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General information S 4 Capital plc (\u2018S 4 Capital\u2019 or \u2018Company\u2019), is a public Company on the London Stock Exchange, limited by shares, incorporated and domiciled in the United Kingdom on 14 November 2016. The Company has its registered office at 12 St James\u2019s Place, London, SW1A 1NX, United Kingdom . Under the UK Listing Rules S 4 Capital plc is in the equity shares (transition) category. The consolidated financial statements represent the results of the Company and all its subsidiaries (together referred to as or the \u2018Group\u2019). An overview of the subsidiaries is included in Note 29. The Group\u2019s principal activities are focused on the provision of tech-led, new age/new era digital advertising, marketing and technology services.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "S 4 Capital plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "S 4 Capital plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "public Company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "12 St James\u2019s Place, London, SW1A 1NX, United Kingdom ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "12 St James\u2019s Place, London, SW1A 1NX, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "The Group\u2019s principal activities are focused on the provision of tech-led, new age/new era digital advertising, marketing and technology services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
2. Basis of preparation
A. Statement of compliance
The financial statements of S
4
Capital plc have been prepared in accordance with
UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards and
disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial
Conduct Authority.
The consolidated financial statements were authorised for issue by the Board of Directors
on 23 March 2026.
B. Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates (the
functional currency). The consolidated financial statements are presented in Pound Sterling
(\u00a3 or GBP), S
4
Capital plc\u2019s functional currency. All financial information in Pound Sterling
has been rounded to the nearest million, unless otherwise indicated, for both current and
prior years.
C. Basis of measurement
The consolidated financial statements are prepared on a going concern basis.
The consolidated financial statements are prepared on the historical cost basis, except for
the fair value measurement of contingent considerations and holdbacks. The accounting
principles have been consistently applied over the reporting periods.
Going concern
The Board has examined the Group\u2019s cash flow projections for the next twelve months,
under both base and a severe yet plausible downside scenario. These assessments take
into account uncertainties such as inflation, decreased demand, and the potential impacts
of these uncertainties on growth rates, macroeconomic conditions, and the Group as
a whole. The primary assumptions in the base case are in accordance with the Group\u2019s
Board-approved 2026\u201328 three-year plan, adjusted for latest outlook.
The Group possesses substantial financial resources and has significant liquidity in all
scenarios considered. As of 31 December 2025, the Group\u2019s financial liquidity amounted
to \u00a3341 million, comprising cash and bank balances of \u00a3241 million and an undrawn
\u00a3100 million multicurrency senior secured revolving credit facility, with \u00a320 million set
to expire in August 2026 and \u00a380 million set to expire in February 2028. These facilities
ensure that the Group has access to adequate cash resources and working capital.
The severe yet plausible downside scenario reflects a 10% reduction in net revenue
versus the base case, with a mitigation of 0.5% reduction in total operating costs which
management believe could reasonably be achieved through natural cost reductions
from lower activity, including reduced bonuses. In this scenario, no breach of covenants
was identified. The Group has also identified additional cost control measures that
could be implemented, if required, in the event of a reduction in net revenue. These cost
control measures include limited recruitment, cost control measures on certain areas
of discretionary spend, reviewing the Group\u2019s work force and implementing measures
to optimise resource allocation, identifying and implementing cost-saving measures
across the Group and re-evaluating the Group\u2019s product and service offerings to focus
on high-margin high-demand areas. Management is confident that these forecasts
have been prudently established and consider potential effects on growth rates and
trading performance.
The Board is confident that the Group can operate within the confines of their current
debt and revolving credit facility, and covenants (see Note 20), while maintaining sufficient
liquidity to fulfil its financial obligations as they become due for at least 12 months from the
date of signing these financial statements. Consequently, the Group will continue to employ
the going concern basis in the preparation of their financial statements.
In preparing these consolidated financial statements, S
4
Capital Group makes certain
judgments and estimates. Judgments and estimates are continually evaluated based on
historical experience and other factors, including the expectations of future events that are
believed to be reasonable under the circumstances. In the future, actual experience may
differ from these judgments and estimates.
The judgments and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities or the consolidated statement of profit or loss within the next financial year are discussed below. D. Critical accounting judgments and estimates Judgments Revenue recognition The Group\u2019s revenue is earned from creative content, full service campaign management, the provision of data analytics, digital media solutions and digital transformation services. Under IFRS 15, revenue from contracts with customers is recognised as, or when, the performance obligation is satisfied. Specifically for the Marketing Services segment, due to the size and complexity of contracts, management is required to form a number of judgments in the determination of the amount of revenue to be recognised including the identification of performance obligations within the contract and whether the performance obligation is satisfied over time or at a point in time. The key judgement is whether revenue should be recognised over time or at point in time. Revenue is recognised over time consistent with, when the customer simultaneously receives and consumes the benefit of the services as they are performed throughout the contract period. Revenue is also recognised over time where we create an asset with no alternative use to the Group and are contractually entitled to payment for performance completed to date, even in the event the client terminates the contract for convenience. Where revenue is recognised over time, an estimate must be made regarding the progress towards completion of the performance obligation. Revenue is recognised at a point in time only in limited circumstances involving discrete deliverables. See Note 3 for a full description of the Group\u2019s revenue accounting policies. Impairment of goodwill and intangible assets The Group applies judgement in determining whether the carrying value of goodwill and intangible assets have any indication of impairment on an annual basis, or more frequently if required. Both external and internal factors are monitored for indicators of impairment. The recoverable amount is compared with the carrying amount of the cash generating units to assess if the cash generating unit is impaired at the reporting date. Tax positions The Group is subject to sales tax in a number of jurisdictions. Judgement is required in determining whether the sales tax is chargeable to the customers or not. Provisions in
relation to uncertain tax positions are established on an individual rather than portfolio
basis, considering whether, in each circumstance, the Group considers it is probable that
the uncertainty will crystallise.
Use of alternative performance measures
In establishing which items are disclosed separately as adjusting items to enable a better
understanding of the underlying financial performance of the Group, management exercise
judgement in assessing the size and nature of specific items. The Group uses alternative
performance measures as we believe these measures provide additional useful information
on the underlying trend, performance, and position of the Group. These underlying
measures are used by the Group for internal performance analysis, and credit facility
covenants calculations. The alternative performance measures include \u2018adjusted operating
profit\u2019, \u2018adjusting items\u2019 and \u2018operational EBITDA\u2019. The terms \u2018adjusted operating profit\u2019,
\u2018adjusting items\u2019, \u2018EBITDA\u2019 and \u2018operational EBITDA\u2019 are not defined terms under IFRS and
may therefore not be comparable with similarly titled profit measures reported by other
companies. The measures are not intended to be a substitute for, or superior to, GAAP
measures. A full list of alternative performance measures and non-IFRS measures together
with reconciliations to IFRS measures are set out in the Alternative Performance Measures
on pages 176 to 179.
Estimates
Impairment of goodwill and intangible assets
The recoverable amount of each cash-generating unit (CGU) is determined as the higher
of value in use (VIU) and fair value less costs to dispose (FVLCD). In performing the
impairment assessment, management primarily uses a value-in-use model based on
forecast cash flows.
Cash flow projections are derived from forecasts of net revenue and EBITDA margins,
adjusted for non-cash items, and are based on Board-approved three-year business plans
for each CGU with a long-term growth rate of 2.0% applied in perpetuity beyond
the three-year explicit forecast period.
The forecasts reflect management\u2019s expectations of future financial performance for each
CGU and incorporate assumptions relating to inflation, macroeconomic conditions and
other relevant external factors, as well as historic performance and observed trends.
The determination of recoverable amounts requires the use of significant estimates and
judgments, particularly in relation to forecast revenue growth and EBITDA margins.
Actual outcomes may differ from these estimates.
Both internal and external indicators of impairment are monitored on an ongoing basis
to assess whether there is any indication that the carrying amount of a CGU may not be
recoverable. Further detail is provided in Note 10.
E. Measurement of fair values
A number of the Group\u2019s accounting policies and disclosures require the measurement of
fair values, for both financial and non-financial liabilities. When measuring the fair value of
an asset or a liability, the Group uses market observable data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the inputs used in the
valuation techniques as follows:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs) as applicable for the measurement of contingent consideration
and holdbacks.
F. New and amended standards and interpretations adopted
by the Group
In the current year, the Group has applied a number of amendments to IFRS Accounting
Standards that are mandatorily effective for an accounting period that begins on or after
1 January 2025. Their adoption has not had any material impact on the disclosures or on the
amounts reported in these financial statements.
Lack of exchangeability \u2013 Amendments to IAS 21
For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability
\u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies
how an entity should assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments
also require disclosure of information that enables users of its financial statements to
understand how the currency not being exchangeable into the other currency affects,
or is expected to affect, the entity\u2019s financial performance, financial position and cash
flows. The amendments did not have a material impact on the Group\u2019s financial statements.
G. New and amended standards and interpretations not yet adopted
Certain new and amended accounting standards and interpretations have been published
that are not mandatory for 31 December 2025 reporting periods and have not been early
adopted by the Group. The impact of the following standard is under assessment:
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective
in the consolidated Group financial statements for the financial year ending 31 December
2027, subject to endorsement from UK Endorsement Board.
For all other standards there is not expected to be any material impact on the Group in the
current or future reporting periods and on foreseeable future transactions.
H. Re-presentation of segment information
Effective 1 January 2025, the Group has focused its capabilities into two practices:
Marketing Services and Technology Services, which also represent its two reportable
segments under IFRS 8.
3. Accounting policies
A. Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when control
is transferred to the Group. The consideration transferred for the acquisition of a subsidiary
comprises the:
\u2022 fair values of the assets transferred;
\u2022 liabilities incurred to the former owners of the acquired business;
\u2022 equity interests issued by the Group;
\u2022 fair value of any asset or liability resulting from a contingent consideration
arrangement; and
\u2022 fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are, with limited exceptions, measured initially at their fair values at the
acquisition date. The Group recognises any non-controlling interest in the acquired entity
on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the:
\u2022 consideration transferred;
\u2022 amount of any non-controlling interest in the acquired entity; and
\u2022 acquisition-date fair value of any previous equity interest in the acquired entity.
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those
amounts are less than the fair value of the net identifiable assets of the business acquired,
the difference is recognised directly in the consolidated statement of profit or loss as a
bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the
future are discounted to their present value as at the date of exchange. The discount rate
used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing
could be obtained from an independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability.
Amounts classified as a financial liability are subsequently remeasured to fair value, with
changes in fair value recognised as a fair value gain or loss within acquisition, restructuring
and other expenses within the consolidated statement of profit or loss.
Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control.
The Group controls an entity where the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated
from the date on which control is transferred to the Group. They are deconsolidated from
the date that control ceases.
Inter-company transactions, balances and unrealised gains on transactions between Group
companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset. Accounting policies of
subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s
equity therein. Those interests of non-controlling shareholders that entitle their holders
to a proportionate share of net assets upon liquidation may initially be measured at fair
value or at the non-controlling interests\u2019 proportionate share of the fair value of the
acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-
by-acquisition basis. Non-controlling interests are initially measured at fair value.
Subsequent to acquisition, the carrying value of non-controlling interests is the value of
those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent
changes in equity.
Non-controlling interests in the results and equity of subsidiaries are shown separately
in the consolidated statement of profit or loss, statement of comprehensive income,
statement of changes in equity and balance sheet respectively.
B. Investments in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment is recognised initially in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of a joint venture exceeds the Group\u2019s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. C. Revenue recognition The Group\u2019s revenue is earned from creative content, full service campaign management, the provision of data analytics, digital media solutions and digital transformation services. Revenue comprises of gross amounts billed, or billable to clients less pass-through expenses, if any and is stated exclusive of VAT and equivalent applicable taxes. The difference between revenue and net revenue represents direct costs. When a third-party is involved in the delivery of our services to the client, we assess whether or not we are acting as a principal or an agent in the arrangement. The assessment is based on whether we control the specified services at any time before they are transferred to the customer. We act as principal when we control the specified services before they are transferred to the client and we are responsible for providing the specified services, or we are responsible for directing and integrating third-party vendors to fulfill our performance obligation at the agreed upon contractual price. We act as an agent and arrange, at the client\u2019s direction, for third parties to perform certain services. In these cases, we do not control the services prior to the transfer to the client. For performance obligations in which we act as principal, we record the gross amount billed to the customer within total revenue and the related incremental costs incurred as direct costs. Direct costs comprise fees and expenses paid to external suppliers when they are engaged to perform all or part of a specific project and are charged directly to the customer, and where the Group retains quality control oversight.
For performance obligations for which we act as the agent, we record our revenue as the
net amount of our gross billings less any pass-through expenses amounts remitted to
third parties.
Costs to obtain a contract are typically expensed as incurred as contracts are generally
short term in nature.
The Group determines all the separate performance obligations within the customers\u2019
contract at contract inception. In many instances, promised services in a contract are not
considered distinct or represent a series of services that are substantially the same with
the same pattern of transfer to the customer and, as such, are accounted for as a single
performance obligation.
Revenue is recognised when a performance obligation is satisfied, in accordance with
the terms of the contractual arrangement. This is assessed on a contract-by-contract
basis. Revenue is recognised over time when the customer consumes the services as it
is performed or the Group is entitled to payment for the services performed to date.
For each performance obligation that is satisfied over time, revenue is recognised
by measuring progress towards completion of that performance obligation.
Revenue recognised over time is based on the proportion of the level of services performed.
Either an input method or an output method, depending on the particular arrangement,
is used to measure progress for each performance obligation. For most fee arrangements,
costs incurred are used as an objective input measure of performance. The primary input
of substantially all work performed under these arrangements is labour and direct costs.
There is normally a direct relationship between costs incurred and the proportion of the
contract performed to date. In other circumstances, relevant output measures, such as
the achievement of any project milestones stipulated in the contract, are used to assess
proportional performance.
Revenue recognised in the current reporting period that related to performance obligations
that were satisfied, or partially satisfied, in a prior reporting period was immaterial.
For our retainer arrangements, we have a stand-ready obligation to perform services on an
ongoing basis over the life of the contract. The scope of these arrangements is broad and
generally not reconcilable to another input or output criteria. In these instances, revenue is
recognised using a time-based method resulting in straight-line revenue recognition.
Where the total project costs exceed the project revenue, the loss is recognised within
direct costs and personnel costs in the consolidated statement of profit or loss. A provision
is recognised for such loss. No material onerous contract provisions have been identified in
the year.
Accrued income is a contract asset and is recognised when a performance obligation
has been satisfied but has not yet been billed. Accrued income is transferred to
receivables when the right to consideration is unconditional and billed per the terms of
the contractual agreement.
In certain cases, payments are received from customers or amounts are billed with an
unconditional right to receive consideration prior to satisfaction of performance obligations
and recognised as deferred income. These balances are considered contract liabilities and
are included in deferred income.
Accrued income and deferred income arising on contracts are included in trade and other
receivables and trade and other payables, as appropriate.
Trade receivables are recognised initially at the amount of consideration that is unconditional,
unless they contain significant financing components in which case they are recognised at
fair value. They are subsequently measured at amortised cost using the effective interest
method, less loss allowance. No element of financing is deemed present as the sales are
made with a general credit term of 30 days; some large multinational customers have credit
terms of 45 days to 120 days.
The Group has applied the practical expedients in IFRS 15 not to account for significant
financing components where the timing difference between receiving consideration and
transferring control of services or created content to its customer is one year or less; and to
expense the incremental costs of obtaining a contract when the amortisation period of the
asset otherwise recognised would have been one year or less.
The Group has applied the practical expedient permitted by IFRS 15 to not disclose the
transaction price allocated to performance obligations unsatisfied (or partially unsatisfied)
as of the end of the reporting period as contracts typically have an original expected
duration of a year or less.
D. Foreign currency
The main foreign currencies for the Group are the US dollar (USD) and Euro (EUR).
Foreign currency transactions and balances
\u2022 Foreign currency transactions are translated into the functional currency using the
average exchange rates in the month. Foreign exchange gains and losses resulting from
the settlement of such transactions and from the translation at the reporting period end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of profit or loss.
\u2022 Share capital, share premium and brought forward earnings are translated using the
exchange rates prevailing at the dates of the transactions.
Consolidation of foreign entities
On consolidation, income and expenses of the foreign entities are translated from the
local functional currencies to Pound Sterling, the presentation currency of the Group,
using average exchange rates during the period, apart from any foreign entities in
hyperinflationary economies (see Note 3F). All assets and liabilities of the Group\u2019s foreign
operations are translated from the local functional currencies to Pound Sterling using the
exchange rates prevailing at the reporting date. The exchange differences arising from the
translation of the net investment in foreign entities are recognised in other comprehensive
income and accumulated in a separate component of equity. Exchange differences are
recycled to the consolidated statement of profit or loss as a reclassification adjustment
upon disposal of the foreign operation.
E. Employee benefits
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability
is recognised for the amount expected to be paid if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
Share-based payments
The Group issues equity-settled share-based payments (including share options) to certain
employees and accounts for these awards in accordance with IFRS 2. The share-based
payments are measured at fair value at the grant date.
The fair value determined at the grant date is recognised in the consolidated statement
of profit or loss as an expense on a straight-line basis over the relevant vesting period,
based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted
for the effect of non-market vesting conditions. A detailed description of the share-based
payment plans is included in Note 24.
Defined contribution plans
The Group accounts for retirement benefit costs in accordance with IAS 19 Employee
Benefits. For defined contribution plans, contributions are charged to the consolidated
statement of profit or loss as payable in respect of the accounting period.
F. Hyperinflation
Argentina is designated as a hyperinflationary economy and the financial statements of the
Group\u2019s subsidiaries in Argentina have been adjusted for the effects of inflation.
IAS 29 Financial Reporting in Hyperinflationary Economies requires that the consolidated
statement of profit or loss is adjusted for inflation in the period and translated at the year-end
foreign exchange rate and that non-monetary assets and liabilities on the balance sheet
are restated to reflect the change in purchasing power caused by inflation from the date
of initial recognition.
In 2025, this resulted in an increase in property, plant and equipment of \u00a30.8 million
(2024: \u00a31.8 million), an increase in right-of-use assets of \u00a31.1 million (2024: \u00a31.8 million),
an increase in equity of \u00a3nil (2024: \u00a3nil) and an opening equity restatement of \u00a32.2 million
(2024: \u00a34.5 million). For the year ended 31 December 2025, this resulted in a loss on the net
monetary position of \u00a30.8 million (2024: loss on the net monetary position of \u00a31.7 million)
in the consolidated statement of profit or loss. The impact on other non-monetary assets
and liabilities in the year was immaterial. The FACPCE price index (Federaci\u00f3n Argentina
de Consejos Profesionales de Ciencias Econ\u00f3micas) of 10,084.7 was used at 31 December
2025 (2024: 7,694.0). The movement in this index during 2025 was 131% (2024: 218%).
G. Income tax
Income tax expense or credit for the period is the tax payable on the current period\u2019s
taxable income, based on the applicable tax rate for each jurisdiction, adjusted by changes
in deferred tax assets and liabilities attributable to temporary differences and unused tax
losses. It is recognised in the consolidated statement of profit or loss, except to the extent
that it relates to a business combination, or items recognised directly in equity or in other
comprehensive income.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss
for the financial year and any adjustment to tax payable or receivable in respect of previous
years. It is measured using tax rates enacted or substantively enacted at the reporting date.
Current tax assets and liabilities are offset only if certain criteria are met.
Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation and considers whether it
is probable that a taxation authority will accept an uncertain tax treatment. The Group
measures its tax balances either based on the most likely amount or the expected
value, depending on which method provides a better prediction of the resolution of
the uncertainty.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between
the tax bases of assets and liabilities and their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except when
the deferred tax liability arises from the initial recognition of goodwill or an asset or liability
in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss and does not give rise to
equal taxable and deductible temporary differences.
In respect of taxable temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences
will not reverse in the foreseeable future.
Deferred tax assets are recognised for deductible temporary differences, the carry forward
of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the
extent that it is probable that taxable profit will be available against which these items can
be utilised.
In respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint arrangements, deferred tax assets are recognised only to
the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can
be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. H. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed
for impairment whenever there is an indication that the intangible asset may be impaired.
The amortisation period and the amortisation method for an intangible asset with a
finite useful life are reviewed at least at the end of each reporting period. Changes in the
expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are considered to modify the amortisation period or method, as
appropriate, and are treated as changes in accounting estimates. The amortisation expense
on intangible assets with finite lives is recognised in the consolidated statement of profit
or loss.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains
control) or when no future economic benefits are expected from its use or disposal. Any gain
or loss arising upon derecognition of the asset (calculated as the difference between the
net disposal proceeds and the carrying amount of the asset) is included in the consolidated
statement of profit or loss.
Other intangible assets \u2013 arising on the acquisition of business combinations
Brands, customer relationships and order backlog arising on the acquisition of business
combinations, are measured at cost less accumulated amortisation and accumulated
impairment losses. The acquired brands are well-known brands which are registered,
have a good track record and have finite useful lives. Customer relationships are measured
at the time of the business combination and have finite useful lives. Order backlog has finite
useful lives and represents the contracted but not yet fulfilled revenues at the time of the
business combination.
Other intangible assets \u2013 development expenditure and purchased software
Expenditure on research activities is recognised in the consolidated statement of profit
or loss as incurred. Development expenditure is capitalised only if the expenditure can
be measured reliably, the product or process is technically and commercially feasible,
future economic benefits are probable and the Group intends to and has sufficient
resources to complete development and to use or sell the asset. Otherwise, it is recognised
in the consolidated statement of profit or loss as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and
accumulated impairment losses.
Purchased software packages have finite useful lives and are measured at cost less
accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is charged to the consolidated statement of profit or loss to allocate
the cost of intangible assets over their estimated useful economic lives, using the
straight-line method.
The estimated useful economic lives of intangible assets for current and comparative
periods are as follows:
\u2022 Brands 3\u201320 years
\u2022 Customer relationships 6\u201316.5 years
\u2022 Order backlog 0\u20133 years
\u2022 Others 3\u201310 years
Amortisation methods and useful lives are reviewed at each reporting date and adjusted
if appropriate.
I. Goodwill
The Group accounts for business combinations using the acquisition method when control
is transferred to the Group. The consideration transferred is measured at the fair value
of the assets given, equity instruments issued, and liabilities incurred or assumed at the
date of exchange. Costs directly attributable to the acquisition are expensed in the year.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the acquisition date.
Goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the
fair value of net identifiable assets and liabilities acquired. Goodwill is measured at cost less
accumulated impairment losses. Where the fair value of identifiable assets, liabilities and
contingent liabilities exceed the fair value of consideration paid, the excess is credited in
full to the consolidated statement of profit or loss on the acquisition date.
Impairment of goodwill
The Group assesses, at each reporting date, whether there is an indication that an asset
may be impaired. If any indication exists, or when annual impairment testing for an asset
is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in
use. The recoverable amount is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or groups
of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount,
the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. In determining fair value less costs of
disposal, recent market transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded companies or other available fair
value indicators.
The Group bases its impairment calculation on the most recent budgets and forecast
calculations, which are prepared separately for each of the Group\u2019s CGUs to which the
individual assets are allocated. These budgets and forecast calculations generally cover
a period of three years. A long-term growth rate is calculated and applied to project future
cash flows after the third year.
Impairment losses of continuing operations are recognised in the consolidated statement of
profit or loss in expense categories consistent with the function of the impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognised impairment losses no longer exist
or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s
recoverable amount. A previously recognised impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset\u2019s recoverable amount since
the last impairment loss was recognised. The reversal is limited so that the carrying amount
of the asset does not exceed its recoverable amount, nor exceed the carrying amount that
would have been determined, net of depreciation, had no impairment loss been recognised
for the asset in prior years. Such reversal is recognised in the consolidated statement of
profit or loss.
Goodwill is tested for impairment annually at year end and when circumstances indicate
that the carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU
to which the goodwill relates. When the recoverable amount of the CGU is less than its
carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill
cannot be reversed in future periods.
J. Leases
At inception of a lease contract, the Group assesses whether the contract conveys the
right to control the use of an identified asset for a certain period of time and whether it
obtains substantially all the economic benefits from the use of that asset, in exchange
for consideration.
Each lease is recognised as a right-of-use asset with a corresponding liability at the date
at which the lease asset is available for use by the Group. The right-of-use asset is initially
measured based on the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred, less any
lease incentives received.
The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease
term on a straight-line basis. Depreciation is recognised in operating expenses costs and
interest expense is recognised under finance expenses in the consolidated statement of
profit or loss. The lease term includes periods covered by an option to extend if the Group
is reasonably certain to exercise that option. Right-of-use assets are reviewed for indicators
of impairment and an impairment test is performed when an impairment indicator exists.
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit in the
lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate
for the same term as the underlying lease. Lease payments included in the measurement
of lease liabilities comprise fixed payments less any lease incentives receivable and
variable lease payments that depend on an index or a rate as at the commencement date.
Lease modifications result in remeasurement of the lease liability.
Short-term leases and leases of low value assets
The Group has elected to use the practical expedient not to recognise right-of-use assets
and lease liabilities for short-term leases that have a lease term of 12 months or less from
the commencement date and do not contain a purchase option and leases of low value
assets which the present value of the assets is below \u00a35,000. The payments associated
with these leases are recognised as operating expenses over the lease term.
Recognition and measurement
Property, plant and equipment are measured at cost less accumulated depreciation and
any accumulated impairment losses. Historical cost includes expenditure that is directly
attributable to bringing the asset to the location and condition necessary for it to be
capable of operating in the manner intended by management. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the consolidated statement of
profit or loss.
Depreciation
Depreciation is charged to the consolidated statement of profit or loss to allocate the cost
of items of property, plant and equipment less their estimated residual values over their
estimated useful lives, using the straight-line method. The estimated useful lives for current
and comparative periods range as follows:
\u2022 Leasehold improvements Shorter of useful life and lease term
\u2022 Furniture and fixtures 5 years
\u2022 Office equipment 3\u20135 years
\u2022 Other assets 3\u20135 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate.
Impairment
PPE assets are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. Any impairment in carrying
value is being charged to the consolidated statement of profit or loss. PPE assets that have
been impaired are reviewed for possible reversal of the impairment loss at the end of each
reporting period. The reversal is limited to the carrying amount net of depreciation, had no
impairment loss been recognised in the prior reporting periods.
L. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity.
Financial assets \u2013 Recognition and initial measurement
On initial recognition, a financial asset is classified as measured at: amortised cost; fair
value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity
investment; or fair value through profit or loss (FVTPL).
The classification of financial assets at initial recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the Group\u2019s business model for managing
them. With the exception of trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient, the Group initially
measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss, transaction costs. Trade receivables that do not contain a
significant financing component or for which the Group has applied the practical expedient
are measured at the transaction price.
The Group\u2019s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether
cash flows will result from collecting contractual cash flows, selling the financial assets or
both. Financial assets classified and measured at amortised cost are held within a business
model with the objective to hold financial assets in order to collect contractual cash flows.
Classification and subsequent measurement \u2013 Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the
Group changes its business model for managing financial assets, in which case all affected
financial assets are reclassified on the first day of the first reporting period following the
change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions
and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets \u2013 Derecognition
The Group derecognises a financial asset when:
\u2022 the contractual rights to the cash flows from the financial asset expire; or
\u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either:
\u2022 substantially all of the risks and rewards of ownership of the financial asset are
transferred; or
\u2022 the Group neither transfers nor retains substantially all of the risks and rewards of
ownership and it does not retain control of the financial asset.
The Group enters into transactions whereby it transfers assets recognised in its
consolidated balance sheet but retains either all or substantially all of the risks and rewards
of the transferred assets. In these cases, the transferred assets are not derecognised.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash
flows that the Group expects to receive, discounted at an approximation of the original
effective interest rate.
ECLs are recognised in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12 months (a 12 month
ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead
recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has
established a provision matrix that is based on its historical credit loss experience, adjusted
for forward-looking factors specific to the debtors and the economic environment.
In certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding
contractual amounts in full. A financial asset is written off when there is no reasonable
expectation of recovering the contractual cash flows.
Financial liabilities \u2013 Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings or payables as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts.
Financial liabilities \u2013 Subsequent measurement
For the purposes of subsequent measurement, financial liabilities are classified in
two categories:
\u2022 Financial liabilities at fair value through profit or loss; and
\u2022 Financial liabilities at amortised cost.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for
trading and financial liabilities designated upon initial recognition as at fair value through
profit or loss.
Any gains or losses on liabilities held are recognised as a fair value gain or loss in the
consolidated statement of profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are
designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied.
Financial liabilities at amortised cost (loans and borrowings)
After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (EIR) method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as
finance costs in the consolidated statement of profit or loss.
