Årsredovisning 2025

We are independent of Viaplay Group AB (publ) in 
accordance with professional ethics for accountants in 
Sweden and have otherwise fulfilled our ethical respon-
sibilities in accordance with these requirements�
A limited assurance engagement involves performing 
procedures to obtain evidence to support the sustain-
ability statement� The auditor selects the procedures to 
be performed, including assessing the risks of material 
misstatements in the sustainability statement, whether 
due to fraud or error� In this risk assessment, the auditor 
considers the parts of the internal control that are rel-
evant to how the Board of Directors and the Chief Exec-
utive Officer prepare the sustainability statement, in 
order to design procedures that are appropriate under 
the circumstances, but not for the purpose of provid-
ing a conclusion on the effectiveness of the company’s 
internal control� The review consists of making inquiries, 
primarily of persons responsible for the preparation 
of the sustainability statement, performing analytical 
review, and conducting other limited review procedures�
In conducting our limited assurance engagement, 
with respect to the process undertaken to identify the 
sustainability information to be reported, we have:
• Obtained an understanding of the Process by:
–  performing inquiries to understand the sources of 
the information used by management; and 
–  reviewing the company’s internal documentation of 
its Process; and
• Evaluated whether the evidence obtained from 
our review procedures regarding the Process 
implemented by the company was consistent 
with the description of the Process set out in the 
sustainability statement�
In conducting our limited assurance engagement, with 
respect to the sustainability statement, we have per-
formed, but were not limited to, the following:
• Through inquiries, obtained a general understanding 
of the company’s reporting and consolidation process-
es, including the company’s internal control environ-
ment and information systems, relevant to the prepa-
ration of information in the sustainability statement�
• Evaluated whether information identified as material 
through the process the company has carried out is 
also included in the sustainability statement�
• Evaluated whether the structure and the presentation 
of the sustainability statement is in accordance with 
the requirements of the ESRS�
• Performed inquiries with relevant personnel on 
selected disclosures in the sustainability statement�
• Performed substantive procedures through 
sample testing on selected disclosures in the 
sustainability statement�
• Through inquiries, obtained understanding of the 
methods used to develop material estimates and how 
these methods were applied�
• Through inquiries, obtained a general understanding 
of the process to identify economic activities 
which are eligible and aligned with the EU Green 
Taxonomy, and the corresponding disclosures in the 
sustainability statement�
• Performed substantive procedures through sample 
testing on selected disclosures in the sustainability 
statement related to the EU Green Taxonomy�
Inherent limitations in preparing the  
sustainability statement
In reporting forward-looking information in accordance 
with ESRS, the Board of Directors and the Chief Execu-
tive Officer of Viaplay Group AB (publ) are required to 
prepare the forward-looking information on the basis 
of disclosed assumptions about events that may occur 
in the future and possible future actions by Viaplay 
Group AB (publ)� Actual outcomes are likely to be dif-
ferent since anticipated events frequently do not occur 
as expected�
Stockholm, March 30, 2026
KPMG AB
Tomas Gerhardsson
Authorized Public Accountant
Auditor’s limited assurance report of Viaplay Group AB (publ)’s sustainability statement
Annual & Sustainability Report 2025
139
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 140 =====

