cost of the programme is known, and the programme content has 
been approved. 
Inventories are valued at the lower of cost or net realisable value. Net 
realisable value is the estimated selling price in the ordinary course of busi-
ness, less the estimated costs of completion and the estimated cost to make 
the sale.
Programme rights are expensed based on historic and expected viewing. 
For the Group’s Subscription video on-demand (SVOD) and pay-TV services, 
its scripted content are expensed on an accelerated basis with a larger part 
of the cost charged in the first year and the remaining part over the licence 
period or a maximum of five years. Acquired programme rights for SVOD are 
expensed evenly over the licence period or a maximum of six years. Pro-
gramme rights for free-TV are expensed in accordance with the estimated 
broadcasting period. 
Programme rights invoiced, where the licence period has not started and 
the programme cannot be reported as inventory, is reported as prepaid 
programming expenses. 
Sports rights are recognised when the contractual period starts or when 
an advance payment is made. Sports rights are held as prepaid program-
ming expenses and not as inventory as the programme is not available to 
broadcast in advance. Sports rights are expensed over the tournament sea-
son, over a twelve months period or directly if the right refer to an one-off 
sports event.
Future payment commitments in respect of contractual programme rights 
or sports rights that have not yet been accounted for as inventory or pre-
paid programming expenses are disclosed as Future payment commitments, 
see note 25.
Allente, income statement (condensed)
100% of operations (SEK million)
1 Jan - 13 Nov 
2025 2024
Net sales 5,376 6,548
EBITDA before IAC 936 996
Depreciation and amortisation –513 –510
Operating income before IAC 423 486
Items affecting comparability –15 –17
Operating income 408 469
Financial items –62 –105
Tax expense –67 –59
Net income for the year 280 305
Other comprehensive income for the year –102 31
Total comprehensive income for the year 178 336
Viaplay Group’s 50% share of net income amounts to SEK 140m (152). 
Allente, balance sheet (condensed) 
100% of operations (SEK million) 2025 2024
Non-current assets – 3,981
Cash and cash equivalents – 1,001
Other current assets – 1,393
Total assets – 6,375
Equity – 2,242
Borrowings – 1,787
Other non-current liabilities – 197
Current liabilities – 2,149
Total liabilities – 4, 133
Total equity and liabilities – 6,375
Net debt – 807
Participation in associated companies and joint ventures
Group (SEK million) 2025 2024
Opening balance 1,124 1,093
Translation effect –23 –15
Share of earnings 140 151
Dividend –500 –101
Revaluation –137 –
Divestment¹ –600 –4
Closing balance as of 31 December 4 1,1 24
1) Viaplay Group completed the acquisition of the remaining 50% of Allente Group 13 
November 2025. NSR Scandinavia AB was divested in December 2024. 
Share of equity
Group, % 2025 2024
Allente Group AB, Stockholm – 50
Other 25-50 25–50
Carrying amount
Group (SEK million) 2025 2024
Allente Group AB, Stockholm – 1,121
Other 4 3
Total 4 1,1 24
Allente
Viaplay Group and Telenor Group each owned 50% of the shares in Allente 
Group AB. This joint venture was established in May 2020 when Viasat 
Consumer, Viaplay Group’s satellite pay-TV and broadband-TV business, was 
combined with Canal Digital, Telenor Group’s satellite pay-TV business. Viaplay 
Group acquired the remaining 50% av Allente Group on 13 November 2025.
Viaplay Group reported until 13 November 2025 its 50% share of Allente’s 
net income as income from associated companies and joint ventures within 
its operating income.
Group
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Programme rights
Group (SEK million) 2025 2024
Opening balance 2,244 2,911
Additions during the year 1,485 1,808
Expensed during the year –2,241 –2,513
Write-downs during the year –155 –69
Reclassification from prepaid programming 516 107
Closing balance programme rights as of 31 December 1,849 2,244
Other inventories 65 –
Closing balance inventories as of 31 December 1,914 2,244
of which carried at cost 1,495 1,808
of which carried at net realisable value 419 436
Note 17  Accounts receivable
Accounts receivable
Group (SEK million) 2025 2024
Gross accounts receivable 1,294 1,279
Allowances for expected credit losses¹ –73 –63
Total 1,221 1,216
1) A major part of the allowances for expected credit losses relates to receiveblas that are 
more than 90 days past due.  
Allowance for expected credit losses
Group (SEK million) 2025 2024
Opening balance 63 33
Acquired operations 11 –
Provision for potential losses 34 33
Actual losses –7 –3
Reversed write-offs –27 –
Translation differences –1 –
Closing balance as of 31 December 73 63
Aging analysis of accounts receivable
Group (SEK million) 2025 2024
Not due 909 775
Due, 30–90 days 183 293
Due, > 90 days 202 211
Total 1,294 1,279
The credit risk is diversified among a large group of customers. The credit 
risk is assessed based on historical data. The recognised values are judged 
to be a reasonable approximation of the fair values.
Note 18  Prepaid expenses and accrued income
Prepaid expenses and accrued income
Group (SEK million) 2025 2024
Prepaid personnel expenses – 1
Prepaid production expenses 12 13
Prepaid funding fees 17 53
Cost of obtaining a contract 121 –
Other prepaid expenses 127 110
Total prepaid expenses 278 177
Accrued advertising income 86 49
Accrued subscription income 625 816
Accrued license and royalty income 28 361
Other accrued income 9 8
Total accrued income 748 1,234
Total prepaid expense and accrued income 1,026 1,411
Prepaid programming
Group (SEK million) 2025 2024
Opening balance 6,343 6,647
Additions during the year 12,100 11,809
Expensed during the year –11,074 –11,977
Write-down during the year –504 –
Reclassification to inventories –516 –107
Revaluation during the year – –35
Translation differences –1 6
Closing balance as of 31 December 6,348 6,343
Group
Note 16 cont.
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Note 19  Shareholders’ equity
Accounting principle
Payment of capital to the owners
Repurchase of own shares are recognised as a deduction from equity.
Proceeds from the disposal of such equity instruments are recorded as an 
increase in equity and any transaction costs are reported directly in equity.
Dividends are recognised as liabilities after the AGM has approved 
the dividend. 
Shares
The holder of a Viaplay Class A share is entitled to 10 voting rights, the 
holder of a Viaplay Class B and Viaplay Class C share one voting right. 
Class C shareholders are not entitled to dividend payments. The quota 
value is SEK 0.06 per share.
Number of issued shares 
Group Class A Shares Class B Shares Class C Shares Total
Number of shares as at 31 December 2024 531,536 4,577,701,208 889,500 4,579,122,244
Reclassification of Class A shares –120,008 120,008 – –
Shares as of 31 December 2025 411,528 4,577,821,216 889,500 4,579, 122,244
Of which treasury shares – –31,341,244 –889,500 –32,230,744
Shares excl treasury shares as of 31 December 2025 411,528 4,546,479,972 – 4,546,891,500
Out of the totally issued shares, 31,341,244 (6,782) Class B shares and 
889,500 (889,500) Class C shares are held as treasury shares. 
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. 
Total share repurchase amounted to SEK 19m. The LTI programme covers 
approximately 20 key employees in the Group. The programme is condition-
al on the participant meeting a certain share ownership target at the end of 
the three-year vesting period. After a three-year vesting period, participants 
will receive a set amount of class B shares in the company, provided that 
a performance condition of a share price of SEK 1.10 per class B share has 
been met.
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 2025, at the request of a shareholder, 120,008 Class A shares 
were converted to Class B shares.
During 2024 a directed issue, rights issue and the debt-to-equity issue 
was approved and finalised. 
Pursuant to the conditions for the financing agreements under the 2024 
recapitalisation programme, the Group may not during the term of such 
financing make any dividend or other transfer of value such as repurchasing 
of own shares (if such repurchase is for any other reason than management 
share-based incentive programs, and exceeds a yearly amount of SEK 25m). 
Share capital
As a result of the 2024 recapitalisation programme Viaplay Group’s share 
capital increased from SEK 158 m to SEK 275 m. 
Group (SEK million) 2025 2024
Opening balance 275 158
Reduction of share capital – –153
New share issue, Class B-shares (4,000,000,000) – 240
Debt to equity issue, Class B-shares (500,000,000) – 30
Closing balance as of 31 December 275 275
Other paid-in capital / Share premium reserve 
The paid-in capital arises when shares are issued at a premium, i.e. shares 
were paid at a higher price than the quota value.
Group (SEK million) 2025 2024
Opening balance 8,697 4,282
Share issue – 3,760
Debt to equity issue – 780
Transaction costs – –125
Closing balance as of 31 December 8,697 8,697
Group
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Translation reserve
Translation reserve comprises all foreign exchange differences arising from 
the translation of the financial statements of foreign operations to Swedish 
krona in the consolidated accounts. 
Group (SEK million) 2025 2024
Opening balance –56 –7
Translation differences for the year –91 –49
Closing balance as of 31 December –147 –56
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net 
change in the fair value of cash flow hedging instruments related to hedged 
transactions that have not yet occurred. Hedging positions have been 
entered into to protect the Group against the effects of transaction expo-
sures in the contracted outflow for the main part of programme acquisitions 
in foreign currency. During 2024 and part of 2025 the Group has not had 
the possibility to hedge by using currency forward contracts. In the end of 
2025 the Group now hedge a major part of the exposure. Hedging positions 
are also entered into to protect the Group against the interest rate risk ori-
gniated from the variable interest on the bonds. The closing balance 2024 
of the hedge reserve comprise solely of interest rate swaps. 
Group (SEK million) 2025 2024
Opening balance –4 –37
Cash flow hedges, net of tax –8 33
Closing balance as of 31 December –12 –4
Retained earnings 
Retained earnings comprise of previously earned income as well as remea-
surements of defined benefit pension plans.
Note 20  Provisions
Accounting principle
A provision is recognised when the Group has a present legal or construc-
tive obligation as a result of a past event, and it is probable that an outflow 
of economic resources will be required to settle the obligation and the 
amount can be reliably estimated. If the effect of the timing of the payment 
is material, provisions are determined by discounting the expected future 
cash flows at a pre-tax rate that reflects current market assessments of the 
time value of money and, where appropriate, the risks specific to the antici-
pated liability. 
When there is a contract that is onerous, the obligation under the con-
tract shall be recognised as a provision. An onerous contract is a contract in 
which the unavoidable costs of meeting the obligation under the contract 
exceed the economic benefit expected to be received under the contract.
Group
Note 19 cont.
Provision for restructuring
The operational and organisational changes initiated in 2023 resulted in a 
restructuring programme. During 2024 and 2025 additional restructuring 
provision have been made. 
Provision for onerous contracts
In 2023 the Group recognised provisions for onerous contracts related to 
Sports and non-sports content. During 2024 and 2025 the provision for the 
onerous contracts has been utilised as expected.
Provision for royalties
The Group pays compensation for the music used in the Group’s  productions 
to the holders of music rights. As the final compensation is unknown at the 
end of the period, the best estimate of cost is reported.