Financial liabilities \u2013 Derecognition
The Group derecognises a financial liability when its contractual obligations are discharged
or cancelled, or expire. The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognised in the consolidated statement of profit or loss as a fair
value gain or loss.
M. Equity
The Group\u2019s ordinary share capital is classified as equity instruments. Incremental costs
directly attributable to the issue of new shares are shown in equity as a deduction, net of
tax, from the proceeds. The Group issues financial instruments which are treated as equity
only to the extent that they do not meet the definition of a financial liability. These equity
instruments are based on a fixed number of shares. These equity instruments include
both initial deferred equity consideration and deferred equity consideration following the
achievement of contingent consideration criteria.
N. Cash flow statement
The cash flow statement is prepared using the indirect method. The cash and cash
equivalents in the cash flow statement comprise cash and cash equivalents except for
deposits with a maturity of longer than three months and minus current bank loans drawn
under overdraft facilities. Cash flows denominated in foreign currencies are converted
based on average exchange rates. Exchange rate differences affecting cash items are
shown separately in the cash flow statement.
Income taxes paid are included in cash flows from operating activities. Interest and facility
fees paid is included in cash flows from financing activities. Purchase consideration for
amounts paid for acquiring subsidiaries, net of cash acquired, is included in cash flows
from investing activities, insofar as the acquisition is settled in cash. Performance linked
contingent consideration paid is included within the investing activities. Where the
estimate of contingent consideration is adjusted outside of the measurement period,
through the consolidated statement of profit or loss, then the payment of the difference
between the initial estimate and the increased estimate is included within operating cash
flows. Employment linked contingent consideration paid is included in cash flows from
operating activities. Principal elements of lease payments are included in cash flows from
financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "2. Basis of preparation A. Statement of compliance The financial statements of S 4 Capital plc have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The consolidated financial statements were authorised for issue by the Board of Directors on 23 March 2026. B. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Pound Sterling (\u00a3 or GBP), S 4Capital plc\u2019s functional currency. All financial information in Pound Sterling has been rounded to the nearest million, unless otherwise indicated, for both current and prior years. C. Basis of measurement The consolidated financial statements are prepared on a going concern basis. The consolidated financial statements are prepared on the historical cost basis, except for the fair value measurement of contingent considerations and holdbacks. The accounting principles have been consistently applied over the reporting periods. Going concern The Board has examined the Group\u2019s cash flow projections for the next twelve months, under both base and a severe yet plausible downside scenario. These assessments take into account uncertainties such as inflation, decreased demand, and the potential impacts of these uncertainties on growth rates, macroeconomic conditions, and the Group as a whole. The primary assumptions in the base case are in accordance with the Group\u2019s Board-approved 2026\u201328 three-year plan, adjusted for latest outlook. The Group possesses substantial financial resources and has significant liquidity in all scenarios considered. As of 31 December 2025, the Group\u2019s financial liquidity amounted to \u00a3341 million, comprising cash and bank balances of \u00a3241 million and an undrawn \u00a3100 million multicurrency senior secured revolving credit facility, with \u00a320 million set to expire in August 2026 and \u00a380 million set to expire in February 2028. These facilities ensure that the Group has access to adequate cash resources and working capital. The severe yet plausible downside scenario reflects a 10% reduction in net revenue versus the base case, with a mitigation of 0.5% reduction in total operating costs which management believe could reasonably be achieved through natural cost reductions from lower activity, including reduced bonuses. In this scenario, no breach of covenants was identified. The Group has also identified additional cost control measures that could be implemented, if required, in the event of a reduction in net revenue. These cost control measures include limited recruitment, cost control measures on certain areas of discretionary spend, reviewing the Group\u2019s work force and implementing measures to optimise resource allocation, identifying and implementing cost-saving measures across the Group and re-evaluating the Group\u2019s product and service offerings to focus on high-margin high-demand areas. Management is confident that these forecasts have been prudently established and consider potential effects on growth rates and trading performance. The Board is confident that the Group can operate within the confines of their current debt and revolving credit facility, and covenants (see Note 20), while maintaining sufficient liquidity to fulfil its financial obligations as they become due for at least 12 months from the date of signing these financial statements. Consequently, the Group will continue to employ the going concern basis in the preparation of their financial statements. In preparing these consolidated financial statements, S 4Capital Group makes certain judgments and estimates. Judgments and estimates are continually evaluated based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these judgments and estimates. The judgments and estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities or the consolidated statement of profit or loss within the next financial year are discussed below. D. Critical accounting judgments and estimates Judgments Revenue recognition The Group\u2019s revenue is earned from creative content, full service campaign management, the provision of data analytics, digital media solutions and digital transformation services. Under IFRS 15, revenue from contracts with customers is recognised as, or when, the performance obligation is satisfied. Specifically for the Marketing Services segment, due to the size and complexity of contracts, management is required to form a number of judgments in the determination of the amount of revenue to be recognised including the identification of performance obligations within the contract and whether the performance obligation is satisfied over time or at a point in time. The key judgement is whether revenue should be recognised over time or at point in time. Revenue is recognised over time consistent with, when the customer simultaneously receives and consumes the benefit of the services as they are performed throughout the contract period. Revenue is also recognised over time where we create an asset with no alternative use to the Group and are contractually entitled to payment for performance completed to date, even in the event the client terminates the contract for convenience. Where revenue is recognised over time, an estimate must be made regarding the progress towards completion of the performance obligation. Revenue is recognised at a point in time only in limited circumstances involving discrete deliverables. See Note 3 for a full description of the Group\u2019s revenue accounting policies. Impairment of goodwill and intangible assets The Group applies judgement in determining whether the carrying value of goodwill and intangible assets have any indication of impairment on an annual basis, or more frequently if required. Both external and internal factors are monitored for indicators of impairment. The recoverable amount is compared with the carrying amount of the cash generating units to assess if the cash generating unit is impaired at the reporting date. Tax positions The Group is subject to sales tax in a number of jurisdictions. Judgement is required in determining whether the sales tax is chargeable to the customers or not. Provisions in relation to uncertain tax positions are established on an individual rather than portfolio basis, considering whether, in each circumstance, the Group considers it is probable that the uncertainty will crystallise. Use of alternative performance measures In establishing which items are disclosed separately as adjusting items to enable a better understanding of the underlying financial performance of the Group, management exercise judgement in assessing the size and nature of specific items. The Group uses alternative performance measures as we believe these measures provide additional useful information on the underlying trend, performance, and position of the Group. These underlying measures are used by the Group for internal performance analysis, and credit facility covenants calculations. The alternative performance measures include \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019 and \u2018operational EBITDA\u2019. The terms \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019, \u2018EBITDA\u2019 and \u2018operational EBITDA\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled profit measures reported by other companies. The measures are not intended to be a substitute for, or superior to, GAAP measures. A full list of alternative performance measures and non-IFRS measures together with reconciliations to IFRS measures are set out in the Alternative Performance Measures on pages 176 to 179. Estimates Impairment of goodwill and intangible assets The recoverable amount of each cash-generating unit (CGU) is determined as the higher of value in use (VIU) and fair value less costs to dispose (FVLCD). In performing the impairment assessment, management primarily uses a value-in-use model based on forecast cash flows. Cash flow projections are derived from forecasts of net revenue and EBITDA margins, adjusted for non-cash items, and are based on Board-approved three-year business plans for each CGU with a long-term growth rate of 2.0% applied in perpetuity beyond the three-year explicit forecast period. The forecasts reflect management\u2019s expectations of future financial performance for each CGU and incorporate assumptions relating to inflation, macroeconomic conditions and other relevant external factors, as well as historic performance and observed trends. The determination of recoverable amounts requires the use of significant estimates and judgments, particularly in relation to forecast revenue growth and EBITDA margins. Actual outcomes may differ from these estimates. Both internal and external indicators of impairment are monitored on an ongoing basis to assess whether there is any indication that the carrying amount of a CGU may not be recoverable. Further detail is provided in Note 10. E. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) as applicable for the measurement of contingent consideration and holdbacks. F. New and amended standards and interpretations adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Lack of exchangeability \u2013 Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments did not have a material impact on the Group\u2019s financial statements. G. New and amended standards and interpretations not yet adopted Certain new and amended accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. The impact of the following standard is under assessment: IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 31 December 2027, subject to endorsement from UK Endorsement Board. For all other standards there is not expected to be any material impact on the Group in the current or future reporting periods and on foreseeable future transactions. H. Re-presentation of segment information Effective 1 January 2025, the Group has focused its capabilities into two practices: Marketing Services and Technology Services, which also represent its two reportable segments under IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "A. Statement of compliance The financial statements of S 4 Capital plc have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and disclosure guidance and transparency rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. The consolidated financial statements were authorised for issue by the Board of Directors on 23 March 2026. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "B. Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Pound Sterling (\u00a3 or GBP), S 4Capital plc\u2019s functional currency. All financial information in Pound Sterling has been rounded to the nearest million, unless otherwise indicated, for both current and prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Going concern The Board has examined the Group\u2019s cash flow projections for the next twelve months, under both base and a severe yet plausible downside scenario. These assessments take into account uncertainties such as inflation, decreased demand, and the potential impacts of these uncertainties on growth rates, macroeconomic conditions, and the Group as a whole. The primary assumptions in the base case are in accordance with the Group\u2019s Board-approved 2026\u201328 three-year plan, adjusted for latest outlook. The Group possesses substantial financial resources and has significant liquidity in all scenarios considered. As of 31 December 2025, the Group\u2019s financial liquidity amounted to \u00a3341 million, comprising cash and bank balances of \u00a3241 million and an undrawn \u00a3100 million multicurrency senior secured revolving credit facility, with \u00a320 million set to expire in August 2026 and \u00a380 million set to expire in February 2028. These facilities ensure that the Group has access to adequate cash resources and working capital. The severe yet plausible downside scenario reflects a 10% reduction in net revenue versus the base case, with a mitigation of 0.5% reduction in total operating costs which management believe could reasonably be achieved through natural cost reductions from lower activity, including reduced bonuses. In this scenario, no breach of covenants was identified. The Group has also identified additional cost control measures that could be implemented, if required, in the event of a reduction in net revenue. These cost control measures include limited recruitment, cost control measures on certain areas of discretionary spend, reviewing the Group\u2019s work force and implementing measures to optimise resource allocation, identifying and implementing cost-saving measures across the Group and re-evaluating the Group\u2019s product and service offerings to focus on high-margin high-demand areas. Management is confident that these forecasts have been prudently established and consider potential effects on growth rates and trading performance. The Board is confident that the Group can operate within the confines of their current debt and revolving credit facility, and covenants (see Note 20), while maintaining sufficient liquidity to fulfil its financial obligations as they become due for at least 12 months from the date of signing these financial statements. Consequently, the Group will continue to employ the going concern basis in the preparation of their financial statements. In preparing these consolidated financial statements, S 4Capital Group makes certain judgments and estimates. Judgments and estimates are continually evaluated based on historical experience and other factors, including the expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these judgments and estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "
D. Critical accounting judgments and estimates
Judgments
Revenue recognition
The Group\u2019s revenue is earned from creative content, full service campaign management,
the provision of data analytics, digital media solutions and digital transformation services.
Under IFRS 15, revenue from contracts with customers is recognised as, or when, the
performance obligation is satisfied.
Specifically for the Marketing Services segment, due to the size and complexity of
contracts, management is required to form a number of judgments in the determination
of the amount of revenue to be recognised including the identification of performance
obligations within the contract and whether the performance obligation is satisfied over
time or at a point in time.
The key judgement is whether revenue should be recognised over time or at point in time.
Revenue is recognised over time consistent with, when the customer simultaneously
receives and consumes the benefit of the services as they are performed throughout the
contract period. Revenue is also recognised over time where we create an asset with no
alternative use to the Group and are contractually entitled to payment for performance
completed to date, even in the event the client terminates the contract for convenience.
Where revenue is recognised over time, an estimate must be made regarding the progress
towards completion of the performance obligation. Revenue is recognised at a point in time
only in limited circumstances involving discrete deliverables.
See Note 3 for a full description of the Group\u2019s revenue accounting policies.
Impairment of goodwill and intangible assets
The Group applies judgement in determining whether the carrying value of goodwill and
intangible assets have any indication of impairment on an annual basis, or more frequently
if required. Both external and internal factors are monitored for indicators of impairment.
The recoverable amount is compared with the carrying amount of the cash generating units
to assess if the cash generating unit is impaired at the reporting date.
Tax positions
The Group is subject to sales tax in a number of jurisdictions. Judgement is required in
determining whether the sales tax is chargeable to the customers or not. Provisions in
relation to uncertain tax positions are established on an individual rather than portfolio basis, considering whether, in each circumstance, the Group considers it is probable that the uncertainty will crystallise. Use of alternative performance measures In establishing which items are disclosed separately as adjusting items to enable a better understanding of the underlying financial performance of the Group, management exercise judgement in assessing the size and nature of specific items. The Group uses alternative performance measures as we believe these measures provide additional useful information on the underlying trend, performance, and position of the Group. These underlying measures are used by the Group for internal performance analysis, and credit facility covenants calculations. The alternative performance measures include \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019 and \u2018operational EBITDA\u2019. The terms \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019, \u2018EBITDA\u2019 and \u2018operational EBITDA\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled profit measures reported by other companies. The measures are not intended to be a substitute for, or superior to, GAAP measures. A full list of alternative performance measures and non-IFRS measures together with reconciliations to IFRS measures are set out in the Alternative Performance Measures on pages 176 to 179. Estimates Impairment of goodwill and intangible assets The recoverable amount of each cash-generating unit (CGU) is determined as the higher of value in use (VIU) and fair value less costs to dispose (FVLCD). In performing the impairment assessment, management primarily uses a value-in-use model based on forecast cash flows. Cash flow projections are derived from forecasts of net revenue and EBITDA margins, adjusted for non-cash items, and are based on Board-approved three-year business plans for each CGU with a long-term growth rate of 2.0% applied in perpetuity beyond the three-year explicit forecast period. The forecasts reflect management\u2019s expectations of future financial performance for each CGU and incorporate assumptions relating to inflation, macroeconomic conditions and other relevant external factors, as well as historic performance and observed trends. The determination of recoverable amounts requires the use of significant estimates and judgments, particularly in relation to forecast revenue growth and EBITDA margins. Actual outcomes may differ from these estimates. Both internal and external indicators of impairment are monitored on an ongoing basis to assess whether there is any indication that the carrying amount of a CGU may not be recoverable. Further detail is provided in Note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "D. Critical accounting judgments and estimates Judgments Revenue recognition The Group\u2019s revenue is earned from creative content, full service campaign management, the provision of data analytics, digital media solutions and digital transformation services. Under IFRS 15, revenue from contracts with customers is recognised as, or when, the performance obligation is satisfied. Specifically for the Marketing Services segment, due to the size and complexity of contracts, management is required to form a number of judgments in the determination of the amount of revenue to be recognised including the identification of performance obligations within the contract and whether the performance obligation is satisfied over time or at a point in time. The key judgement is whether revenue should be recognised over time or at point in time. Revenue is recognised over time consistent with, when the customer simultaneously receives and consumes the benefit of the services as they are performed throughout the contract period. Revenue is also recognised over time where we create an asset with no alternative use to the Group and are contractually entitled to payment for performance completed to date, even in the event the client terminates the contract for convenience. Where revenue is recognised over time, an estimate must be made regarding the progress towards completion of the performance obligation. Revenue is recognised at a point in time only in limited circumstances involving discrete deliverables. See Note 3 for a full description of the Group\u2019s revenue accounting policies. Impairment of goodwill and intangible assets The Group applies judgement in determining whether the carrying value of goodwill and intangible assets have any indication of impairment on an annual basis, or more frequently if required. Both external and internal factors are monitored for indicators of impairment. The recoverable amount is compared with the carrying amount of the cash generating units to assess if the cash generating unit is impaired at the reporting date. Tax positions The Group is subject to sales tax in a number of jurisdictions. Judgement is required in determining whether the sales tax is chargeable to the customers or not. Provisions in relation to uncertain tax positions are established on an individual rather than portfolio basis, considering whether, in each circumstance, the Group considers it is probable that the uncertainty will crystallise. Use of alternative performance measures In establishing which items are disclosed separately as adjusting items to enable a better understanding of the underlying financial performance of the Group, management exercise judgement in assessing the size and nature of specific items. The Group uses alternative performance measures as we believe these measures provide additional useful information on the underlying trend, performance, and position of the Group. These underlying measures are used by the Group for internal performance analysis, and credit facility covenants calculations. The alternative performance measures include \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019 and \u2018operational EBITDA\u2019. The terms \u2018adjusted operating profit\u2019, \u2018adjusting items\u2019, \u2018EBITDA\u2019 and \u2018operational EBITDA\u2019 are not defined terms under IFRS and may therefore not be comparable with similarly titled profit measures reported by other companies. The measures are not intended to be a substitute for, or superior to, GAAP measures. A full list of alternative performance measures and non-IFRS measures together with reconciliations to IFRS measures are set out in the Alternative Performance Measures on pages 176 to 179. Estimates Impairment of goodwill and intangible assets The recoverable amount of each cash-generating unit (CGU) is determined as the higher of value in use (VIU) and fair value less costs to dispose (FVLCD). In performing the impairment assessment, management primarily uses a value-in-use model based on forecast cash flows. Cash flow projections are derived from forecasts of net revenue and EBITDA margins, adjusted for non-cash items, and are based on Board-approved three-year business plans for each CGU with a long-term growth rate of 2.0% applied in perpetuity beyond the three-year explicit forecast period. The forecasts reflect management\u2019s expectations of future financial performance for each CGU and incorporate assumptions relating to inflation, macroeconomic conditions and other relevant external factors, as well as historic performance and observed trends. The determination of recoverable amounts requires the use of significant estimates and judgments, particularly in relation to forecast revenue growth and EBITDA margins. Actual outcomes may differ from these estimates. Both internal and external indicators of impairment are monitored on an ongoing basis to assess whether there is any indication that the carrying amount of a CGU may not be recoverable. Further detail is provided in Note 10. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "E. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) as applicable for the measurement of contingent consideration and holdbacks. L. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets \u2013 Recognition and initial measurement On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. Classification and subsequent measurement \u2013 Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets \u2013 Derecognition The Group derecognises a financial asset when: \u2022 the contractual rights to the cash flows from the financial asset expire; or \u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its consolidated balance sheet but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12 month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities \u2013 Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Financial liabilities \u2013 Subsequent measurement For the purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss; and \u2022 Financial liabilities at amortised cost. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Any gains or losses on liabilities held are recognised as a fair value gain or loss in the consolidated statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Financial liabilities at amortised cost (loans and borrowings) After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement of profit or loss. Financial liabilities \u2013 Derecognition The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the consolidated statement of profit or loss as a fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "E. Measurement of fair values A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial liabilities. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) as applicable for the measurement of contingent consideration and holdbacks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "F. New and amended standards and interpretations adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Lack of exchangeability \u2013 Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments did not have a material impact on the Group\u2019s financial statements. G. New and amended standards and interpretations not yet adopted Certain new and amended accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. The impact of the following standard is under assessment: IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 31 December 2027, subject to endorsement from UK Endorsement Board. For all other standards there is not expected to be any material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "F. New and amended standards and interpretations adopted by the Group In the current year, the Group has applied a number of amendments to IFRS Accounting Standards that are mandatorily effective for an accounting period that begins on or after 1 January 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Lack of exchangeability \u2013 Amendments to IAS 21 For annual reporting periods beginning on or after 1 January 2025, Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments did not have a material impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "G. New and amended standards and interpretations not yet adopted Certain new and amended accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Group. The impact of the following standard is under assessment: IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 31 December 2027, subject to endorsement from UK Endorsement Board. For all other standards there is not expected to be any material impact on the Group in the current or future reporting periods and on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "H. Re-presentation of segment information Effective 1 January 2025, the Group has focused its capabilities into two practices: Marketing Services and Technology Services, which also represent its two reportable segments under IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "A. Basis of consolidation Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred; \u2022 amount of any non-controlling interest in the acquired entity; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity. over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised as a fair value gain or loss within acquisition, restructuring and other expenses within the consolidated statement of profit or loss. I. Goodwill The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred is measured at the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed in the year. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the fair value of net identifiable assets and liabilities acquired. Goodwill is measured at cost less accumulated impairment losses. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of profit or loss on the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "A. Basis of consolidation Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred; \u2022 amount of any non-controlling interest in the acquired entity; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity. over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised as a fair value gain or loss within acquisition, restructuring and other expenses within the consolidated statement of profit or loss. Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that entitle their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition- by-acquisition basis. Non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying value of non-controlling interests is the value of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Business combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred; \u2022 amount of any non-controlling interest in the acquired entity; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity. over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in the consolidated statement of profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised as a fair value gain or loss within acquisition, restructuring and other expenses within the consolidated statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that entitle their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition- by-acquisition basis. Non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying value of non-controlling interests is the value of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
B. Investments in joint ventures
A joint venture is a joint arrangement whereby the parties that have joint control of
the arrangement have rights to the net assets of the joint arrangement. Joint control
is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require unanimous consent of the parties
sharing control.
The results and assets and liabilities of associates or joint ventures are incorporated in
these financial statements using the equity method of accounting.
Under the equity method, an investment is recognised initially in the consolidated balance
sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss
and other comprehensive income of the associate or joint venture. When the Group\u2019s
share of losses of a joint venture exceeds the Group\u2019s interest in that joint venture (which
includes any long-term interests that, in substance, form part of the Group\u2019s net investment
in the joint venture), the Group discontinues recognising its share of further losses.
Additional losses are recognised only to the extent that the Group has incurred legal or
constructive obligations or made payments on behalf of the joint venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "B. Investments in joint ventures A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates or joint ventures are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment is recognised initially in the consolidated balance sheet at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of a joint venture exceeds the Group\u2019s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
C. Revenue recognition
The Group\u2019s revenue is earned from creative content, full service campaign management,
the provision of data analytics, digital media solutions and digital transformation services.
Revenue comprises of gross amounts billed, or billable to clients less pass-through
expenses, if any and is stated exclusive of VAT and equivalent applicable taxes.
The difference between revenue and net revenue represents direct costs.
When a third-party is involved in the delivery of our services to the client, we assess whether
or not we are acting as a principal or an agent in the arrangement. The assessment is based
on whether we control the specified services at any time before they are transferred to
the customer. We act as principal when we control the specified services before they are
transferred to the client and we are responsible for providing the specified services, or we
are responsible for directing and integrating third-party vendors to fulfill our performance
obligation at the agreed upon contractual price. We act as an agent and arrange, at the
client\u2019s direction, for third parties to perform certain services. In these cases, we do not
control the services prior to the transfer to the client.
For performance obligations in which we act as principal, we record the gross amount billed
to the customer within total revenue and the related incremental costs incurred as direct
costs. Direct costs comprise fees and expenses paid to external suppliers when they are
engaged to perform all or part of a specific project and are charged directly to the customer,
and where the Group retains quality control oversight.
For performance obligations for which we act as the agent, we record our revenue as the net amount of our gross billings less any pass-through expenses amounts remitted to third parties. Costs to obtain a contract are typically expensed as incurred as contracts are generally short term in nature. The Group determines all the separate performance obligations within the customers\u2019 contract at contract inception. In many instances, promised services in a contract are not considered distinct or represent a series of services that are substantially the same with the same pattern of transfer to the customer and, as such, are accounted for as a single performance obligation. Revenue is recognised when a performance obligation is satisfied, in accordance with the terms of the contractual arrangement. This is assessed on a contract-by-contract basis. Revenue is recognised over time when the customer consumes the services as it is performed or the Group is entitled to payment for the services performed to date. For each performance obligation that is satisfied over time, revenue is recognised by measuring progress towards completion of that performance obligation. Revenue recognised over time is based on the proportion of the level of services performed. Either an input method or an output method, depending on the particular arrangement, is used to measure progress for each performance obligation. For most fee arrangements, costs incurred are used as an objective input measure of performance. The primary input of substantially all work performed under these arrangements is labour and direct costs. There is normally a direct relationship between costs incurred and the proportion of the contract performed to date. In other circumstances, relevant output measures, such as the achievement of any project milestones stipulated in the contract, are used to assess proportional performance. Revenue recognised in the current reporting period that related to performance obligations that were satisfied, or partially satisfied, in a prior reporting period was immaterial. For our retainer arrangements, we have a stand-ready obligation to perform services on an ongoing basis over the life of the contract. The scope of these arrangements is broad and generally not reconcilable to another input or output criteria. In these instances, revenue is recognised using a time-based method resulting in straight-line revenue recognition. Where the total project costs exceed the project revenue, the loss is recognised within direct costs and personnel costs in the consolidated statement of profit or loss. A provision is recognised for such loss. No material onerous contract provisions have been identified in the year. Accrued income is a contract asset and is recognised when a performance obligation has been satisfied but has not yet been billed. Accrued income is transferred to receivables when the right to consideration is unconditional and billed per the terms of the contractual agreement. In certain cases, payments are received from customers or amounts are billed with an unconditional right to receive consideration prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are included in deferred income. Accrued income and deferred income arising on contracts are included in trade and other receivables and trade and other payables, as appropriate. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components in which case they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance. No element of financing is deemed present as the sales are made with a general credit term of 30 days; some large multinational customers have credit terms of 45 days to 120 days. The Group has applied the practical expedients in IFRS 15 not to account for significant financing components where the timing difference between receiving consideration and transferring control of services or created content to its customer is one year or less; and to expense the incremental costs of obtaining a contract when the amortisation period of the asset otherwise recognised would have been one year or less. The Group has applied the practical expedient permitted by IFRS 15 to not disclose the transaction price allocated to performance obligations unsatisfied (or partially unsatisfied) as of the end of the reporting period as contracts typically have an original expected duration of a year or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "D. Foreign currency The main foreign currencies for the Group are the US dollar (USD) and Euro (EUR). Foreign currency transactions and balances \u2022 Foreign currency transactions are translated into the functional currency using the average exchange rates in the month. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of profit or loss. \u2022 Share capital, share premium and brought forward earnings are translated using the exchange rates prevailing at the dates of the transactions. Consolidation of foreign entities On consolidation, income and expenses of the foreign entities are translated from the local functional currencies to Pound Sterling, the presentation currency of the Group, using average exchange rates during the period, apart from any foreign entities in hyperinflationary economies (see Note 3F). All assets and liabilities of the Group\u2019s foreign operations are translated from the local functional currencies to Pound Sterling using the exchange rates prevailing at the reporting date. The exchange differences arising from the translation of the net investment in foreign entities are recognised in other comprehensive income and accumulated in a separate component of equity. Exchange differences are recycled to the consolidated statement of profit or loss as a reclassification adjustment upon disposal of the foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "E. Employee benefits Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Share-based payments The Group issues equity-settled share-based payments (including share options) to certain employees and accounts for these awards in accordance with IFRS 2. The share-based payments are measured at fair value at the grant date. The fair value determined at the grant date is recognised in the consolidated statement of profit or loss as an expense on a straight-line basis over the relevant vesting period, based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted for the effect of non-market vesting conditions. A detailed description of the share-based payment plans is included in Note 24. Defined contribution plans The Group accounts for retirement benefit costs in accordance with IAS 19 Employee Benefits. For defined contribution plans, contributions are charged to the consolidated statement of profit or loss as payable in respect of the accounting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Share-based payments The Group issues equity-settled share-based payments (including share options) to certain employees and accounts for these awards in accordance with IFRS 2. The share-based payments are measured at fair value at the grant date. The fair value determined at the grant date is recognised in the consolidated statement of profit or loss as an expense on a straight-line basis over the relevant vesting period, based on the Group\u2019s estimate of the number of shares that will ultimately vest and adjusted for the effect of non-market vesting conditions. A detailed description of the share-based payment plans is included in Note 24. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "F. Hyperinflation Argentina is designated as a hyperinflationary economy and the financial statements of the Group\u2019s subsidiaries in Argentina have been adjusted for the effects of inflation. IAS 29 Financial Reporting in Hyperinflationary Economies requires that the consolidated statement of profit or loss is adjusted for inflation in the period and translated at the year-end foreign exchange rate and that non-monetary assets and liabilities on the balance sheet are restated to reflect the change in purchasing power caused by inflation from the date of initial recognition. In 2025, this resulted in an increase in property, plant and equipment of \u00a30.8 million (2024: \u00a31.8 million), an increase in right-of-use assets of \u00a31.1 million (2024: \u00a31.8 million), an increase in equity of \u00a3nil (2024: \u00a3nil) and an opening equity restatement of \u00a32.2 million (2024: \u00a34.5 million). For the year ended 31 December 2025, this resulted in a loss on the net monetary position of \u00a30.8 million (2024: loss on the net monetary position of \u00a31.7 million) in the consolidated statement of profit or loss. The impact on other non-monetary assets and liabilities in the year was immaterial. The FACPCE price index (Federaci\u00f3n Argentina de Consejos Profesionales de Ciencias Econ\u00f3micas) of 10,084.7 was used at 31 December 2025 (2024: 7,694.0). The movement in this index during 2025 was 131% (2024: 218%). ", "dimensions": { "concept": "s4capitalplc:DescriptionOfAccountingPolicyForHyperinflation", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "G. Income tax Income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses. It is recognised in the consolidated statement of profit or loss, except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the financial year and any adjustment to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax assets and liabilities are offset only if certain criteria are met. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which these items can be utilised. In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. In assessing the recoverability of deferred tax assets, the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities, which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "G. Income tax Income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses. It is recognised in the consolidated statement of profit or loss, except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the financial year and any adjustment to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax assets and liabilities are offset only if certain criteria are met. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which these items can be utilised. In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
to the extent that it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets
are re-assessed at each reporting date and are recognised to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be recovered.