Remuneration report
Introduction 
This Remuneration Report1 outlines the implementation 
of Viaplay Group’s Remuneration Guidelines for execu-
tive remuneration (the “Guidelines”), as adopted by the 
2024 Annual General Meeting (the “AGM”), during the 
2025 financial year. It also details the remuneration of 
the President and CEO, Jørgen Madsen Lindemann, and 
provides a summary of the Group’s outstanding share-
based incentive plans.
Business highlights 2025
• On 17 July, Viaplay Group, through a wholly owned 
subsidiary, entered into an agreement with Telenor 
Communication II AS to acquire Telenor’s 50% stake 
in Allente Group for SEK 1,100 million. The acquisition 
was completed on 13 November and was financed 
through available liquid funds and a new loan of SEK 
1,726 million.
• Viaplay Group established a new working capital 
facility of SEK 2,500 million, terminated its guaran-
tee facility of 646 MEUR (approximately SEK 7,100 
million), and reduced its revolving credit facility from 
SEK 3,392 million to SEK 2,817 million.
• On 1 December, Viaplay Group appointed Jonas 
Karlén as EVP and CEO of Viaplay Group Sweden.
CEO and President remuneration terms 2025
Base salary: The gross annual base salary of the President 
and CEO for 2025 remained unchanged at SEK 12.57 
million. No salary increase was applied during the year.
Short-term incentive plan: The President and CEO’s 
maximum short-term incentive (“STI”) opportunity 
for 2025 was set at 100 percent of the gross annual 
base salary, unchanged from prior year. This year’s STI 
targets focused on growth in net sales, profit, and cash 
flow.
Long-term incentive plan: Due to constraints on poten-
tial dilution associated with an effective share-based 
long-term incentive plan, a hybrid long-term incentive 
structure was introduced in 2025. The hybrid struc-
ture includes a share-based LTIP of limited scope (30 
percent of maximum opportunity) and the cash-based 
deferred STI plan (“STID”) with a share purchase 
requirement (70 percent of maximum opportunity). 
The aim of the new structure is to promote the Group’s 
long-term objectives by reinforcing the share ownership 
expectations for the Group Executive Team, aligning 
the participants’ interest with shareholders and sup-
porting the three-year share ownership requirement 
under LTIP 2025. For the President and CEO, the hybrid 
structure results in a 2025 LTIP share grant equivalent 
to 49.5 percent of the gross annual base salary and 
a 2025 STID grant equivalent to 115.5 percent of the 
gross annual base salary. In total, the grant value corre-
sponds to 165 percent of the gross annual base salary, 
unchanged from prior year. 
LTIP 2025 is a three-year plan with vesting conditional 
on the achievement of an Absolute Share Price Hurdle 
and continued employment. The plan is further described 
in the section Share Based Remuneration.
STID 2025 operates across two half-year terms: 
January to June (H1) and July to December (H2). H1 
represents 40 percent of the total annual maximum 
opportunity, while H2 accounts for the remaining 60 
percent. Each half-year term is divided equally into a 
cash-based award, which is deferred for twelve months, 
subject to continued employment, after evaluation of 
the achievement of performance criteria; and a share 
award, which is subject to the same performance con-
ditions, but paid out immediately with the additional 
requirement to purchase and hold Viaplay Group Class 
B shares for the full net payout over 24 months. The 
plan and associated outcomes are further described in 
the sections Application of Performance Criteria and 
Variable Cash Remuneration.
Information on shareholder vote 
The 2024 Remuneration Report was approved by the 
AGM on 13 May 2025. Viaplay Group maintains an 
ongoing dialogue with shareholders and investors, and 
welcomes feedback on remuneration arrangements and 
disclosures throughout the year.
‘1) The report has been prepared in compliance with Chapter 
8, Sections 53 a and 53 b of the Swedish Companies Act 
(2005:551) and the Remuneration Rules (dated December 1, 
2020) issued by the Stock Market Self-Regulation Committee. 
Information required by Chapter 5, Sections 40–44 of the 
Annual Accounts Act (1995:1554) is available in note 7 on 
pages 94-100 in the Group’s annual report.
LTI (share based, 30%)
2025 20272026 2028
LTI – performance and vesting May 2025 to May 2028
Share award
Cash award
STID
(cash based, 
70%)
H1 
performance 
period
H2 
performance 
period H2 Released 
- Feb
H1 Released 
- Jul
H2 Investment 
Released - Jan
H1 Investment 
Released - Jul
Illustration of 2025 Hybrid LTI
140
Annual & Sustainability Report 2025 About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 141 =====