Change in provisions
2025 2024
Group (SEK million) Restructuring 
 Onerous 
contracts
Royalties  
and other  Total Restructuring 
 Onerous 
contracts
Royalties  
and other  Total
Opening balance 46 2,820 159 3,026 80 3,486 465 4,031
Acquired operations 3 – 146 150 – – – –
Provisions during the year 14 – 138 152 100 – 145 245
Used during the year –40 –850 –154 –1,044 –114 –816 –443 –1,373
Reversed during the year –6 – –3 –9 –21 – –9 –30
Discounting during the year – 37 – 37 – 15 – 15
Translation differences –1 –157 –8 –166 1 135 1 137
Closing balance as of 31 December 17 1,850 279 2, 145 46 2,820 159 3,026
 of which long-term 3 993 218 1,214 – 1,882 71 1,954
 of which short-term 14 857 60 931 46 938 88 1,072
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Note 22  Accrued expenses and prepaid income
Group (SEK million) 2025 2024
Accrued personnel expenses 299 347
Accrued production expenses 162 77
Accrued distribution expenses 63 11
Accrued royalty expenses 237 125
Accrued marketing expenses 60 81
Other accrued expenses 256 189
Total accrued expenses 1,077 830
Prepaid advertising income 33 50
Prepaid subscription income 1,202 706
Prepaid license and royalty income 425 441
Other prepaid income 23 3
Total prepaid income 1,683 1,200
Total accrued expenses and prepaid income 2,759 2,030
Note 21  Pension obligations
Accounting principle
For a defined benefit plan the present value of pension obligations and the 
pension cost are calculated annually by independent actuaries, using the pro-
jected unit credit method. The present value of the defined benefit obligation 
is determined by discounting estimated future cash flows using the interest 
rate of covered bonds. When the fair value of plan assets exceeds the present 
value of the defined benefit obligation, the Group holds a net asset at the end 
of the financial year.
The Group has a defined benefit plan in Norway which include nine employees. 
Specifications to defined benefit obligations and fair value of plan assets 
Movements in the present value of defined benefit obligations were 
as follows.
Group (SEK million) 2025
Acquired operations  53 
Current service costs – 
Interest expenses – 
Benefits paid –
Effect of changes in financial assumptions –9
Social security expenses –
Exchange rate difference –
Closing balance, present value of pension obligations 44
Acquired operations 64
Interest income –
Contribution to pension funds –
Payment from pension funds –
Social security costs –
Remeasurement gains (-)/losses (+) Return on plan assets  
(excluding interest income)
–14
Exchange rate differences –
Closing balance, fair value of plan assets 50
Net assets (-)/ provisions (+) for pension obligations –6
Plan assets consist of approximately 60% bonds,  30% shares and 10% other 
assets.
Group (SEK million) 2025
Service cost for the year –
Effect of changes in financial assumptions  
(included in other comprehensive income) –5
The actuarial calculation of pension obligations and pension costs is based 
on key assumptions, presented as aggregated average for the pension plan. 
Key Actuarial Assumptions
Group 2025
Discount rate 4.0%
Yearly salary increase 3.75%
Annual adjustment of pensions 2.70%
Yearly rate of retirement –
Expected average remaining service period for employees 3 years
Below shows the sensitivity of the defined benefit obligations to changes 
in the assumptions. The sensitivity analyses are based on a change in an 
assumption while holding all other assumptions contant. In pratice, this is 
unlikely to occur, and changes in some of the assumptions may be correlated.
Sensitivity analysis
Group (SEK million) 2025
Discount rate increase 1% –9
Discount rate decrease 1% 7
Salary increase 1% 4
Salary decrease 1% –4
Social security costs increase 1% –1
Social security costs decrease 1% 1
Pension contributions –6
Group
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Capital management 
The primary objective of the Group’s capital management is to ensure 
financial stability, manage financial risks and secure the Group’s short-term 
and long-term need of capital. 
The Group defines its capital as equity and financial borrowings as stated 
in the balance sheet. The Group manages its’ capital structure by issuing 
new shares or raising new debt. The loan agreements include terms and 
restrictions that limits the Group’s ability to make capital structure changes. 
The Group monitors capital efficiency using different ratios.
Financial risk management 
In addition to business operational risks, the Group is exposed to various 
financial risks in its operations. Important financial risks are the risk of 
breaking financial covenants in loan agreements, followed by refinancing-, 
currency-, credit- and interest rate risk. The risks during 2025 were regulat-
ed by the financial policy adopted by Viaplay Group’s Board of Directors in 
Q4 2024 and later in Q4 2025. 
The Group’s financial policy constitutes a framework of guidelines and 
rules for financial risk management and financial activities in general. The 
policy is subject to a yearly review. 
The Group financial risks are continuously compiled and followed up at 
corporate level by the Group’s treasury function to ensure compliance with 
the financial policy. The treasury function is responsible for managing the 
financial risks. It is aimed to limit the Group’s financial risks, and ensure 
that the Group has appropriate and secure financing for its current needs, 
as well as ensuring compliance with the loan agreements. Liquidity in the 
Group is concentrated with the Group’s treasury function and in local 
cash pool. 
Credit risk 
Credit risk is defined as the risk that the counterparty in a transaction will 
not fulfil its contractual obligations, and any collateral will not cover the 
claim of the Group. The credit risk in the Group consists of financial credit 
risk and customer credit risk. 
Financial credit risk is the risk arising for the Group in its relations with 
financial counterparties. The management of the financial credit risk is reg-
ulated in the Group’s financial policy, which contains a framework of risk lim-
its for external counterparties based on credit ratings. Bilateral agreements 
or standardised ISDA (International Swaps and Derivatives Association) 
agreement are signed with all counterparties involved in foreign exchange 
transactions and interest rate swaps. Transactions are carried out within 
fixed limits and exposures are continuously monitored. The Group has not 
made any allowance for credit losses for liquid funds as the counterparts are 
highly rated and durations short. 
The Group’s customer credit risk is spread over a large number of cus-
tomers, both private individuals and companies. Based on historical data, 
the Group assesses that as of the balance sheet date the carrying amounts 
represents a fair value of the receivable. A large part of the sales are paid 
in advance. Business to business sales are predominately to previously 
known customers with strong creditworthiness. Commercial sales that are 
subject to credit risk constitute a smaller part of the sales. See also note 17 
Accounts receivable.  
The Group’s exposure to credit risk amounted to SEK 2,427m (2,340) on 
31 December. The exposure is based on the carrying amount of the financial 
assets, the major part comprising cash and cash equivalents and accounts 
receivable.
Liquidity risk 
Liquidity risk is the risk of not being able to meet the need for future fund-
ing requirements. The Group’s sources of funding are primarily sharehold-
ers’ equity, cash flows from operations and borrowing. To reduce the refi-
nancing risk the Group strives for a close cooperation with lenders and long 
maturity tenors, and normally initiates refinancing of all loans 12 months 
before maturity. External borrowing is managed centrally in accordance with 
the Group’s financial policy. Loans are raised by the Parent company, and 
the cash is placed in the Group’s cash pool where the liquidity is shared with 
subsidiaries. There are currently no subsidiaries with external loans and/or 
overdraft facilities connected directly to these companies. At 31 December 
the Group had blocked accounts amounted to SEK 23m (28) which was 
included in ‘Other current receivables’ in the balance sheet. 
In November 2025 the Group completed the acquisition of the remain-
ing 50% of the shares in Allente Group. The external debt of SEK 1,726m in 
Allente Group was refinanced by Viaplay Group AB and extended to 2028. 
To arrange this the trade finance facility that allowed banks to issue bank 
guarantees under a pre-agreed credit commitment, was cancelled and 
replaced by a term loan. The total credit under the trade finance facility was 
EUR 646m and the term-loan is SEK 2,500m. In the transaction the revolv-
ing credit facility (RCF) was reduced from SEK 3,392m to SEK 2,817m. 
At the balance sheet date, the Group had outstanding interest-bear-
ing debt totalling SEK 6,479m (2,058). The debt consists of a syndicated 
financing term loan of SEK 1,621m with a fixed amortisation schedule until 
June 2028, a syndicated working capital term loan of SEK 2,500m maturing 
June 2028, three corporate bonds totalling SEK 1,034m maturing December 
2028, three bilateral term loans totalling SEK 825m maturing June 2028 
and a utilised portion of SEK 500m (200) of the Group’s syndicated credit 
facility. The full frame of the credit facility including unutilised commitment 
is SEK 2,817m (3,392), maturing in June 2028. 
All facilities except the corporate bonds are subject to financial covenants, 
the covenants are the same for all debt and are based on EBITDA and 
liquidity. Terms and limitations exist in addition to the financial covenants. 
Covenants and terms are significant and regulate the flexibility with which 
the Group may operate under the agreements.
All loans except the SEK 2,500m term loan have 3-month Stibor interest 
plus a margin. The term loan for SEK 2,500m has 6-month Stibor interest 
plus a margin. The Group has one interest rate swap maturing in March 
2027. 
The Group’s former supplier financing programme, where content pro-
duction companies used factoring of invoices to Group companies, amounts 
to SEK 0m (55). 
The net debt includes lease liability net of SEK 279m (284), prepaid 
refinancing costs amortised over the term of the respective funding and 
accrued interest expense for exit fees payable at the end of the funding 
period SEK 101m (189). The funding fees in 2025 have been accrued as if 
the loans are carried to maturity, a potential earlier refinancing would there-
fore incur an extra cost for fees not accrued or amortised.
Note 23  Financial instruments and financial risk management
Group
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Terms and payback period
Interest rate
Carrying amount  
including accrued interest
Maturity within¹
Group (SEK million) Total 1 year 1–2 years Over 2 years
2025
Bond loans 5.66%  1,038 1,269 64 62 1,143
Term loans 6.38%  2,455 2,785 579 545 1,661
Working capital term loans 6.75%  2,523 2,900 190 165 2,545
Utilised facility (RCF) 6.38%  501 503 503 – –
Unutilised facility (RCF) 1.84%  4 123 45 52 26
Interest rate swaps 3.42%  5 6 5 1 –
Currency forwards  43 43 43 – –
Accrued programming expenses  1,148 1,148 1,148 – –
Accounts payable  2,398 2,398 2,398 – –
Accrued expenses  1,077 1,077 1,077 – –
Total 11,1 9 2 12,252 6,052 875 5,375
Maturity within¹
Group (SEK million) Interest rate
Carrying amount  
including accrued interest Total 1 year 1–2 years Over 2 years
2024
Bond loans 6.34% 1,053 1,338 68 63 1,207
Term loans 7.08% 836 1,036 65 56 915
Utilised facility (RCF) 7.16% 201 204 204 – –
Unutilised facility (RCF) 1.84% 12 242 68 63 111
Trade finance facility 1.50% 22 373 111 111 151
Interest rate swaps 3.42% 8 8 4 3 1
Accrued programming expenses 1,558 1,558 1,558 – –
Accounts payable 3,008 3,008 3,008 – –
Accrued expenses 830 830 830 – –
Total 7,528 8,597 5,916 296 2,385
1) The interest have been calculated using the current interest rates on 31 December. The liabilities have been included in the period when repayment may be required at the earliest.
Net debt
Group (SEK million) 2025 2024
Short-term borrowings 920 200
Long-term borrowings 5,502 1,858
Total financial borrowings 6,422 2,058
Prepaid borrowing expense 44 189
Cash and cash equivalents 1,132 1,040
Financial net debt 5,246 829
Lease liabilities 334 376
Sublease receivables 55 92
Total lease liabilities net 279 284
Net debt 5,525 1,11 3
Cash pool overdraft facilities 52 53
 of which utilised – –
Revolving credit facilities 2,817 3,392
 of which utilised 500 200
Debt by due date 
Group (SEK million) 2025 2024
Amount due for settlement within 12 months 920 200
Amount due for settlement within 13 to 38 months 5,502 1,858
Total 6,422 2,058
Group
Note 23 cont.