In assessing the recoverability of deferred tax assets, the Group relies on the same forecast
assumptions used elsewhere in the financial statements and in other management reports.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
in the year when the asset is realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for
separate recognition at that date, are recognised subsequently if new information about
facts and circumstances change. The adjustment is either treated as a reduction in goodwill
(as long as it does not exceed goodwill) if it was incurred during the measurement period or
recognised in profit or loss.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally
enforceable right to set off current tax assets and current tax liabilities and the deferred
tax assets and deferred tax liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities, which intend either
to settle current tax liabilities and assets on a net basis, or to realise the assets and settle
the liabilities simultaneously, in each future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
H. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost
of intangible assets acquired in a business combination is their fair value at the date of
acquisition. Following initial recognition, intangible assets are carried at cost less any
accumulated amortisation and accumulated impairment losses. Internally generated
intangibles, excluding capitalised development costs, are not capitalised and the related
expenditure is reflected in profit or loss in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the consolidated statement of profit or loss. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss. Other intangible assets \u2013 arising on the acquisition of business combinations Brands, customer relationships and order backlog arising on the acquisition of business combinations, are measured at cost less accumulated amortisation and accumulated impairment losses. The acquired brands are well-known brands which are registered, have a good track record and have finite useful lives. Customer relationships are measured at the time of the business combination and have finite useful lives. Order backlog has finite useful lives and represents the contracted but not yet fulfilled revenues at the time of the business combination. Other intangible assets \u2013 development expenditure and purchased software Expenditure on research activities is recognised in the consolidated statement of profit or loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in the consolidated statement of profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. Purchased software packages have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation Amortisation is charged to the consolidated statement of profit or loss to allocate the cost of intangible assets over their estimated useful economic lives, using the straight-line method. The estimated useful economic lives of intangible assets for current and comparative periods are as follows: \u2022 Brands 3\u201320 years \u2022 Customer relationships 6\u201316.5 years \u2022 Order backlog 0\u20133 years \u2022 Others 3\u201310 years Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. I. Goodwill The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred is measured at the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed in the year. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the fair value of net identifiable assets and liabilities acquired. Goodwill is measured at cost less accumulated impairment losses. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of profit or loss on the acquisition date. Impairment of goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on the most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the third year. Impairment losses of continuing operations are recognised in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of profit or loss. Goodwill is tested for impairment annually at year end and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Other intangible assets \u2013 arising on the acquisition of business combinations Brands, customer relationships and order backlog arising on the acquisition of business combinations, are measured at cost less accumulated amortisation and accumulated impairment losses. The acquired brands are well-known brands which are registered, have a good track record and have finite useful lives. Customer relationships are measured at the time of the business combination and have finite useful lives. Order backlog has finite useful lives and represents the contracted but not yet fulfilled revenues at the time of the business combination. Other intangible assets \u2013 development expenditure and purchased software Expenditure on research activities is recognised in the consolidated statement of profit or loss as incurred. Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in the consolidated statement of profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. Purchased software packages have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation Amortisation is charged to the consolidated statement of profit or loss to allocate the cost of intangible assets over their estimated useful economic lives, using the straight-line method. The estimated useful economic lives of intangible assets for current and comparative periods are as follows: \u2022 Brands 3\u201320 years \u2022 Customer relationships 6\u201316.5 years \u2022 Order backlog 0\u20133 years \u2022 Others 3\u201310 years Amortisation methods and useful lives are reviewed at each reporting date and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "I. Goodwill The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred is measured at the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Costs directly attributable to the acquisition are expensed in the year. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Goodwill represents the excess of the cost of the acquisition over the Group\u2019s interest in the fair value of net identifiable assets and liabilities acquired. Goodwill is measured at cost less accumulated impairment losses. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of profit or loss on the acquisition date. Impairment of goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on the most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the third year. Impairment losses of continuing operations are recognised in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of profit or loss. Goodwill is tested for impairment annually at year end and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "Impairment of goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on the most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the third year. Impairment losses of continuing operations are recognised in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of profit or loss. Goodwill is tested for impairment annually at year end and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Impairment PPE assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment in carrying value is being charged to the consolidated statement of profit or loss. PPE assets that have been impaired are reviewed for possible reversal of the impairment loss at the end of each reporting period. The reversal is limited to the carrying amount net of depreciation, had no impairment loss been recognised in the prior reporting periods. Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12 month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "Impairment of goodwill The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on the most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the third year. Impairment losses of continuing operations are recognised in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of profit or loss. Goodwill is tested for impairment annually at year end and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Impairment PPE assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment in carrying value is being charged to the consolidated statement of profit or loss. PPE assets that have been impaired are reviewed for possible reversal of the impairment loss at the end of each reporting period. The reversal is limited to the carrying amount net of depreciation, had no impairment loss been recognised in the prior reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "J. Leases At inception of a lease contract, the Group assesses whether the contract conveys the right to control the use of an identified asset for a certain period of time and whether it obtains substantially all the economic benefits from the use of that asset, in exchange for consideration. Each lease is recognised as a right-of-use asset with a corresponding liability at the date at which the lease asset is available for use by the Group. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Depreciation is recognised in operating expenses costs and interest expense is recognised under finance expenses in the consolidated statement of profit or loss. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. Right-of-use assets are reviewed for indicators of impairment and an impairment test is performed when an impairment indicator exists. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of lease liabilities comprise fixed payments less any lease incentives receivable and variable lease payments that depend on an index or a rate as at the commencement date. Lease modifications result in remeasurement of the lease liability. Short-term leases and leases of low value assets The Group has elected to use the practical expedient not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option and leases of low value assets which the present value of the assets is below \u00a35,000. The payments associated with these leases are recognised as operating expenses over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "K. Property, plant and equipment Recognition and measurement Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Any gain or loss on disposal of an item of property, plant and equipment is recognised in the consolidated statement of profit or loss. Depreciation Depreciation is charged to the consolidated statement of profit or loss to allocate the cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives, using the straight-line method. The estimated useful lives for current and comparative periods range as follows: \u2022 Leasehold improvements Shorter of useful life and lease term \u2022 Furniture and fixtures 5 years \u2022 Office equipment 3\u20135 years \u2022 Other assets 3\u20135 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Impairment PPE assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any impairment in carrying value is being charged to the consolidated statement of profit or loss. PPE assets that have been impaired are reviewed for possible reversal of the impairment loss at the end of each reporting period. The reversal is limited to the carrying amount net of depreciation, had no impairment loss been recognised in the prior reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Depreciation Depreciation is charged to the consolidated statement of profit or loss to allocate the cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives, using the straight-line method. The estimated useful lives for current and comparative periods range as follows: \u2022 Leasehold improvements Shorter of useful life and lease term \u2022 Furniture and fixtures 5 years \u2022 Office equipment 3\u20135 years \u2022 Other assets 3\u20135 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Financial assets \u2013 Recognition and initial measurement On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) \u2013 debt investment; FVOCI \u2013 equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows. Classification and subsequent measurement \u2013 Financial assets Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets \u2013 Derecognition The Group derecognises a financial asset when: \u2022 the contractual rights to the cash flows from the financial asset expire; or \u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its consolidated balance sheet but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12 month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Financial assets \u2013 Derecognition The Group derecognises a financial asset when: \u2022 the contractual rights to the cash flows from the financial asset expire; or \u2022 it transfers the rights to receive the contractual cash flows in a transaction in which either: \u2022 substantially all of the risks and rewards of ownership of the financial asset are transferred; or \u2022 the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognised in its consolidated balance sheet but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Financial liabilities \u2013 Derecognition The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the consolidated statement of profit or loss as a fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12 month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. In certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Financial liabilities \u2013 Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Financial liabilities \u2013 Subsequent measurement For the purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss; and \u2022 Financial liabilities at amortised cost. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Any gains or losses on liabilities held are recognised as a fair value gain or loss in the consolidated statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Financial liabilities at amortised cost (loans and borrowings) After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the consolidated statement of profit or loss. Financial liabilities \u2013 Derecognition The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the consolidated statement of profit or loss as a fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "M. Equity The Group\u2019s ordinary share capital is classified as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. The Group issues financial instruments which are treated as equity only to the extent that they do not meet the definition of a financial liability. These equity instruments are based on a fixed number of shares. These equity instruments include both initial deferred equity consideration and deferred equity consideration following the achievement of contingent consideration criteria. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "N. Cash flow statement The cash flow statement is prepared using the indirect method. The cash and cash equivalents in the cash flow statement comprise cash and cash equivalents except for deposits with a maturity of longer than three months and minus current bank loans drawn under overdraft facilities. Cash flows denominated in foreign currencies are converted based on average exchange rates. Exchange rate differences affecting cash items are shown separately in the cash flow statement. Income taxes paid are included in cash flows from operating activities. Interest and facility fees paid is included in cash flows from financing activities. Purchase consideration for amounts paid for acquiring subsidiaries, net of cash acquired, is included in cash flows from investing activities, insofar as the acquisition is settled in cash. Performance linked contingent consideration paid is included within the investing activities. Where the estimate of contingent consideration is adjusted outside of the measurement period, through the consolidated statement of profit or loss, then the payment of the difference between the initial estimate and the increased estimate is included within operating cash flows. Employment linked contingent consideration paid is included in cash flows from operating activities. Principal elements of lease payments are included in cash flows from financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
4. Acquisitions
Current year acquisitions
No acquisitions were made during the year ended 31 December 2025.
Prior year acquisitions
TheoremOne
Included within other reserves at 31 December 2025 is \u00a37.2 million (2024: \u00a326.4 million)
comprised of \u00a37.2 million recognised as deferred equity consideration in 2023.
At 31 December 2025, \u00a35.7 million of holdbacks (2024: \u00a36.1 million) remain relating to
amounts held back due to cover and indemnify the Group against certain acquisition costs
and damages. The Group currently expects to settle the maximum holdback amount.
The amount payable would be dependent on the amount of these acquisition costs and
damages, with the minimum amount payable being \u00a3nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "
5. Segment information
A. Operating segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker (CODM). The CODM has been identified as
the Board of Directors of the Group.
Effective 1 January 2025, the Group has focused its capabilities into two practices:
Marketing Services and Technology Services which also represent its two reportable
segments under IFRS 8. Marketing Services comprises the previously reported Content
and Data&Digital Media segments. The information presented for prior periods have been
re-presented to be on a consistent basis with the new segments.
During the year, the Group has two reportable segments as follows:
\u2022 Marketing Services: Creative content, campaigns, and assets at a global scale for paid,
social and earned media \u2013 from digital platforms and apps to brand activations that aim
to convert consumers at every point of contact. Full service campaign management
analytics, creative production and ad serving, platform and systems integration and
transition, training and education.
\u2022 Technology Services: Digital transformation services in delivering advanced digital
product design, engineering services and delivery services.
The Board of the Group uses net revenue rather than revenue to manage the Group due
to the fluctuating amounts of direct costs, which form part of revenue. The following is an
analysis of the Group\u2019s net revenue and results by reportable segments:
Marketing Technology
Services
1
Services Total
2025 \u00a3m \u00a3m \u00a3m
Revenue
695.8
59.0
754.8
Net revenue
614.0
59.0
673.0
Segment profit
2,3
92.6
8.9
101.5
Overhead costs (20.3)
Adjusted non-recurring and acquisition related expenses
4
(21.0)
Depreciation, amortisation and impairment
5
(57.5)
Net finance costs and loss on net monetary position (26.5)
Loss before income tax (23.8)
Notes:
1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised
segment structure.
2. Including \u00a311.8 million related to depreciation of right-of-use assets, \u00a30.9 million related to impairment
of property, plant and equipment and \u00a32.0 million reversal of impairment of right-of-use assets to align
with internal decision making.
3. In arriving at segment profit, personnel costs of \u00a3445.3 million and \u00a345.2 million were deducted from
Marketing Services and Technology Services respectively.
4. Comprised of acquisition and restructuring expenses (\u00a315.9 million), share-based payment costs
(\u00a34.0 million), transformation costs (\u00a34.1 million), reversal of impairment of right-of-use assets
(\u00a32.0 million) and onerous lease provision (\u00a31.0 million credit). See Note 6.
5. Excluding \u00a311.8 million related to depreciation of right-of-use assets, \u00a30.9 million related to
impairment of property, plant and equipment and \u00a32.0 million reversal of impairment of right-of-use
assets to align with internal decision making.
Marketing Technology
Services
1
Services Total
2024 \u00a3m \u00a3m \u00a3m
Revenue
761.7
86.5
848.2
Net revenue
6 67.9
86.7
754.6
Segment profit
2, 3
94.7
11.5
106.2
Overhead costs (18.4)
Adjusted non-recurring and acquisition related expenses
4
(35.6)
Depreciation, amortisation and impairment
5, 6
(355.0)
Net finance costs and gain on net monetary position (28.1)
Loss before income tax (330.9)
Notes:
1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised
segment structure.
2. Including \u00a313.2 million related to depreciation and \u00a35.3 million impairment of right-of-use assets to
align with internal decision making.
3. In arriving at segment profit, personnel costs of \u00a3497.4 million and \u00a368.4 million were deducted from
Marketing Services and Technology Services respectively.
4. Comprised of acquisition and restructuring expenses (\u00a321.7 million), share-based payment
costs (\u00a36.5 million), impairment of right-of-use assets (\u00a35.3 million) and onerous lease provision
(\u00a32.1 million). See Note 6.
5. Includes impairment of goodwill of \u00a3204.4 million in Marketing Services and of goodwill and
intangibles of \u00a396.8 million in Technology Services.
6. Excluding \u00a313.2 million related to depreciation and \u00a35.3 million impairment of right-of-use assets to
align with internal decision making.
Segment profit represents the profit earned by each segment without allocation of the
share of profit of joint ventures, central administration costs including Directors\u2019 salaries,
finance income, non-operating gains and losses, and income tax expense. This is the
measure reported to the Group\u2019s Board of Directors for the purpose of resource allocation
and assessment of segment performance.
B. Information about major customers
One customer (2024: one) accounted for more than 10% of the Group\u2019s revenue during the
year, contributing \u00a3132.0 million (2024: \u00a3148.1 million). The revenue from this customer was
attributable to the Marketing Services segment.
C. Geographical information
The Group\u2019s revenue, net revenue and non-current assets by geographical segment are
shown below. Non-current assets exclude deferred tax assets.
Europe, Middle
Americas East & Africa Asia Pacific Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
585.6
126.8
42.4
754.8
Net revenue
537.4
99.9
35.7
673.0
Non-current assets
429.8
227.1
25.0
681.9
Europe, Middle
Americas East & Africa Asia Pacific Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
628.7
165.7
53.8
848.2
Net revenue
587. 9
123.4
43.3
754.6
Non-current assets
504.6
232.7
30.2
767. 5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "A. Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM has been identified as the Board of Directors of the Group. Effective 1 January 2025, the Group has focused its capabilities into two practices: Marketing Services and Technology Services which also represent its two reportable segments under IFRS 8. Marketing Services comprises the previously reported Content and Data&Digital Media segments. The information presented for prior periods have been re-presented to be on a consistent basis with the new segments. During the year, the Group has two reportable segments as follows: \u2022 Marketing Services: Creative content, campaigns, and assets at a global scale for paid, social and earned media \u2013 from digital platforms and apps to brand activations that aim to convert consumers at every point of contact. Full service campaign management analytics, creative production and ad serving, platform and systems integration and transition, training and education. \u2022 Technology Services: Digital transformation services in delivering advanced digital product design, engineering services and delivery services. The Board of the Group uses net revenue rather than revenue to manage the Group due to the fluctuating amounts of direct costs, which form part of revenue. The following is an analysis of the Group\u2019s net revenue and results by reportable segments:
Marketing Technology
Services
1
Services Total
2025 \u00a3m \u00a3m \u00a3m
Revenue
695.8
59.0
754.8
Net revenue
614.0
59.0
673.0
Segment profit
2,3
92.6
8.9
101.5
Overhead costs (20.3)
Adjusted non-recurring and acquisition related expenses
4
(21.0)
Depreciation, amortisation and impairment
5
(57.5)
Net finance costs and loss on net monetary position (26.5)
Loss before income tax (23.8)
Notes: 1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised segment structure. 2. Including \u00a311.8 million related to depreciation of right-of-use assets, \u00a30.9 million related to impairment of property, plant and equipment and \u00a32.0 million reversal of impairment of right-of-use assets to align with internal decision making. 3. In arriving at segment profit, personnel costs of \u00a3445.3 million and \u00a345.2 million were deducted from Marketing Services and Technology Services respectively. 4. Comprised of acquisition and restructuring expenses (\u00a315.9 million), share-based payment costs (\u00a34.0 million), transformation costs (\u00a34.1 million), reversal of impairment of right-of-use assets (\u00a32.0 million) and onerous lease provision (\u00a31.0 million credit). See Note 6. 5. Excluding \u00a311.8 million related to depreciation of right-of-use assets, \u00a30.9 million related to impairment of property, plant and equipment and \u00a32.0 million reversal of impairment of right-of-use assets to align with internal decision making.
Marketing Technology
Services
1
Services Total
2024 \u00a3m \u00a3m \u00a3m
Revenue
761.7
86.5
848.2
Net revenue
6 67.9
86.7
754.6
Segment profit
2, 3
94.7
11.5
106.2
Overhead costs (18.4)
Adjusted non-recurring and acquisition related expenses
4
(35.6)
Depreciation, amortisation and impairment
5, 6
(355.0)
Net finance costs and gain on net monetary position (28.1)
Loss before income tax (330.9)
Notes: 1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised segment structure. 2. Including \u00a313.2 million related to depreciation and \u00a35.3 million impairment of right-of-use assets to align with internal decision making. 3. In arriving at segment profit, personnel costs of \u00a3497.4 million and \u00a368.4 million were deducted from Marketing Services and Technology Services respectively. 4. Comprised of acquisition and restructuring expenses (\u00a321.7 million), share-based payment costs (\u00a36.5 million), impairment of right-of-use assets (\u00a35.3 million) and onerous lease provision (\u00a32.1 million). See Note 6. 5. Includes impairment of goodwill of \u00a3204.4 million in Marketing Services and of goodwill and intangibles of \u00a396.8 million in Technology Services. 6. Excluding \u00a313.2 million related to depreciation and \u00a35.3 million impairment of right-of-use assets to align with internal decision making. Segment profit represents the profit earned by each segment without allocation of the share of profit of joint ventures, central administration costs including Directors\u2019 salaries, finance income, non-operating gains and losses, and income tax expense. This is the measure reported to the Group\u2019s Board of Directors for the purpose of resource allocation and assessment of segment performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "B. Information about major customers One customer (2024: one) accounted for more than 10% of the Group\u2019s revenue during the year, contributing \u00a3132.0 million (2024: \u00a3148.1 million). The revenue from this customer was attributable to the Marketing Services segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "C. Geographical information The Group\u2019s revenue, net revenue and non-current assets by geographical segment are shown below. Non-current assets exclude deferred tax assets.
Europe, Middle
Americas East & Africa Asia Pacific Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
585.6
126.8
42.4
754.8
Net revenue
537.4
99.9
35.7
673.0
Non-current assets
429.8
227.1
25.0
681.9
Europe, Middle
Americas East & Africa Asia Pacific Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
628.7
165.7
53.8
848.2
Net revenue
587. 9
123.4
43.3
754.6
Non-current assets
504.6
232.7
30.2
767. 5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
6. Operating expenses
2025 2024
Personnel expenses
1
\u00a3m \u00a3m
Wages and salaries
394.7
465.0
Social security costs
2
80.4
77.9
Other pension costs
11.1
12.6
Share-based payments
2
4.0
6.8
Other personnel costs
13.7
19.2
Total
503.9
581.5
Notes:
1. Contingent consideration is disclosed separately from personnel expenses, as part of acquisition
expenses overleaf.
2. Social security costs includes \u00a3nil (2024: \u00a30.3 million credit) of social security relating to
share-based payments.
The key management personnel comprise the Directors of the Group. Details of
compensation for key management personnel are disclosed on page 98.
Monthly average number of employees by segment
2025
2024
Marketing Services
6, 211
6,764
Technology Services
477
678
Central
56
56
Total
6, 74 4
7,498
Monthly average number of employees by geography
2025
2024
Americas
4,890
5,328
Europe, Middle East and Africa
1,16 0
1,382
Asia Pacific
694
788
Total
6,744
7,498
2025 2024
Acquisition, restructuring and other one-off expenses \u00a3m \u00a3m
Advisory, legal, due diligence and related costs
1.3
0.8
Restructuring costs
17.0
18.8
Transformation costs
4.1
4.2
Acquisition related bonuses
\u2013
0.2
Contingent consideration linked to employee service
(0.7)
0.7
Contingent consideration fair value gain
(1.7)
(3.0)
Onerous lease (income)/expense
(1.0)
2.1
Total
19.0
23.8
2025 2024
Depreciation, amortisation, loss on disposal and impairment \u00a3m \u00a3m
Depreciation of property, plant and equipment
6.7
9.5
Depreciation of right-of-use of assets
11.8
13.2
Amortisation of intangible assets
49.4
44.3
Impairment of goodwill
\u2013
280.4
Impairment of intangible assets
\u2013
20.8
Impairment of property, plant and equipment
0.9
\u2013
(Reversal of)/Impairment of right-of-use of assets
(2.0)
5.3
Loss on disposal of property, plant and equipment
0.5
\u2013
Total
67.3
373.5
2025 2024
Other operating expenses \u00a3m \u00a3m
IT expenses
32.6
31.0
Consultancy fees
6.1
6.0
Accounting and administrative service fees
7.0
7. 5
Lease costs
5.2
6.5
Sales and marketing costs
7.6
7. 4
Legal fees
4.5
3.1
Travel and accommodation costs
6.7
7.9
Insurance fees
2.9
2.7
Impairment loss recognised on trade receivables
2.2
1.4
Other general and administrative costs
5.3
5.2
Total
80.1
78.7
Lease costs mainly relate to short term and low value lease costs under IFRS 16.
Audit fees included in general and administrative costs are as follows:
2025 2024
Audit fees \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the
audit of parent company and consolidated financial statements
3.5
3.8
Fees payable to Company\u2019s auditors and their associates for
other services:
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.2
Total audit fees for the current year audit
3.8\ue01f
4.0
Total audit fees
3.8\ue01f
4.0
Fees payable to Company auditors and their associates for
audit-related assurance services
0.4
0.4
Other assurance services
\u2013
0.1
Total
4.2
4.5
Audit-related assurance services to the Group relates to the fee charged for
the half-year review. No other fees than those disclosed above were payable to
PricewaterhouseCoopers LLP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "6. Operating expenses
2025 2024
Personnel expenses
1
\u00a3m \u00a3m
Wages and salaries
394.7
465.0
Social security costs
2
80.4
77.9
Other pension costs
11.1
12.6
Share-based payments
2
4.0
6.8
Other personnel costs
13.7
19.2
Total
503.9
581.5
Notes: 1. Contingent consideration is disclosed separately from personnel expenses, as part of acquisition expenses overleaf. 2. Social security costs includes \u00a3nil (2024: \u00a30.3 million credit) of social security relating to share-based payments. The key management personnel comprise the Directors of the Group. Details of compensation for key management personnel are disclosed on page 98.
Monthly average number of employees by segment
2025
2024
Marketing Services
6, 211
6,764
Technology Services
477
678
Central
56
56
Total
6, 74 4
7,498
Monthly average number of employees by geography
2025
2024
Americas
4,890
5,328
Europe, Middle East and Africa
1,16 0
1,382
Asia Pacific
694
788
Total
6,744
7,498
2025 2024
Acquisition, restructuring and other one-off expenses \u00a3m \u00a3m
Advisory, legal, due diligence and related costs
1.3
0.8
Restructuring costs
17.0
18.8
Transformation costs
4.1
4.2
Acquisition related bonuses
\u2013
0.2
Contingent consideration linked to employee service
(0.7)
0.7
Contingent consideration fair value gain
(1.7)
(3.0)
Onerous lease (income)/expense
(1.0)
2.1
Total
19.0
23.8
2025 2024
Depreciation, amortisation, loss on disposal and impairment \u00a3m \u00a3m
Depreciation of property, plant and equipment
6.7
9.5
Depreciation of right-of-use of assets
11.8
13.2
Amortisation of intangible assets
49.4
44.3
Impairment of goodwill
\u2013
280.4
Impairment of intangible assets
\u2013
20.8
Impairment of property, plant and equipment
0.9
\u2013
(Reversal of)/Impairment of right-of-use of assets
(2.0)
5.3
Loss on disposal of property, plant and equipment
0.5
\u2013
Total
67.3
373.5
2025 2024
Other operating expenses \u00a3m \u00a3m
IT expenses
32.6
31.0
Consultancy fees
6.1
6.0
Accounting and administrative service fees
7.0
7. 5
Lease costs
5.2
6.5
Sales and marketing costs
7.6
7. 4
Legal fees
4.5
3.1
Travel and accommodation costs
6.7
7.9
Insurance fees
2.9
2.7
Impairment loss recognised on trade receivables
2.2
1.4
Other general and administrative costs
5.3
5.2
Total
80.1
78.7
Lease costs mainly relate to short term and low value lease costs under IFRS 16. Audit fees included in general and administrative costs are as follows:
2025 2024
Audit fees \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the
audit of parent company and consolidated financial statements
3.5
3.8
Fees payable to Company\u2019s auditors and their associates for
other services:
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.2
Total audit fees for the current year audit
3.8\ue01f
4.0
Total audit fees
3.8\ue01f
4.0
Fees payable to Company auditors and their associates for
audit-related assurance services
0.4
0.4
Other assurance services
\u2013
0.1
Total
4.2
4.5
Audit-related assurance services to the Group relates to the fee charged for the half-year review. No other fees than those disclosed above were payable to PricewaterhouseCoopers LLP.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "6. Operating expenses
2025 2024
Personnel expenses
1
\u00a3m \u00a3m
Wages and salaries
394.7
465.0
Social security costs
2
80.4
77.9
Other pension costs
11.1
12.6
Share-based payments
2
4.0
6.8
Other personnel costs
13.7
19.2
Total
503.9
581.5
Notes: 1. Contingent consideration is disclosed separately from personnel expenses, as part of acquisition expenses overleaf. 2. Social security costs includes \u00a3nil (2024: \u00a30.3 million credit) of social security relating to share-based payments. The key management personnel comprise the Directors of the Group. Details of compensation for key management personnel are disclosed on page 98.