Remuneration Guidelines and philosophy
Viaplay Group’s remuneration policy is designed to: 
i) drive and reward sustainable Group and individual 
performance; ii) remain market competitive in order to 
attract and retain best-in-class talent; and iii) incen-
tivise the creation of long-term shareholder value in a 
rapidly evolving industry. Total remuneration shall be 
on market terms and may include base salary, pension, 
benefits, and performance-linked elements in the 
form of STI and LTI plans. The remuneration guidelines 
adopted by the 2024 AGM are available in Note 7 of 
the 2025 Annual & Sustainability Report.
The Auditor’s Report, confirming whether the guide-
lines have been complied with, will be published at 
viaplaygroup.com no later than three weeks prior to the 
2026 AGM. In addition to the remuneration elements 
covered by the guidelines, Viaplay Group maintained 
one outstanding share-based LTI plan during 2025. 
Furthermore, the AGM annually resolves on Board 
remuneration, which is not covered by this report. Such 
remuneration is disclosed in Note 7 of the 2025 Annual 
& Sustainability Report. 
Total remuneration of the President and CEO
Table 1 below sets out the total remuneration of the 
President and CEO for the 2025 financial year. Disburse-
ment of incentive payments will not necessarily occur 
during the calendar year. Further information regarding 
the work of the Remuneration Committee in 2025 is 
provided in the Governance Report, on pages 27–33 of 
the 2025 Annual & Sustainability Report.
Performance criteria applied in  
variable cash incentives
Viaplay Group STI and STID
The performance measures for the STI and the STID 
plans are reviewed and selected annually to incentivise 
and reward the achievement of financial and, where 
appropriate, non-financial targets linked to the Group’s 
strategic priorities and sustainable development. 
While the total performance period for the 2025 
STI plan has been one year (i.e., the full financial year 
2025), as suggested by the Remuneration Guidelines, 
this total period has been sub-divided into four quar-
ters. The 2025 STID plan is divided in different tranch-
es, as described in more detail in the section below. 
Each tranche with different performance and vesting 
periods, most of which are shorter than three years (i.e., 
the requirement in the Remuneration Guidelines). How-
ever, the STID includes a share purchase and two-year 
ownership requirement, according to which 50 percent 
of the net amount shall be allocated towards the pur-
chase and holding of Viaplay Group shares. Thereby the 
STID serves the Group’s long-term interests, by sup-
porting the Viaplay Group’s share ownership require-
ment for the Group Executive Team (and the 3-year 
shareholding requirement under the Viaplay Group’s 
share-based LTI plan).
Variable cash incentives for the President  
and CEO in the reported financial year 
STI 2025 
The President and CEO’s maximum STI opportunity 
for 2025 is set at 100 percent of the gross annual base 
salary. The corporate STI performance criteria account 
for 100 percent of the total incentive potential and 
are based on the achievement of targets for sales (30 
percent), profit (30 percent), and cash flow (40 percent), 
resulting in a 80.63 percent fulfilment of the weighted 
target conditions. Based on the weighted outcome, the 
President and CEO’s total STI achievement for 2025 is 
80.63 percent corresponding to a payout of SEK 10.1 mil-
lion.
STID 2025 (Hybrid Long-Term Incentive)
The President and CEO’s maximum STID opportunity 
for 2025 is set at 115.5 percent of the gross annual base 
salary, corresponding to 70 percent of the maximum 
opportunity under the hybrid LTI structure. The STID 
2025 performance criteria were based on the Group’s 
corporate targets and are measured over two half-year 
periods, as outlined below. The combined outcome of 
H1 and H2 is SEK 12.1 million, which corresponds to 
83.80 percent and 83.44 percent achievement respec-
tively.
H1 (JANUARY TO JUNE 2025) REPRESENTING  
40 PERCENT OF THE MAXIMUM OPPORTUNITY 
Target fulfilment of 83.80 percent resulting in an 
 outcome of SEK 4.9 million, equally divided into: 
• A share award amounting to SEK 2.4 million, with 
payment in August 2025. 
• A cash award amounting to SEK 2.4 million, subject to 
a 12-month deferral with payment in July 2026.
H2 (JULY TO DECEMBER) REPRESENTING  
60 PERCENT OF THE MAXIMUM OPPORTUNITY
Target fulfilment of 83.44 percent resulting in an 
 outcome of SEK 7.3 million, equally divided into: 
• A share award, amounting to SEK 3.6 million, with 
payment in March 2026. 
• A cash award amounting to 3.6 million, subject to a 
12-month deferral with payment in January 2027.
The cash awards are subject to continued employment 
during the deferral period. For share awards, the net 
payout must be allocated to purchasing Viaplay Group 
shares, subject to trading regulations, which are subject 
Table 1: Total Remuneration of the President and CEO
Fixed remuneration Variable remu neration
Extraordinary items 5President and CEO (SEK) Financial year Base salary Other benefits 1 Pension expense 2
Short-Term Incentive
(One-year)3
Hybrid Long-Term 
Incentive (Multi-year)4
Total Remuneration
(excl. share grant)
Split between fixed and 
variable remuneration
Jørgen Madsen Lindemann 2025 12,566,004 378,288 1,256,600 10,131,637 12,131,160 - 36,463,689 39/61
1) Other benefits include car allowance.
2) Pension expense as a monthly cash allowance in lieu of pension, corresponding to 10 percent of base salary.
3) One-year variable remuneration refers to remuneration earned under STI 2025. The earned amount is corresponding to a 80.63 percent weighted achievement.
4) Total multi-year variable remuneration refers to remuneration earned under STID 2025 in the form of cash awards and share awards, subject to deferral and share purchase requirements respectively. The earned amount is corresponding to a 83.80 percent achievement for H1 and 
83.44 percent for H2.
5) No extraordinary items were paid out in 2025.
Remuneration report
141
Annual & Sustainability Report 2025 About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 142 =====

to a mandatory holding period of 24 months.  
The President and CEO has fully complied with the 
share purchase requirements, in accordance with the 
established Remuneration Guidelines, and has fulfilled 
all obligations related to the incentive plans. 
 