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Market risks 
Interest rate risk 
Interest rate risk is the risk that changes in the market interest rates will 
adversely affect cash flow, financial assets and liabilities. The Group is 
exposed to interest rate risk through loans, derivatives, other financial assets 
and utilised interest-bearing credit facilities. The Group’s financial policy 
aims to gain financial flexibility through a balanced mix between variable 
and fixed interest rates and spreading maturities to match funding needs. 
During 2024–2025, the weighted average interest rate period was less than 
two years. 
The Group has an interest rate swap with a nominal value of SEK 300m, fix-
ing the interest of the term loans until 2027 to 3.4%. The swap has a carrying 
amount of SEK –5m (–8) of which SEK –0m (-1) is accrued interest and SEK 
–3m (–5) is fair value adjustment to OCI and SEK –2m (–3) fair value adjust-
ment to profit and loss. Cash and cash equivalents amounted to SEK 1,132m 
(1,040). The average interest rate period on these assets was around 0 month. 
An increase of market rates of 1% would increase the interest cost by 
approximately SEK 39m. A 1% decrease would reduce the interest expense by 
approximately SEK 39m. Of the SEK 39m, SEK 47m is from borrowing includ-
ing interest rate swaps, and SEK –8m from cash and cash equivalents. Fair 
value through OCI would be impacted positively by SEK 4m by a 1% increase 
and negatively SEK 4m by a decrease of 1%.
Currency risk 
Currency risk is the risk that fluctuations in exchange rates will adversely 
affect the income statement, balance sheet and/or cash flows. The risk can 
be divided into transaction exposure and translation exposure. 
Transaction exposure 
Transaction exposure arises when inflow and outflow in foreign currencies 
are not matched. The transaction exposure in the Group occurs when the 
subsidiaries have external and internal transactions in currencies other than 
the subsidiary’s functional currency. According to the Group’s financial 
policy the Group shall hedge the major contractual future currency flows 
ahead of next year, provided there are hedging facilities which do not put 
the Group’s available liquidity at risk or incur unreasonably high costs. 
The Group’s treasury function strives to match inflows and outflows in the 
same currency to take advantage of natural hedges. Hedging is performed 
to protect the Group against the effects of transaction exposures in rela-
tion to the contracted outflows for sports rights and content acquisitions 
mainly paid in Euro (EUR) and US dollars (USD). At the balance date around 
75-85% of the contracted USD outflows and 20-30% of the EUR outflow 
related to programme acquisitions for the next 12 months were hedged, 
in both cases net of natural hedges. Target hedge ratio is up to 100% of 
contractual outflows in the next 12 months with monthly adjustment to the 
hedge portfolio. The hedging reserve at year-end amounted to SEK -9m (0), 
net of tax.  
Derivative instruments 
The Group has used forward contracts to hedge its exposure to foreign 
exchange arising from operational activities, and currency swaps to match 
the timing of foreign exchange flows. Cash in corresponding currencies may 
also be used to hedge currency exposures instead of derivative currency 
instruments. These instruments offset the currency risk in payment commit-
ments, but the interest-bearing element doesn’t.
The effective part of the gain or loss in the cash flow hedge is recognised 
in other comprehensive income with the aggregated changes in value in 
the hedge reserve in equity. When the forecasted transaction results in the 
recognition of programme inventory, the cumulative gain or loss is removed 
from equity and included in the initial cost of inventory. Subsequent chang-
es are valued through profit and loss. 
The Group uses interest rate swaps to hedge its exposure to variable three 
months Stibor interest on term loans. Valuation of future cash-flows is 
recognised in other comprehensive income with the aggregated changes in 
value in the hedge reserve in equity.
Derivatives that do not qualify for hedge accounting or where hedge 
accounting is not needed, are accounted for as financial instruments valued 
at fair value through profit and loss. Ineffective hedges occur when a hedge 
remains when the designated risk does not. 
Net of hedges and forecasted transaction exposures for the next 12 months
31 Dec 2025 31 Dec 2024
Group (SEK million) USD EUR DKK NOK GBP USD EUR DKK NOK GBP PLN
Transaction flows –1,805 –7,408 3,673 2,780 –334 –2,686 –7,431 3,775 2,738 –813 159
Hedges due in 12 months 951 865 – – – – – – – – –
Net transaction flows –854 –6,543 3,673 2,780 –334 –2,686 –7,431 3,775 2,738 –813 159
As exchange rates fluctuate, the effect on forecast transactions is expected to be a percentage of the net transaction exposure shown in the table above. 
Positive numbers are primarily receivable and the effect of a change in rates impacts the income statement directly. Negative numbers are primarily payable, 
where the effect first impacts balance sheet lines e.g. inventory and prepayments and impacts cost with some delay. EUR payables are mainly off-balance 
commitments with hedges revalued against OCI. USD payables include on-balance liabilities which are hedged to minimise revaluation effects in the profit 
and loss.
Group
Note 23 cont.
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The effect of a change in the currency rates by 5% on all of the outstanding 
positions as of 31 December would have been approximately SEK –95m (0) 
before tax, of which SEK –45m (0) would impact OCI.
Translation exposure 
Translation exposure is the risk that arises when translating equity in a for-
eign subsidiary, associated company or joint venture. There are no hedging 
positions for translation exposure. 
Foreign net assets¹
Group (SEK million) 2025 2024
Currency
SEK 4,239 2,814
NOK –1,891 528
DKK –147 345
EUR 82 85
Other currencies 8 –95
Total 2,291 3,677
1) Including goodwill and other intangible assets arising from acquisitions of operations.
A 5% change in NOK/SEK would affect equity by approximately SEK 95m 
(26), in DKK/SEK the effect would be approximately SEK 7m (17), and EUR/
SEK the effect would be approximately SEK 4m (4).
Accounting principle for financial instruments 
Financial assets and liabilities include cash and cash equivalents, securities, 
derivative instruments, other financial receivables, accounts receivable, 
accounts payable and loan liabilities. Derivative gains and losses are report-
ed net in the same ISDA agreement, asset class and maturity date, otherwise 
recorded gross in financial assets and liabilities.
Financial assets at fair value through profit and loss 
SHARES 
The Group’s shareholdings in other companies refers to non-listed 
 companies, changes in the fair values of these shares are recognised in 
profit and loss.
DERIVATIVES 
Derivatives are recognised as a financial asset at fair value and changes in 
the value is recognised in profit and loss or other comprehensive income 
when the hedged cash-flow is not yet recognised. 
Financial assets at amortised costs 
Non-derivative financial assets including interest-bearing receivables, 
cash and cash equivalents, and accounts receivable, are measured at 
 amortised cost. 
Nominal value of the major cashflow hedge contracts
2025 2024
Group  
(Currency million)
Nominal 
value 
Carrying 
amount  
asset, SEK1)
Carrying 
amount 
liability, SEK1)
Hedged 
rate
Term,  
months 
Hedge  
reserve, 
31 Dec,SEK 
Hedge reserve 
through OCI,  
net of tax, SEK
Ineffective 
hedge  
through p&l
Nominal 
value 
Carrying 
amount  
asset, SEK1)
Carrying 
amount
liability, SEK1)
Hedged 
rate
Term,  
months 
Hedge  
reserve   
31 Dec, SEK
Hedge reserve 
through OCI,  
net of tax, SEK
Ineffective 
hedge  
through p&l
USD FX Forward contracts/swaps 104 – 31 9,42 1-12 – – n.a. – – – – – – – –
EUR FX Forward contracts/swaps 80 – 12 10,96 1-3 –9 –9 n.a. – – – – – – – –
SEK Interest rate swaps 300 – 6 3,4% 14 –2 1 –1 1 000 5 –13 3,4% 2-26 – – –
Total – 48 –12 –8 –1 5 –13 33 – –
1) Included in Other current receivables SEK 0m (0), Other current liabilities SEK 42m (0) and Long-term interest free liabilites SEK 6m (13) in the balance sheet.
Financial liabilities at fair value through profit or loss 
DERIVATIVES 
Derivatives at fair value are recognised as financial liabilities and the chang-
es in the value are recognised in profit and loss or other comprehensive 
income when the hedged cash-flow is not yet recognised. 
Financial liabilities at amortised costs 
Financial liabilities measured at amortised costs refers to accounts pay-
able, long- and short-term interest-bearing liabilities as well as the Group’s 
accrued programming expenses.
The table on next page shows the carrying amounts and fair values of finan-
cial assets and financial liabilities, including the levels in the fair value hierar-
chy. The reported value of cash and cash equivalents, accounts receivable and 
other receivables as well as interest-bearing liabilities, accounts payable and 
other liabilities equals fair value. For other financial liabilities the fair value is 
approximately SEK 100m (300) lower than the carrying amount, based on the 
net difference between the observed quoted mid prices of the listed bonds 
(Level 1) and the carrying amount. 
Group
Note 23 cont.
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The Group’s financial instruments by level
2025 2024
Group (SEK million)
Fair value  
hedging 
 instruments
Fair value 
through  
 profit  
and loss
Financial  
assets 
/ liabilities at  
amortised cost Total Level 1 Level 2 Level 3 Total
Fair value  
hedging 
 instruments
Fair value 
through  
 profit  
and loss
Financial  
assets 
/ liabilities at  
amortised cost Total Level 1 Level 2 Level 3 Total
Financial assets measured at amortised cost
Accounts receivable and other receivables – – 1,221 1,221 – – – – – – 1,231 1,231 – – – –
Cash and cash equivalents – – 1,132 1,132 – – – – – – 1,040 1,040 – – – –
Accrued income – – 748 748 – – – – – – 1,234 1,234 – – – –
Total – – 3 ,1 0 1 3 ,1 0 1 – – – – – – 3,505 3,505 – – – –
Financial liabilities measured at fair value
Interest rate swaps¹ 5 1 – 6 – – – – 5 3 – 7 – 7 – 7
Forward exchange contracts used for hedging 42 – – 42 – – – – – – – – – – – –
Foreign exchange swaps² – 1 – 1 – – – – – 5 – 5 – 5 – 5
Total 47 2 – 49 – – – – 5 7 – 12 – 12 – 12
Financial liabilities measured at amortised cost
Long-term borrowings – – 5,502 5,502 – – – – – – 1,858 1,858 – – – –
Short-term borrowings – – 920 920 – – – – – – 200 200 – – – –
Accounts payable – – 2,398 2,398 – – – – – – 3,008 3,008 – – – –
Accrued programming expenses – – 1,148 1,148 – – – – – – 1,558 1,558 – – – –
Accrued expenses – – 1,077 1,077 – – – – – – 830 830 – – – –
Total – – 11,045 11,045 – – – – – – 7,455 7,455 – – – –
1) Included in ‘Other non-current liabilities’ in the Balance sheet.
2) Included in ‘Other current liabilities’ in the Balance sheet.
Derivative transactions, i.e. FX forwards, FX swaps and interest rate swaps are mark-to-market valued using observable market data as of the balance sheet date.
Group
Note 23 cont.
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Note 24  Leases
Accounting principle
Group as a lessee
Upon initiation, contracts are assessed by the Group, to determine whether 
a contract is, or contains a lease. If the contract conveys the right to control 
the use of an identified asset for a certain period of time in exchange for 
consideration, then it is or contains a lease. All leases are recognised on the 
balance sheet at the date at which the leased asset is available for use by 
the Group as a right-of-use asset, representing the right to use the under-
lying asset, and lease liability.