Monthly average number of employees by segment
2025
2024
Marketing Services
6, 211
6,764
Technology Services
477
678
Central
56
56
Total
6, 74 4
7,498
Monthly average number of employees by geography
2025
2024
Americas
4,890
5,328
Europe, Middle East and Africa
1,16 0
1,382
Asia Pacific
694
788
Total
6,744
7,498
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
2025 2024
Depreciation, amortisation, loss on disposal and impairment \u00a3m \u00a3m
Depreciation of property, plant and equipment
6.7
9.5
Depreciation of right-of-use of assets
11.8
13.2
Amortisation of intangible assets
49.4
44.3
Impairment of goodwill
\u2013
280.4
Impairment of intangible assets
\u2013
20.8
Impairment of property, plant and equipment
0.9
\u2013
(Reversal of)/Impairment of right-of-use of assets
(2.0)
5.3
Loss on disposal of property, plant and equipment
0.5
\u2013
Total
67.3
373.5
13. Property, plant and equipment
Leasehold Furniture and Office Other
improvements fixtures equipment assets Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
18.4
5.1
33.9
1.7
59.1
Additions
0.7
0.2
3.1
\u2013
4.0
Hyperinflation
1.8
0.3
2.7
0.4
5.2
Disposals
(1.3)
(0.2)
(2.8)
(0.2)
(4.5)
Foreign exchange differences
(1.3)
(0.2)
(1.9)
(0.3)
(3.7)
At 31 December 2024
18.3
5.2
35.0
1.6
6 0.1
Additions
0.2
0.1
2.0
\u2013
2.3
Hyperinflation
0.7
0.1
1.0
0.1
1.9
Disposals
(0.9)
(0.2)
(0.2)
(0.2)
(1.5)
Foreign exchange differences
(0.7)
(0.2)
(1.6)
(0.2)
(2.7)
At 31 December 2025
17.6
5.0
36.2
1.3
60.1
Leasehold Furniture and Office Other
Accumulated depreciation improvements fixtures equipment assets Total
and impairment \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(8.8)
(3.4)
(24.3)
(0.7)
( 37. 2)
Charge for the year
(2.6)
(0.6)
(6.0)
(0.3)
(9.5)
Hyperinflation
(1.0)
(0.1)
(2.0)
(0.2)
(3.3)
Disposals
1.3
0.2
2.8
0.2
4.5
Foreign exchange differences
0.6
0.1
1.0
0.1
1.8
At 31 December 2024
(10.5)
(3.8)
(28.5)
(0.9)
(43.7)
Charge for the year
(2.4)
(0.4)
(3.7)
(0.2)
(6.7)
Hyperinflation
(0.5)
(0.1)
(1.0)
(0.1)
(1.7)
Disposals
0.4
0.2
0.2
0.2
1.0
Impairment
(0.9)
\u2013
\u2013
\u2013
(0.9)
Foreign exchange differences
0.6
(0.1)
1.2
0.1
1.8\ue01f
At 31 December 2025
(13.3)
(4.2)
(31.8)
(0.9)
(50.2)
Net book value
At 31 December 2024
7.8\ue01f
1.4
6.5
0.7
16.4
At 31 December 2025
4.3
0.8\ue01f
4.4
0.4
9.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "
2025 2024
Depreciation, amortisation, loss on disposal and impairment \u00a3m \u00a3m
Depreciation of property, plant and equipment
6.7
9.5
Depreciation of right-of-use of assets
11.8
13.2
Amortisation of intangible assets
49.4
44.3
Impairment of goodwill
\u2013
280.4
Impairment of intangible assets
\u2013
20.8
Impairment of property, plant and equipment
0.9
\u2013
(Reversal of)/Impairment of right-of-use of assets
(2.0)
5.3
Loss on disposal of property, plant and equipment
0.5
\u2013
Total
67.3
373.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
2025 2024
Other operating expenses \u00a3m \u00a3m
IT expenses
32.6
31.0
Consultancy fees
6.1
6.0
Accounting and administrative service fees
7.0
7. 5
Lease costs
5.2
6.5
Sales and marketing costs
7.6
7. 4
Legal fees
4.5
3.1
Travel and accommodation costs
6.7
7.9
Insurance fees
2.9
2.7
Impairment loss recognised on trade receivables
2.2
1.4
Other general and administrative costs
5.3
5.2
Total
80.1
78.7
Lease costs mainly relate to short term and low value lease costs under IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "
2025 2024
Other operating expenses \u00a3m \u00a3m
IT expenses
32.6
31.0
Consultancy fees
6.1
6.0
Accounting and administrative service fees
7.0
7. 5
Lease costs
5.2
6.5
Sales and marketing costs
7.6
7. 4
Legal fees
4.5
3.1
Travel and accommodation costs
6.7
7.9
Insurance fees
2.9
2.7
Impairment loss recognised on trade receivables
2.2
1.4
Other general and administrative costs
5.3
5.2
Total
80.1
78.7
Lease costs mainly relate to short term and low value lease costs under IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "
2025 2024
Other operating expenses \u00a3m \u00a3m
IT expenses
32.6
31.0
Consultancy fees
6.1
6.0
Accounting and administrative service fees
7.0
7. 5
Lease costs
5.2
6.5
Sales and marketing costs
7.6
7. 4
Legal fees
4.5
3.1
Travel and accommodation costs
6.7
7.9
Insurance fees
2.9
2.7
Impairment loss recognised on trade receivables
2.2
1.4
Other general and administrative costs
5.3
5.2
Total
80.1
78.7
Lease costs mainly relate to short term and low value lease costs under IFRS 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Audit fees included in general and administrative costs are as follows:
2025 2024
Audit fees \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the
audit of parent company and consolidated financial statements
3.5
3.8
Fees payable to Company\u2019s auditors and their associates for
other services:
Audit of the financial statements of the Company\u2019s subsidiaries
0.3
0.2
Total audit fees for the current year audit
3.8\ue01f
4.0
Total audit fees
3.8\ue01f
4.0
Fees payable to Company auditors and their associates for
audit-related assurance services
0.4
0.4
Other assurance services
\u2013
0.1
Total
4.2
4.5
Audit-related assurance services to the Group relates to the fee charged for the half-year review. No other fees than those disclosed above were payable to PricewaterhouseCoopers LLP.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "7. Finance income and expenses
2025 2024
Finance income \u00a3m \u00a3m
Interest income
2.9
3.0
Foreign exchange differences
\u2013
2.3
Total
2.9
5.3
2025 2024
Finance expenses \u00a3m \u00a3m
Interest on bank loans and overdrafts
(20.3)
(25.5)
Interest on lease liabilities
(2.1)
(2.5)
Foreign exchange differences
(3.0)
\u2013
Other finance costs
(3.2)
(3.7)
Total
(28.6)
(31.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
8. Income tax
The income tax credit/(expense) comprises the following:
2025 2024
\u00a3m \u00a3m
Current tax for the year
(9.9)
( 7.3)
Adjustments for current tax of prior years
1.9
2.4
Total current tax
(8.0)
(4.9)
Origination and reversal of timing differences
12.8\ue01f
31.4
Adjustments for deferred tax of prior periods
(3.5)
(3.1)
Effect of change in tax rates
(2.3)
0.6
Income tax (expense)/credit in profit or loss
(1.0)
24.0
The tax credit for the year can be reconciled to the income tax credit/(expense) in the
consolidated statement of profit or loss as follows:
2025 2024
\u00a3m \u00a3m
Loss before income tax
(22.6)
(330.9)
Tax credit at the UK rate of 25.0% (2024: 25.0%)
5.7
82.7
Tax effect of amounts which are non-deductible
(5.7)
(57. 2)
Difference in overseas tax rates
(1.0)
(1.5)
Income tax (expense)/credit in profit or loss
(1.0)
24.0
The UK rate was 25% in 2025 (2024: 25%). The applicable tax rate is based on the
proportion of the contribution to the result by the Group entities and the tax rate applicable
in the respective countries. The applicable tax rate in the respective countries ranges
from 0% to 35%. The effective tax rate for the year deviates from the applicable tax rate
mainly because of non-deductible items, amortisation, accelerated capital allowances over
depreciation on plant, property and equipment and differences in overseas tax rate.
The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation
was enacted in the United Kingdom, the jurisdiction in which the Company is incorporated,
in July 2023 and came into effect for accounting periods commencing on or after
31 December 2023. Under the legislation, the Group is liable to pay a top-up tax on
adjusted jurisdictional profits for the difference between its GloBE effective tax rate per
jurisdiction and the 15% minimum rate.
The Group has assessed the current tax impact of the Pillar Two legislation in the
jurisdictions within which the Company operates, and no material current tax expense is
expected to arise under Pillar Two for the current period. The Group applies the exception
to recognising and disclosing information about deferred tax assets and liabilities related to
Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
The Group intends to apply the transitional safe harbour provisions available under the
OECD Framework in the majority of jurisdictions, based on Country-by-Country Reporting
(CbCR) data for the current period, which are expected to provide an exemption to the
requirement for detailed Pillar Two jurisdictional computations during the transitional period.
The Group continues to monitor legislative developments related to Pillar Two and will
assess any potential impact on its consolidated results of operations, financial position, and
cash flows.
15. Deferred tax assets and liabilities
Goodwill Leases and
and Property, Net
intangible plant and Short term deferred
assets
equipment
1
differences Losses Total
Offset
2
tax assets
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
45.8\ue01f
15.1
13.7
\u2013
74.6
(49.9)
24.7
Reclassification
\u2013
(0.5)
(0.7)
0.7
(0.5)
\u2013
(0.5)
Credited/(charged) to
profit or loss
3
15.3
(3.0)
2.6
3.1
18.0
\u2013
18.0
Foreign exchange
(0.1)
(0.9)
0.1
\u2013
(0.9)
\u2013
(0.9)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
7.7
7.7
tax offset
At 31 December 2024
61.0
10.7
15.7
3.8\ue01f
91.2
(42.2)
49.0
Credited/(charged) to
profit or loss
(2.0)
(2.4)
2.2
3.7
1.5
\u2013
1.5
Foreign exchange
(3.2)
(0.3)
(1.1)
(0.4)
(5.0)
\u2013
(5.0)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
tax offset
At 31 December 2025
55.8
8.0
16.8
7.1
87.7
(41.0)
46.7
Goodwill Leases and
and Property,
intangible plant and Short term Net deferred
assets
equipment
1
differences Total
Offset
2
tax liabilities
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(60.6)
\u2013
(13.4)
(74.0)
49.9
(24.1)
Reclassification
\u2013
\u2013
0.5
0.5
\u2013
0.5
Credited/(charged) to
profit or loss
6.6
\u2013
4.5
11.1
\u2013
11.1
Foreign exchange
0.9
\u2013
0.7
1.6
\u2013
1.6
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
( 7.7 )
\u2013
tax offset
At 31 December 2024
(53.1)
\u2013
(7.7)
(60.8)
42.2
(18.6)
Credited to profit or loss
4.3
\u2013
1.2
5.5
\u2013
5.5
Foreign exchange
1.1
\u2013
0.3
1.4
\u2013
1.4
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
tax offset
At 31 December 2025
(47.7)
\u2013
(6.2)
(53.9)
41.0
(12.9)
Notes:
1. Includes deferred tax assets recognised on lease liabilities and dilapidation provisions of \u00a37.4 million
(2024: \u00a310.1 million) and deferred tax liabilities recognised on right-of-use assets of \u00a36.0 million
(2024: \u00a37.6 million).
2. Where there is a right of offset, any deferred tax assets and deferred tax liabilities within the same tax
jurisdiction have been offset.
3. Includes a credit to the profit and loss account of \u00a3nil (2024: \u00a315.4 million) in respect of the movement
in deferred tax assets attributable to the impairment of goodwill and intangible assets.
Recognition of the deferred tax assets is based upon the expected generation of future
taxable profits. Our expectation is based on long-term planning.
The value of unrecognised deferred tax assets on future losses is \u00a32.8 million
(2024: \u00a33.5 million). The value of unrecognised deferred tax assets on future
tax-deductible goodwill is \u00a318.2 million (2024: \u00a318.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom, the jurisdiction in which the Company is incorporated, in July 2023 and came into effect for accounting periods commencing on or after 31 December 2023. Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group has assessed the current tax impact of the Pillar Two legislation in the jurisdictions within which the Company operates, and no material current tax expense is expected to arise under Pillar Two for the current period. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The Group intends to apply the transitional safe harbour provisions available under the OECD Framework in the majority of jurisdictions, based on Country-by-Country Reporting (CbCR) data for the current period, which are expected to provide an exemption to the requirement for detailed Pillar Two jurisdictional computations during the transitional period. The Group continues to monitor legislative developments related to Pillar Two and will assess any potential impact on its consolidated results of operations, financial position, and cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "9. Loss per share
2025
2024
Loss attributable to shareowners of the Company (\u00a3m)
(24.8)
(306.9)
Weighted average number of Ordinary Shares
674,818,805
671,956,509
Basic loss per share (pence)
(3.7)
(45.7)
Loss per share is calculated by dividing the loss attributable to the shareowners of the Group by the weighted average number of Ordinary Shares in issue during the year.
2025
2024
Loss attributable to shareowners of the Company (\u00a3m)
(24.8)
(306.9)
Weighted average number of Ordinary Shares
674,818,805
671,956,509
Diluted loss per share (pence)
(3.7)
(45.7)
2025 2024 Adjusted profit attributable to shareowners of the Company (\u00a3m) 33.6\ue01f 34.7 Weighted average number of Ordinary Shares 674,818,805 671,956,509 Adjusted basic earnings per share (pence) 5.0 5.2", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
10. Goodwill
2025 2024
Cost \u00a3m \u00a3m
At 1 January
697.3\ue01f
706.5
Foreign exchange differences
(22.1)
(9.2)
At 31 December
675.2
697.3
Accumulated impairment
At 1 January
(306.1)
(15.2)
Impairment charge in year
\u2013
(280.4)
Foreign exchange differences
11.9
(10.5)
At 31 December
(294.2)
(306.1)
Net book value
At 1 January
391.2
691.3
At 31 December
381.0
391.2
Goodwill represents the excess of consideration over the fair value of the Group\u2019s share of
the net identifiable assets of the acquired subsidiary at the date of acquisition.
Impairment testing
Goodwill acquired through business combinations is allocated to CGUs for the purpose of
impairment testing.
Effective 1 January 2025, the Group has focused its capabilities into two practices:
Marketing Services and Technology Services which also represent its two reportable
segments and CGUs.
Marketing Services comprises the previously reported Content and Data&Digital Media
CGUs. The goodwill held at 31 December 2025 is allocated to the Marketing Services CGU.
The goodwill related to the Technology Services CGU was fully impaired during the year
ended 31 December 2024. For the year ended 31 December 2025, following impairment
indicators, an impairment test was performed over the remaining assets other than goodwill.
2025 2024
\u00a3m \u00a3m
Marketing Services
1
381.0
391.2
Note: 1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised segment structure. The recoverable amount for each CGU is determined using a value-in-use calculation. In determining the value-in-use, the Group uses forecast revenue and profits adjusted for non-cash transactions to generate cash flow projections. The forecasts are prepared by management based on the Board-approved three-year business plans for each CGU with a long-term growth rate of 2.0% applied in perpetuity beyond the three-year explicit forecast period. The forecasts reflect the expected financial performance for each CGU, and consider the impact of inflation and the latest macroeconomic trends and external factors, as well as historic performance and trends, amongst other factors. For Marketing Services, with a headroom of \u00a3101.0 million (2024: net impairment in Content of \u00a3196.5 million and headroom of \u00a31.1 million in Data&Digital Media), the range of net revenue growth rates across the three-year-forecast period is between -0.2% and 5.0% (2024: -0.6% and 15.2%), and the range of EBITDA margin across the three-year forecast period is between 18.7% and 23.5% (2024: 12.6% and 19.0%). A pre-tax discount rate of 17.2% (2024: 14.3% and 15.1%) has been used, with a long-term growth rate of 2.0% (2024: 2.0%) applied in perpetuity beyond the three-year explicit forecast period. The recoverable amount would equal the carrying amount either if net revenue growth were to be reduced to a range of -0.3% to 3.7% (with costs remaining unchanged) or if EBITDA margin were to be reduced to a range of 16.1% to 21.0% (with net revenue remaining unchanged). For Technology Services, with a headroom of \u00a320.5 million (2024: net impairment of \u00a383.9 million), the range of net revenue growth rates across the three-year-forecast period is between -2.2% and 5.0% (2024: -4.9% and 10.2%) , and the range of EBITDA margin across the three-year forecast period is between 19.8% and 24.9% (2024: 15.7% and 17.0%) . A pre-tax discount rate of 15.1% (2024: 13.4%) has been used, with a long-term growth rate of 2.0% (2024: 2.0%) applied in perpetuity beyond the three-year explicit forecast period. The recoverable amount would equal the carrying amount either if net revenue growth were to be reduced to a range of -3.3% to 2.4% (with costs remaining unchanged) or if EBITDA margin were to be reduced to a range of 14.2% to 19.3% (with net revenue remaining unchanged). The following is a sensitivity analysis for Marketing Services and Technology Services showing the headroom/(impairment) in the case of changes in the key assumptions. The consequential impacts of the changes in net revenue growth and EBITDA margins on cash flow assumptions including working capital movements and tax charges have been incorporated into the sensitivity analyses set out below, but all other variables are held constant.
Net revenue growth EBITDA margin
\u00a3m 30.0% reduction 150bps reduction
Marketing Services
(13.0)
43.1
Technology Services
8.3
15.1
Notes: 1. A 30% reduction has been applied to net revenue growth rate in each year of the explicit forecast period (with costs remaining unchanged), with the long-term growth rate unchanged. 2. A 150 basis point reduction in EBITDA margin has been applied in each year of the forecast period, including in the terminal period (with revenue remaining unchanged). In the net revenue growth sensitivity analyses referred to above, no cost mitigation actions are assumed within the forecasts. In the event of a reduction in net revenue growth, the Group has identified cost control measures that could be implemented, such as reduced bonuses, limited recruitment, cost control measures on certain areas of discretionary spend, reviewing the Group\u2019s work force and implementing measures to optimise resource allocation, identifying and implementing cost-saving measures across the Group and re-evaluating the Group\u2019s product and service offerings to focus on high-margin high-demand areas. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "10. Goodwill
2025 2024
Cost \u00a3m \u00a3m
At 1 January
697.3\ue01f
706.5
Foreign exchange differences
(22.1)
(9.2)
At 31 December
675.2
697.3
Accumulated impairment
At 1 January
(306.1)
(15.2)
Impairment charge in year
\u2013
(280.4)
Foreign exchange differences
11.9
(10.5)
At 31 December
(294.2)
(306.1)
Net book value
At 1 January
391.2
691.3
At 31 December
381.0
391.2
Goodwill represents the excess of consideration over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Impairment testing Goodwill acquired through business combinations is allocated to CGUs for the purpose of impairment testing. Effective 1 January 2025, the Group has focused its capabilities into two practices: Marketing Services and Technology Services which also represent its two reportable segments and CGUs. Marketing Services comprises the previously reported Content and Data&Digital Media CGUs. The goodwill held at 31 December 2025 is allocated to the Marketing Services CGU. The goodwill related to the Technology Services CGU was fully impaired during the year ended 31 December 2024. For the year ended 31 December 2025, following impairment indicators, an impairment test was performed over the remaining assets other than goodwill.
2025 2024
\u00a3m \u00a3m
Marketing Services
1
381.0
391.2
Note:
1. Comparative information for the prior period has been represented to reflect the Group\u2019s revised
segment structure.
The recoverable amount for each CGU is determined using a value-in-use calculation.
In determining the value-in-use, the Group uses forecast revenue and profits adjusted
for non-cash transactions to generate cash flow projections. The forecasts are prepared
by management based on the Board-approved three-year business plans for each CGU
with a long-term growth rate of 2.0% applied in perpetuity beyond the three-year explicit
forecast period. The forecasts reflect the expected financial performance for each CGU,
and consider the impact of inflation and the latest macroeconomic trends and external
factors, as well as historic performance and trends, amongst other factors.
For Marketing Services, with a headroom of \u00a3101.0 million (2024: net impairment in
Content of \u00a3196.5 million and headroom of \u00a31.1 million in Data&Digital Media), the range
of net revenue growth rates across the three-year-forecast period is between -0.2% and
5.0% (2024: -0.6% and 15.2%), and the range of EBITDA margin across the three-year
forecast period is between 18.7% and 23.5% (2024: 12.6% and 19.0%). A pre-tax
discount rate of 17.2% (2024: 14.3% and 15.1%) has been used, with a long-term growth
rate of 2.0% (2024: 2.0%) applied in perpetuity beyond the three-year explicit forecast
period. The recoverable amount would equal the carrying amount either if net revenue
growth were to be reduced to a range of -0.3% to 3.7% (with costs remaining unchanged)
or if EBITDA margin were to be reduced to a range of 16.1% to 21.0% (with net revenue
remaining unchanged).
For Technology Services, with a headroom of \u00a320.5 million (2024: net impairment of
\u00a383.9 million), the range of net revenue growth rates across the three-year-forecast period
is between -2.2% and 5.0% (2024: -4.9% and 10.2%) , and the range of EBITDA margin
across the three-year forecast period is between 19.8% and 24.9% (2024: 15.7% and
17.0%) . A pre-tax discount rate of 15.1% (2024: 13.4%) has been used, with a long-term
growth rate of 2.0% (2024: 2.0%) applied in perpetuity beyond the three-year explicit
forecast period. The recoverable amount would equal the carrying amount either if net
revenue growth were to be reduced to a range of -3.3% to 2.4% (with costs remaining
unchanged) or if EBITDA margin were to be reduced to a range of 14.2% to 19.3% (with net
revenue remaining unchanged).
The following is a sensitivity analysis for Marketing Services and Technology Services
showing the headroom/(impairment) in the case of changes in the key assumptions.
The consequential impacts of the changes in net revenue growth and EBITDA margins
on cash flow assumptions including working capital movements and tax charges have
been incorporated into the sensitivity analyses set out below, but all other variables are
held constant.
Net revenue growth EBITDA margin
\u00a3m 30.0% reduction 150bps reduction
Marketing Services
(13.0)
43.1
Technology Services
8.3
15.1
Notes:
1. A 30% reduction has been applied to net revenue growth rate in each year of the explicit forecast
period (with costs remaining unchanged), with the long-term growth rate unchanged.
2. A 150 basis point reduction in EBITDA margin has been applied in each year of the forecast period,
including in the terminal period (with revenue remaining unchanged).
In the net revenue growth sensitivity analyses referred to above, no cost mitigation
actions are assumed within the forecasts. In the event of a reduction in net revenue
growth, the Group has identified cost control measures that could be implemented,
such as reduced bonuses, limited recruitment, cost control measures on certain areas
of discretionary spend, reviewing the Group\u2019s work force and implementing measures
to optimise resource allocation, identifying and implementing cost-saving measures
across the Group and re-evaluating the Group\u2019s product and service offerings to focus
on high-margin high-demand areas.
11. Intangible assets
Customer Order
relationships Brands backlog Other Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
510.6
25.1
0.5
19.7
555.9\ue01f
Additions
\u2013
\u2013
\u2013
4.2
4.2
Disposals
\u2013
(8.4)
(0.3)
(0.1)
(8.8)
Foreign exchange differences
(4.0)
(0.7)
\u2013
(0.2)
(4.9)
At 31 December 2024
506.6
16.0
0.2
23.6
546.4
Additions
\u2013
\u2013
\u2013
2.4
2.4
Foreign exchange differences
(15.6)
0.4
0.5
(0.3)
(15.0)
At 31 December 2025
491.0
16.4
0.7
25.7
533.8
Customer Order
relationships Brands backlog Other Total
Accumulated amortisation and impairment \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(144.6)
(16.2)
(0.5)
(13.0)
(174.3)
Charge for the year
(38.3)
(2.9)
\u2013
(3.1)
(44.3)
Impairment
(20.8)
\u2013
\u2013
\u2013
(20.8)
Disposals
\u2013
8.4
0.3
0.1
8.8\ue01f
Foreign exchange differences
(1.1)
0.4
\u2013
0.1
(0.6)
At 31 December 2024
(204.8)
(10.3)
(0.2)
(15.9)
(231.2)
Charge for the year
(45.1)
(0.8)
\u2013
(3.5)
(49.4)
Foreign exchange differences
5.8\ue01f
(0.2)
(0.5)
0.1
5.2
At 31 December 2025
(244.1)
(11.3)
(0.7)
(19.3)
(275.4)
Net book value
At 31 December 2024
301.8
5.7
\u2013
7.7
315.2
At 31 December 2025
246.9
5.1
\u2013
6.4
258.4
Other intangibles relates mainly to software. The average remaining amortisation period of
intangible assets as at 31 December 2025 was 4.0 years (2024: 5.4 years).
The following table details individually material intangible assets by acquisition:
Customer
relationships Remaining
Acquisition \u00a3m useful life
MediaMonks
51.1
5\u20139 years
Firewood
29.1
8 years
TheoremOne
28.8
2 years
Decoded
27. 5
9\u201310 years
Zemoga
18.8
10 years
MightyHive
17. 3
4 years
Jam 3
13.0
9 years
Cashmere
11.8
8 years
Raccoon
8.1
3\u20135 years
Metric Theory
7. 6
5 years
XX Artists
7. 4
4 years
Circus
6.4
4 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "11. Intangible assets
Customer Order
relationships Brands backlog Other Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
510.6
25.1
0.5
19.7
555.9\ue01f
Additions
\u2013
\u2013
\u2013
4.2
4.2
Disposals
\u2013
(8.4)
(0.3)
(0.1)
(8.8)
Foreign exchange differences
(4.0)
(0.7)
\u2013
(0.2)
(4.9)
At 31 December 2024
506.6
16.0
0.2
23.6
546.4
Additions
\u2013
\u2013
\u2013
2.4
2.4
Foreign exchange differences
(15.6)
0.4
0.5
(0.3)
(15.0)
At 31 December 2025
491.0
16.4
0.7
25.7
533.8
Customer Order
relationships Brands backlog Other Total
Accumulated amortisation and impairment \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(144.6)
(16.2)
(0.5)
(13.0)
(174.3)
Charge for the year
(38.3)
(2.9)
\u2013
(3.1)
(44.3)
Impairment
(20.8)
\u2013
\u2013
\u2013
(20.8)
Disposals
\u2013
8.4
0.3
0.1
8.8\ue01f
Foreign exchange differences
(1.1)
0.4
\u2013
0.1
(0.6)
At 31 December 2024
(204.8)
(10.3)
(0.2)
(15.9)
(231.2)
Charge for the year
(45.1)
(0.8)
\u2013
(3.5)
(49.4)
Foreign exchange differences
5.8\ue01f
(0.2)
(0.5)
0.1
5.2
At 31 December 2025
(244.1)
(11.3)
(0.7)
(19.3)
(275.4)
Net book value
At 31 December 2024
301.8
5.7
\u2013
7.7
315.2
At 31 December 2025
246.9
5.1
\u2013
6.4
258.4
Other intangibles relates mainly to software. The average remaining amortisation period of intangible assets as at 31 December 2025 was 4.0 years (2024: 5.4 years). The following table details individually material intangible assets by acquisition:
Customer
relationships Remaining
Acquisition \u00a3m useful life
MediaMonks
51.1
5\u20139 years
Firewood
29.1
8 years
TheoremOne
28.8
2 years
Decoded
27. 5
9\u201310 years
Zemoga
18.8
10 years
MightyHive
17. 3
4 years
Jam 3
13.0
9 years
Cashmere
11.8
8 years
Raccoon
8.1
3\u20135 years
Metric Theory
7. 6
5 years
XX Artists
7. 4
4 years
Circus
6.4
4 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
12. Leases
2025 2024
Right-of-use assets \u00a3m \u00a3m
Balance at 1 January
34.7
45.8\ue01f
Additions
2.5
2.1
Impairments
2
\u2013
(5.3)
Reversal of impairment
3
2.0
\u2013
Disposals and modifications
(0.1)
5.8
Depreciation of right-of-use assets
(11. 8)
(13.2)
Hyperinflation
0.7
1.8
Exchange rate differences
(0.7)
(2.3)
At 31 December 2025
1
27.3
34.7
2025 2024
Lease liabilities \u00a3m \u00a3m
Balance at 1 January
(42.5)
(49.0)
Additions
(2.3)
(2.0)
Disposals and modifications
0.1
(5.8)
Payment of lease liabilities
15.1
15.2
Interest on lease liabilities
(2.1)
(2.5)
Exchange rate differences
0.4
1.6
At 31 December 2025
1
(31.3)
(42.5)
Non-current lease liabilities
(19.3)
(29.7)
Current lease liabilities
(12.0)
(12.8)
At 31 December 2025
1
(31.3)
(42.5)
Notes:
1. The right-of-use assets and lease liabilities primarily relate to offices.
2. Right-of-use asset impairments relate to leases impaired as part of the Group\u2019s Property
Rationalisation Programme.