Table 3 (KPI tables of sales, profit and cashflow)  
The applicable targets for the President and CEO’s variable 
cash remuneration under the STI and STID plans for 2025, 
which resulted in a combined year-end corporate fulfilment of 
83.62 percent.
Targets
Fulfilment 
H1 2025
Fulfilment 
H2 2025
Core Sales (30%) 95.98% 95.90%
Core EBIT (30%) 50% 50%
Group FCF1 (40%) 100% 99.19%
Weighted outcome 83.80% 83.44%
1) Group Free Cash Flow excluding tax, financing costs, and 
Allente dividends.
Share-based remuneration, Long-Term Incentive
Outstanding share-based program
In 2025, Viaplay Group reinstated a share-based Long-
Term Incentive Plan (“2025 LTIP”) as part of its hybrid 
long-term incentive structure (30 percent). The plan 
is aligned with the intentions of Viaplay Group’s new 
owners and was approved by shareholders at the 2025 
AGM. The 2025 LTIP is directed at the President and 
CEO, members of the Group Executive Team (GET), 
senior executives, and key employees, totalling 21 
participants. Compared to previous plans, it is offered 
to fewer employees and features a single performance 
target: an Absolute Share Price Hurdle of SEK 1.10 per 
Class B share. Participants receive performance share 
awards free of charge, which may vest after three years 
if the performance condition is met. The estimated cost 
is capped at SEK 28.2 million, representing about 1.6 
percent of total employment costs for 2024. 
There are no other share-based programs outstand-
ing in addition to LTIP 2025.
Table 2: Outstanding share-based remuneration (Long-Term Incentive)
The main conditions Information regarding the reported year
Performance period 1 Grant date Vesting date 2 
End of retention 
period 3
Opening balance During the year Closing balance
President and CEO Plan
Shares held at the 
beginning of the year Shares granted Shares vested
Shares subject to a 
performance condition
Shares granted and 
unvested at year-end
Shares subject to a 
retention perio
Jørgen Madsen Lindemann LTIP 2025 2025-2028 2025-05-13 Q2 2028 - - 9,366,319 - 9,366,319 9,366,319 -
1) The performance target is measured over a three-year performance period in LTIP 2025.
2) The awards under LTIP 2025 vest after the 2028 AGM.
3) The shares are not delivered to the President and CEO until the date of vesting and there is no requirement to retain the shares post vesting, other than to fulfil the share ownership requirement.
Table 4. Comparative information on the change of 
remuneration and company performance1
Name of director, position, 
SEKm 2025 2024 2023
Jørgen Madsen Lindemann,   
President and CEO 36.5 56.9 16.72
Group operating income 
before IAC –41 –269 –1,115
Average remuneration,  
employees of Viaplay 
Group3 1.1 1.3 1.3
Average remuneration,  
employees of Parent com-
pany4 3.0 2.3 1.5
1) The Annual total remuneration ratio (median employee com-
pared to highest paid employee) is disclosed on page 64, S1-16 
in the Sustainability statement. 
2) The total remuneration is calculated on pro-rata basis, effective 
from appointment date, 5 June 2023. 
3) Included as considered a better reference group of employees 
than the parent company which includes a small population. 
The number employees in the Group is 1,105.
4) The number of employees in the parent company is limit-
ed [(23)] and is therefore volatil to turnover and changes in 
employee compensation.
Remuneration report
Share Ownership Requirement
To further incentivise the creation of long-term share-
holder value, the President and CEO, along with 
members of the Group Executive Team, are required to 
build and maintain a significant shareholding in Viaplay 
Group. The President and CEO must hold shares equiv-
alent to a minimum of 150 percent of the net annual 
base salary. At 31 December 2025, the President and 
CEO held shares equal to 105 percent of his annual net 
base salary, in line with the scheduled build-up set out 
in the Share Ownership Guidelines.
Deviations from the remuneration guidelines and 
from the procedure for implementation of the 
guidelines 
Except for the adjustments to performance and vesting 
periods in relation to the STI and STID as disclosed 
herein, the Remuneration Committee and Board have 
concluded that there were no deviations from the 2024 
remuneration guidelines. These adjustments were 
deemed necessary due to unpredictable and rapidly 
changing market conditions. The 2026  remuneration 
guidelines have been revised to accommodate these 
considerations.
142
Annual & Sustainability Report 2025 About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 143 =====