Right-of-use assets
2025 2024
Group (SEK million) Real estate Other leases Total Real estate Other leases Total
Acquisition values
Opening balance 590 11 601 552 6 558
Acquired operations 7 – 7 – – –
New lease contracts 33 – 33 9 – 9
End of lease contracts –4 – –4 –10 – –10
Modification of lease contracts 8 – 8 38 5 43
Translation differences –13 – –13 1 – 1
Closing balance as of 31 December 621 11 632 590 11 601
Accumulated depreciation and write-downs
Opening balance –358 –6 –364 –302 –5 –307
Depreciation and write-downs during the year –58 –1 –59 –62 –1 –63
End of lease contracts 4 – 4 9 – 9
Translation differences 9 – 9 –2 – –2
Closing balance as of 31 December –403 –7 –410 –358 –6 –364
Carrying amount
As of 1 January 232 5 237 250 1 251
As of 31 December 218 4 222 232 5 237
Group as a lessor – Subleases
The Group assesses the lease classification of a sub-lease with reference to the 
right-of-use asset arising from the head-lease. Lease contracts with the Group 
as lessor are classified as finance leases when substantially all of risks and 
rewards are transferred to the lessee, and otherwise as operating leases. Under 
a finance lease, the transaction is recognised as a sale and a lease receivable 
at an amount equal to the net investment in the lease. Lease payments are rec-
ognised as repayment of the lease receivable and interest income.
Short term leases, leases of low value items and variable lease payments
The Group has applied the recognition exemption for short-term leases and 
leases for low value items. Lease fees for these leases are reported as a cost 
on a straight-line basis over the lease term. 
Lease commitments
The Group has identified the following categories of leases; real estate, cars 
and car parks. An interest rate of 3.7%–12.0% (local IBOR rate including risk 
premium) has been applied.
Change in lease liabilities
Group (SEK million) 2025 2024
Opening balance 376 401
Acquired operations 18 –
New lease contracts 33 22
Modification of lease contract 8 43
Interest on lease liabilities 28 30
Amortisation –108 –119
Translation differences –21 –1
Closing balance as of 31 December 334 376
 of which long-term 221 280
 of which short-term 113 96
The lease liability is initially measured at the present value of the future lease 
payments discounted by the implicit interest on the lease. When the interest 
rate cannot be easily determined, funding base rates with a risk premium are 
to be used. The future lease payments include fixed payments, variable pay-
ments based on an index or a rate, amounts to be paid under a residual value 
guarantee and lease payments in an optional renewal period if the Group is 
reasonably certain to exercise an extension option as well as penalties for early 
termination of a lease, if the Group is reasonably certain to terminate early. 
Right-of-use assets are measured at cost comprising the amount of the 
initial measurement of lease liability adjusted for any lease payments made 
at or before the commencement date, less any lease incentives received 
and any initial direct costs and restoration cost. The right-of-use asset is 
depreciated over the lease term, using the straight-line method.
Group
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Age analysis lease liabilities
Group (SEK million) 2025 2024
Within 1 year 104 91
1–2 years 94 95
2–5 years 114 171
Over 5 years 22 18
Total 334 376
Cash flow during period
Group (SEK million) 2025 2024
Payments of sublease receivables 30 31
Amortisation of lease liabilities –108 –119
Short-term leases –2 –2
Leases of low value items –18 –24
Variable lease fees –6 –4
Total –78 –119
Contractual cash flow 
Group (SEK million) 2025 2024
Within 1 year 124 108
1–2 years 119 111
2–5 years 182 208
Over 5 years 30 21
Total 456 448
Short-term leases, leases of low value items and variable lease fees
Group (SEK million) 2025 2024
Short-term leases 
Studio equipment –1 –1
Other short term leases –1 –1
Leases for low value items
IT and office equipment –12 –14
Other low value items –6 –11
Expense for contracts for which the recognition  
exemption is applied 
–20 –26
Variable lease fees 
Real estate tax –4 –4
Other variable lease fees –2 –
Studio equipment is normally leased on a short-term basis, and most IT- and 
office equipment are of low value.
Subleases in the Group
A substantial part of the London office are subleased and classified as 
finance lease, as at 31 December the sublease receivable amounted to SEK 
55m (92) and a payment of SEK 30m (31) was received during the year.
Note 25  Future payment commitments
Future payment commitments in respect of contractual programme or sport 
rights that have not yet been accounted for as inventory or prepaid expens-
es. The majority of commitments are in EUR and USD. The table below show 
future payment commitments for non-cancellable programme and sport 
rights as at 31 December.
Group (SEK million) 2025 2024
Within 1–3 years 26,565 35,630
Within 4–10 years 4,182 8,656
Total 30,747 44,286
The Group has provided for onerous contracts related to part of above 
future commitments. Total provision for onerous contracts as of 31 Decem-
ber amounts to SEK 1,850m (2,820). Some of the future commitments for 
programme or sport rights have been sublicensed. 
Note 26  Assets pledged and contingent liabilities
Asset pledged
The financing agreements (Revolving credit facility agreement, Term-loan 
facilities and Medium term notes), which entered into force in conjunction 
with the recapitalisation on February 9, 2024, and the acquisition of Allente 
Group November 13, 2025 are secured in the form of collateral in tangible 
and intangible assets, present and future assets, shares in certain compa-
nies in the Group, significant intellectual property, certain bank accounts, 
certain insurances as well as intra-group loans. 
Contingent liabilities
Various companies within the group are involved in disputes, with for exam-
ple collecting societies, over payment of royalties for the past use of copy-
rights and similar rights. Further, Group companies are parties in litigations. 
The Group does not believe that the outcome of these litigations are likely to 
have a material adverse effect on the financial position of the Group.  
Group
Note 24 cont.
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Note 28  Divested operations
Accounting principle
A capital gain or loss from divested operations arise from the difference 
between the fair value of the consideration received and the carrying amount 
of the former subsidiaries’ net assets. The gain or loss is recognised when 
Viaplay Group loses control over the subsidiaries. The capital gain or loss is 
reported in the income statement within items affecting comparability. 
Divestment of Paprika Holding AB
The divestment of Paprika Holding AB, including its direct and indirect sub-
sidiaries in Central and Eastern Europe (“Paprika Group”) was finalised on 
19 January 2024. The total consideration amounted to SEK 62m on a cash 
and debt-free basis, resulting in a capital loss amounting to SEK –1m.  
Group (SEK million) 2024
Consideration received, after transaction costs 62
Carrying amount of net assets divested –64
Result before reclassification of translation reserve –2
Reclassification of translation reserve 1
Total capital loss on divestment –1
Note 27  Acquired operations
Acquisition of Allente Group
Viaplay Group acquired Telenor Communication II AS’s 50 per cent stake in 
Allente Group on 13 November 2025. Allente Group is a leading provider 
of television services delivered via satellite (DTH) and broadband in the 
Nordics. Through the acquisition Viaplay Group became the sole owner of 
Allente Group. 
The agreed purchase price amounted to a cash consideration of SEK 1,100m. 
In between the announcement and closing of the transaction, Allente Group 
made additional dividend payments of SEK 500m to Viaplay Group and SEK 
500m to Telenor. The dividend payment to Telenor reduced the final purchase 
price at closing to SEK 600m. 
Purchase price allocation
Group (SEK million) 2025
Intangible assets 2,514
Tangible assets 13
Accounts receivable 422
Other assets 309
Cash and cash equivalents 582
Borrowings –1,726
Accounts payable –647
Other liabilities –2,070
Total identifiable net assets –603
Previous interest in Allente –600
Goodwill 1,803
Total consideration 600
Cash and cash equivalents acquired –582
Loan settled at acquisition 1,726
Net cash outflow 1,744
Divestment of the UK operations (previously Premier Sports)
The divestment of the UK operations (previously Premier Sports) was complet-
ed on 4 April 2024. The total consideration amounted to SEK 64m on a cash 
and debt-free basis, resulting in a capital gain amounting to SEK 71m. 
Group (SEK million) 2024
Consideration received, after transaction costs 64
Carrying amount of net assets divested –29
Result before reclassification of translation reserve 35
Reclassification of translation reserve 36
Total capital gain on divestment 71
Divestment of associated company 
The associated company NSR Scandinavia AB was divested in December 
2024. The total consideration amounted to SEK 6m and the capital gain 
amounted to SEK 3m.
Allente Group has been consolidated since 14 November 2025 and added net 
sales of SEK 578m and EBIT of SEK 31m to Viaplay Group’s Q4 results. If the 
acquisition had occurred on 1 January 2025, Viaplay Group’s consolidated net 
sales would have been SEK 21,832m, and operating income before ACI and 
IAC SEK 371m. 
The intangible assets include the estimated fair value of Customer Rela-
tionships amounting to SEK 2,189m, Branding amounting to SEK 265m and 
Technology amounting to SEK 60m. The goodwill of SEK 1,803m recognised 
is not deductible for tax purposes. The goodwill primarily relates to syner-
gies, as well as assets that cannot be recognised on the balance sheet, such 
as market presence, workforce etc. 
The net cash outflow totaled SEK 1,744m after deducting cash and cash 
equivalents acquired of SEK 582m. Acquisition-related costs amounted to 
SEK 26m.
Group
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Note 30  Average number of employees
Average number of employees by country
2025 2024
Group Men Women Total Men Women Total
Sweden 328 240 568 333 237 570
Norway 106 83 190 102 76 178
Denmark 136 54 190 126 53 179
Finland 22 13 35 21 12 33
United Kingdom 22 22 44 35 45 80
Other countries 58 20 78 73 22 95
Total 672 433 1,1 0 5 690 445 1,1 3 5
At year-end total headcount was 1,357 (1,126).
Gender distribution senior executives
2025 2024
Group, % Men Women Men Women
Board of Directors 56 44 56 44
President & CEO 100 – 100 –
Other senior executives 89 11 77 23
Weighted average 74 26 68 32
Note 29   Supplementary information to the  
statement of cash flow
Adjustments to reconcile net income/loss to net cash
Group (SEK million) 2025 2024
Depreciation and amortisation 239 201
Total depreciation, amortisation and write-down 239 201
Share of earnings in associated companies and joint ventures 26 –151
Capital gain or loss on divestment – –73
Debt write-down – –1,190
Write-down of shares in other companies – 116
Write-down of non-sports content 659 –
Provisions –126 –263
Other items –76 234
Total other adjustments for non-cash items 483 –1,327
Reconciliation of debts arising from financing activities
2025 2024
Group (SEK million)
Long-term  
borrowings 
Short-term  
borrowings
Lease   
liabilities 
Long-term  
borrowings 
Short-term  
borrowings
Lease   
liabilities 
Opening balance 1,858 200 376 2,550 4,700 405
Acquired operations – – 18 – – –
New borrowings 3,806 420 41 – – –
Amortisation –105 – –108 – – –89
Change in revolving credit facility – 300 – – –3,192 –
Reclassification – – – 115 –115 –
Debt write-down – – – –480 –710 –
Debt-to-equity swap – – – –327 –483 –
Other non-cash items – – 7 – – 60
Closing balance as of 31 December 5,559 920 334 1,858 200 376
Group
Payments of interest and corporate tax 
Group (SEK million) 2025 2024
Interest paid –382 –245
Interest received 34 49
Net interest –348 –196
Corporate income tax –111 –45
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The Group has related party relationships with its subsidiaries, associated 
companies and joint ventures (see note 14 and 15).