3. The reversal of impairment relates to expected future economic benefits from the previously impaired
right-of-use asset that the entity now expects to generate from sublease agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "12. Leases
2025 2024
Right-of-use assets \u00a3m \u00a3m
Balance at 1 January
34.7
45.8\ue01f
Additions
2.5
2.1
Impairments
2
\u2013
(5.3)
Reversal of impairment
3
2.0
\u2013
Disposals and modifications
(0.1)
5.8
Depreciation of right-of-use assets
(11. 8)
(13.2)
Hyperinflation
0.7
1.8
Exchange rate differences
(0.7)
(2.3)
At 31 December 2025
1
27.3
34.7
2025 2024
Lease liabilities \u00a3m \u00a3m
Balance at 1 January
(42.5)
(49.0)
Additions
(2.3)
(2.0)
Disposals and modifications
0.1
(5.8)
Payment of lease liabilities
15.1
15.2
Interest on lease liabilities
(2.1)
(2.5)
Exchange rate differences
0.4
1.6
At 31 December 2025
1
(31.3)
(42.5)
Non-current lease liabilities
(19.3)
(29.7)
Current lease liabilities
(12.0)
(12.8)
At 31 December 2025
1
(31.3)
(42.5)
Notes: 1. The right-of-use assets and lease liabilities primarily relate to offices. 2. Right-of-use asset impairments relate to leases impaired as part of the Group\u2019s Property Rationalisation Programme. 3. The reversal of impairment relates to expected future economic benefits from the previously impaired right-of-use asset that the entity now expects to generate from sublease agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "12. Leases
2025 2024
Right-of-use assets \u00a3m \u00a3m
Balance at 1 January
34.7
45.8\ue01f
Additions
2.5
2.1
Impairments
2
\u2013
(5.3)
Reversal of impairment
3
2.0
\u2013
Disposals and modifications
(0.1)
5.8
Depreciation of right-of-use assets
(11. 8)
(13.2)
Hyperinflation
0.7
1.8
Exchange rate differences
(0.7)
(2.3)
At 31 December 2025
1
27.3
34.7
2025 2024
Lease liabilities \u00a3m \u00a3m
Balance at 1 January
(42.5)
(49.0)
Additions
(2.3)
(2.0)
Disposals and modifications
0.1
(5.8)
Payment of lease liabilities
15.1
15.2
Interest on lease liabilities
(2.1)
(2.5)
Exchange rate differences
0.4
1.6
At 31 December 2025
1
(31.3)
(42.5)
Non-current lease liabilities
(19.3)
(29.7)
Current lease liabilities
(12.0)
(12.8)
At 31 December 2025
1
(31.3)
(42.5)
Notes: 1. The right-of-use assets and lease liabilities primarily relate to offices. 2. Right-of-use asset impairments relate to leases impaired as part of the Group\u2019s Property Rationalisation Programme. 3. The reversal of impairment relates to expected future economic benefits from the previously impaired right-of-use asset that the entity now expects to generate from sublease agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "13. Property, plant and equipment
Leasehold Furniture and Office Other
improvements fixtures equipment assets Total
Cost \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
18.4
5.1
33.9
1.7
59.1
Additions
0.7
0.2
3.1
\u2013
4.0
Hyperinflation
1.8
0.3
2.7
0.4
5.2
Disposals
(1.3)
(0.2)
(2.8)
(0.2)
(4.5)
Foreign exchange differences
(1.3)
(0.2)
(1.9)
(0.3)
(3.7)
At 31 December 2024
18.3
5.2
35.0
1.6
6 0.1
Additions
0.2
0.1
2.0
\u2013
2.3
Hyperinflation
0.7
0.1
1.0
0.1
1.9
Disposals
(0.9)
(0.2)
(0.2)
(0.2)
(1.5)
Foreign exchange differences
(0.7)
(0.2)
(1.6)
(0.2)
(2.7)
At 31 December 2025
17.6
5.0
36.2
1.3
60.1
Leasehold Furniture and Office Other Accumulated depreciation improvements fixtures equipment assets Total and impairment \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m At 1 January 2024 (8.8) (3.4) (24.3) (0.7) ( 37. 2) Charge for the year (2.6) (0.6) (6.0) (0.3) (9.5) Hyperinflation (1.0) (0.1) (2.0) (0.2) (3.3) Disposals 1.3 0.2 2.8 0.2 4.5 Foreign exchange differences 0.6 0.1 1.0 0.1 1.8 At 31 December 2024 (10.5) (3.8) (28.5) (0.9) (43.7) Charge for the year (2.4) (0.4) (3.7) (0.2) (6.7) Hyperinflation (0.5) (0.1) (1.0) (0.1) (1.7) Disposals 0.4 0.2 0.2 0.2 1.0 Impairment (0.9) \u2013 \u2013 \u2013 (0.9) Foreign exchange differences 0.6 (0.1) 1.2 0.1 1.8\ue01f At 31 December 2025 (13.3) (4.2) (31.8) (0.9) (50.2) Net book value At 31 December 2024 7.8\ue01f 1.4 6.5 0.7 16.4 At 31 December 2025 4.3 0.8\ue01f 4.4 0.4 9.9", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
14. Interest in joint ventures and associates
The Group has a 50% interest in the GP (2024: 50%), a joint venture whose primary
activity is to invest in technology companies focused on the marketing and advertising
industries, to focus on early-stage technology investments with the ability to transform
the sector.
The Group has a 25% interest in Hoorah, a South African based Company. Hoorah is a
full-service creative digital marketing agency specialising in creating impactful campaigns
that connect brands with their audiences.
On 2 January 2025 the Group (through S
4
Capital 2 Limited) and Alvear Limited became
equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary
commercial objective of Monkfilms is to secure a production and distribution deal with a
major media company for a documentary film. There was no movement in the value of the
investment during the year, and the Group\u2019s carrying amount as at 31 December 2025 was
\u00a350. There was no profit or comprehensive income.
Summarised financial information of the joint venture and associate, based on its IFRS
financial statements, and reconciliation with the carrying amount of the investment in the
consolidated financial statements are set out below:
Nature of 2025 2024
Ownership relationship \u00a3m \u00a3m
S
4
S
50%
Joint venture
\u2013
0.1
Hoorah
25%
Associate
0.8
0.7
Monkfilms
50%
Joint venture
\u2013
\u2013
At 31 December
0.8
0.8\ue01f
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the beginning of the year
0.1
0.7
0.8\ue01f
0.2
Investment in the year
\u2013
\u2013
\u2013
0.7
Share of (loss)/profits
(0.1)
0.1
\u2013
0.1
Dividends
\u2013
\u2013
\u2013
(0.2)
Balance at the end of the year
\u2013
0.8\ue01f
0.8\ue01f
0.8
Summarised balance sheet:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
1.0
1.0
1.1
Current assets
1
0.5
0.7
1.2
0.8
Current liabilities
(0.7)
(0.3)
(1.0)
(0.5)
Net assets
(0.2)
1.4
1.2
1.4
Group\u2019s share of net assets
(0.1)
0.4
0.2\ue01f
0.4
Less: loss restricted to carrying value of investment
2
0.1
\u2013
0.1
\u2013
Goodwill
\u2013
0.4
0.4
0.4
Group\u2019s carrying amount of the investment
\u2013
0.8
0.8\ue01f
0.8\ue01f
Notes:
1. Includes cash and cash equivalents held by the joint venture of \u00a30.2 million (2024: \u00a30.2 million).
2. The Group has not recognised losses totalling \u00a30.1 million in 2025 in relation to its interests in S
4
S
Ventures, because the Group has no obligation in respect to these losses.
Summarised statement of profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1.0
2.4
3.4
1.9
Operating expense
(1.2)
(2 .1)
(3.3)
(1.8)
(Loss)/Profit for the year
(0.2)
0.3
0.1
0.1
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
Total comprehensive (expense)/income
(0.2)
0.3
0.1
0.1
Group\u2019s share of joint venture and associate profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
0.5
0.6
1.1
0.7
Operating expense
(0.6)
(0.5)
(1.1)
(0.6)
(Loss)/Profit for the year
(0.1)
0.1
\u2013
0.1
Total comprehensive (expense)/income
(0.1)
0.1
\u2013
0.1
Group\u2019s share of joint venture/associate (loss)/profit
(0.1)
0.1
\u2013
0.1
The joint venture had no other contingent liabilities or commitments as at 31 December 2025 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "14. Interest in joint ventures and associates The Group has a 50% interest in the GP (2024: 50%), a joint venture whose primary activity is to invest in technology companies focused on the marketing and advertising industries, to focus on early-stage technology investments with the ability to transform the sector. The Group has a 25% interest in Hoorah, a South African based Company. Hoorah is a full-service creative digital marketing agency specialising in creating impactful campaigns that connect brands with their audiences. On 2 January 2025 the Group (through S 4 Capital 2 Limited) and Alvear Limited became equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary commercial objective of Monkfilms is to secure a production and distribution deal with a major media company for a documentary film. There was no movement in the value of the investment during the year, and the Group\u2019s carrying amount as at 31 December 2025 was \u00a350. There was no profit or comprehensive income. Summarised financial information of the joint venture and associate, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:
Nature of 2025 2024
Ownership relationship \u00a3m \u00a3m
S
4
S
50%
Joint venture
\u2013
0.1
Hoorah
25%
Associate
0.8
0.7
Monkfilms
50%
Joint venture
\u2013
\u2013
At 31 December
0.8
0.8\ue01f
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at the beginning of the year
0.1
0.7
0.8\ue01f
0.2
Investment in the year
\u2013
\u2013
\u2013
0.7
Share of (loss)/profits
(0.1)
0.1
\u2013
0.1
Dividends
\u2013
\u2013
\u2013
(0.2)
Balance at the end of the year
\u2013
0.8\ue01f
0.8\ue01f
0.8
Summarised balance sheet:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
1.0
1.0
1.1
Current assets
1
0.5
0.7
1.2
0.8
Current liabilities
(0.7)
(0.3)
(1.0)
(0.5)
Net assets
(0.2)
1.4
1.2
1.4
Group\u2019s share of net assets
(0.1)
0.4
0.2\ue01f
0.4
Less: loss restricted to carrying value of investment
2
0.1
\u2013
0.1
\u2013
Goodwill
\u2013
0.4
0.4
0.4
Group\u2019s carrying amount of the investment
\u2013
0.8
0.8\ue01f
0.8\ue01f
Notes: 1. Includes cash and cash equivalents held by the joint venture of \u00a30.2 million (2024: \u00a30.2 million). 2. The Group has not recognised losses totalling \u00a30.1 million in 2025 in relation to its interests in S 4 S Ventures, because the Group has no obligation in respect to these losses. Summarised statement of profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
1.0
2.4
3.4
1.9
Operating expense
(1.2)
(2 .1)
(3.3)
(1.8)
(Loss)/Profit for the year
(0.2)
0.3
0.1
0.1
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
Total comprehensive (expense)/income
(0.2)
0.3
0.1
0.1
Group\u2019s share of joint venture and associate profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
0.5
0.6
1.1
0.7
Operating expense
(0.6)
(0.5)
(1.1)
(0.6)
(Loss)/Profit for the year
(0.1)
0.1
\u2013
0.1
Total comprehensive (expense)/income
(0.1)
0.1
\u2013
0.1
Group\u2019s share of joint venture/associate (loss)/profit
(0.1)
0.1
\u2013
0.1
The joint venture had no other contingent liabilities or commitments as at 31 December 2025 (2024: \u00a3nil). 29. Interest in other entities Subsidiaries The Group\u2019s subsidiaries at the end of the reporting period are set out below. Unless otherwise stated, they have share capital consisting solely of Ordinary Shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. S 4Capital 2 Limited has Ordinary Shares, 4,000 A2 incentive shares, 2,000 options over A1 incentive shares as disclosed in Note 21. S 4 Capital plc directly holds effectively 100% of the ordinary shares in S 4Capital 2 Limited. S 4Capital plc indirectly holds effectively 100% of the ordinary shares in the other entities.
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
S
4
Capital 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Acquisitions 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital APAC Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Australia Holdings Pty Ltd
HWL Ebsworth Lawyers \u2018Australia Square\u2019 Level 14, 264-278 George
Australia
100
Holding company
(Previously MediaMonks Australia Holding Street, Sydney, NSW 2000
Pty Ltd)
S
4
Capital BRL Finance Limited
12 St. James\u2019s Place, London, SW1A 1NX
United Kingdom
100
Financing company
S
4
Capital EMEA Holdings BV
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Holding company
S
4
Capital France Holdings SAS
43-47 Avenue de la Grande Arm\u00e9e, 75116 Paris
France
100
Holding company
S
4
Capital Germany Holdings GmbH
Zielstattstra\u00dfe 40 c/o BDO AG, 81379, M\u00fcnchen
Germany
100
Holding company
S
4
Capital Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital INR Finance Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital Investment Pte Ltd
19 Keppel Road, #02-08, Jit Poh Building, Singapore 089058
Singapore
100
Holding company
S
4
Capital Italy Holdings S.r.l.
Viale Abruzzi 94 CAP 20131 Milano
Italy
100
Holding company
S
4
Capital LUX Finance S.\u00e0r.l.
Num\u00e9ro 20 Rue Eug\u00e8ne Ruppert 2453 Luxembourg
Luxembourg
100
Financing company
S
4
Capital Services Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital South America Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital UK Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital US Holdings LLC
251
Little Falls Drive, Wilmington, DE 19808 and 8 The Green, STE B,
United States of America
100
Holding company
Dover, DE 19901
4
Mile Analytics Pty Ltd
Unit 501, 2-20 Botany Road, Alexandria NSW 2015.
Australia
100
Marketing Services
Brightblue Consulting Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Brightblue Holdings Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Holding company
EC2A 4DN
Cashmere Agency Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Circus Colombia S.A.S
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Circus Marketing DF, S.A.P.I DE C.V
Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico
Mexico
100
Marketing Services
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Circus Network Holding, S.A.P.I. DE C.V.
Avenida Amsterdam 271, Interior 203, Colonia Hipodromo,
Mexico
100
Holding company
Cuauhtemoc, 06100 Ciudad de Mexico, Mexico
Citrusbyte, LLC (DBA TheoremOne, LLC)
228
East 45th Street, Ste 9E New York, NY 10017-3373 United States
United States of America
100
Technology Services
Conversion Works Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Decoded Advanced Media LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Decoded Advertising LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Destined 4 Pty Ltd
Street, Sydney Cove NSW 2000
HWL Ebsworth Lawyers, Level 14, \u2018Australia Square\u2019, 264-278 George
Australia
100
Marketing Services
Digocloud SAS
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Digodat SA
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Digolab SPA
La Capitan\u00eda nro 80, Bloque Of Dpto, 108 Las Condes, Santiago
Chile
100
Marketing Services
Digosoft SRL de CV
Goldsmith 40, ofna 9, Colonia Polanco, Delegaci\u00f3n Miguel Hidalgo,
Mexico
100
Marketing Services
Ciudad de M\u00e9xico, CP 11550
Egypt.Monks for Distribution and Unit No. B-27, Ground Floor Walk of Cairo Project - El-Sheikh Zayed
Egypt
100
Marketing Services
Production LLC Giza Egypt
Firewood Marketing Inc
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Flying Nimbus SAS
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Hilanders (Hong Kong) Limited
Room 303, 3/F, Golden Gate Commercial Building, 136-138 Austin
Hong Kong
100
Marketing Services
Road, Tsim Sha Tsui, Kowloon, Hong Kong
Maverick Digital Inc
838
Walker Road, Suite 21-2, Dover, County of Kent, 19904, Delaware.
United States of America
100
Marketing Services
Maverick Digital Services Pvt Ltd
Delhi: 110018
C/o Mr. BHAGWANT SINGH, H 25/30 TH/FLOOR TILAK NAGAR, New
India
100
Marketing Services
MediaMonks Canada Holdings Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Holding company
MEDIA.MONKS DUBLIN LIMITED
Block C, Magennis Court, Magennis Place, Dublin, D02 Fk76, Ireland
Ireland
100
Marketing Services
Media.Monks Paris SAS
17 rue Martel \u2013 75010 Paris
France
100
Marketing Services
Media.Monks Taiwan Co. Ltd
27F., No.9, Songgao Rd., Xinyi Dist., Taipei City 110, (R.O.C.)
Taiwan
100
Marketing Services
MediaMonks Arabian Company for Media
Bld
8
087, Street Handalah Ibn Malik, Al wourud Dist., Riyadh, KSA,
Kingdom of Saudi Arabia
100
Marketing Services
Production LLC Postal code : 12253
MediaMonks Australia Pty Ltd
HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George
Australia
100
Marketing Services
Street, Sydney Cove NSW 2000
MediaMonks B.V.
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Marketing Services
MediaMonks Poland Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105 ul. SZCZYTNICKA, nr 11, lok. miejsc. WROC\u0141AW, kod 50-382, poczta WROC\u0141AW Poland 100 Marketing Services MediaMonks S\u00e3o Paulo Servi\u00e7os de Internet para Publicidade Ltda. Rua Girassol, 106, 2o andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: 05433-000. Brazil 100 Marketing Services MediaMonks Seoul LLC 3F, Heung Guk BLDG, 166, Toegye-ro, Jung-gu, Seoul, 04627 Republic of Korea 100 Marketing Services MediaMonks Services B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Marketing Services MediaMonks Singapore Pte. Ltd. 9 Raffles Place #26-01, Republic Plaza, Singapore 048619 Singapore 100 Marketing Services MediaMonks Stockholm AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen, Box 6343, 102 35 Stockholm, Sweden Sweden 100 Marketing Services MediaMonksTokyo G.K. 1-6-5 Jinnan, Shibuya Ku, Tokyo 150-0041 Japan 100 Marketing Services MediaMonks Toronto Ulc Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 Canada 100 Marketing Services Metric Theory LLC 8 The Green STE B Dover DE 19901 United States United States of America 100 Marketing Services MightyHive AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen Box 6343 10235 Stockholm Sweden Sweden 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MediaMonks Buenos Aires SRL Tucum\u00e1n 1, 4th Floor, C1049AAA, Buenos Aires Argentina 100 Marketing Services MediaMonks Cape Town Pty Ltd 410 The Hills, Buchanan Square, 160 Sir Lowry Road, Woodstock South Africa 100 Marketing Services 7925, Cape Town MediaMonks FZ-LLC Premises 213, Second floor , Building 4 Dubai Media City Dubai United United Arab Emirates 100 Marketing Services Arab Emirates MediaMonks Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen, Bayern, Germany Germany 100 Marketing Services MediaMonks Hong Kong Ltd 11/F, Unit B, Winbase Centre, 208 Queen\u2019s Road Central Sheung Hong Kong 100 Holding company MediaMonks Inc. 8 The Green STE B Dover DE 19901 United States Wang, Hong Kong United States of America 100 Marketing Services MediaMonks Information Technology Room 436, No. 1256, 1258 Wanrong Road, Jing\u2019an District, Shanghai, P.R. China 100 Marketing Services (Shanghai) Co. Ltd. 200040, China MediaMonks London Ltd Media.Monks, Bonhill Building, 15 Bonhill Street, London, England, United Kingdom 100 Marketing Services EC2A 4DN MediaMonks Madrid S.L.U C/ Garcia Paredes No. 17, Interior Madrid 28010, Madrid Spain 100 Marketing Services MediaMonks Malaysia Sdn. Bhd. No. 256 B, Jalan Bandar 12, Taman Melawati, Wilayah Persekutuan,Malaysia 100 Marketing Services Kuala Lumpur, 53100 MediaMonks Mexico City S. de R.L. de C.V. Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico Mexico 100 Marketing Services MediaMonks Milan S.R.L. Milano (mi), Viale Papiniano 44, 20123, Italy Italy 100 Marketing Services MediaMonks Multimedia Holding B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Holding company Ownership interest % Principal activity MightyHive S.r.l. Milano (MI) ViaLe Abruzzi 94 CAP 20131 Italy 100 Marketing Services M-Monks Digital Media Pvt. Ltd. Flat No. 402, Paras Pearl, No. 161, Greenglen Layout, Sarjapur Outer Ring Rd, Bellandur, Bangalore: 560037, Karnataka India 100 Marketing Services Monks Marketing (Thailand) Co., Ltd Unit 3001-3014, 30th Floor, 689 Bhiraj Tower at EmQuartier, Soi 35, Sukhumvit Road, Klongtan Nuea Sub-district, Bangkok, Wattana District, 10110, Thailand Thailand 100 Marketing Services Progmedia Argentina SAS Ortiz de Ocampo 3302 Building 1, 1st floor Office No. 7, City of Buenos Aires Argentina 100 Marketing Services PT Media Monks Indonesia Equity Tower Building 35-37th floor, JL. JEND. SUDIRMAN, KAV 52-53, Desa/Kelurahan Senayan, Kec. Kebayoran Baru, Kota Adm. Jakarta Selatan, Provinsi DKI Jakarta, Kode Pos: 12190 Indonesia 100 Marketing Services Raccoon Publicidade Ltda. Rua Dona Alexandrina, No. 1366, Vila Monteiro, Gleba I, S\u00e3o Carlos, SP, CEP: 13.560-290 Brazil 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MightyHive AU Pty Ltd HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George Australia 100 Marketing Services Street, Sydney Cove NSW 2000 MightyHive Brazil Consulting Ltda. Rua Girassol, 106, 1 andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: Brazil 100 Marketing Services 05433-000 MightyHive Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen Germany 100 Marketing Services MightyHive Holdings Ltd Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8. Canada 100 Marketing Services MightyHive Hong Kong Limited 47/F Central Plaza, 18 Harbour Road, Wanchhai, Hong Kong Hong Kong 100 Marketing Services MightyHive Inc 8 The Green, STE B, Dover, DE 19901, United States United States of America 100 Marketing Services MightyHive India Private Ltd Office No.5, 1st Floor, Harismruti CHSL, Opp. HDFC Bank, S.V.P Road,India 100 Marketing Services MightyHive Information Technology Borivali (West), Mumbai, Maharashtra, India: 400092 Room 07-130, Floor 08, No. 3, Lane 26, Qixia Road, China (Shanghai) P. R. China 100 Marketing Services (Shanghai) Co. Ltd Pilot Free Trade, Zone (actual floor, 7th floor) MightyHive K.K. 1-6-5 Jinnan, Shibuya-ku, Tokyo 150-0041, Japan Japan 100 Marketing Services MightyHive Korea Co. Ltd 14F, 416 Hangang-daero, Jung-gu, Seoul 14-111, Republic of Korea Republic of Korea 100 Marketing Services MightyHive Ltd 15 Bonhill Street, London, EC2A 4DN, United Kingdom United Kingdom 100 Marketing Services MightyHive NZ Limited William Buck (NZ) Ltd, Level 4, Zurich House, 21 Queen Street, New Zealand 100 Marketing Services Auckland, 1010 MightyHive SG Pte Ltd 50 Raffles Place, #29-01 Singapore Land Tower, Singapore 048623 Singapore 100 Marketing Services Ownership interest % Principal activity Rocky Publicidade Ltda. Av. Irene da Silva Ven\u00e2ncio, 199, GP 03A, Bairro Protestantes, Votorantim, SP, CEP: 18111-100 Brazil 100 Marketing Services Technical Performance Services LLC 228 East 45th Street, Ste 9E New York, NY 10017-3373 United States United States of America 100 Technology Services Zemoga SaS Calle 95 15-09 Piso 4 y 5, Bogot\u00e1, D.C. Codigo postal: 110221 Colombia 100 Technology Services Joint Ventures
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Monkfilms
5 Technology Park Colindeep Lane, Colindale, London, United
United Kingdom
50
Marketing Services
Kingdom, NW9 6BX
S
4
S Ventures General Partner S.\u00c0 R.L.
41
2F,
Route d\u2019Esch L-1471, Luxembourg
Luxembourg
50
Holding company
S
4
S Ventures General Partner LLC
251
Little Falls Drive, Wilmington, DE 19808
United States of America
50
Holding company
Place of business/ Ownership Name of entity Address of the registered office Country of incorporation interest % Principal activity", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "14. Interest in joint ventures and associates The Group has a 50% interest in the GP (2024: 50%), a joint venture whose primary activity is to invest in technology companies focused on the marketing and advertising industries, to focus on early-stage technology investments with the ability to transform the sector. The Group has a 25% interest in Hoorah, a South African based Company. Hoorah is a full-service creative digital marketing agency specialising in creating impactful campaigns that connect brands with their audiences. On 2 January 2025 the Group (through S 4 Capital 2 Limited) and Alvear Limited became equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary commercial objective of Monkfilms is to secure a production and distribution deal with a major media company for a documentary film. There was no movement in the value of the investment during the year, and the Group\u2019s carrying amount as at 31 December 2025 was \u00a350. There was no profit or comprehensive income. Summarised financial information of the joint venture and associate, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:
Nature of 2025 2024
Ownership relationship \u00a3m \u00a3m
S
4
S
50%
Joint venture
\u2013
0.1
Hoorah
25%
Associate
0.8
0.7
Monkfilms
50%
Joint venture
\u2013
\u2013
At 31 December
0.8
0.8\ue01f
2025 2025 2025 2024 S4 S Hoorah Total Total \u00a3m \u00a3m \u00a3m \u00a3m Balance at the beginning of the year 0.1 0.7 0.8\ue01f 0.2 Investment in the year \u2013 \u2013 \u2013 0.7 Share of (loss)/profits (0.1) 0.1 \u2013 0.1 Dividends \u2013 \u2013 \u2013 (0.2) Balance at the end of the year \u2013 0.8\ue01f 0.8\ue01f 0.8 Summarised balance sheet:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
1.0
1.0
1.1
Current assets
1
0.5
0.7
1.2
0.8
Current liabilities
(0.7)
(0.3)
(1.0)
(0.5)
Net assets
(0.2)
1.4
1.2
1.4
Group\u2019s share of net assets
(0.1)
0.4
0.2\ue01f
0.4
Less: loss restricted to carrying value of investment
2
0.1
\u2013
0.1
\u2013
Goodwill
\u2013
0.4
0.4
0.4
Group\u2019s carrying amount of the investment
\u2013
0.8
0.8\ue01f
0.8\ue01f
Notes: 1. Includes cash and cash equivalents held by the joint venture of \u00a30.2 million (2024: \u00a30.2 million). 2. The Group has not recognised losses totalling \u00a30.1 million in 2025 in relation to its interests in S 4 S Ventures, because the Group has no obligation in respect to these losses. Summarised statement of profit or loss: 2025 2025 2025 2024 S4 SHoorah Total Total \u00a3m \u00a3m \u00a3m \u00a3m Revenue 1.0 2.4 3.4 1.9 Operating expense (1.2) (2 .1) (3.3) (1.8) (Loss)/Profit for the year (0.2) 0.3 0.1 0.1 Other comprehensive expense \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/income (0.2) 0.3 0.1 0.1 Group\u2019s share of joint venture and associate profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
0.5
0.6
1.1
0.7
Operating expense
(0.6)
(0.5)
(1.1)
(0.6)
(Loss)/Profit for the year
(0.1)
0.1
\u2013
0.1
Total comprehensive (expense)/income
(0.1)
0.1
\u2013
0.1
Group\u2019s share of joint venture/associate (loss)/profit
(0.1)
0.1
\u2013
0.1
The joint venture had no other contingent liabilities or commitments as at 31 December 2025 (2024: \u00a3nil).
Joint Ventures
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Monkfilms
5 Technology Park Colindeep Lane, Colindale, London, United
United Kingdom
50
Marketing Services
Kingdom, NW9 6BX
S
4
S Ventures General Partner S.\u00c0 R.L.