Group (SEK million if not otherwise stated) 2025 2024 2023 2022 2021
Net debt
Total financial borrowings 6,422 2,058 7,250 3,900 3,300
Cash and cash equivalents 1,132 1,040 2,542 2,775 5,702
Cash and cash equivalents included in assets held for sale – – 27² – –
Financial net debt 5,246 829 4,681 1,105 –2,422
Net debt 5,525 1,113 4,976 1,482 –2,059
Key ratios
Net debt/EBITDA before IAC 31.9 13.6 –6.6 8.6 –2.1
Per share data
Shares outstanding at the end of the year 4,546,891,500 4,578,225,962 78,225,962 78,225,962 77,970,071
Basic average number of shares outstanding 4,558,616,594 4,110,047,635 78,225,962 78,137,402 76,731,753
Diluted average number of shares outstanding 4,558,616,594 4,110,047,635 78,225,962 78,225,008 77,031,536
Basic earnings per share (SEK) –0.28 0.03 –124.61 4.13 4.23
Proposed ordinary dividend/Cash dividend per share (SEK) 01 0 0 0 0
Market price of Class B shares at close of last trading day 0.905 0.68 5.18 198.05 469.20
Group (SEK million if not otherwise stated) 2025 2024 2023 2022 2021
Income statement
Net sales 17,682 18,490 18,567 15,691 12,661
Core operations, net sales 16,767 17,598 17,332 15,265 n.a.
Allente Group net sales 771 – – – –
Elimination of sales to Allente Group –193 – – – –
Group total Core operations, net sales 17,344 17,598 17,332 15,265 12,661
Reported sales growth, Core operations, % –5.1 1.5 13.5 n.a. n.a.
Organic sales growth, Core operations, % –2.5 4.7 10.6 n.a. n.a.
Operating income before ACI and IAC –41 –269 –1,115 –372 607
Associated income (ACI) –26 151 63 275 40
Items affecting comparability (IAC) –420 –439 –9,224 510 –74
Operating income –486 –558 –10,276 413 573
Operating margin, % –2.7 –3.0 –55.3 2.6 4.5
Net income for the year, continuing operations –1,267 106 –9,747 323 365
Net income for the year, total operations –1,267 106 –9,747 323 325
Cash flow
Cash flow from operations, excluding changes in 
working capital –45 –919 –1,442 304 1,294
Change in working capital –2,248 –1,080 –1,906 –3,305 –817
Cash flow from operating activities –2,293 –1,999 –3,348 –3,001 477
Capital expenditure in tangible and intangible assets –49 –43 –159 –186 –216
Acquisitions and divestments of operations –1,744 132 5 –387 443
Five-year summary
1) The Board propose no dividend to be paid for the year 2025. Subject to AGM approval. 
2) At year-end 2023, the UK operations (formerly Premier Sports) and Paprika Group were classified as assets held for sale. Paprika Group was 
divested in January 2024 and the UK operations in April 2024.
Annual & Sustainability Report 2025
143
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 144 =====

Alternative Performance Measures
Below follows so-called alternative performance measures, 
i.e., financial measures that are not defined under IFRS. 
Viaplay Group believes that these alternative performance 
measures combined with other measures that are defined 
in accordance with IFRS contribute to the understand-
ing of trends related to financial performance, return on 
investment and indebtedness and are useful information 
to investors.
An alternative performance measure is defined as a 
financial measure of historical or future financial perfor-
mance, financial position or cash flows other than a finan-
cial measure defined or specified in the applicable financial 
reporting framework. These alternative performance 
measures should not be considered in isolation or as an 
alternative to performance measures defined in accor-
dance with IFRS. In addition, such measures, as defined by 
Viaplay Group, may not be comparable to other similarly 
titled measures used by other companies.
Viaplay Group uses the following Alternative 
Performance Measures:
• Reported sales growth and organic sales growth, 
Core operations
• Operating income before associated company 
income (ACI) and items affecting comparability (IAC)
• Operating income before IAC
• Net debt and net debt / EBITDA before IAC
• Free cash flow
• Pro forma Core net sales, Pro forma Core EBITDA before 
ACI and IAC and Pro forma Group adjusted operating 
free cash flow
Reported sales growth and organic sales growth, Core operations
Group (SEK million)
Reported  
net sales
Acquisitions/ 
divestments
Net sales adjusted 
for acquisitions/ 
divestments
Changes  
in FX rates
Net sales adjusted for acquisitions/ 
divestments and changes in  
FX rates (organic sales)
Viaplay streaming subscription
2025 7,799 – 7,799 171 7,970
2024 7,930 – 7,930 – 7,930
Growth –131 –131 41
Growth, % –1.7% –1.7% 0.5%
Linear channel subscription
2025 4,595 – 4,595 127 4,722
2024 4,747 – 4,747 – 4,747
Growth –152 –152 –24
Growth, % –3.2% –3.2% –0.5%
Advertising
2025 3,445 – 3,445 80 3,525
2024 3,491 –   3,491 – 3,491
Growth –46 –46 34
Growth, % –1.3% –1.3% 1.0%
Sublicensing & other
2025 927 – 927 15 942
2024 1,430 – 1,430 – 1,430
Growth –503 –503 –488
Growth, % –35.2% –35.2% –34.1%
Allente sales net of elimination
2025 578 –578 – – –
2024 – – – – –
Total, Core operations
2025 17,344 –578 16,766 392 17,158
2024 17,598 –   17,598 – 17,598
Growth, Core operations –254 –832 –438
Growth, % –1.4% –4.7% –2.5%
Reconciliation of reported sales growth and  
organic sales growth, Core operations
Since the Core operations generates the majority of its 
sales in  currencies other than in the Group’s reporting 
currency (i.e. SEK, Swedish Krona) and the fact that the 
currency rates have proven to be rather volatile, and due to 
the fact that the Group has historically made acquisitions 
and divestments, the Group’s sales trends and performance 
are analysed as changes in organic sales growth within the 
Core operations. This presents the increase or decrease in 
the overall SEK net sales on a comparable basis, allowing 
separate discussions of the impact of acquisitions/divest-
ments and exchange rates.
Annual & Sustainability Report 2025
144
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 145 =====