Allente Group AB was a joint venture between May 2020 and November 
2025. In November 2025 Viaplay Group acquired the remaining 50 percent 
of Allente Group and assumed full ownership. In December 2024 the Group 
divested its 47% holdings in NSR Scandinavia AB.
In addition, the Group has related party relationships with shareholders 
having significant influence in Viaplay Group AB. On February 9, 2024, 
in conjunction with the completion of the recapitalisation program, PPF 
Cyprus Management Limited and Group Canal+ SA became the largest 
shareholders of the Group, holding 29% each. All subsidiaries of PPF and 
Canal+ are considered related parties. 
Remuneration to senior executives 
No other transactions than reported in note 7 have been made. 
Note 32  Related party transactions
Accounting principle 
The Group conducts transactions with some of its related parties, such as 
associated companies, joint ventures and owners. These transactions occur 
in the ordinary course of business, are based on market terms, and are 
negotiated on an arm’s length basis. Transactions between Group compa-
nies have been eliminated in the consolidated financial statements.
Group (SEK million) 2025 2024
Net sales 
Canal+ 178 357
PPF – –
Allente Group AB 1,202 1,553
Associated companies – –
Total 1,380 1,910
Cost 
Canal+ – –2
Allente Group AB –28 –32
Associated companies –1 –19
Total –29 –53
Group (SEK million) 2025 2024
Accounts receivable and other receivables 
Canal+ – 4
PPF – –
Allente Group AB – 352
Associated companies – –
Total – 356
Accounts payable and other liabilities
Allente Group AB – 5
Associated companies – –
Total – 5
Dividend from Allente Group AB 500 100
Dividend from associated companies – 1
Note 33  Significant events after the reporting period
In Viaplay Group Q4 and Full Year 2025 Report published February 19, 
2026 the Group announced Viaplay Group has initiated the integration of 
Allente Group. The cash cost of the integration is expected to be between 
SEK 270 and 330m and will be reported during 2026.
Note 31  Audit fees
Group (SEK million) 2025 2024
KPMG, audit fees 9 12
KPMG, audit related fees 0 0
KPMG, tax related fees 0 0
KPMG, other services¹ 1 2
Other, audit fees² 3 –
Total 13 14
1) Includes fees for services performed in relation to the Group’s prospectus 2024. 
2) Includes 2025 audit fees for Viaplay Group Uk Limited to Grant Thornton.
Group
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SEK million Note 2025 2024
Net sales 73 108
General and administrative expenses P3 –177 –201
Other operating income and expenses 6 5
Items affecting comparability P4 –4 –37
Operating income P2 –102 –125
Interest income and other financial income P5 619 2,011
Interest expenses and other financial expenses P5 –2,038 –483
Income before tax and appropriations –1,521 1,403
Group contribution – –1,078
Income before tax –1,521 325
Tax P6 –2 2
Net income for the year –1,523 327
Other comprehensive income
Items that are or may be reclassified to profit or loss net of tax
Cash flow hedge 1 1
Other comprehensive income for the year 1 1
Total comprehensive income for the year –1,522 328
Parent company income statement
Parent company
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SEK million Note 31 Dec 2025 31 Dec 2024
Non-current assets
Shares and participations in Group companies P7 9,228 9,225
Long-term receivables from Group companies P8 2,115 2,115
Other long-term receivable 95 210
Total non-current assets 11,438 11,550
Current assets
Short-term receivables from Group companies 7,161 4,090
Other current receivables 60 16
Prepaid expenses and accrued income P9 20 56
Cash and bank 666 935
Total current assets 7,907 5,097
Total assets 19,345 16,647
SEK million Note 31 Dec 2025 31 Dec 2024
Equity
Share capital  275 275
Share premium reserve 8,697 8,697
Fair value reserve –2 –3
Retained earnings 2,818 2,505
Net income for the year –1,523 327
Total equity 10,265 11,801
Provisions
Provisions 2 7
Total provisions 2 7
Non-current liabilities
Long-term borrowings P11 5,502 1,858
Other non-current liabilities 12 28
Total non-current liabilities 5,514 1,886
Current liabilities
Short-term borrowings P11 920 200
Accounts payable 14 4
Liabilities to Group companies P11 2,479 2,596
Accrued expenses and prepaid income P10 94 124
Other current liabilities 57 29
Total current liabilities 3,564 2,953
Total liabilities 9,078 4,839
Total equity and liabilities 19,345 16,647
Parent company balance sheet
Parent company
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Restricted 
equity Non-restricted equity
SEK million Share capital
Share premium 
reserve
Fair value 
reserve
Retained 
earnings
Net income  
for the year Total
Balance as of 1 January 2024 158 4,282 –4 2,201 159 6,796
Appropriation of earnings – – – 159 –159 –
Net income for the year – – – – 327 327
Other comprehensive income for the year – – 1 – – 1
Total comprehensive income for the year – – 1 – 327 328
Reduction of share capital –153 – – 153 – –
Share issue 240 3,760 – – – 4,000
Debt to equity issue 30 780 – – – 810
Share issue transaction costs – –125 – – – –125
Effect of share-based programmes – – – –8 – –8
Balance as of 31 December 2024 275 8,697 –3 2,505 327 11,801
Balance as of 1 January 2025 275 8,697 –3 2,505 327 11,801
Appropriation of earnings – – – 327 –327 –
Net income for the year – – – – –1,523 –1,523
Other comprehensive income for the year – – 1 – – 1
Total comprehensive income for the year – – 1 – –1,523 –1,522
Repurchase of shares – – – –19 – –19
Effect of share-based programmes – – – 4 – 4
Balance as of 31 December 2025 275 8,697 –2 2,818 –1,523 10,265
Parent company statement of changes in equity
Parent company
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SEK million Note 31 Dec 2025 31 Dec 2024
Operating activities
Net income for the year P13 –1,523 327
Adjustments for non-cash items P13 1,701 –47
Cash flow from operations excluding changes in working capital 178 280
Change in operating receivables  –4 60
Change in operating liabilities –1,106 –26
Changes in working capital –1,110 34
Cash flow from operating activities –932 314
Investing activities
Shareholders’ contribution to Group companies – –3,300
Cash flow from investing activities – –3,300
Financing activities
New borrowings P13 4,226 –
Amortisation of borrowings P13 –105 –
Net change in revolving credit facility P13 300 –3,192
Share issue – 4,000
Transaction cost, total recapitalisation –131 –396
Repurchase of shares –19 –
Net change in receivables/ liabilities from/ to Group companies –3,597 1,065
Cash flow from other financing activities –11 16
Cash flow from financing activities 663 1,493
Change in cash and cash equivalents for the year –269 –1,493
Cash and cash equivalents at beginning of the year 935 2,428
Cash and cash equivalents at end of the year 666 935
Parent company cash flow statement
Parent company
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Notes to the Parent company financial statements
Parent company
Accounting and reporting fundamentals
Note P1 Accounting and valuation principles � � � � � � � � � � � � � � � � � � � � � 127
Income statement
Note P2 Classification by nature of expense  � � � � � � � � � � � � � � � � � � � � � � 127
Note P3  Salaries, other remuneration and social  
security expenses  � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 127
Note P4 Items affecting comparabilty � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 127
Note P5 Financial items� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 128
Note P6 Taxes � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 128
Assets
Note P7  Shares and participations in Group companies� � � � � � � � 129
Note P8 Long-term receivables from Group companies� � � � � � � � 129
Note P9 Prepaid expenses and accrued income  � � � � � � � � � � � � � � � � � 129
Shareholder equity and liabilities
Note P10 Accrued expenses and prepaid income  � � � � � � � � � � � � � � � � � 129
Note P11  Financial instruments and financial  
risk management� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 130
Additional information
Note P12  Assets pledged and contingent liabilities  � � � � � � � � � � � � � � � 130
Note P13 Supplementary information to the statement of  
 cash flow� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 131
Note P14 Average number of employees� � � � � � � � � � � � � � � � � � � � � � � � � � � � 131
Note P15 Audit fees� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 131
Note P16 Proposed treatment of unappropriated earnings  � � � � � 131
126
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Notes to the Parent company financial statements
Note P1  Accounting and valuation principles
Viaplay Group AB (publ) (Viaplay), corporate identity number 559124-6847, 
is the Parent company of Viaplay Group� The company is a limited liability 
company and its shares are listed on Nasdaq Stockholm, Sweden� 
Viaplay Group AB is a company domiciled in Sweden� The company’s 
headquarter is located in Stockholm, Sweden and the registered office is at 
Ringvägen 52, P�O� Box 2094, SE-103 13 Stockholm, Sweden�  
Basis of preparation 
The Parent company applies the same accounting principles as the Group, 
except in the cases specified in the sections below� 
The Parent company has prepared the Annual Report according to the 
Swedish Annual Accounts Act and the Swedish Corporate Reporting Board 
recommendation RFR 2 Accounting for Legal Entities� RFR 2 involves appli-
cation of all IFRSs and interpretations endorsed by EU, except where the 
possibility to apply IFRS is restricted by the Swedish Annual Accounts Act 
and due to tax rules�
Holdings in subsidiaries
Holdings in subsidiaries are recognised in the Parent company according 
to the cost method, which means that the transaction costs are included in 
the value of shares in subsidiaries� The Group recognises these costs in the 
income statement immediately when occurred� 
Group contributions 
Group contributions received and paid are recognised as appropriations in 
the income statement�
Note P3   Salaries, other remuneration and  
social security expenses
Parent company (SEK million) 2025 2024
Wages and salaries 101 150
Social security expenses 31 46
Pensions costs 7 9
Share-based payments 2 –7
Social security expenses on share-based payments 1 0
Total 142 198
Note P2  Classification by nature of expense 
A function based income statement is presented as part of the financial 
statements of the Parent company� The table below presents how the 
 operating expenses are classified based on the nature of expense�
Parent company (SEK million) 2025 2024
Net sales 73 108
Other operating income 6 5
Personnel cost –144 –201
Other external expenses –37 –37
Operating income –102 –125
Parent company
Note P4  Items affecting comparability
Items affecting comparability (IAC) refers to material items and events relat-
ed to changes in the Parent company’s structure or line of business, which 
are relevant to understanding the Parent company’s development on a like-
for-like basis� Separate reporting of items affecting comparability provides a 
better understanding of the Parent company’s underlying result and offers 
more comparable figures between periods�
Parent company (SEK million) 2025 2024
Restructuring and redundancy costs –4 –15
Advisory costs and recapitalisation costs – –22
Total –4 –37
Items affecting comparability classified by function
Parent company (SEK million) 2025 2024
Administrative expenses –4 –37
Total –4 –37
Parent company (SEK million) 2025 2024
Board of Directors, CEO and Group Executive Management 57 123
 of which variable remuneration 26 70
Other employees 85 75
Total salaries and other remuneration 142 198
For further information regarding remunerations to the Board of Directors, 
President and CEO and the Group Executive Management together with 
the Group’s long term incentive programme see the Note 7�
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Note P6  Taxes
For a description of the accounting principle see Note 10�
Distribution of tax expense
Parent company (SEK million) 2025 2024
Current tax expense – –
Deferred tax –2 2
Total –2 2
Reconciliation of effective tax
2025 2024
Parent company (SEK million) Tax base Current tax Deferred tax Total Tax Tax base Current tax Deferred tax Total Tax
Income before tax – Nominal tax rate, 20�6% –1,521 313 – 313 325 –67 – –67
Non-taxable income –77 16 – 16 – – – –
Non-deductible expenses 1,490 –307 – –307 –336 69 – 69
Temporary differences –9 2 –2 – 10 –2 2 –
Tax losses, not recognised 117 –24 – –24 – – – –
Total – – –2 –2 –1 – 2 2
Deferred tax is attributable to
Parent company (SEK million)
Opening balance  
1 Jan 2024
Deferred tax  
recognised  
in the P&L
Deferred tax  
recognised  
in OCI
31 Dec 2024  
/ 1 Jan 2025
Deferred tax  
recognised  
in the P&L
Deferred tax  
recognised  
in OCI
Closing balance  
31 Dec 2025
Tax losses carried forward 68 0 – 67 – – 67
Financial assets – 2 – 2 –2 – –
Total 68 2 – 69 –2 – 67
 of which Deferred tax asset 68 69 67
Note P5  Financial items
Parent company (SEK million) 2025 2024
Interest income from external parties 31 49
Interest income from Group companies 588 770
Income from debt write-down1 – 1,190
Exchange rate differences – 2
Total interest income and other financial income 619 2,011
Interest expenses on borrowings to external parties –495 –337
Interest expenses to Group companies –47 –145
Interest expense other – –1
Write-down of shares in subsidiary –1,489 –
Exchange rate differences –7 –
Total interest expense and other financial expenses –2,038 –483
Net financial items –1,419 1,528
1) For more information see Note 9�
Parent company
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Note P7  Shares and participations in Group companies 