41
2F,
Route d\u2019Esch L-1471, Luxembourg
Luxembourg
50
Holding company
S
4
S Ventures General Partner LLC
251
Little Falls Drive, Wilmington, DE 19808
United States of America
50
Holding company
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "14. Interest in joint ventures and associates The Group has a 50% interest in the GP (2024: 50%), a joint venture whose primary activity is to invest in technology companies focused on the marketing and advertising industries, to focus on early-stage technology investments with the ability to transform the sector. The Group has a 25% interest in Hoorah, a South African based Company. Hoorah is a full-service creative digital marketing agency specialising in creating impactful campaigns that connect brands with their audiences. On 2 January 2025 the Group (through S 4 Capital 2 Limited) and Alvear Limited became equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary commercial objective of Monkfilms is to secure a production and distribution deal with a major media company for a documentary film. There was no movement in the value of the investment during the year, and the Group\u2019s carrying amount as at 31 December 2025 was \u00a350. There was no profit or comprehensive income. Summarised financial information of the joint venture and associate, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below:
Nature of 2025 2024
Ownership relationship \u00a3m \u00a3m
S
4
S
50%
Joint venture
\u2013
0.1
Hoorah
25%
Associate
0.8
0.7
Monkfilms
50%
Joint venture
\u2013
\u2013
At 31 December
0.8
0.8\ue01f
2025 2025 2025 2024 S4 S Hoorah Total Total \u00a3m \u00a3m \u00a3m \u00a3m Balance at the beginning of the year 0.1 0.7 0.8\ue01f 0.2 Investment in the year \u2013 \u2013 \u2013 0.7 Share of (loss)/profits (0.1) 0.1 \u2013 0.1 Dividends \u2013 \u2013 \u2013 (0.2) Balance at the end of the year \u2013 0.8\ue01f 0.8\ue01f 0.8 Summarised balance sheet:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
\u2013
1.0
1.0
1.1
Current assets
1
0.5
0.7
1.2
0.8
Current liabilities
(0.7)
(0.3)
(1.0)
(0.5)
Net assets
(0.2)
1.4
1.2
1.4
Group\u2019s share of net assets
(0.1)
0.4
0.2\ue01f
0.4
Less: loss restricted to carrying value of investment
2
0.1
\u2013
0.1
\u2013
Goodwill
\u2013
0.4
0.4
0.4
Group\u2019s carrying amount of the investment
\u2013
0.8
0.8\ue01f
0.8\ue01f
Notes: 1. Includes cash and cash equivalents held by the joint venture of \u00a30.2 million (2024: \u00a30.2 million). 2. The Group has not recognised losses totalling \u00a30.1 million in 2025 in relation to its interests in S 4 S Ventures, because the Group has no obligation in respect to these losses. Summarised statement of profit or loss: 2025 2025 2025 2024 S4 SHoorah Total Total \u00a3m \u00a3m \u00a3m \u00a3m Revenue 1.0 2.4 3.4 1.9 Operating expense (1.2) (2 .1) (3.3) (1.8) (Loss)/Profit for the year (0.2) 0.3 0.1 0.1 Other comprehensive expense \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/income (0.2) 0.3 0.1 0.1
Group\u2019s share of joint venture and associate profit or loss:
2025 2025 2025 2024
S
4
S
Hoorah Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Revenue
0.5
0.6
1.1
0.7
Operating expense
(0.6)
(0.5)
(1.1)
(0.6)
(Loss)/Profit for the year
(0.1)
0.1
\u2013
0.1
Total comprehensive (expense)/income
(0.1)
0.1
\u2013
0.1
Group\u2019s share of joint venture/associate (loss)/profit
(0.1)
0.1
\u2013
0.1
The joint venture had no other contingent liabilities or commitments as at 31 December 2025
(2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInJointArrangementsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "15. Deferred tax assets and liabilities
Goodwill Leases and
and Property, Net
intangible plant and Short term deferred
assets
equipment
1
differences Losses Total
Offset
2
tax assets
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
45.8\ue01f
15.1
13.7
\u2013
74.6
(49.9)
24.7
Reclassification
\u2013
(0.5)
(0.7)
0.7
(0.5)
\u2013
(0.5)
Credited/(charged) to
profit or loss
3
15.3
(3.0)
2.6
3.1
18.0
\u2013
18.0
Foreign exchange
(0.1)
(0.9)
0.1
\u2013
(0.9)
\u2013
(0.9)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
7.7
7.7
tax offset
At 31 December 2024
61.0
10.7
15.7
3.8\ue01f
91.2
(42.2)
49.0
Credited/(charged) to
profit or loss
(2.0)
(2.4)
2.2
3.7
1.5
\u2013
1.5
Foreign exchange
(3.2)
(0.3)
(1.1)
(0.4)
(5.0)
\u2013
(5.0)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
tax offset
At 31 December 2025
55.8
8.0
16.8
7.1
87.7
(41.0)
46.7
Goodwill Leases and
and Property,
intangible plant and Short term Net deferred
assets
equipment
1
differences Total
Offset
2
tax liabilities
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(60.6)
\u2013
(13.4)
(74.0)
49.9
(24.1)
Reclassification
\u2013
\u2013
0.5
0.5
\u2013
0.5
Credited/(charged) to
profit or loss
6.6
\u2013
4.5
11.1
\u2013
11.1
Foreign exchange
0.9
\u2013
0.7
1.6
\u2013
1.6
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
( 7.7 )
\u2013
tax offset
At 31 December 2024
(53.1)
\u2013
(7.7)
(60.8)
42.2
(18.6)
Credited to profit or loss
4.3
\u2013
1.2
5.5
\u2013
5.5
Foreign exchange
1.1
\u2013
0.3
1.4
\u2013
1.4
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
tax offset
At 31 December 2025
(47.7)
\u2013
(6.2)
(53.9)
41.0
(12.9)
Notes: 1. Includes deferred tax assets recognised on lease liabilities and dilapidation provisions of \u00a37.4 million (2024: \u00a310.1 million) and deferred tax liabilities recognised on right-of-use assets of \u00a36.0 million (2024: \u00a37.6 million). 2. Where there is a right of offset, any deferred tax assets and deferred tax liabilities within the same tax jurisdiction have been offset. 3. Includes a credit to the profit and loss account of \u00a3nil (2024: \u00a315.4 million) in respect of the movement in deferred tax assets attributable to the impairment of goodwill and intangible assets. Recognition of the deferred tax assets is based upon the expected generation of future taxable profits. Our expectation is based on long-term planning. The value of unrecognised deferred tax assets on future losses is \u00a32.8 million (2024: \u00a33.5 million). The value of unrecognised deferred tax assets on future tax-deductible goodwill is \u00a318.2 million (2024: \u00a318.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "15. Deferred tax assets and liabilities
Goodwill Leases and
and Property, Net
intangible plant and Short term deferred
assets
equipment
1
differences Losses Total
Offset
2
tax assets
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
45.8\ue01f
15.1
13.7
\u2013
74.6
(49.9)
24.7
Reclassification
\u2013
(0.5)
(0.7)
0.7
(0.5)
\u2013
(0.5)
Credited/(charged) to
profit or loss
3
15.3
(3.0)
2.6
3.1
18.0
\u2013
18.0
Foreign exchange
(0.1)
(0.9)
0.1
\u2013
(0.9)
\u2013
(0.9)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
7.7
7.7
tax offset
At 31 December 2024
61.0
10.7
15.7
3.8\ue01f
91.2
(42.2)
49.0
Credited/(charged) to
profit or loss
(2.0)
(2.4)
2.2
3.7
1.5
\u2013
1.5
Foreign exchange
(3.2)
(0.3)
(1.1)
(0.4)
(5.0)
\u2013
(5.0)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
tax offset
At 31 December 2025
55.8
8.0
16.8
7.1
87.7
(41.0)
46.7
Goodwill Leases and
and Property,
intangible plant and Short term Net deferred
assets
equipment
1
differences Total
Offset
2
tax liabilities
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(60.6)
\u2013
(13.4)
(74.0)
49.9
(24.1)
Reclassification
\u2013
\u2013
0.5
0.5
\u2013
0.5
Credited/(charged) to
profit or loss
6.6
\u2013
4.5
11.1
\u2013
11.1
Foreign exchange
0.9
\u2013
0.7
1.6
\u2013
1.6
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
( 7.7 )
\u2013
tax offset
At 31 December 2024
(53.1)
\u2013
(7.7)
(60.8)
42.2
(18.6)
Credited to profit or loss
4.3
\u2013
1.2
5.5
\u2013
5.5
Foreign exchange
1.1
\u2013
0.3
1.4
\u2013
1.4
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
tax offset
At 31 December 2025
(47.7)
\u2013
(6.2)
(53.9)
41.0
(12.9)
Notes: 1. Includes deferred tax assets recognised on lease liabilities and dilapidation provisions of \u00a37.4 million (2024: \u00a310.1 million) and deferred tax liabilities recognised on right-of-use assets of \u00a36.0 million (2024: \u00a37.6 million). 2. Where there is a right of offset, any deferred tax assets and deferred tax liabilities within the same tax jurisdiction have been offset. 3. Includes a credit to the profit and loss account of \u00a3nil (2024: \u00a315.4 million) in respect of the movement in deferred tax assets attributable to the impairment of goodwill and intangible assets. Recognition of the deferred tax assets is based upon the expected generation of future taxable profits. Our expectation is based on long-term planning. The value of unrecognised deferred tax assets on future losses is \u00a32.8 million (2024: \u00a33.5 million). The value of unrecognised deferred tax assets on future tax-deductible goodwill is \u00a318.2 million (2024: \u00a318.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "15. Deferred tax assets and liabilities
Goodwill Leases and
and Property, Net
intangible plant and Short term deferred
assets
equipment
1
differences Losses Total
Offset
2
tax assets
Deferred tax assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
45.8\ue01f
15.1
13.7
\u2013
74.6
(49.9)
24.7
Reclassification
\u2013
(0.5)
(0.7)
0.7
(0.5)
\u2013
(0.5)
Credited/(charged) to
profit or loss
3
15.3
(3.0)
2.6
3.1
18.0
\u2013
18.0
Foreign exchange
(0.1)
(0.9)
0.1
\u2013
(0.9)
\u2013
(0.9)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
7.7
7.7
tax offset
At 31 December 2024
61.0
10.7
15.7
3.8\ue01f
91.2
(42.2)
49.0
Credited/(charged) to
profit or loss
(2.0)
(2.4)
2.2
3.7
1.5
\u2013
1.5
Foreign exchange
(3.2)
(0.3)
(1.1)
(0.4)
(5.0)
\u2013
(5.0)
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
tax offset
At 31 December 2025
55.8
8.0
16.8
7.1
87.7
(41.0)
46.7
Goodwill Leases and
and Property,
intangible plant and Short term Net deferred
assets
equipment
1
differences Total
Offset
2
tax liabilities
Deferred tax liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
(60.6)
\u2013
(13.4)
(74.0)
49.9
(24.1)
Reclassification
\u2013
\u2013
0.5
0.5
\u2013
0.5
Credited/(charged) to
profit or loss
6.6
\u2013
4.5
11.1
\u2013
11.1
Foreign exchange
0.9
\u2013
0.7
1.6
\u2013
1.6
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
( 7.7 )
\u2013
tax offset
At 31 December 2024
(53.1)
\u2013
(7.7)
(60.8)
42.2
(18.6)
Credited to profit or loss
4.3
\u2013
1.2
5.5
\u2013
5.5
Foreign exchange
1.1
\u2013
0.3
1.4
\u2013
1.4
differences
Movement in deferred
\u2013
\u2013
\u2013
\u2013
(1.2)
(1.2)
tax offset
At 31 December 2025
(47.7)
\u2013
(6.2)
(53.9)
41.0
(12.9)
Notes: 1. Includes deferred tax assets recognised on lease liabilities and dilapidation provisions of \u00a37.4 million (2024: \u00a310.1 million) and deferred tax liabilities recognised on right-of-use assets of \u00a36.0 million (2024: \u00a37.6 million). 2. Where there is a right of offset, any deferred tax assets and deferred tax liabilities within the same tax jurisdiction have been offset. 3. Includes a credit to the profit and loss account of \u00a3nil (2024: \u00a315.4 million) in respect of the movement in deferred tax assets attributable to the impairment of goodwill and intangible assets. Recognition of the deferred tax assets is based upon the expected generation of future taxable profits. Our expectation is based on long-term planning. The value of unrecognised deferred tax assets on future losses is \u00a32.8 million (2024: \u00a33.5 million). The value of unrecognised deferred tax assets on future tax-deductible goodwill is \u00a318.2 million (2024: \u00a318.4 million).
16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
213.3
364.7
Prepayments
20.5
16.0
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
378.7\ue01f
460.0
Included in current assets
374.2
450.8
Included in non-current assets
4.5
9.2
Total
378.7\ue01f
460.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
213.3
364.7
Prepayments
20.5
16.0
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
378.7\ue01f
460.0
Included in current assets
374.2
450.8
Included in non-current assets
4.5
9.2
Total
378.7\ue01f
460.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
213.3
364.7
Prepayments
20.5
16.0
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
378.7\ue01f
460.0
Included in current assets
374.2
450.8
Included in non-current assets
4.5
9.2
Total
378.7\ue01f
460.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "16. Trade and other receivables
2025 2024
\u00a3m \u00a3m
Trade receivables
213.3
364.7
Prepayments
20.5
16.0
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
378.7\ue01f
460.0
Included in current assets
374.2
450.8
Included in non-current assets
4.5
9.2
Total
378.7\ue01f
460.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "16. Trade and other receivables 2025 2024 \u00a3m \u00a3m Trade receivables 213.3 364.7 Prepayments 20.5 16.0 Accrued income 46.4 31.1 Other receivables 98.5 48.2 Total 378.7\ue01f 460.0 Included in current assets 374.2 450.8 Included in non-current assets 4.5 9.2 Total 378.7\ue01f 460.0", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "17. Cash and cash equivalents The cash and cash equivalents in the statement of cash flows is made up as follows: 2025 2024 \u00a3m \u00a3m Cash and bank 240.8 168.4 Cash and cash equivalents 240.8 168.4", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "17. Cash and cash equivalents The cash and cash equivalents in the statement of cash flows is made up as follows: 2025 2024 \u00a3m \u00a3m Cash and bank 240.8 168.4 Cash and cash equivalents 240.8 168.4", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "
18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note:
1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement
of profit or loss of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note: 1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement of profit or loss of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note: 1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement of profit or loss of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note: 1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement of profit or loss of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note: 1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement of profit or loss of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "18. Trade and other payables
2025 2024
\u00a3m \u00a3m
Trade payables
(212.7)
(236.7)
Accruals
(127. 2 )
(158.7)
Deferred income
1
(28.8)
(49.6)
Sales taxes
(16.0)
(12.6)
Wage taxes and social security contributions
(7.5 )
( 7. 0 )
Other payables
(60.7)
(17.4)
Total
(452.9)
(482.0)
Included in current liabilities
(452.9)
(482.0)
Total
(452.9)
(482.0)
Note: 1. The deferred income as at 31 December 2024 has been fully recognised in the consolidated statement of profit or loss of 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
19. Loans and borrowings
Senior Interest
secured payable on
Bank Term Loan B Transaction facilities
loans (TLB) costs agreement Total
Loans and borrowings \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(0.4)
(325.9)
5.4
(0.2)
(321.1)
Repayments
0.2
\u2013
\u2013
23.8
24.0
Charged to profit or loss
\u2013
\u2013
(1.3)
(23.8)
(25.1)
Exchange rate differences
\u2013
15.0
(0.2)
\u2013
14.8
Total transactions during the year
0.2
15.0
(1.5)
\u2013
13.7
At 31 December 2024
(0.2)
(310.9)
3.9
(0.2)
(3 07.4)
Additions
\u2013
\u2013
0.5
\u2013
0.5
Repayments
0.2
\u2013
\u2013
19.3
19.5
Charged to profit or loss
\u2013
\u2013
(1.3)
(19.3)
(20.6)
Exchange rate differences
\u2013
(16.7)
0.1
0.1
(16.5)
Total transactions during the year
0.2
(16.7)
(0.7)
0.1
(17.1)
At 31 December 2025
\u2013
(327.6)
3.2\ue01f
(0.1)
(324.5)
Included in current liabilities
\u2013
\u2013
\u2013
(0.1)
(0.1)
Included in non-current liabilities
\u2013
(327.6)
3.2
\u2013
(324.4)
A. Facility agreement
The Group has a facility agreement, consisting of a Term Loan B (TLB) of EUR375 million
and a multicurrency Revolving Credit Facility (RCF) of \u00a3100 million. During 2025, the RCF
remained fully undrawn (2024: fully undrawn). The interest on TLB is the aggregate of the
variable interest rate (EURIBOR) and a 3.75% margin. The interest on the multicurrency
RCF facility is the aggregate of the variable interest rate (EURIBOR or, in relation to any
loan in GBP, SONIA) and a margin range from 2.25% to 3.25% depending on the leverage.
The duration of the facility agreement is seven years in relation to the TLB, therefore the
termination date is August 2028. \u00a380 million of the RCF facility will mature February 2028,
with the remaining \u00a320 million terminating in August 2026. Subsequent to the year ended
31 December 2025, the Group has repurchased \u20ac25.7 million of its \u20ac375 million term loan
B. See Note 28.
During the reporting period, the average interest rate of the outstanding loans amounted to 5.94% (2024: 6.92%). The average effective interest rate for the outstanding loans is 5.93% (2024: 7.36%) and during the period interest expense of \u00a319.3 million was recognised (2024: \u00a323.8 million). The facility agreement imposes certain covenants on the Group. The Group will ensure that the net debt will not exceed 4.5:1 of the pro-forma earnings before interest, tax, depreciation, and amortisation, measured at the end of any relevant period of 12 months ending each semi-annual date in a financial year, as defined in the facility agreement. During the year the Group complied with the covenants set in the loan agreement. Certain subsidiaries of the Group guarantee its principal debt obligation and are obligors under the facility agreement. 20. Financial instruments The Board of Directors of S 4 Capital plc has overall responsibility for the determination of the Group\u2019s risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. The Group reports in Pound Sterling. All funding requirements and financial risks are managed based on policies and procedures adopted by the Board. The Group does not issue or use financial instruments of a speculative nature. The Group is exposed to the following financial risks: \u2022 Market risk; \u2022 Credit risk; and \u2022 Liquidity risk. The Group is exposed to risks that arise from its use of financial instruments. The principal financial instruments used by the Group, from which financial instrument risk arises, are trade and other receivables, cash and cash equivalents, accrued income, trade and other payables, loans and borrowings, contingent consideration and lease liabilities. Fair values of the Group\u2019s financial liabilities are categorised into different levels in a fair value hierarchy based on inputs used in the valuation techniques.
To the extent financial instruments are not carried at fair value in the consolidated balance
sheet, the carrying amount approximates to fair value as of the financial year end due to
being short term in nature.
Financial instruments by category
2025 2024
Financial assets \u00a3m \u00a3m
Financial assets held at amortised cost
Cash and cash equivalents
240.8\ue01f
168.4
Trade receivables
213.3
364.7
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
599.0
612.4
2025 2024
Financial liabilities \u00a3m \u00a3m
Financial liabilities held at amortised cost
Trade and other payables
(400.5)
(412.8)
Loans and borrowings
(324.5)
(3 07. 4)
Lease liabilities
(31.3)
(42.5)
Financial liabilities held at fair value through profit or loss
Contingent consideration and holdbacks
(6.2)
(9.5)
Total
(762.5)
(772.2)
The following table categorises the Group\u2019s financial liabilities held at fair value on the
consolidated balance sheet. There have been no transfers between levels during the year
(2024: none).
2025 2025 2024 2024
Fair value Level 3 Fair value Level 3
Financial liabilities held at fair value \u00a3m \u00a3m \u00a3m \u00a3m
Contingent consideration and holdbacks
(6.2)
(6.2)
(9.5)
(9.5)
Total
(6.2)
(6.2)
(9.5)
(9.5)
The following table shows the movement in contingent consideration and holdbacks.
Performance Employment
linked linked
contingent contingent
consideration consideration
Holdbacks
1
Total
Contingent consideration and holdbacks \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(9.0)
(3.0)
(13.5)
(25.5)
Recognised in consolidated statement
\u2013
(0.7)
3.0
2.3
of profit or loss
Cash paid
6.7
2.9
3.9
13.5
Equity settlement
\u2013
\u2013
0.2
0.2
Exchange rate differences
(0.1)
\u2013
0.1
\u2013
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Recognised in consolidated statement
1.7
0.7
\u2013
2.4
of profit or loss
Cash paid
\u2013
0.1
0.2
0.3
Exchange rate differences
0.3
\u2013
0.3
0.6
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Included in current liabilities
(2.4)
(0.8)
(1.5)
(4.7)
Included in non-current liabilities
\u2013
\u2013
(4.8)
(4.8)
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Included in current liabilities
(0.4)
\u2013
(5.8)
(6.2)
Included in non-current liabilities
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Note:
1. Holdback payments of \u00a30.2 million (2024: \u00a33.9 million) includes \u00a30.2 million (2024: \u00a33.9 million) of
cash paid out escrow accounts.
Where the contingent consideration conditions have been satisfied, consideration that is
payable as equity is recognised within Other Reserves as deferred equity consideration.
See Note 22.
The fair value of the performance linked contingent consideration has been determined
based on management\u2019s best estimate of achieving future targets to which the consideration
is linked. The most significant unobservable input used in the fair value measurements is
the future forecast performance of the acquired business. The fair value is assessed and
recognised at the acquisition date, and reassessed at each balance sheet date thereafter,
until fully settled, cancelled or expired. Any change in the range of future outcomes is
recognised in the consolidated statement of profit or loss as a fair value gain or loss.
During the year ended 31 December 2025, a fair value gain of \u00a31.7 million (2024: \u00a3nil)
was recognised in the consolidated statement of profit or loss.
The fair value of the employment linked contingent consideration has been determined
based on management\u2019s best estimate of achieving future targets to which the consideration
is linked. The most significant unobservable input used in the fair value measurements
is the future forecast performance of the acquired business. The fair value is assessed
at the acquisition date, and systematically accrued over the respective employment
term. Any changes in the range of future outcomes are recognised in the consolidated
statement of profit or loss as a fair value gain or loss. During the year ended 31 December
2025, a \u00a30.7 million credit (2024: \u00a30.7 million charge) was recognised in the consolidated
statement of profit or loss. The \u00a30.7 million credit (2024: \u00a30.7 million charge) relates to the
release of accrual of the employment linked contingent consideration.
Holdbacks relate to amounts held by the Group to cover and indemnify the Group against
certain acquisition costs and any damages. The fair value of the holdbacks has been
determined based on management\u2019s best estimate of the level of the costs incurred and
any damages expected to which the holdback is linked, which is the most significant
unobservable input used in the fair value measurement. During the year ended 31 December
2025, \u00a3nil (2024: \u00a33.0 million credit) has been recognised in the consolidated statement of
profit or loss. No further amounts are to be charged to the consolidated statement of profit
or loss.
A. Market risk
Market risk arises from the Group\u2019s use of interest bearing and foreign currency financial
instruments. It is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in interest rates (interest rate risk) or foreign exchange rates
(currency risk).
Interest rate risk
The Group is exposed to cash flow interest rate risk from bank borrowings at variable rates.
The Group\u2019s bank loans and other borrowings are disclosed in Note 19. The Group manages
the interest rate risk centrally.
The Group\u2019s treasury function reviews its risk management strategy on a regular basis and
will, as appropriate, enter into derivative financial instruments in order to manage interest
rate risk.
The following table demonstrates the sensitivity to a 1% change (lower/higher) to the
interest rates of the loans and borrowings as of year end to the loss in the current year
before tax (increase/decrease) and net assets (increase/decrease) for the year if all other
variables are held constant:
2025 2024
\u00a3m \u00a3m
Bank loans
327.6
311.1
+/- 1% impact
3.3
3.1
The contractual repricing or maturity dates, whichever dates are earlier, and effective
interest rates of borrowings are disclosed in Note 19.
Foreign exchange risk
Foreign exchange risk is the risk that movements in exchange rates affect the profitability of
the business. Management estimate that for a one cent change in the exchange rate between
USD and GBP, net revenue will change by approximately \u00a33.5 million, and operational
EBITDA will change by approximately \u00a31.3 million. The Group manages this risk through
natural hedging. The effect of fluctuations in exchange rates on the USD, EUR and other
currencies denominated trade receivables and payables is partially offset.
The Group considers the need to hedge its exposure as appropriate and, if needed,
will enter into forward foreign exchange contracts to mitigate any significant risks.
No hedging was considered necessary during the year.
The Group\u2019s gross exposure to foreign exchange risk is as follows:
Other
GBP USD EUR currencies Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.7
144.8\ue01f
20.0
37.8\ue01f
213.3
Cash and cash equivalents
44.0
148.3
13.3
35.2\ue01f
240.8\ue01f
Trade payables
(6.3)
(162.4)
(9.1)
(34.9)
(212.7)
Loans and borrowings
\u2013
\u2013
(324.5)
\u2013
(324.5)
Financial assets/(liabilities)
48.4
130.7
(300.3)
38.1
(8 3.1)
+/- 10% impact
\u2013
13.1
(30.0)
3.8\ue01f
(13.1)
Other
GBP USD EUR currencies Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.2
276.4
27.4
50.7
364.7
Cash and cash equivalents
(4.0)
83.5
26.0
62.9
168.4
Trade payables
(5.9)
(178.0)
(16.4)
(36.4)
(236.7)
Loans and borrowings
\u2013
\u2013
(311.3)
\u2013
(311. 3)
Financial assets/(liabilities)
0.3
181.9
(274.3)
77.2
(14.9)
+/- 10% impact
\u2013
18.2
(27.4)
7.7
(1.5)
B. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a
financial instrument fails to meet its contractual obligations. The Group is exposed to credit
risk primarily attributable to its receivable balance from customers. The Group\u2019s net trade
receivables for the reported periods are disclosed in the financial assets table on page 151.
The Group attempts to mitigate credit risk by assessing the credit rating of new customers
prior to entering into contracts and by entering contracts with customers with agreed
credit terms. In order to minimise this credit risk, the Group endeavours only to deal with
companies which are demonstrably creditworthy and this, together with the aggregate
financial exposure, is continuously monitored. The maximum exposure to credit risk is the
value of the outstanding amount. The Group evaluates the collectability of its accounts
receivable and provides an allowance for expected credit losses based upon the ageing
of receivables.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses
which uses a lifetime expected loss allowance for all trade receivables. The loss allowance
for other receivables is based on the three stage expected credit loss model. No other
receivables have had material impairment.
To measure the expected credit losses, trade receivables have been grouped based on
shared credit risk characteristics and the days past due. The expected loss rates are
based on the payment profiles of sales over a period of 36\u201348 months before the end of
the period and the corresponding historical credit losses experienced within this period.
The Group\u2019s assessment of expected credit losses includes provisions for specific clients
and receivables where the contractual cash flow is deemed at risk. Considerations include
the current economic environment along with historical loss rates for each category of
customers. The Group has identified the current and future health of the economy (such
as market interest rates and growth rates), of the countries in which it sells its services
to be the most relevant factors and accordingly adjusts the historical loss rates based
on expected changes in these factors. Additional provisions are made based on the
assessment of recoverability of aged receivables where sufficient evidence of recoverability
is not evident.
The Group identifies and monitors significant concentrations of credit risk, and the
Group has a material concentration of credit risk with one customer, as disclosed in
Note 5, which accounted for more than 10% of the Group\u2019s revenue during the year.
As at 31 December 2025, the outstanding trade receivable balance relating to this
customer represented 15% of total gross trade receivables.
On that basis, the loss allowance for trade receivables is determined as follows:
Expected Gross trade Impairment Net trade
Credit Loss receivables provision receivables
Trade receivables Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%\ue01f
174.3
(0.4)
173.9
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
16.8\ue01f
(0.1)
16.7
Past due 31 days to 60 days
0.60\u20131.00%\ue01f
1.8\ue01f
\u2013
1.8\ue01f
Past due 61 days to 90 days
0.80\u20132.00%\ue01f
4.9
(0.1)
4.8\ue01f
Past due more than 90 days
1.0 0 \u20137.50%
10.2
(0.4)
9.8\ue01f
Specific provisions against
individual debtors
up to 100%
10.7
(4.4)
6.3
Balance at 31 December 2025
218.7\ue01f
(5.4)
213.3
Gross trade Impairment Net trade
Expected Credit receivables provision receivables
Trade receivables Loss Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%
286.0
(0.6)
285.4
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
49.4
(0.2)
49.2
Past due 31 days to 60 days
0.60 \u20131.00%
16.0
(0.1)
15.9
Past due 61 days to 90 days
0.80\u20132.00%
4.0
(0.1)
3.9
Past due more than 90 days
1.0 0 \u20137.50%
8.8\ue01f
(0.4)
8.4
Specific provisions against
individual debtors
up to 100%
4.3
(2.4)
1.9
Balance at 31 December 2024
368.5
(3.8)
364.7
Trade receivables are written off when there is no reasonable expectation of recovery.
The Group has a process of assessing the creditworthiness of customers which includes
review of payment history, external credit ratings, industry specific risks, review of financial
statements, monitoring of market news and developments and direct communication
with customers to identify early signs of payment difficulties. Indicators that there is no
reasonable expectation of recovery include, amongst others, the failure of a debtor to
engage in a repayment plan with the Group.
The changes in the loss allowance for trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
3.8\ue01f
9.0
Utilised during the period
(0.6)
(6.6)
Charge for the year
2.2
1.4
Balance at the end of the year
5.4
3.8\ue01f
Due to the short-term nature of the trade and other receivables, their carrying amount is
considered to be the same as their fair value.
Expected credit losses on accrued income and other receivables were immaterial for the
years presented.
Credit risk on cash and cash equivalents is considered to be small as the majority of
external counterparties are substantial banks with high credit ratings assigned by
international credit rating agencies and are managed through regular review.
As per the end of the reporting period, credit ratings are summarised in the table below:
2025 2024
\u00a3m \u00a3m
Aa1
3.7
4.9
Aa2
128.4
85.8
Aa3
31.8\ue01f
24.5
A 1
58.3
15.4
A 2
5.9
23.7
A 3
3.4
5.1
Baa1
1.0
\u2013
Baa2
\u2013
1.3
Ba1
1.0
2.3
B3
0.2\ue01f
\u2013
No credit rating
7.1
5.4
Total cash and cash equivalents
240.8\ue01f
168.4
The maximum exposure is the amount of the deposit. To date, the Group has not experienced
any losses on its cash and cash equivalent deposits.
Other receivables primarily comprise escrow account balances held against holdbacks and
lease rental deposits. The credit risk on most of these balances are limited as the balances
are held with banks which have high credit ratings, and the Group has not experienced any
losses on the other receivables.
C. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group monitors its liquidity risk using a cash flow projection model which considers the maturity of the Group\u2019s assets and liabilities and the projected cash flows from operations. The Group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. The table below analyses the Group\u2019s financial liabilities by contractual maturities and all amounts disclosed in the table are the undiscounted contractual cash flows:
More than
Within 1 year 1\u20132 years 2\u20135 years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
212.7
\u2013
\u2013
\u2013
Lease liabilities
13.3
8.8\ue01f
11.7
0.1
Contingent consideration
and holdbacks
6.2
\u2013
\u2013
\u2013
Loans and borrowings
0.1
\u2013
327.6
\u2013
Interest payments
19.3
19.3
11.6
\u2013
Accruals
127. 2
\u2013
\u2013
\u2013
Other payables
60.7
\u2013
\u2013
\u2013
Total
439.5
28 .1
350.9\ue01f
0.1
More than Within 1 year 1\u20132 years 2\u20135 years 5 years At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m Trade payables 236.7 \u2013 \u2013 \u2013 Lease liabilities 14.7 12.9 18.2 1.1 Contingent consideration and holdbacks 4.7 4.8 \u2013 \u2013 Loans and borrowings 0.2 \u2013 310.9 \u2013 Interest payments 23.8 23.8 38.3 \u2013 Accruals 158.7 \u2013 \u2013 \u2013 Other payables 17. 4 \u2013 \u2013 \u2013 Total 456.2\ue01f 41.5 3 67.4 1.1
D. Capital management
The Group\u2019s objectives when maintaining capital are:
\u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to
provide returns for shareowners and benefits for other stakeholders; and
\u2022 to provide an adequate return to shareowners by pricing products and services
commensurately with the level of risk.
The risks to safeguard the ability to continue as a going concern and to provide an
adequate return to our shareowners are reviewed and discussed regularly by the Board in
order to meet our objectives.
As per the end of the reporting period, the Group\u2019s net debt position is made up as follows:
2025 2024
\u00a3m \u00a3m
Loans and borrowings
1
(327.7)
(311.3)
Cash and bank
240.8\ue01f
168.4
Total
(86.9)
(142.9)
Note:
1. This excludes transaction costs of \u00a33.2 million (2024: \u00a33.9 million).
Movements in loans and borrowings is disclosed further in Note 19.
The Group\u2019s capital as at the end of the reporting period is disclosed on page 157.
The capital structure of the Group consists of shareowners\u2019 equity as set out in the
consolidated statement of changes in equity. All working capital requirements are financed
from existing cash resources and borrowings. The Group is not subject to externally
imposed regulatory capital requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "19. Loans and borrowings
Senior Interest
secured payable on
Bank Term Loan B Transaction facilities
loans (TLB) costs agreement Total
Loans and borrowings \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(0.4)
(325.9)
5.4
(0.2)
(321.1)
Repayments
0.2
\u2013
\u2013
23.8
24.0
Charged to profit or loss
\u2013
\u2013
(1.3)
(23.8)
(25.1)
Exchange rate differences
\u2013
15.0
(0.2)
\u2013
14.8
Total transactions during the year
0.2
15.0
(1.5)
\u2013
13.7
At 31 December 2024
(0.2)
(310.9)
3.9
(0.2)
(3 07.4)
Additions
\u2013
\u2013
0.5
\u2013
0.5
Repayments
0.2
\u2013
\u2013
19.3
19.5
Charged to profit or loss
\u2013
\u2013
(1.3)
(19.3)
(20.6)
Exchange rate differences
\u2013
(16.7)
0.1
0.1
(16.5)
Total transactions during the year
0.2
(16.7)
(0.7)
0.1
(17.1)
At 31 December 2025
\u2013
(327.6)
3.2\ue01f
(0.1)
(324.5)
Included in current liabilities
\u2013
\u2013
\u2013
(0.1)
(0.1)
Included in non-current liabilities
\u2013
(327.6)
3.2
\u2013
(324.4)
A. Facility agreement The Group has a facility agreement, consisting of a Term Loan B (TLB) of EUR375 million and a multicurrency Revolving Credit Facility (RCF) of \u00a3100 million. During 2025, the RCF remained fully undrawn (2024: fully undrawn). The interest on TLB is the aggregate of the variable interest rate (EURIBOR) and a 3.75% margin. The interest on the multicurrency RCF facility is the aggregate of the variable interest rate (EURIBOR or, in relation to any loan in GBP, SONIA) and a margin range from 2.25% to 3.25% depending on the leverage. The duration of the facility agreement is seven years in relation to the TLB, therefore the termination date is August 2028. \u00a380 million of the RCF facility will mature February 2028, with the remaining \u00a320 million terminating in August 2026. Subsequent to the year ended 31 December 2025, the Group has repurchased \u20ac25.7 million of its \u20ac375 million term loan B. See Note 28. During the reporting period, the average interest rate of the outstanding loans amounted to 5.94% (2024: 6.92%). The average effective interest rate for the outstanding loans is 5.93% (2024: 7.36%) and during the period interest expense of \u00a319.3 million was recognised (2024: \u00a323.8 million). The facility agreement imposes certain covenants on the Group. The Group will ensure that the net debt will not exceed 4.5:1 of the pro-forma earnings before interest, tax, depreciation, and amortisation, measured at the end of any relevant period of 12 months ending each semi-annual date in a financial year, as defined in the facility agreement. During the year the Group complied with the covenants set in the loan agreement. Certain subsidiaries of the Group guarantee its principal debt obligation and are obligors under the facility agreement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "19. Loans and borrowings
Senior Interest
secured payable on
Bank Term Loan B Transaction facilities
loans (TLB) costs agreement Total
Loans and borrowings \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(0.4)
(325.9)
5.4
(0.2)
(321.1)
Repayments
0.2
\u2013
\u2013
23.8
24.0
Charged to profit or loss
\u2013
\u2013
(1.3)
(23.8)
(25.1)
Exchange rate differences
\u2013
15.0
(0.2)
\u2013
14.8
Total transactions during the year
0.2
15.0
(1.5)
\u2013
13.7
At 31 December 2024
(0.2)
(310.9)
3.9
(0.2)
(3 07.4)
Additions
\u2013
\u2013
0.5
\u2013
0.5
Repayments
0.2
\u2013
\u2013
19.3
19.5
Charged to profit or loss
\u2013
\u2013
(1.3)
(19.3)
(20.6)
Exchange rate differences
\u2013
(16.7)
0.1
0.1
(16.5)
Total transactions during the year
0.2
(16.7)
(0.7)
0.1
(17.1)
At 31 December 2025
\u2013
(327.6)
3.2\ue01f
(0.1)
(324.5)
Included in current liabilities
\u2013
\u2013
\u2013
(0.1)
(0.1)
Included in non-current liabilities
\u2013
(327.6)
3.2
\u2013
(324.4)
A. Facility agreement The Group has a facility agreement, consisting of a Term Loan B (TLB) of EUR375 million and a multicurrency Revolving Credit Facility (RCF) of \u00a3100 million. During 2025, the RCF remained fully undrawn (2024: fully undrawn). The interest on TLB is the aggregate of the variable interest rate (EURIBOR) and a 3.75% margin. The interest on the multicurrency RCF facility is the aggregate of the variable interest rate (EURIBOR or, in relation to any loan in GBP, SONIA) and a margin range from 2.25% to 3.25% depending on the leverage. The duration of the facility agreement is seven years in relation to the TLB, therefore the termination date is August 2028. \u00a380 million of the RCF facility will mature February 2028, with the remaining \u00a320 million terminating in August 2026. Subsequent to the year ended 31 December 2025, the Group has repurchased \u20ac25.7 million of its \u20ac375 million term loan B. See Note 28.
During the reporting period, the average interest rate of the outstanding loans amounted
to 5.94% (2024: 6.92%). The average effective interest rate for the outstanding loans
is 5.93% (2024: 7.36%) and during the period interest expense of \u00a319.3 million was
recognised (2024: \u00a323.8 million).
The facility agreement imposes certain covenants on the Group. The Group will ensure that
the net debt will not exceed 4.5:1 of the pro-forma earnings before interest, tax, depreciation,
and amortisation, measured at the end of any relevant period of 12 months ending each
semi-annual date in a financial year, as defined in the facility agreement. During the year the
Group complied with the covenants set in the loan agreement. Certain subsidiaries of the
Group guarantee its principal debt obligation and are obligors under the facility agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "
Fair values of the Group\u2019s financial liabilities are categorised into different levels in a fair
value hierarchy based on inputs used in the valuation techniques.
To the extent financial instruments are not carried at fair value in the consolidated balance sheet, the carrying amount approximates to fair value as of the financial year end due to being short term in nature. Financial instruments by category
2025 2024
Financial assets \u00a3m \u00a3m
Financial assets held at amortised cost
Cash and cash equivalents
240.8\ue01f
168.4
Trade receivables
213.3
364.7
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
599.0
612.4
2025 2024
Financial liabilities \u00a3m \u00a3m
Financial liabilities held at amortised cost
Trade and other payables
(400.5)
(412.8)
Loans and borrowings
(324.5)
(3 07. 4)
Lease liabilities
(31.3)
(42.5)
Financial liabilities held at fair value through profit or loss
Contingent consideration and holdbacks
(6.2)
(9.5)
Total
(762.5)
(772.2)
The following table categorises the Group\u2019s financial liabilities held at fair value on the consolidated balance sheet. There have been no transfers between levels during the year (2024: none).
2025 2025 2024 2024
Fair value Level 3 Fair value Level 3
Financial liabilities held at fair value \u00a3m \u00a3m \u00a3m \u00a3m
Contingent consideration and holdbacks
(6.2)
(6.2)
(9.5)
(9.5)
Total
(6.2)
(6.2)
(9.5)
(9.5)
The following table shows the movement in contingent consideration and holdbacks.
Performance Employment
linked linked
contingent contingent
consideration consideration
Holdbacks
1
Total
Contingent consideration and holdbacks \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(9.0)
(3.0)
(13.5)
(25.5)
Recognised in consolidated statement
\u2013
(0.7)
3.0
2.3
of profit or loss
Cash paid
6.7
2.9
3.9
13.5
Equity settlement
\u2013
\u2013
0.2
0.2
Exchange rate differences
(0.1)
\u2013
0.1
\u2013
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Recognised in consolidated statement
1.7
0.7
\u2013
2.4
of profit or loss
Cash paid
\u2013
0.1
0.2
0.3
Exchange rate differences
0.3
\u2013
0.3
0.6
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Included in current liabilities
(2.4)
(0.8)
(1.5)
(4.7)
Included in non-current liabilities
\u2013
\u2013
(4.8)
(4.8)
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Included in current liabilities
(0.4)
\u2013
(5.8)
(6.2)
Included in non-current liabilities
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Note: 1. Holdback payments of \u00a30.2 million (2024: \u00a33.9 million) includes \u00a30.2 million (2024: \u00a33.9 million) of cash paid out escrow accounts. Where the contingent consideration conditions have been satisfied, consideration that is payable as equity is recognised within Other Reserves as deferred equity consideration. See Note 22. The fair value of the performance linked contingent consideration has been determined based on management\u2019s best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed and recognised at the acquisition date, and reassessed at each balance sheet date thereafter, until fully settled, cancelled or expired. Any change in the range of future outcomes is recognised in the consolidated statement of profit or loss as a fair value gain or loss. During the year ended 31 December 2025, a fair value gain of \u00a31.7 million (2024: \u00a3nil) was recognised in the consolidated statement of profit or loss. The fair value of the employment linked contingent consideration has been determined based on management\u2019s best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed at the acquisition date, and systematically accrued over the respective employment term. Any changes in the range of future outcomes are recognised in the consolidated statement of profit or loss as a fair value gain or loss. During the year ended 31 December 2025, a \u00a30.7 million credit (2024: \u00a30.7 million charge) was recognised in the consolidated statement of profit or loss. The \u00a30.7 million credit (2024: \u00a30.7 million charge) relates to the release of accrual of the employment linked contingent consideration. Holdbacks relate to amounts held by the Group to cover and indemnify the Group against certain acquisition costs and any damages. The fair value of the holdbacks has been determined based on management\u2019s best estimate of the level of the costs incurred and any damages expected to which the holdback is linked, which is the most significant unobservable input used in the fair value measurement. During the year ended 31 December 2025, \u00a3nil (2024: \u00a33.0 million credit) has been recognised in the consolidated statement of profit or loss. No further amounts are to be charged to the consolidated statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "Fair values of the Group\u2019s financial liabilities are categorised into different levels in a fair value hierarchy based on inputs used in the valuation techniques. To the extent financial instruments are not carried at fair value in the consolidated balance sheet, the carrying amount approximates to fair value as of the financial year end due to being short term in nature. Financial instruments by category
2025 2024
Financial assets \u00a3m \u00a3m
Financial assets held at amortised cost
Cash and cash equivalents
240.8\ue01f
168.4
Trade receivables
213.3
364.7
Accrued income
46.4
31.1
Other receivables
98.5
48.2
Total
599.0
612.4
2025 2024
Financial liabilities \u00a3m \u00a3m
Financial liabilities held at amortised cost
Trade and other payables
(400.5)
(412.8)
Loans and borrowings
(324.5)
(3 07. 4)
Lease liabilities
(31.3)
(42.5)
Financial liabilities held at fair value through profit or loss
Contingent consideration and holdbacks
(6.2)
(9.5)
Total
(762.5)
(772.2)
The following table categorises the Group\u2019s financial liabilities held at fair value on the consolidated balance sheet. There have been no transfers between levels during the year (2024: none).
2025 2025 2024 2024
Fair value Level 3 Fair value Level 3
Financial liabilities held at fair value \u00a3m \u00a3m \u00a3m \u00a3m
Contingent consideration and holdbacks
(6.2)
(6.2)
(9.5)
(9.5)
Total
(6.2)
(6.2)
(9.5)
(9.5)
The following table shows the movement in contingent consideration and holdbacks.
Performance Employment
linked linked
contingent contingent
consideration consideration
Holdbacks
1
Total
Contingent consideration and holdbacks \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
(9.0)
(3.0)
(13.5)
(25.5)
Recognised in consolidated statement
\u2013
(0.7)
3.0
2.3
of profit or loss
Cash paid
6.7
2.9
3.9
13.5
Equity settlement
\u2013
\u2013
0.2
0.2
Exchange rate differences
(0.1)
\u2013
0.1
\u2013
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Recognised in consolidated statement
1.7
0.7
\u2013
2.4
of profit or loss
Cash paid
\u2013
0.1
0.2
0.3
Exchange rate differences
0.3
\u2013
0.3
0.6
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Included in current liabilities
(2.4)
(0.8)
(1.5)
(4.7)
Included in non-current liabilities
\u2013
\u2013
(4.8)
(4.8)
Balance at 31 December 2024
(2.4)
(0.8)
(6.3)
(9.5)
Included in current liabilities
(0.4)
\u2013
(5.8)
(6.2)
Included in non-current liabilities
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
(0.4)
\u2013
(5.8)
(6.2)
Note: 1. Holdback payments of \u00a30.2 million (2024: \u00a33.9 million) includes \u00a30.2 million (2024: \u00a33.9 million) of cash paid out escrow accounts. Where the contingent consideration conditions have been satisfied, consideration that is payable as equity is recognised within Other Reserves as deferred equity consideration. See Note 22. The fair value of the performance linked contingent consideration has been determined based on management\u2019s best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed and recognised at the acquisition date, and reassessed at each balance sheet date thereafter, until fully settled, cancelled or expired. Any change in the range of future outcomes is recognised in the consolidated statement of profit or loss as a fair value gain or loss. During the year ended 31 December 2025, a fair value gain of \u00a31.7 million (2024: \u00a3nil) was recognised in the consolidated statement of profit or loss. The fair value of the employment linked contingent consideration has been determined based on management\u2019s best estimate of achieving future targets to which the consideration is linked. The most significant unobservable input used in the fair value measurements is the future forecast performance of the acquired business. The fair value is assessed at the acquisition date, and systematically accrued over the respective employment term. Any changes in the range of future outcomes are recognised in the consolidated statement of profit or loss as a fair value gain or loss. During the year ended 31 December 2025, a \u00a30.7 million credit (2024: \u00a30.7 million charge) was recognised in the consolidated statement of profit or loss. The \u00a30.7 million credit (2024: \u00a30.7 million charge) relates to the release of accrual of the employment linked contingent consideration. Holdbacks relate to amounts held by the Group to cover and indemnify the Group against certain acquisition costs and any damages. The fair value of the holdbacks has been determined based on management\u2019s best estimate of the level of the costs incurred and any damages expected to which the holdback is linked, which is the most significant unobservable input used in the fair value measurement. During the year ended 31 December 2025, \u00a3nil (2024: \u00a33.0 million credit) has been recognised in the consolidated statement of profit or loss. No further amounts are to be charged to the consolidated statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "A. Market risk Market risk arises from the Group\u2019s use of interest bearing and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or foreign exchange rates (currency risk). Interest rate risk The Group is exposed to cash flow interest rate risk from bank borrowings at variable rates. The Group\u2019s bank loans and other borrowings are disclosed in Note 19. The Group manages the interest rate risk centrally. The Group\u2019s treasury function reviews its risk management strategy on a regular basis and will, as appropriate, enter into derivative financial instruments in order to manage interest rate risk. The following table demonstrates the sensitivity to a 1% change (lower/higher) to the interest rates of the loans and borrowings as of year end to the loss in the current year before tax (increase/decrease) and net assets (increase/decrease) for the year if all other variables are held constant:
2025 2024
\u00a3m \u00a3m
Bank loans
327.6
311.1
+/- 1% impact
3.3
3.1
The contractual repricing or maturity dates, whichever dates are earlier, and effective interest rates of borrowings are disclosed in Note 19. Foreign exchange risk Foreign exchange risk is the risk that movements in exchange rates affect the profitability of the business. Management estimate that for a one cent change in the exchange rate between USD and GBP, net revenue will change by approximately \u00a33.5 million, and operational EBITDA will change by approximately \u00a31.3 million. The Group manages this risk through natural hedging. The effect of fluctuations in exchange rates on the USD, EUR and other currencies denominated trade receivables and payables is partially offset. The Group considers the need to hedge its exposure as appropriate and, if needed, will enter into forward foreign exchange contracts to mitigate any significant risks. No hedging was considered necessary during the year. The Group\u2019s gross exposure to foreign exchange risk is as follows:
Other
GBP USD EUR currencies Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.7
144.8\ue01f
20.0
37.8\ue01f
213.3
Cash and cash equivalents
44.0
148.3
13.3
35.2\ue01f
240.8\ue01f
Trade payables
(6.3)
(162.4)
(9.1)
(34.9)
(212.7)
Loans and borrowings
\u2013
\u2013
(324.5)
\u2013
(324.5)
Financial assets/(liabilities)
48.4
130.7
(300.3)
38.1
(8 3.1)
+/- 10% impact
\u2013
13.1
(30.0)
3.8\ue01f
(13.1)
Other
GBP USD EUR currencies Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.2
276.4
27.4
50.7
364.7
Cash and cash equivalents
(4.0)
83.5
26.0
62.9
168.4
Trade payables
(5.9)
(178.0)
(16.4)
(36.4)
(236.7)
Loans and borrowings
\u2013
\u2013
(311.3)
\u2013
(311. 3)
Financial assets/(liabilities)
0.3
181.9
(274.3)
77.2
(14.9)
+/- 10% impact
\u2013
18.2
(27.4)
7.7
(1.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "A. Market risk Market risk arises from the Group\u2019s use of interest bearing and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or foreign exchange rates (currency risk). Interest rate risk The Group is exposed to cash flow interest rate risk from bank borrowings at variable rates. The Group\u2019s bank loans and other borrowings are disclosed in Note 19. The Group manages the interest rate risk centrally. The Group\u2019s treasury function reviews its risk management strategy on a regular basis and will, as appropriate, enter into derivative financial instruments in order to manage interest rate risk. The following table demonstrates the sensitivity to a 1% change (lower/higher) to the interest rates of the loans and borrowings as of year end to the loss in the current year before tax (increase/decrease) and net assets (increase/decrease) for the year if all other variables are held constant:
2025 2024
\u00a3m \u00a3m
Bank loans
327.6
311.1
+/- 1% impact
3.3
3.1
The contractual repricing or maturity dates, whichever dates are earlier, and effective interest rates of borrowings are disclosed in Note 19. Foreign exchange risk Foreign exchange risk is the risk that movements in exchange rates affect the profitability of the business. Management estimate that for a one cent change in the exchange rate between USD and GBP, net revenue will change by approximately \u00a33.5 million, and operational EBITDA will change by approximately \u00a31.3 million. The Group manages this risk through natural hedging. The effect of fluctuations in exchange rates on the USD, EUR and other currencies denominated trade receivables and payables is partially offset. The Group considers the need to hedge its exposure as appropriate and, if needed, will enter into forward foreign exchange contracts to mitigate any significant risks. No hedging was considered necessary during the year. The Group\u2019s gross exposure to foreign exchange risk is as follows:
Other
GBP USD EUR currencies Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.7
144.8\ue01f
20.0
37.8\ue01f
213.3
Cash and cash equivalents
44.0
148.3
13.3
35.2\ue01f
240.8\ue01f
Trade payables
(6.3)
(162.4)
(9.1)
(34.9)
(212.7)
Loans and borrowings
\u2013
\u2013
(324.5)
\u2013
(324.5)
Financial assets/(liabilities)
48.4
130.7
(300.3)
38.1
(8 3.1)
+/- 10% impact
\u2013
13.1
(30.0)
3.8\ue01f
(13.1)
Other
GBP USD EUR currencies Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
10.2
276.4
27.4
50.7
364.7
Cash and cash equivalents
(4.0)
83.5
26.0
62.9
168.4
Trade payables
(5.9)
(178.0)
(16.4)
(36.4)
(236.7)
Loans and borrowings
\u2013
\u2013
(311.3)
\u2013
(311. 3)
Financial assets/(liabilities)
0.3
181.9
(274.3)
77.2
(14.9)
+/- 10% impact
\u2013
18.2
(27.4)
7.7
(1.5)
B. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk primarily attributable to its receivable balance from customers. The Group\u2019s net trade receivables for the reported periods are disclosed in the financial assets table on page 151. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering contracts with customers with agreed credit terms. In order to minimise this credit risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The Group evaluates the collectability of its accounts receivable and provides an allowance for expected credit losses based upon the ageing of receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The loss allowance for other receivables is based on the three stage expected credit loss model. No other receivables have had material impairment. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36\u201348 months before the end of the period and the corresponding historical credit losses experienced within this period. The Group\u2019s assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment along with historical loss rates for each category of customers. The Group has identified the current and future health of the economy (such as market interest rates and growth rates), of the countries in which it sells its services to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. Additional provisions are made based on the assessment of recoverability of aged receivables where sufficient evidence of recoverability is not evident. The Group identifies and monitors significant concentrations of credit risk, and the Group has a material concentration of credit risk with one customer, as disclosed in Note 5, which accounted for more than 10% of the Group\u2019s revenue during the year. As at 31 December 2025, the outstanding trade receivable balance relating to this customer represented 15% of total gross trade receivables. On that basis, the loss allowance for trade receivables is determined as follows:
Expected Gross trade Impairment Net trade
Credit Loss receivables provision receivables
Trade receivables Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%\ue01f
174.3
(0.4)
173.9
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
16.8\ue01f
(0.1)
16.7
Past due 31 days to 60 days
0.60\u20131.00%\ue01f
1.8\ue01f
\u2013
1.8\ue01f
Past due 61 days to 90 days
0.80\u20132.00%\ue01f
4.9
(0.1)
4.8\ue01f
Past due more than 90 days
1.0 0 \u20137.50%
10.2
(0.4)
9.8\ue01f
Specific provisions against
individual debtors
up to 100%
10.7
(4.4)
6.3
Balance at 31 December 2025
218.7\ue01f
(5.4)
213.3
Gross trade Impairment Net trade
Expected Credit receivables provision receivables
Trade receivables Loss Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%
286.0
(0.6)
285.4
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
49.4
(0.2)
49.2
Past due 31 days to 60 days
0.60 \u20131.00%
16.0
(0.1)
15.9
Past due 61 days to 90 days
0.80\u20132.00%
4.0
(0.1)
3.9
Past due more than 90 days
1.0 0 \u20137.50%
8.8\ue01f
(0.4)
8.4
Specific provisions against
individual debtors
up to 100%
4.3
(2.4)
1.9
Balance at 31 December 2024
368.5
(3.8)
364.7
Trade receivables are written off when there is no reasonable expectation of recovery. The Group has a process of assessing the creditworthiness of customers which includes review of payment history, external credit ratings, industry specific risks, review of financial statements, monitoring of market news and developments and direct communication with customers to identify early signs of payment difficulties. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. The changes in the loss allowance for trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
3.8\ue01f
9.0
Utilised during the period
(0.6)
(6.6)
Charge for the year
2.2
1.4
Balance at the end of the year
5.4
3.8\ue01f
Due to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value. Expected credit losses on accrued income and other receivables were immaterial for the years presented. Credit risk on cash and cash equivalents is considered to be small as the majority of external counterparties are substantial banks with high credit ratings assigned by international credit rating agencies and are managed through regular review. As per the end of the reporting period, credit ratings are summarised in the table below:
2025 2024
\u00a3m \u00a3m
Aa1
3.7
4.9
Aa2
128.4
85.8
Aa3
31.8\ue01f
24.5
A 1
58.3
15.4
A 2
5.9
23.7
A 3
3.4
5.1
Baa1
1.0
\u2013
Baa2
\u2013
1.3
Ba1
1.0
2.3
B3
0.2\ue01f
\u2013
No credit rating
7.1
5.4
Total cash and cash equivalents
240.8\ue01f
168.4
The maximum exposure is the amount of the deposit. To date, the Group has not experienced any losses on its cash and cash equivalent deposits. Other receivables primarily comprise escrow account balances held against holdbacks and lease rental deposits. The credit risk on most of these balances are limited as the balances are held with banks which have high credit ratings, and the Group has not experienced any losses on the other receivables. C. Liquidity risk Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group monitors its liquidity risk using a cash flow projection model which considers the maturity of the Group\u2019s assets and liabilities and the projected cash flows from operations. The Group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. The table below analyses the Group\u2019s financial liabilities by contractual maturities and all amounts disclosed in the table are the undiscounted contractual cash flows:
More than
Within 1 year 1\u20132 years 2\u20135 years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
212.7
\u2013
\u2013
\u2013
Lease liabilities
13.3
8.8\ue01f
11.7
0.1
Contingent consideration
and holdbacks
6.2
\u2013
\u2013
\u2013
Loans and borrowings
0.1
\u2013
327.6
\u2013
Interest payments
19.3
19.3
11.6
\u2013
Accruals
127. 2
\u2013
\u2013
\u2013
Other payables
60.7
\u2013
\u2013
\u2013
Total
439.5
28 .1
350.9\ue01f
0.1
More than Within 1 year 1\u20132 years 2\u20135 years 5 years At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m Trade payables 236.7 \u2013 \u2013 \u2013 Lease liabilities 14.7 12.9 18.2 1.1 Contingent consideration and holdbacks 4.7 4.8 \u2013 \u2013 Loans and borrowings 0.2 \u2013 310.9 \u2013 Interest payments 23.8 23.8 38.3 \u2013 Accruals 158.7 \u2013 \u2013 \u2013 Other payables 17. 4 \u2013 \u2013 \u2013 Total 456.2\ue01f 41.5 3 67.4 1.1 D. Capital management The Group\u2019s objectives when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareowners and benefits for other stakeholders; and \u2022 to provide an adequate return to shareowners by pricing products and services commensurately with the level of risk. The risks to safeguard the ability to continue as a going concern and to provide an adequate return to our shareowners are reviewed and discussed regularly by the Board in order to meet our objectives. As per the end of the reporting period, the Group\u2019s net debt position is made up as follows:
2025 2024
\u00a3m \u00a3m
Loans and borrowings
1
(327.7)
(311.3)
Cash and bank
240.8\ue01f
168.4
Total
(86.9)
(142.9)
Note: 1. This excludes transaction costs of \u00a33.2 million (2024: \u00a33.9 million). Movements in loans and borrowings is disclosed further in Note 19. The Group\u2019s capital as at the end of the reporting period is disclosed on page 157. The capital structure of the Group consists of shareowners\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources and borrowings. The Group is not subject to externally imposed regulatory capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "B. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk primarily attributable to its receivable balance from customers. The Group\u2019s net trade receivables for the reported periods are disclosed in the financial assets table on page 151. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering contracts with customers with agreed credit terms. In order to minimise this credit risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The Group evaluates the collectability of its accounts receivable and provides an allowance for expected credit losses based upon the ageing of receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The loss allowance for other receivables is based on the three stage expected credit loss model. No other receivables have had material impairment. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36\u201348 months before the end of the period and the corresponding historical credit losses experienced within this period. The Group\u2019s assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment along with historical loss rates for each category of customers. The Group has identified the current and future health of the economy (such as market interest rates and growth rates), of the countries in which it sells its services to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. Additional provisions are made based on the assessment of recoverability of aged receivables where sufficient evidence of recoverability is not evident. The Group identifies and monitors significant concentrations of credit risk, and the Group has a material concentration of credit risk with one customer, as disclosed in Note 5, which accounted for more than 10% of the Group\u2019s revenue during the year. As at 31 December 2025, the outstanding trade receivable balance relating to this customer represented 15% of total gross trade receivables. On that basis, the loss allowance for trade receivables is determined as follows:
Expected Gross trade Impairment Net trade
Credit Loss receivables provision receivables
Trade receivables Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%\ue01f
174.3
(0.4)
173.9
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
16.8\ue01f
(0.1)
16.7
Past due 31 days to 60 days
0.60\u20131.00%\ue01f
1.8\ue01f
\u2013
1.8\ue01f
Past due 61 days to 90 days
0.80\u20132.00%\ue01f
4.9
(0.1)
4.8\ue01f
Past due more than 90 days
1.0 0 \u20137.50%
10.2
(0.4)
9.8\ue01f
Specific provisions against
individual debtors
up to 100%
10.7
(4.4)
6.3
Balance at 31 December 2025
218.7\ue01f
(5.4)
213.3
Gross trade Impairment Net trade
Expected Credit receivables provision receivables
Trade receivables Loss Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%
286.0
(0.6)
285.4
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
49.4
(0.2)
49.2
Past due 31 days to 60 days
0.60 \u20131.00%
16.0
(0.1)
15.9
Past due 61 days to 90 days
0.80\u20132.00%
4.0
(0.1)
3.9
Past due more than 90 days
1.0 0 \u20137.50%
8.8\ue01f
(0.4)
8.4
Specific provisions against
individual debtors
up to 100%
4.3
(2.4)
1.9
Balance at 31 December 2024
368.5
(3.8)
364.7
Trade receivables are written off when there is no reasonable expectation of recovery. The Group has a process of assessing the creditworthiness of customers which includes review of payment history, external credit ratings, industry specific risks, review of financial statements, monitoring of market news and developments and direct communication with customers to identify early signs of payment difficulties. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. The changes in the loss allowance for trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
3.8\ue01f
9.0
Utilised during the period
(0.6)
(6.6)
Charge for the year
2.2
1.4
Balance at the end of the year
5.4
3.8\ue01f
Due to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value. Expected credit losses on accrued income and other receivables were immaterial for the years presented. Credit risk on cash and cash equivalents is considered to be small as the majority of external counterparties are substantial banks with high credit ratings assigned by international credit rating agencies and are managed through regular review. As per the end of the reporting period, credit ratings are summarised in the table below:
2025 2024
\u00a3m \u00a3m
Aa1
3.7
4.9
Aa2
128.4
85.8
Aa3
31.8\ue01f
24.5
A 1
58.3
15.4
A 2
5.9
23.7
A 3
3.4
5.1
Baa1
1.0
\u2013
Baa2
\u2013
1.3
Ba1
1.0
2.3
B3
0.2\ue01f
\u2013
No credit rating
7.1
5.4
Total cash and cash equivalents
240.8\ue01f
168.4
The maximum exposure is the amount of the deposit. To date, the Group has not experienced any losses on its cash and cash equivalent deposits. Other receivables primarily comprise escrow account balances held against holdbacks and lease rental deposits. The credit risk on most of these balances are limited as the balances are held with banks which have high credit ratings, and the Group has not experienced any losses on the other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "B. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk primarily attributable to its receivable balance from customers. The Group\u2019s net trade receivables for the reported periods are disclosed in the financial assets table on page 151. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering contracts with customers with agreed credit terms. In order to minimise this credit risk, the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The Group evaluates the collectability of its accounts receivable and provides an allowance for expected credit losses based upon the ageing of receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The loss allowance for other receivables is based on the three stage expected credit loss model. No other receivables have had material impairment. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of 36\u201348 months before the end of the period and the corresponding historical credit losses experienced within this period. The Group\u2019s assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. Considerations include the current economic environment along with historical loss rates for each category of customers. The Group has identified the current and future health of the economy (such as market interest rates and growth rates), of the countries in which it sells its services to be the most relevant factors and accordingly adjusts the historical loss rates based on expected changes in these factors. Additional provisions are made based on the assessment of recoverability of aged receivables where sufficient evidence of recoverability is not evident. The Group identifies and monitors significant concentrations of credit risk, and the Group has a material concentration of credit risk with one customer, as disclosed in Note 5, which accounted for more than 10% of the Group\u2019s revenue during the year. As at 31 December 2025, the outstanding trade receivable balance relating to this customer represented 15% of total gross trade receivables. On that basis, the loss allowance for trade receivables is determined as follows:
Expected Gross trade Impairment Net trade
Credit Loss receivables provision receivables
Trade receivables Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%\ue01f
174.3
(0.4)
173.9
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
16.8\ue01f
(0.1)
16.7
Past due 31 days to 60 days
0.60\u20131.00%\ue01f
1.8\ue01f
\u2013
1.8\ue01f
Past due 61 days to 90 days
0.80\u20132.00%\ue01f
4.9
(0.1)
4.8\ue01f
Past due more than 90 days
1.0 0 \u20137.50%
10.2
(0.4)
9.8\ue01f
Specific provisions against
individual debtors
up to 100%
10.7
(4.4)
6.3
Balance at 31 December 2025
218.7\ue01f
(5.4)
213.3
Gross trade Impairment Net trade
Expected Credit receivables provision receivables
Trade receivables Loss Rate \u00a3m \u00a3m \u00a3m
Not passed due
0.20\u20130.25%
286.0
(0.6)
285.4
Past due 1 day to 30 days
0.40\u20130.50%\ue01f
49.4
(0.2)
49.2
Past due 31 days to 60 days
0.60 \u20131.00%
16.0
(0.1)
15.9
Past due 61 days to 90 days
0.80\u20132.00%
4.0
(0.1)
3.9
Past due more than 90 days
1.0 0 \u20137.50%
8.8\ue01f
(0.4)
8.4
Specific provisions against
individual debtors
up to 100%
4.3
(2.4)
1.9
Balance at 31 December 2024
368.5
(3.8)
364.7
Trade receivables are written off when there is no reasonable expectation of recovery. The Group has a process of assessing the creditworthiness of customers which includes review of payment history, external credit ratings, industry specific risks, review of financial statements, monitoring of market news and developments and direct communication with customers to identify early signs of payment difficulties. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group. The changes in the loss allowance for trade receivables is as follows:
2025 2024
\u00a3m \u00a3m
Balance at the beginning of the year
3.8\ue01f
9.0
Utilised during the period
(0.6)
(6.6)
Charge for the year
2.2
1.4
Balance at the end of the year
5.4
3.8\ue01f
Due to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value. Expected credit losses on accrued income and other receivables were immaterial for the years presented. Credit risk on cash and cash equivalents is considered to be small as the majority of external counterparties are substantial banks with high credit ratings assigned by international credit rating agencies and are managed through regular review. As per the end of the reporting period, credit ratings are summarised in the table below:
2025 2024
\u00a3m \u00a3m
Aa1
3.7
4.9
Aa2
128.4
85.8
Aa3
31.8\ue01f
24.5
A 1
58.3
15.4
A 2
5.9
23.7
A 3
3.4
5.1
Baa1
1.0
\u2013
Baa2
\u2013
1.3
Ba1
1.0
2.3
B3
0.2\ue01f
\u2013
No credit rating
7.1
5.4
Total cash and cash equivalents
240.8\ue01f
168.4
The maximum exposure is the amount of the deposit. To date, the Group has not experienced any losses on its cash and cash equivalent deposits. Other receivables primarily comprise escrow account balances held against holdbacks and lease rental deposits. The credit risk on most of these balances are limited as the balances are held with banks which have high credit ratings, and the Group has not experienced any losses on the other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
C. Liquidity risk
Liquidity risk arises from the Group\u2019s management of working capital. It is the risk that
the Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group monitors its liquidity risk using a cash flow projection model which considers the
maturity of the Group\u2019s assets and liabilities and the projected cash flows from operations.