Operating income before associated company income (ACI and items affecting comparability (IAC)
Group (SEK million) 2025 2024
Operating income –486 –558
Items affecting comparability (IAC) (–) –420 –439
Operating income before IAC –66 –119
Associated company income (–) –26 151
Operating income before ACI and IAC –41 –269
Items affecting comparability
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 currency 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 during the year. 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. 
Reconciliation of operating income before  
associated company income (ACI) and items 
 affecting comparability (IAC)
Operating income before associated company income 
(ACI) and items affecting comparability (IAC) refers to 
operating income after the reversal of of the Group’s share 
of associated company’s and joint ventures net income and 
reversal of material items and events related to changes 
in the Group’s structure or lines of business, which are 
relevant for understanding the Group’s development on a 
like-for-like basis. This measure is used by management to 
follow and analyse the underlying profits and to offer more 
comparable figures between periods.
Alternative Performance Measures
Annual & Sustainability Report 2025
145
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 146 =====

Group (SEK million) 2025 2024
Cash flow from operating activities –2,293 –1,999
Capital expenditure in tangible and intangible assets –49 –43
Other cash flow from investing activities 16 16
Group – Free cash flow –2,326 –2,026
Core operations (SEK million) 2025 2024
Cash flow from operating activities –1,928 –1,254
Capital expenditure in tangible and intangible assets –49 –43
Other cash flow from investing activities 16 16
Core operations – Free cash flow –1,961 –1,227
Non-core operations (SEK million) 2025 2024
Cash flow from operating activities –365 –799
Capital expenditure in tangible and intangible assets – –
Other cash flow from investing activities – –
Non-core operations – Free cash flow –365 –799
 
Reconciliation of free cash flow
Free cash flow refers to the sum of cash flow from oper-
ating activities and cash flow from investing activities 
excluding the acquisitions and divestments of operations. 
The measure is used to follow and analyse cash flow for the 
Group. The measure is also an important measure to follow 
up the Non-core cashflow. 
Reconciliation of net debt / EBITDA before IAC ratio 
Net debt is used by Group management to track the 
indebtedness of the Group and to analyse the leverage 
and refinancing needs of the Group. The net debt to EBIT-
DA before IAC ratio provides a KPI for net debt in relation 
to underlying cash profits generated by the business, i.e. 
an indication of a business’ ability to pay its debts. This 
measure is commonly used by financial institutions to rate 
creditworthiness. Prepaid borrowing expenses recognised 
in connection to the recapitalistion February 9, 2024 is 
reported within net debt. 
Net debt
Group (SEK million) 2025 2024
Short-term borrowings 920¹ 200
Long-term borrowings (+) 5,502 1,858
Total financial borrowings 6,422 2,058
Prepaid borrowing expense (–) 44 189¹
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
Net debt / EBITDA before IAC
Group (SEK million) 2025 2024
Operating income before IAC, continuing operations –66 –119
Depreciation and amortisation continuing operations² 239 201
EBITDA before IAC 173 82
Net debt 5,525 1,113
Total net debt / EBITDA before IAC 31.9 13.6
Pro forma net debt /EBITDA before IAC 4.8 –
1) Of which SEK 500m relates to revolving credit facility.
2) Refers to non-current assets only.
Alternative Performance Measures
Annual & Sustainability Report 2025
146
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 147 =====