Viaplay Group Sweden Holding AB
Co� Reg�no� 556057-9558
Share capital, % 100
Voting rights, % 100
Number of shares 5,000
Registered office Stockholm
Shares and participations in Group companies 
Parent company (SEK million) 2025 2024
Opening balance 9,225 5,925
Long-term incentive programme related to employees in 
Group companies 3 –
Shareholder’s contribution 1,489 3,300
Wrie-down of shares in subsidiary –1,489 –
Closing balance 31 December 9,228 9,225
A full list of shares and participations in Group companies are presented in 
in the Note 14� 
Note P8  Long-term receivables from Group companies
Interest-bearing receivables from Group companies 
2025 2024
Parent company  
(SEK million)
Long-term 
receivables 
Short-term 
receivables
Long-term 
receivables 
Short-term 
receivables
Opening balance 2,115 – 3,005 69
New borrowings – – – –
Amortisation – – –890 –69
Reclassification – – – –
Translation difference – – – –
Closing balance as of  
31 December
2 ,115 – 2 ,115 –
Note P9  Prepaid expenses and accrued income
Parent company (SEK million) 2025 2024
Prepaid expenses 3 3
Prepaid funding fees 17 53
Total 20 56
Note P10  Accrued expenses and prepaid income
Parent company (SEK million) 2025 2024
Accrued personnel expenses 38 74
Other accrued expenses 56 50
Total 94 124
Parent company
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2025 2024
Parent company (SEK million)
Fair value  
hedging  
instruments
Fair value 
through profit 
and loss
Financial assets 
/ liabilities at 
amortised cost Total
Fair value  
hedging  
instruments
Fair value 
through profit 
and loss
Financial assets 
/ liabilities at 
amortised cost Total
Financial assets measured at fair value
Forward exchange contracts used for hedging1 42 – – 42 – – – –
Total 42 – – 42 – – – –
Financial assets measured at amortised cost
Receivables from Group companies – – 9,276 9,276 – – 6,205 6,205
Cash and cash equivalents – – 666 666 – – 935 935
Total – – 9,942 9,942 – – 7,14 0 7,14 0
Financial liabilities measured at fair value
Interest rate swaps² 5 1 – 6 5 3 – 7
Forward exchange contracts used for hedging³ 43 – – 43 – – – –
Foreign exchange swaps³ – 1 – 5 – 5 – 5
Total 48 2 – 54 5 7 – 12
Financial liabilities measured at amortised cost
Long-term borrowings – – 5,502 5,502 – – 1,858 1,858
Short-term borrowings – – 920 920 – – 200 200
Liabilities to Group companies – – 2,479 2,479 – – 2,596 2,596
Accounts payable and other liabilities – – 35 35 – – 28 28
Accrued expenses – – 94 94 – – 124 124
Total – – 9,030 9,030 – – 4,806 4,806
1) Included in Other current receivables in the Balance sheet�
2) Included in Other long-term liabilities in the Balance sheet�
3) Included in Other current liabilities in the Balance sheet�
Note P11  Financial instruments and financial risk management
The table below shows the carrying amounts and fair values of financial 
assets and financial liabilities� The reported value of cash and cash 
equivalents, other receivables, receivables from Group companies as well as 
interest-bearing liabilities, accounts payable and other liabilites equals fair 
value� For other financial liabilities the fair value is approximately SEK 100m 
(300) lower than the carrying amount, based on the net difference between 
the observed quoted mid prices of the listed bonds and the carrying 
amount� 
Note P12  Assets pledged and contingent liabilities
Assets pledged 
The Parent company is the borrower under the Revolving credit facilities, 
Term-loan facility agreement and amended Medium term notes, which 
entered into force in conjunction with the recapitalisation on February 
9, 2024 and the acquistion of Allente Group on November 13 2025� The 
financial agreements are secured in the form of collateral in various assets in 
the Group� The Parent company’s shares in Viaplay Group Sweden Holding 
AB with a carrying amount of SEK 9,228m, an intra-group loan receivable 
from Viaplay Group Services AB amounting to SEK 2,115m are pledged, in 
addition certain bank accounts and insurances are collaterals�  
Contingent liabilities 
The Parent company has guarantees related to rental agreements and tax 
witholding (skattetrekk regarding Norweigan subsidaries) amounting to 
SEK 22m (296)� In addition the Parent company has issued guarantees to 
the benefit of the Group companies having future payment commitments 
amounting to SEK 14,898m (26,140) (see note 25)�
Parent company
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Note P13   Supplementary information to the  
statement of cash flow
Adjustments for non-cash items 
Parent company (SEK million) 2025 2024
Provisions –5 –12
Debt write-down – –1,190
Write-down of shares 1,489 –
Group contribution – 1,078
Other items 216 77
Total 1,700 –47
Interest and corporate tax paid 
Parent company (SEK million) 2025 2024
Interest paid –250 –215
Interest received 31 45
Net interest –219 –170
Corporate income tax – –
Note P14  Average number of employees
2025 2024
Men 10 9
Women 13 19
Weighted average 23 28
Gender distribution senior executives
2025 2024
% Men Women Men Women
Board of Directors  56  44 56 44
CEO  100 – 100 –
Group Executive Management  100 – 74 26
Total 71  29 61 39
Note P15  Audit fees
Parent company (SEK million) 2025 2024
KPMG, audit fees 2 2
KPMG, other services¹ 1 2
Total 3 4
1) Includes fees for services performed in relation to the Group’s prospectus�
Note P16  Proposed treatment of unappropriated earnings
The Board of Directors proposes that the unappropriated earnings be 
allocated as follows:
The following amount in the Parent company is available for disposal by the 
Annual General Meeting:
SEK thousands
Share premium reserve  8,696,922 
Retained earnings  2,815,705 
Net profit for the year –1,522,679 
Total   9,989,948  
The Board of Directors proposes that the unappropriated earnings be 
 allocated as follows:
SEK thousands
Carried forward  9,989,948  
Total  9,989,948 
Reconciliation of debt arising from financing activities 
2025 2024
Parent company  
(SEK million)
Long-term 
borrowings 
Short-term  
borrowings
Long-term 
borrowings 
Short-term  
borrowings
Opening balance 1,858 200 2,550 4,700
New borrowings 3,806 420 – –
Amortisation of borrowings –105 – – –
Net change in revolving 
credit facility – 300 – –3,192
Reclassification – – 115 –115
Debt write-down – – –480 –710
Debt-to-equity swap – – –327 –483
Closing balance as of  
31 December
5,559 920 1,858 200
At year-end cash pool liabilities amounted to SEK 990m (1,517)� 
Parent company
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Signatures
The Board of Directors and the Chief Executive Officer declares that the 
annual accounts have been prepared in accordance with accepted account-
ing standards in Sweden, and that the consolidated accounts have been 
prepared in accordance with the IFRS Accounting Standards (IFRS) adopted 
by EU� The annual accounts and the consolidated accounts accounting have 
been prepared accordance with the adopted standards (ESRS) for sustain-
ability reporting and the specifications adopted pursuant to the Taxonomy 
Regulation (EU 2020/852)� The annual accounts and the consolidated 
accounts give a true and fair view of the Group’s and Parent company’s 
financial position and results of operations� The Directors’ report for the 
Group and the Parent company gives a true and fair view of the Group’s 
and the Parent company’s operations, position and results, and describes 
significant risks and uncertainty factors that the Parent company and Group 
companies face� The annual accounts and the consolidated statements 
were app roved by the Board of Directors and the Chief Executive Officer 
on March 30, 2026� The consolidated income statement and balance sheet, 
and the income statement and balance sheet of the Parent company, will 
be presented for adoption by the Annual General Meeting on May 12, 2026�
Stockholm March 30, 2026
Jørgen Madsen Lindemann
President and CEO
Our Audit report on the annual accounts and consolidated accounts and  
Assurance report on the Sustainability report was submitted March 30, 2026
KPMG AB
Tomas Gerhardsson
Authorised Public Accountant 
Andrea Gisle Joosen
Non-Executive Director
Erik Forsberg
Non-Executive Director
Simon Duffy 
Chair of the Board
Maxime Saada
Non-Executive Director
Jacques du Puy
Non-Executive Director
Katarina Bonde 
Non-Executive Director
Anna Bäck
Non-Executive Director
Annica Witschard
Non-Executive Director
Didier Stoessel 
Non-Executive Director
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Auditor’s report
Report on the annual accounts and consolidated accounts
Opinions
We have audited the annual accounts and consolidat-
ed accounts of Viaplay Group AB (publ) for the year 
2025, except for the corporate governance statement 
on pages 27-35 and the sustainability report on pages 
36-82� The annual accounts and consolidated accounts 
of the company are included on pages 15-132 in this 
document� 
In our opinion, the annual accounts have been pre-
pared in accordance with the Annual Accounts Act, and 
present fairly, in all material respects, the financial posi-
tion of the parent company as of December 31, 2025 
and its financial performance and cash flow for the year 
then ended in accordance with the Annual Accounts 
Act� The consolidated accounts have been prepared in 
accordance with the Annual Accounts Act and present 
fairly, in all material respects, the financial position of 
the group as of December 31, 2025 and their financial 
performance and cash flow for the year then ended 
in accordance with IFRS Accounting Standards, as 
adopted by the EU, and the Annual Accounts Act� Our 
opinions do not cover the corporate governance state-
ment on pages 27-35 and sustainability report on pages 
36-82� The statutory administration report is consistent 
with the other parts of the annual accounts and consol-
idated accounts�
We therefore recommend that the general meeting of 
shareholders adopts the income statement and balance 
sheet for the parent company and the group�
Our opinions in this report on the the annual 
accounts and consolidated accounts are consistent 
with the content of the additional report that has been 
submitted to the parent company’s audit committee 
in accordance with the Audit Regulation (537/2014) 
Article 11� 
Basis for Opinions
We conducted our audit in accordance with Inter-
national Standards on Auditing (ISA) and generally 
accepted auditing standards in Sweden� Our respon-
sibilities under those standards are further described 
in the Auditor’s Responsibilities section� We are inde-
pendent of the parent company and the group in 
accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical respon-
sibilities in accordance with these requirements�This 
includes that, based on the best of our knowledge and 
belief, no prohibited services referred to in the Audit 
Regulation (537/2014) Article 5�1 have been provided 
to the audited company or, where applicable, its parent 
company or its controlled companies within the EU�
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our 
opinions�
Key Audit Matters 
Key audit matters of the audit are those matters that, 
in our professional judgment, were of most significance 
in our audit of the annual accounts and consolidated 
accounts of the current period� These matters were 
addressed in the context of our audit of, and in forming 
our opinion thereon, the annual accounts and consol-
idated accounts as a whole, but we do not provide a 
separate opinion on these matters�
To the general meeting of the shareholders of Viaplay Group AB (publ), corp� id 559124-6847
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Other Information than the annual accounts and  
consolidated accounts 
This document also contains other information than 
the annual accounts and consolidated accounts and is 
found on pages 1-14, 36-82 and 140-150� The Board of 
Directors and the Chief Executive Officer are responsi-
ble for this other information�
Our opinion on the annual accounts and consolidat-
ed accounts does not cover this other information and 
we do not express any form of assurance conclusion 
regarding this other information�
In connection with our audit of the annual accounts 
and consolidated accounts, our responsibility is to read 
the information identified above and consider whether 
the information is materially inconsistent with the annual 
accounts and consolidated accounts� In this procedure 
we also take into account our knowledge otherwise 
obtained in the audit and assess whether the informa-
tion otherwise appears to be materially misstated�
If we, based on the work performed concerning this 
information, conclude that there is a material misstate-
ment of this other information, we are required to report 
that fact� We have nothing to report in this regard�
Responsibilities of the Board of Directors and the  
Chief Executive Officer
The Board of Directors and the Chief Executive Offi-
cer are responsible for the preparation of the annual 
accounts and consolidated accounts and that they 
give a fair presentation in accordance with the Annu-
al Accounts Act and, concerning the consolidated 
accounts, in accordance with IFRS Accounting Stan-
dards as adopted by the EU� The Board of Directors 
and the Chief Executive Officer are also responsible for 
such internal control as they determine is necessary to 
enable the preparation of annual accounts and consol-
idated accounts that are free from material misstate-
ment, whether due to fraud or error� 
Valuation of goodwill and other intangible assets
See note 2 and 12 in the annual accounts and consolidated accounts for detailed information and description of the matter.
Description of key audit matter
The Group recognized goodwill and other intangible assets such 
as trademarks and capitalized expenditure of SEK 5,678 million 
as of December 31, 2025� 
Goodwill and intangible assets with indefinite useful lives are 
tested annually for impairment� Other intangible assets are test-
ed when there is an indication of impairment� Impairment tests 
are complex and involve significant judgments in determining 
the estimated recoverable amount� 
The estimated recoverable amount of the assets is based on 
forecasts and discounted future cash flows where estimates of 
discount rate, revenue projections and long-term growth rate are 
dependent on the Group’s judgment�
In the parent company, the carrying value of shares in subsidiar-
ies at December 31, 2025 amounted to SEK 9,228 million� The 
same type of testing of the carrying value is also performed, 
using the same technique and judgments, as described above�
Response in the audit
We have assessed whether the impairment test has been pre-
pared in accordance with the prescribed technique�
We have evaluated the methodology used, assumptions made, 
and data used for the calculation� Furthermore, we have eval-
uated the projections of future cash flows and the underlying 
assumptions on which they are based, including the long-term 
growth rate and the discount rate used� We have considered the 
Group’s sensitivity analyses which demonstrated the impact of 
reasonable changes in assumptions in determining whether an 
impairment charge is required� 
We have also assessed the content of the disclosures on 
goodwill and other intangible assets in the annual accounts and 
the consolidated accounts�
Program rights amortization
See note 2, 5 and 16 in the annual accounts and consolidated accounts for detailed information and description of the matter.
Description of key audit matter
Payments for program rights are accounted for as either inven-
tories or prepaid expenses, depending mainly on the start of 
the license period� Program rights inventory, where the license 
period has commenced, amounted to SEK 1,849 million as of 
December 31, 2025� 
Determining the timing and amount to be expensed of pro-
gram rights inventory requires judgment in selecting the appro-
priate recognition profile and ensuring that this profile meets 
the objective of recognizing inventory expense in a manner 
consistent with how the rights are used by the Group� 
There is a risk that the recognition profile selected by the 
Group to account for inventory expense does not fairly reflect 
the usage�
Response in the audit
We have examined the methodology for expensing program 
rights inventory taking into account the different genres of 
programs, any significant changes in viewing patterns during 
the year and other factors evaluated by the Group�
In addition, we performed sample testing of contracts to eval-
uate acqusition cost and amortization periods� We evaluated the 
recoverability of the carrying amount by analyzing the assets 
on a portfolio basis and comparing the carrying amount as of 
December 31, 2025, to calculated net realizable value and future 
projections to determine if any indicators of write-down exist�
We have also assessed the content of the disclosures on inven-
tories in the annual accounts and the consolidated accounts�
Acquisition of the Allente Group
See disclosure 27 and accounting principles on page 89 in the annual accounts and consolidated accounts for detailed  
information and description of the matter.
Description of key audit matter
On November 13, 2025, all shares in the previously 50% owned 
Allente Group AB were acquired for a total purchase price of 
SEK 600 million� Following a business combination, the acquired 
operation should be accounted for in the consolidated accounts 
which require acquired assets and assumed liabilities to be iden-
tified and measured at their fair values at the acquisition date� 
The difference between the purchase price and the identified 
assets and liabilities constitutes goodwill� The purchase price allo-
cation requires judgments to be made regarding which assets to 
account for in the consolidated accounts – in particular intangible 
assets may be difficult to assess – including the assigned fair val-
ues in the consolidated accounts� These judgments will affect the 
group’s future profits, partly depending on whether the identified 
assets are to be amortized or not in the consolidated accounts�
Response in the audit
We have analysed the purchase price allocation in order 
to assess whether it has been prepared in accordance with 
commonly prescribed methods and that all assets, in par-
ticular intangible assets, and liabilities have been identified� 
We have received and assessed the documentation that has 
been  prepared� 
Furthermore, we have focused on whether the techniques 
used to measure the acquired assets and assumed liabilities to 
fair value are in accordance with the prescribed framework and 
established valuation techniques�
We have also considered the completeness of the disclosures 
in the consolidated accounts and assessed whether they are 
consistent with the information used as a basis for the purchase 
price allocation�
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• Evaluate the overall presentation, structure and 
content of the annual accounts and consolidated 
accounts, including the disclosures, and whether the 
annual accounts and consolidated accounts represent 
the underlying transactions and events in a manner 
that achieves fair presentation�
• Plan and perform the group audit to obtain suffi-
cient and appropriate audit evidence regarding the 
financial information of the entities or business units 
within the group as a basis for forming an opinion 
on the consolidated accounts� We are responsible 
for the direction, supervision and review of the audit 
work performed for purposes of the group audit� We 
remain solely responsible for our opinions�
We must inform the Board of Directors of, among other 
matters, the planned scope and timing of the audit� We 
must also inform of significant audit findings during our 
audit, including any significant deficiencies in internal 
control that we identified� 
We must also provide the Board of Directors with a 
statement that we have complied with relevant ethical 
requirements regarding independence, and to commu-
nicate with them all relationships and other matters that 
may reasonably be thought to bear on our indepen-
dence, and where applicable, measures that have been 
taken to eliminate the threats or related safeguards�
From the matters communicated with the Board of 
Directors, we determine those matters that were of 
most significance in the audit of the annual accounts 
and consolidated accounts, including the most import-
ant assessed risks for material misstatement, and are 
therefore the key audit matters� We describe these 
matters in the auditor’s report unless law or regulation 
precludes disclosure about the matter�
In preparing the annual accounts and consolidated 
accounts The Board of Directors and the Chief Executive 
Officer are responsible for the assessment of the compa-
ny’s and the group’s ability to continue as a going con-
cern� They disclose, as applicable, matters related to going 
concern and using the going concern basis of accounting� 
The going concern basis of accounting is however not 
applied if the Board of Directors and the Chief Executive 
Officer intend to liquidate the company, to cease opera-
tions, or has no realistic alternative but to do so�
The Audit Committee shall, without prejudice to the 
Board of Director’s responsibilities and tasks in general, 
among other things oversee the company’s financial 
reporting process�
Auditor’s responsibility
Our objectives are to obtain reasonable assurance 
about whether the annual accounts and consolidated 
accounts as a whole are free from material misstate-
ment, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions� Reasonable 
assurance is a high level of assurance, but is not a guar-
antee that an audit conducted in accordance with ISAs 
and generally accepted auditing standards in Sweden 
will always detect a material misstatement when it 
exists� Misstatements can arise from fraud or error and 
are considered material if, individually or in the aggre-
gate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of 
these annual accounts and consolidated accounts�
As part of an audit in accordance with ISAs, we exer-
cise professional judgment and maintain professional 
scepticism throughout the audit� We also:
• Identify and assess the risks of material misstatement 
of the annual accounts and consolidated accounts, 
whether due to fraud or error, design and perform 
audit procedures responsive to those risks, and obtain 
audit evidence that is sufficient and appropriate 
to provide a basis for our opinions� The risk of not 
detecting a material misstatement resulting from fraud 
is higher than for one resulting from error, as fraud 
may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control�
• Obtain an understanding of the company’s internal 
control relevant to our audit in order to design audit 
procedures that are appropriate in the circumstances, 
but not for the purpose of expressing an opinion on 
the effectiveness of the company’s internal control�
• Evaluate the appropriateness of accounting policies 
used and the reasonableness of accounting estimates 
and related disclosures made by the Board of Direc-
tors and the Chief Executive Officer�
• Conclude on the appropriateness of the Board of 
Directors’ and the Chief Executive Officer’s, use of 
the going concern basis of accounting in preparing 
the annual accounts and consolidated accounts� We 
also draw a conclusion, based on the audit evidence 
obtained, as to whether any material uncertainty 
exists related to events or conditions that may cast 
significant doubt on the company’s and the group’s 
ability to continue as a going concern� If we conclude 
that a material uncertainty exists, we are required to 
draw attention in our auditor’s report to the related 
disclosures in the annual accounts and consolidated 
accounts or, if such disclosures are inadequate, to 
modify our opinion about the annual accounts and 
consolidated accounts� Our conclusions are based 
on the audit evidence obtained up to the date of our 
auditor’s report� However, future events or conditions 
may cause a company and a group to cease to contin-
ue as a going concern�
Report on other legal and regulatory requirements
AUDITOR’S AUDIT OF THE ADMINISTRATION AND THE PROPOSED APPROPRIATIONS OF PROFIT OR LOSS
Opinions
In addition to our audit of the annual accounts and consol-
idated accounts, we have also audited the administration 
of the Board of Directors and the Chief Executive Officer 
of Viaplay Group AB (publ) for the year 2025 and the 
proposed appropriations of the company’s profit or loss�
We recommend to the general meeting of sharehold-
ers that the profit be appropriated in accordance with 
the proposal in the statutory administration report and 
that the members of the Board of Directors and the 
Chief Executive Officer be discharged from liability for 
the financial year�
Basis for Opinions
We conducted the audit in accordance with generally 
accepted auditing standards in Sweden� Our respon-
sibilities under those standards are further described 
in the Auditor’s Responsibilities section� We are inde-
pendent of the parent company and the group in 
accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical respon-
sibilities in accordance with these requirements� 
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for 
our opinions�
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Responsibilities of the Board of Directors and the  
Chief Executive Officer
The Board of Directors is responsible for the proposal 
for appropriations of the company’s profit or loss� At 
the proposal of a dividend, this includes an assessment 
of whether the dividend is justifiable considering the 
requirements which the company’s and the group’s type 
of operations, size and risks place on the size of the 
parent company’s and the group’s equity, consolidation 
requirements, liquidity and position in general�
The Board of Directors is responsible for the compa-
ny’s organization and the administration of the com-
pany’s affairs� This includes among other things con-
tinuous assessment of the company’s and the group’s 
financial situation and ensuring that the company’s 
organization is designed so that the accounting, man-
agement of assets and the company’s financial affairs 
otherwise are controlled in a reassuring manner� 
The Chief Executive Officer shall manage the ongo-
ing administration according to the Board of Directors’ 
guidelines and instructions and among other matters 
take measures that are necessary to fulfill the compa-
ny’s accounting in accordance with law and handle the 