Reconciliation of pro forma Core net sales,  
Core EBITDA and Group free cash flow 
Pro forma financials illustrate key financials  as if Allente 
Group would have been acquired and fully consolidated 
from 1 January 2025. Allente Group was reported as an 
associated company prior to the acquisition of the remain-
ing 50% of the shares, and the financial performance is dis-
closed in note 15. The pro forma basis is prepared in order 
to show the new Viaplay Group including Allente as well 
to have comparison figures during 2026. Allente Group 
has been a related party to Viaplay Group where Viaplay 
has distributed products to Allente in the normal course 
of business. These transactions are eliminated in the pro 
forma figures. The Allente Group is as from November 14 
2025 consolidated into the Group’s core segment. 
Pro forma Core net sales
SEK million 2025
Core operations net sales 16,767
Allente net sales 6,147
Elimination of Viaplay net sales to Allente –1,420
Pro forma Core net sales 21,494
Pro forma Core EBITDA before ACI & IAC
SEK million 2025
Core operations operating income before ACI and IAC (+) –61
Depreciation and amortisation 176
Allente EBITDA before IAC 1,029
Pro forma Core EBITDA before ACI & IAC  1,14 4  
Pro forma Group adjusted operating free cash flow
SEK million 2025
Group free cash flow –2,326
Acquisition costs 26
Dividends –500
One-off working capital effects 2,500
Interest 338
Allente operating free cash flow see below 765
Pro forma Group Adjusted operating FCF 804
SEK million 2025
Cash flow from operating activities 798
Capital expenditure in tangible and intangible assets –90
Free operating cash flow 708
Interest expense in above 57
Allente adjusted operating FCF 765
Alternative Performance Measures
Annual & Sustainability Report 2025
147
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 148 =====

Ownership structure
Viaplay Group had 61,871 shareholders at the end 
of the year, as recorded in the share register held by 
Euroclear Sweden AB (Swedish Securities Centre).
Shareholders as of 31 December 2025
SEK million
Viaplay  
Group A
(VPLAY A)
Viaplay  
Group B
(VPLAY B)
Capital,  
%
Votes,  
%
Groupe Canal+ SA 1,342,833,333 29.33 29.30
PPF Cyprus Management 
Limited
1,341,208,619 29.29 29.27
Nordea Funds 581,126,658 12.69 12.68
Avanza Pension  2,640 65,642,594 1.43 1.43
Sissener AS 50,000,000 1.09 1.09
Stefan Lundh 35,332,417 0.77 0.77
SEB Funds 31,349,635 0.68 0.68
Handelsbanken Fonder 28,059,699 0.61 0.61
Swedbank Robur Fonder 26,343,543 0.58 0.57
Nordea Funds (Lux) 25,790,625 0.57 0.57
Share information
Marketplace
Nasdaq Stockholm,  
Mid Cap segment
Ticker VPLAY A, VPLAY B
ISIN code (A share) SE0012324226
ISIN code (B share) SE0012116390
Market cap as of 31 December 2025 SEK 4,135m
Share price as of 31 December 2025 0.905 SEK (VPLAY B)
Share price development + 33.48%
Highest closing price  during the year SEK 1.58
Lowest closing price  during the year SEK 0.55
 France 29.3% 
 Cyprus 29.3%
 Sweden 18.8%
 Finland 12.7%
 Norway 2.2%
 Other/Unkown 7.7%
Geographic overview of shareholders Type of owner
Analysts covering Viaplay Group
Company Name E-mail
DNB Carnegie Mikael Laseen mikael.laseen@dnbcarnegie.se
Kepler Cheuvreux Kristoffer Carleskär kcarleskar@keplercheuvreux.com
SB1 Markets Alex Solvand alex.solvand@sb1markets.com
The Viaplay Group share
 Groupe Canal+ SA 29.3%
 PPF Cyprus Management Limited 29.3%
 Swedish institutional investors 3.8%
 International institutional investors 15.8%
 Swedish private investors 13.1%
 International private investors 1.8%
 Treasury shares 1.0%
 Other/unkown 6.2%
Annual & Sustainability Report 2025
148
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report

===== SIDA 149 =====

Financial key ratio definitions
Adjusted operating free cash flow
Adjusted Group Operating Free Cash flow refers to Group 
free cash flow, adjusted for costs related to acquisitions, 
interest for debt funding, dividends, and extraordinary 
one-off working capital effects 
Associated Company Income (ACI)
Associated company income is the Group’s share of the 
associated companies and joint ventures net income. Asso-
ciated companies (excluding joint ventures) are companies 
in which the Group holds voting rights of at least 20% and 
no more than 50%. A joint venture is a joint arrangement 
whereby the parties that have joint control of the arrange-
ment have rights to the net assets of the arrangement. 
EBITDA
EBITDA comprises net income before net financial items, 
taxes, depreciation and amortisation.
EBITDA before ACI and IAC
EBITDA after reversal of associated company income and 
items affecting comparability.
EBITDA before IAC
EBITDA after reversal of items affecting comparability. 
Free cash flow 
Free cash flow refers to the sum of cash flow from operat-
ing activities and cash flow from investing activities exclud-
ing the acquisitions and divestments of operations. 
Items affecting comparability (IAC)
Items affecting comparability refer to  material items and 
events related to changes in the Group’s structure or lines 
of business, which are relevant for understanding the 
Group’s development on a like-for-like basis.
Net debt 
Financial net debt is the sum of short and long-term bor-
rowings and dividends payable reduced by total cash and 
cash equivalent, prepaid borrowing expenses, short-term 
investments, interest-bearing receivables, and dividend 
receivables. Net debt also includes lease liabilities net of 
sublease receivables. A negative figure  indicates that the 
Group has a net cash position (cash in excess of inter-
est-bearing liabilities).
Net debt/EBITDA before IAC
Net debt in relation to EBITDA before IAC for the last  
12 months.
Operating income
Operating income comprises net income before net 
financial items and taxes, otherwise known as EBIT (reads 
Earnings Before Interest and Taxes).
Operating income before ACI and IAC
Operating income after reversal of associated company 
income and items affecting comparability.
Operating income before IAC
Operating income after reversal of items affecting 
comparability.
Operating margin
Operating income as a percentage of net sales. 
Organic sales growth
Organic sales growth is the change in net sales  compared 
to the same period of the previous year excluding acquisi-
tions and divestments and adjusted for currency translation 
and transaction effects.
Pro forma Core net sales
Pro forma Core net sales equals Core net sales including 
Allente Group sales as if Allente Group would have been 
acquired and fully consolidated from 1 January 2025. 
Pro forma Core EBITDA before ACI and IAC
Pro forma Core EBITDAs is Core EBITDA and including 
Allente Group EBITDA as if Allente Group would have been 
acquired and fully consolidated from 1 January 2025. 
Pro forma Group adjusted operating free cash flow
The Group’s adjusted operating free cashflow includes 
Allente Group as if Allente Group would have been 
acquired and fully consolidated from 1 January 2025. 
Reported sales growth
Change in net sales compared to the same period of the 
previous year in percentage. 
Operational definitions and glossary
ARPU, Average revenue per user 
ARPU is defined as the average revenue per 
paying subscribers.
CSOL, Commercial share of listening
CSOL comprises Viaplay Group’s estimated share of 
 commercial radio listening amongst 10+ year-olds in 
Norway and 12–79 year-olds in Sweden.
CSOV , Commercial share of viewing
CSOV comprises Viaplay Group’s estimated share of 
commercial TV viewing, including 3-party channels we 
represent, amongst 30–64 year olds in Sweden, 30–69 
years olds in Norway and 30–60 years olds in Denmark. 
Viaplay subscriber
A Viaplay subscriber is defined as a customer who has 
access to Viaplay and for whom a method of payment 
has been provided. Viaplay Group only reports paid-for 
subscriptions where a payment has been received directly 
from the end-customer or from a partner organisation. 
Annual & Sustainability Report 2025
149
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report
Definitions & glossary

===== SIDA 150 =====

Contact
Viaplay Group AB
+46 (0)8 562 025 00
www.viaplaygroup.com
Postal address
Box 17104
SE-104 62 Stockholm
Visitors’ address
Ringvägen 52
SE-118 67 Stockholm
Financial calendar
Q1 Results announcement 
23 April, 2026 
Silent period starts: 23 March
Annual General Meeting 2026
12 May, 2026 
Stockholm 
Documentation and further
details of when and how to give
notice to attend will be published
in advance on www.viaplaygroup.com
Q2 Results announcement
17 July, 2026
Silent period starts: 17 June
Q3 Results announcement
22 October, 2026
Silent period starts: 22 September
Investors
investors@viaplaygroup.com
Sustainability
sustainability@viaplaygroup.com
Media
press@viaplaygroup.com
Production: Viaplay Group in cooperation with Année Advisory.
Photo: Viaplay Group and Bildbyrån.
Annual & Sustainability Report 2025
150
About Viaplay Group Directors’ report Sustainability statement Financial statements OtherRemuneration report