management of assets in a reassuring manner�
Auditor’s responsibility
Our objective concerning the audit of the administration, 
and thereby our opinion about discharge from liability, is to 
obtain audit evidence to assess with a reasonable degree 
of assurance whether any member of the Board of Direc-
tors or the Chief Executive Officer in any material respect:
• has undertaken any action or been guilty of any omis-
sion which can give rise to liability to the company, or
• in any other way has acted in contravention of the 
Companies Act, the Annual Accounts Act or the Arti-
cles of Association�
Our objective concerning the audit of the proposed 
appropriations of the company’s profit or loss, and 
thereby our opinion about this, is to assess with rea-
sonable degree of assurance whether the proposal is in 
accordance with the Companies Act�
Reasonable assurance is a high level of assurance, but 
is not a guarantee that an audit conducted in accor-
dance with generally accepted auditing standards in 
Sweden will always detect actions or omissions that can 
give rise to liability to the company, or that the pro-
posed appropriations of the company’s profit or loss are 
not in accordance with the Companies Act�
As part of an audit in accordance with generally 
accepted auditing standards in Sweden, we exercise 
professional judgment and maintain professional 
scepticism throughout the audit� The examination of 
the administration and the proposed appropriations 
of the company’s profit or loss is based primarily on 
the audit of the accounts� Additional audit procedures 
performed are based on our professional judgment with 
starting point in risk and materiality� This means that 
we focus the examination on such actions, areas and 
relationships that are material for the operations and 
where deviations and violations would have particular 
importance for the company’s situation� We examine 
and test decisions undertaken, support for decisions, 
actions taken and other circumstances that are relevant 
to our opinion concerning discharge from liability� As a 
basis for our opinion on the Board of Directors’ pro-
posed appropriations of the company’s profit or loss we 
examined whether the proposal is in accordance with 
the Companies Act� 
THE AUDITOR’S EXAMINATION OF THE ESEF REPORT
Opinion
In addition to our audit of the annual accounts and 
consolidated accounts, we have also examined that 
the Board of Directors and the Chief Executive Officer 
have prepared the annual accounts and consolidated 
accounts in a format that enables uniform electronic 
reporting (the Esef report) pursuant to Chapter 16, 
Section 4(a) of the Swedish Securities Market Act 
(2007:528) for Viaplay Group AB (publ) for year 2025� 
Our examination and our opinion relate only to the 
statutory requirements� 
In our opinion, the Esef report has been prepared in 
a format that, in all material respects, enables uniform 
electronic reporting�
Basis for opinion
We have performed the examination in accordance with 
FAR’s recommendation RevR 18 Examination of the Esef 
report� Our responsibility under this recommendation is 
described in more detail in the Auditors’ responsibility 
section� We are independent of Viaplay Group AB (publ) 
in accordance with professional ethics for accountants 
in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements� 
We believe that the evidence we have obtained is suf-
ficient and appropriate to provide a basis for our opinion�
Responsibilities of the Board of Directors and the  
Chief Executive Officer  
The Board of Directors and the Chief Executive Officer 
are responsible for the preparation of the Esef report 
in accordance with the Chapter 16, Section 4(a) of 
the Swedish Securities Market Act (2007:528), and for 
such internal control that the Board of Directors and 
the Chief Executive Officer determine is necessary to 
prepare the Esef report without material misstatements, 
whether due to fraud or error�
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance 
whether the Esef report is in all material respects pre-
pared in a format that meets the requirements of Chap-
ter 16, Section 4(a) of the Swedish Securities Market 
Act (2007:528), based on the procedures performed� 
RevR 18 requires us to plan and execute procedures 
to achieve reasonable assurance that the Esef report is 
prepared in a format that meets these requirements� 
Reasonable assurance is a high level of assurance, but 
it is not a guarantee that an engagement carried out 
according to RevR 18 and generally accepted auditing 
standards in Sweden will always detect a material mis-
statement when it exists� Misstatements can arise from 
fraud or error and are considered material if, individually 
or in aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the 
basis of the Esef report� 
The audit firm applies International Standard on Qual-
ity Management 1, which requires the firm to design, 
implement and operate a system of quality manage-
ment including policies or procedures regarding compli-
ance with ethical requirements, professional standards 
and applicable legal and regulatory requirements�
The examination involves obtaining evidence, 
through various procedures, that the Esef report has 
been prepared in a format that enables uniform elec-
tronic reporting of the annual accounts and consoli-
dated accounts� The procedures selected depend on 
the auditor’s judgment, including the assessment of the 
risks of material misstatement in the report, whether 
due to fraud or error� In carrying out this risk assess-
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ment, and in order to design procedures that are appro-
priate in the circumstances, the auditor considers those 
elements of internal control that are relevant to the 
preparation of the Esef report by the Board of Directors 
and the Chief Executive Officer, but not for the purpose 
of expressing an opinion on the effectiveness of those 
internal controls� The examination also includes an 
evaluation of the appropriateness and reasonableness 
of the assumptions made by the Board of Directors and 
the Chief Executive Officer� 
The procedures mainly include a validation that the 
Esef report has been prepared in a valid XHTML format 
and a reconciliation of the Esef report with the audited 
annual accounts and consolidated accounts�
Furthermore, the procedures also include an assess-
ment of whether the consolidated statement of finan-
cial performance, financial position, changes in equity, 
cash flow and disclosures in the Esef report have been 
marked with iXBRL in accordance with what follows 
from the Esef regulation� 
THE AUDITOR’S EXAMINATION OF THE CORPORATE GOVERNANCE STATEMENT
The Board of Directors is responsible for that the cor-
porate governance statement on pages 27-35 has been 
prepared in accordance with the Annual Accounts Act�
Our examination of the corporate governance state-
ment is conducted in accordance with FAR´s standard 
RevR 16 The auditor´s examination of the corporate 
governance statement� This means that our examina-
tion of the corporate governance statement is different 
and substantially less in scope than an audit conducted 
in accordance with International Standards on Auditing 
and generally accepted auditing standards in Sweden� 
We believe that the examination has provided us with 
sufficient basis for our opinions� 
A corporate governance statement has been pre-
pared� Disclosures in accordance with chapter 6 section 
6 the second paragraph points 2-6 of the Annual 
Accounts Act and chapter 7 section 31 the second para-
graph the same law are consistent with the other parts 
of the annual accounts and consolidated accounts and 
are in accordance with the Annual Accounts Act�
KPMG AB, P�O�Box 382, SE-101 27, Stockholm, was 
appointed auditor of Viaplay Group AB (publ) by the 
general meeting of the shareholders on May 13, 2025� 
KPMG AB or auditors operating at KPMG AB have been 
the company’s auditor since 2018�
Stockholm March 30, 2026 
KPMG AB
Tomas Gerhardsson
Authorized Public Accountant
Auditor’s report
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Conclusion 
We have conducted a limited assurance engagement 
of the sustainability statement for Viaplay Group AB 
(publ) (the “company”) for the financial year 2025� The 
sustainability statement is included on pages 36-82 in 
this document�
Based on our limited assurance engagement as 
described in the section Auditor’s responsibility, nothing 
has come to our attention that causes us to believe that 
the sustainability statement does not, in all material 
respects, meet the requirements of the Swedish Annual 
Accounts Act which includes,
• whether the sustainability statement meets the 
requirements of ESRS,
• whether the process the company has carried out 
to identify reported sustainability information has 
been conducted as described in the sustainability 
statement, and
Basis for conclusion
We have conducted the assurance engagement in 
accordance with FAR’s recommendation RevR 19 The 
auditor’s limited assurance regarding the statutory 
sustainability statement� Our responsibility according to 
this recommendation is further described in the section 
Auditor’s responsibility�
We believe that the evidence we have obtained 
is sufficient and appropriate to provide a basis for 
our conclusion�
Other matters
The sustainability information for the prior year has not 
been subject to any assurance, and consequently no 
assurance of the comparative information in the sus-
tainability statement for 2025 has been performed�
Information other than the sustainability statement
This document also contains information other than the 
sustainability statement and is found on pages 1-35, 
83-132 and 140-150� The Board of Directors and the 
Chief Executive Officer are responsible for this other 
information�
Our conclusion on the sustainability statement does 
not cover this other information and we do not express 
any form of assurance conclusion regarding this oth-
er information�
In connection with our limited assurance engagement 
on the sustainability statement, our responsibility is 
to read the information identified above and consider 
whether the information is materially inconsistent with 
the sustainability statement� In this procedure we also 
take into account our knowledge otherwise obtained in 
the limited assurance engagement and assess whether 
the information otherwise appears to be materially mis-
stated�
If we, based on the work performed concerning this 
information, conclude that there is a material misstate-
ment of this other information, we are required to report 
that fact� We have nothing to report in this regard�
Responsibilities of the Board of Directors and the 
Chief Executive Officer
The Board of Directors and the Chief Executive Officer 
are responsible for the preparation of sustainability 
statement in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act, and for 
such internal control as they determine is necessary to 
enable the preparation of the sustainability statement 
that is free from material misstatements, whether due to 
fraud or error�
Auditor’s responsibility
Our responsibility is to express a conclusion with limited 
assurance on whether the sustainability statement has 
been prepared in accordance with Chapter 6, Sections 
12–12f of the Swedish Annual Accounts Act based on 
our review� The limited assurance engagement has 
been conducted in accordance with FAR’s recom-
mendation RevR 19 The auditor’s limited assurance 
regarding the statutory sustainability statement� This 
recommendation requires that we plan and perform 
our procedures to obtain limited assurance that the 
sustainability statement is prepared in accordance with 
these requirements�
The procedures in a limited assurance engagement 
vary in nature and timing from, and are less in extent 
than for, a reasonable assurance engagement� Con-
sequently, the level of assurance obtained in a limited 
assurance engagement is substantially lower than 
the assurance that would have been obtained had a 
reasonable assurance engagement been performed� 
This means that it is not possible for us to obtain such 
assurance that I we become aware of all significant 
matters that could have been identified if a reasonable 
assurance engagement had been performed�
Our firm applies ISQM 1 (International Standard 
on Quality Management), which requires the firm to 
design, implement and operate a system of quali-
ty management, including policies and procedures 
 regarding compliance with ethical requirements, 
 professional standards, and applicable legal and regula-
tory requirements�
Auditor’s limited assurance report of  
Viaplay Group AB (publ)’s sustainability statement
To the general meeting of the shareholders of Viaplay Group AB (publ), corporate identity number 559124-6847
Annual & Sustainability Report 2025
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