The Group\u2019s policy is to ensure that it will always have sufficient cash to allow it to meet its
liabilities when they become due. The table below analyses the Group\u2019s financial liabilities
by contractual maturities and all amounts disclosed in the table are the undiscounted
contractual cash flows:
More than
Within 1 year 1\u20132 years 2\u20135 years 5 years
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
212.7
\u2013
\u2013
\u2013
Lease liabilities
13.3
8.8\ue01f
11.7
0.1
Contingent consideration
and holdbacks
6.2
\u2013
\u2013
\u2013
Loans and borrowings
0.1
\u2013
327.6
\u2013
Interest payments
19.3
19.3
11.6
\u2013
Accruals
127. 2
\u2013
\u2013
\u2013
Other payables
60.7
\u2013
\u2013
\u2013
Total
439.5
28 .1
350.9\ue01f
0.1
More than
Within 1 year 1\u20132 years 2\u20135 years 5 years
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
236.7
\u2013
\u2013
\u2013
Lease liabilities
14.7
12.9
18.2
1.1
Contingent consideration
and holdbacks
4.7
4.8
\u2013
\u2013
Loans and borrowings
0.2
\u2013
310.9
\u2013
Interest payments
23.8
23.8
38.3
\u2013
Accruals
158.7
\u2013
\u2013
\u2013
Other payables
17. 4
\u2013
\u2013
\u2013
Total
456.2\ue01f
41.5
3 67.4
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "D. Capital management The Group\u2019s objectives when maintaining capital are: \u2022 to safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareowners and benefits for other stakeholders; and \u2022 to provide an adequate return to shareowners by pricing products and services commensurately with the level of risk. The risks to safeguard the ability to continue as a going concern and to provide an adequate return to our shareowners are reviewed and discussed regularly by the Board in order to meet our objectives. As per the end of the reporting period, the Group\u2019s net debt position is made up as follows:
2025 2024
\u00a3m \u00a3m
Loans and borrowings
1
(327.7)
(311.3)
Cash and bank
240.8\ue01f
168.4
Total
(86.9)
(142.9)
Note: 1. This excludes transaction costs of \u00a33.2 million (2024: \u00a33.9 million). Movements in loans and borrowings is disclosed further in Note 19. The Group\u2019s capital as at the end of the reporting period is disclosed on page 157. The capital structure of the Group consists of shareowners\u2019 equity as set out in the consolidated statement of changes in equity. All working capital requirements are financed from existing cash resources and borrowings. The Group is not subject to externally imposed regulatory capital requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
21. Provisions
Property Restructuring Healthcare Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
31 December 2024
(4.3)
\u2013
\u2013
\u2013
(4.3)
Charged to the income statement
(0.2)
(2.9)
(2.0)
(2.9)
(8.0)
Utilised
0.5
\u2013
\u2013
\u2013
0.5
Released to the income statement
1.0
\u2013
\u2013
\u2013
1.0
31 December 2025
(3.0)
(2.9)
(2.0)
(2.9)
(10.8)
2025 2024
\u00a3m \u00a3m
Included in current liabilities
(8.5)
(0.8)
Included in non-current liabilities
(2.3)
(3.5)
Total
(10.8)
(4.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
22. Equity
A. Share capital and share premium
The authorised share capital of S
4
Capital plc contains an unlimited number of Ordinary
Shares having a nominal value of \u00a30.25 per Ordinary Share. At the end of the reporting
period, the issued and paid up share capital of S
4
Capital plc consisted of 670,052,897
(2024: 619,636,656) Ordinary Shares having a nominal value of \u00a30.25 per Ordinary Share.
On 28 September 2018, S
4
Capital plc issued 1 B share at a price of 100 pence per share to
Sir Martin Sorrell. See the Governance Report on page 80 for details.
The share premium is net of costs directly relating to the issuance of shares. In accordance
with Section 612 of the Companies Act 2006, merger relief has been applied on share
for share exchanges. No share issuances in the current or prior period qualified for
merger relief.
During the year ended 31 December 2025, \u00a312.6 million and \u00a340.3 million has been
credited to share capital and share premium in relation to the deferred equity consideration
and contingent consideration which have been issued during the period. The amounts
credited to share capital and share premium comprise of TheoremOne (\u00a33.7 million and
\u00a315.0 million respectively), Raccoon (\u00a34.6 million and \u00a312.9 million respectively) and
XX Artists (\u00a34.3 million and \u00a312.4 million respectively).
During the year ended 31 December 2024, \u00a39.0 million and \u00a384.5 million was credited
to share capital and share premium in relation to the deferred equity consideration
and contingent consideration which have been issued during the period. The amounts
credited to share capital and share premium comprise of TheoremOne (\u00a34.7 million
and \u00a349.6 million respectively), Raccoon (\u00a32.7 million and \u00a323.5 million respectively),
XX Artists (\u00a30.8 million and \u00a36.7 million respectively), Zemoga (\u00a30.3 million and \u00a32.0 million
respectively), 4 Mile (\u00a30.2 million and \u00a32.3 million respectively), Hoorah (\u00a30.3 million and
\u00a30.3 million respectively) and Destined (\u00a3nil and \u00a30.1 million respectively).
B. Reserves
The following describes the nature and purpose of each reserve within equity:
Merger reserves Amount subscribed for share capital in excess of nominal value less
by merger relief transaction costs as required by merger relief. Further details are in
section D.
Other reserves
Other reserves include treasury shares issued in the name of
S
4
Capital plc to an employee benefit trust, EBT pool C and
MightyHive. Included within other reserves is the deferred equity
consideration relating to the initial deferred equity consideration and
deferred equity consideration following the achievement of contingent
consideration criteria.
Foreign exchange Legal reserve for foreign exchange translation gains and losses on the
reserves translation of the financial statements of a subsidiary from the
functional to the presentation currency.
Retained earnings
Retained earnings represents the net gain for the year and all other net
gains and losses and transactions with shareowners (example
dividends) not recognised elsewhere.
The following table shows the amount of deferred equity consideration, and number of
shares, held in other reserves by acquisition.
2025 2025 2024 2024
\u00a3m shares \u00a3m shares
TheoremOne
7.2
5,683,597
26.4
20,974,897
Raccoon
\u2013
\u2013
17. 4
1
8,345,301\ue01f
XX Artists
\u2013
\u2013
17. 5
17,9 87,3 25
Total
7. 2
5,683,597
61.3
57,307,523
C. Non-controlling interest
On 24 May 2018, non-controlling interests arose as a result of the issuance of 4,000 A2
incentive shares by S
4
Capital 2 Limited subscribed at fair value for \u00a30.1 million and paid in full.
The incentive shares provide a financial reward to executives of the Group for delivering
shareowner value, conditional on achieving a preferred rate of return.
The incentive shares entitle the holders, subject to certain performance conditions and
leaver provisions, up to 15%, of the growth in value of S
4
Capital 2 Limited provided that
certain performance conditions have been met. Further details are within the Remuneration
Report on page 92.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "22. Equity A. Share capital and share premium The authorised share capital of S 4Capital plc contains an unlimited number of Ordinary Shares having a nominal value of \u00a30.25 per Ordinary Share. At the end of the reporting period, the issued and paid up share capital of S 4Capital plc consisted of 670,052,897 (2024: 619,636,656) Ordinary Shares having a nominal value of \u00a30.25 per Ordinary Share. On 28 September 2018, S 4Capital plc issued 1 B share at a price of 100 pence per share to Sir Martin Sorrell. See the Governance Report on page 80 for details. The share premium is net of costs directly relating to the issuance of shares. In accordance with Section 612 of the Companies Act 2006, merger relief has been applied on share for share exchanges. No share issuances in the current or prior period qualified for merger relief. During the year ended 31 December 2025, \u00a312.6 million and \u00a340.3 million has been credited to share capital and share premium in relation to the deferred equity consideration and contingent consideration which have been issued during the period. The amounts credited to share capital and share premium comprise of TheoremOne (\u00a33.7 million and \u00a315.0 million respectively), Raccoon (\u00a34.6 million and \u00a312.9 million respectively) and XX Artists (\u00a34.3 million and \u00a312.4 million respectively). During the year ended 31 December 2024, \u00a39.0 million and \u00a384.5 million was credited to share capital and share premium in relation to the deferred equity consideration and contingent consideration which have been issued during the period. The amounts credited to share capital and share premium comprise of TheoremOne (\u00a34.7 million and \u00a349.6 million respectively), Raccoon (\u00a32.7 million and \u00a323.5 million respectively), XX Artists (\u00a30.8 million and \u00a36.7 million respectively), Zemoga (\u00a30.3 million and \u00a32.0 million respectively), 4 Mile (\u00a30.2 million and \u00a32.3 million respectively), Hoorah (\u00a30.3 million and \u00a30.3 million respectively) and Destined (\u00a3nil and \u00a30.1 million respectively). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "B. Reserves The following describes the nature and purpose of each reserve within equity:
Merger reserves Amount subscribed for share capital in excess of nominal value less
by merger relief transaction costs as required by merger relief. Further details are in
section D.
Other reserves
Other reserves include treasury shares issued in the name of
S
4
Capital plc to an employee benefit trust, EBT pool C and
MightyHive. Included within other reserves is the deferred equity
consideration relating to the initial deferred equity consideration and
deferred equity consideration following the achievement of contingent
consideration criteria.
Foreign exchange Legal reserve for foreign exchange translation gains and losses on the
reserves translation of the financial statements of a subsidiary from the
functional to the presentation currency.
Retained earnings
Retained earnings represents the net gain for the year and all other net
gains and losses and transactions with shareowners (example
dividends) not recognised elsewhere.
The following table shows the amount of deferred equity consideration, and number of shares, held in other reserves by acquisition.
2025 2025 2024 2024
\u00a3m shares \u00a3m shares
TheoremOne
7.2
5,683,597
26.4
20,974,897
Raccoon
\u2013
\u2013
17. 4
1
8,345,301\ue01f
XX Artists
\u2013
\u2013
17. 5
17,9 87,3 25
Total
7. 2
5,683,597
61.3
57,307,523
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "C. Non-controlling interest On 24 May 2018, non-controlling interests arose as a result of the issuance of 4,000 A2 incentive shares by S4 Capital 2 Limited subscribed at fair value for \u00a30.1 million and paid in full. The incentive shares provide a financial reward to executives of the Group for delivering shareowner value, conditional on achieving a preferred rate of return. The incentive shares entitle the holders, subject to certain performance conditions and leaver provisions, up to 15%, of the growth in value of S 4Capital 2 Limited provided that certain performance conditions have been met. Further details are within the Remuneration Report on page 92. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "23. Dividends A dividend of 1p per share, amounting to \u00a36.1 million (2024: \u00a3nil) was paid out on 10 July 2025.On the 23 March 2026 the Board proposed to pay a final dividend of 1.1p per share, amounting to \u00a37.4 million, subject to shareowner approval. This will be paid on 10 July 2026 to all shareowners on the register as at 5 June 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "0.011", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-31": { "value": "7400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-431": { "value": "
24. Share-based payments
As at 31 December 2025, a total number of 4,191,591 (31 December 2024: 1,045,250)
shares are held by the Equity Benefit Trust (EBT). The EBT will be used for future option
schemes and bonus shares for employees.
Employee All- A1
Share Restricted employee incentive
Ownership stock incentive share
Awards movement during the Plan units plan options Total
reporting period m m m m m
Outstanding at 1 January 2024
25.4
1.3
0.5
\u2013
27. 2
Granted
24.4
\u2013
\u2013
\u2013
24.4
Exercised
(3.7)
(0.2)
\u2013
\u2013
(3.9)
Lapsed
(10.3)
(0.2)
\u2013
\u2013
(10.5)
Outstanding at 31 December 2024
35.8\ue01f
0.9
0.5
\u2013
37.2
Granted
17.7
\u2013
\u2013
\u2013
17.7
Exercised
(2.4)
(0.1)
(0.4)
\u2013
(2.9)
Lapsed
(17.8)
(0.1)
\u2013
\u2013
(17.9)
Outstanding at 31 December 2025
33.3
0.7
0.1
\u2013
34.1
Exerciseable at 31 December 2025
4.1
0.7
0.1
\u2013
4.9
Within 1 year
11.2
\u2013
\u2013
\u2013
11.2
1\u20132 years
9.2
\u2013
\u2013
\u2013
9.2
2\u20135 years
8.8\ue01f
\u2013
\u2013
\u2013
8.8
Outstanding at 31 December 2025
33.3
0.7
0.1
\u2013
34.1
Employee Share Ownership Plan (ESOP) \u2013 previously known as Discretionary Share Option
Plan (DSOP)
In 2021, the Group Board approved employee option schemes for key employees of
3,124,241 options over S
4
Capital plc Ordinary Shares with an exercise price of between
\u00a3nil and \u00a38.04 and a maximum term of six years. In 2022 6,741,277 options were approved
by the Board with an exercise price in the range between \u00a3nil and \u00a35.72 and a maximum
term of four years. In 2023 an additional 4,575,606 options were approved by the Board
with an exercise price in the range between \u00a3nil and \u00a35.60 and a maximum term of 3 years.
In 2024 an additional 9,375,889 options were approved by the Board with an exercise price
in the range between \u00a3nil and \u00a32.00 and a maximum term of 3 years. In 2025 an additional
6,179,486 options were approved by the Board with an exercise price in the range between
\u00a3nil and \u00a32.00 and a maximum term of 3 years. In accordance with IFRS 2, the Group
recognises share-based payment charges from the date of granting the option plans until
the vesting of the option plans. Vesting of the options are subject to the Group achieving
year-on-year business performance targets and options holders achieving personnel
performance targets with continued employment. During 2025, 294,682 (2024: 3,742,510)
options were exercised with an average weighted exercise price of \u00a3nil.
During 2025 a total charge of \u00a31.2 million (2024: \u00a33.7 million) was recognised in relation to
the ESOP and DSOP.
Long Term Incentive Plan (LTIP)
In 2023, the Group Board approved a long term incentive plan for key employees of
11,639,329 options over S
4
Capital plc Ordinary Shares with an exercise price of between
\u00a31.17 and \u00a32.00 and a maximum term of three years. During 2024, 15,037,796 options
have been approved by the Board with an exercise price of between \u00a3nil and \u00a32.00 and a
maximum term of 3 years. During 2025, 11,566,927 options have been approved by the
Board with an exercise price of between \u00a3nil and \u00a30.36 and a maximum term of three years.
In accordance with IFRS 2, the Group recognises share-based payment charges from the
date of granting the option plans until the vesting of the option plans. Vesting of the options
are subject to the Group achieving year-on-year business performance targets and options
holders achieving performance targets with continued employment. During 2025, nil (2024:
nil) options were exercised.
During 2025 a total charge of \u00a30.9 million (2024: \u00a31.2 million) is recognised in relation to
the LTIP.
Restricted Stock Units (RSUs)
In December 2018, the Group Board approved an employee option scheme of 8,952,610
RSUs over S
4
Capital plc Ordinary Shares. During 2019 to 2024 no RSUs were approved.
In accordance with IFRS 2, the Group recognises a share-based payment charge from
grant date until vesting date in relation to this option plan. Vesting of the RSUs are subject
to continued employment and have a maximum term of 4 years. During the reporting period
a total of 71,994 shares (2024: 163,294) were exercised by employees with an average
exercise price of nil pence.
During 2025 a total charge of \u00a3nil (2024: \u00a3nil) is recognised in relation to the RSU plan.
A1 incentive share options
In 2019, the Group Board approved 2,000 options over A1 incentive shares in S
4
Capital
2 Limited to executives. In accordance with IFRS 2, the Group recognises share-based
payment charges from the date of granting the option plans till the moment of vesting of the
option plans. During 2025 a total charge of \u00a31.9 million (2024: \u00a31.9 million) is recognised
in relation to the A1 incentive share options. Full disclosure of these options is contained
within the Remuneration Report on page 104. These shares are potentially dilutive for the
purposes of calculating diluted EPS if the Company were to recognise a profit in future
years and if the growth target (as detailed on page 104) is met.
All-employee incentive plan
In 2019, the Group Board approved an employee option scheme of 873,500 options, with an
average exercise price of nil pence, over S
4
Capital Ordinary Shares for all employees
employed by the Group at 30 November 2018. Based on the number of years service at
Media.Monks Group all employees received a set amount of options over S
4
Capital Ordinary
Shares. In accordance with IFRS 2, the Group recognised a share-based payment charge
from January 2019 until vesting date in relation to this option plan. Vesting of the options are
subject to continued employment and have a maximum term of 6 years. During 2025 \u00a3nil
(2024 :\u00a3nil) was recognised in relation to the all-employee incentive plan.
A credit of \u00a3nil (2024: \u00a30.3 million) has been taken in the year in relation to employer social
security costs on share-based payment schemes.
Valuation methodology For all of these schemes, the valuation methodology is based upon fair value on grant date, which is determined by the market price on that date or the application of a Black-Scholes or Monte-Carlo model, depending upon the characteristics of the scheme concerned. The assumptions underlying the models are detailed below. Market price on any given day is obtained from external, publicly available sources. During 2025, 17,746,413 granted options in the ESOP and LTIP plans have an exercise price in the range between \u00a3nil and \u00a30.35. The weighted average fair value of options granted in the year was as follows:
2025
Weighted average of fair value of options
\u00a30.16
Weighted average assumptions
Risk free rate
1.9%
Expected life (years)
2.5
Expected volatility
34.9%
Dividend yield
n/a
The weighted average exercise price of options outstanding at the beginning of the financial year was \u00a30.93. The weighted average exercise price of options forfeited during the year ended 31 December 2025 was \u00a30.63 (2024: \u00a30.45). Expected life is the weighted average life across all shares granted. Expected volatility is sourced from external market data and represents the historical volatility of share prices of comparable company datasets over a period equivalent to the expected option life. The options were exercised on a regular basis during the period; the average share price in 2025 was \u00a30.25 (2024: \u00a30.45).
The range of exercise prices of the share options outstanding as at 31 December 2025 and
the weighted average remaining contractual life were as follows:
Number of options
Exercise price (pence)
Weighted remaining contractual life
2,325,415
\u2013
0.53
12,950,651
\u2013
1.54
442,338
30
9.59
5,919,688
36
9.27
56,038
36
9.23
175,000
38
8.95
199,111
41
8.24
92,979
117
7.59
122,000
127
7.54
113,357
142
2.07
50,000
149
6.75
227,950
151
2.30
352,418
180
3.78
8,440,234
200
7.70
1,416,014
237
5.59
25,538
309
8.14
4,490
322
7.38
39,766
377
6.84
52,375
382
0.13
23,591
399
6.94
2,939
426
7.6 3
32,500
488
4.29
119,459
502
4.89
9,500
526
5.17
35,500
536
4.86
9,567
554
5.41
40,095
605
5.91
7,148
804
5.73
Total
33,285,661
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
25. Net debt reconciliation
The following table shows the reconciliation of net cash flow to movements in net debt:
Borrowings Net debt
and including lease
overdraft
1
Cash Net debt Leases liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net debt as at 1 January 2024
(326.5)
145.7
(180.8)
(49.0)
(229.8)
Financing cash flows
0.2
27. 3
27. 5
12.7
40.2
Lease additions
\u2013
\u2013
\u2013
(2.0)
(2.0)
Foreign exchange adjustments
15.0
(4.6)
10.4
1.6
12.0
Interest expense
(25.5)
\u2013
(25.5)
(2.5)
(28.0)
Interest payment
25.5
\u2013
25.5
2.5
28.0
Other
\u2013
\u2013
\u2013
(5.8)
(5.8)
Net debt as at 31 December 2024
(311.3)
168.4
(142.9)
(42.5)
(185.4)
Financing cash flows
0.2
77.7
77.9
13.0
90.9
Lease additions
\u2013
\u2013
\u2013
(2.3)
(2.3)
Foreign exchange adjustments
(16.6)
(5.3)
(21.9)
0.4
(21.5)
Interest expense
(20.3)
\u2013
(20.3)
(2 .1)
(22.4)
Interest payment
20.3
\u2013
20.3
2 .1
22.4\ue01f
Other
\u2013
\u2013
\u2013
0.1
0.1
Net debt as at 31 December 2025
(327.7)
240.8\ue01f
(86.9)
(31.3)
(118.2)
Note:
1. This excludes transaction costs of \u00a33.2 million (2024: \u00a33.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "25. Net debt reconciliation The following table shows the reconciliation of net cash flow to movements in net debt:
Borrowings Net debt
and including lease
overdraft
1
Cash Net debt Leases liabilities
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Net debt as at 1 January 2024
(326.5)
145.7
(180.8)
(49.0)
(229.8)
Financing cash flows
0.2
27. 3
27. 5
12.7
40.2
Lease additions
\u2013
\u2013
\u2013
(2.0)
(2.0)
Foreign exchange adjustments
15.0
(4.6)
10.4
1.6
12.0
Interest expense
(25.5)
\u2013
(25.5)
(2.5)
(28.0)
Interest payment
25.5
\u2013
25.5
2.5
28.0
Other
\u2013
\u2013
\u2013
(5.8)
(5.8)
Net debt as at 31 December 2024
(311.3)
168.4
(142.9)
(42.5)
(185.4)
Financing cash flows
0.2
77.7
77.9
13.0
90.9
Lease additions
\u2013
\u2013
\u2013
(2.3)
(2.3)
Foreign exchange adjustments
(16.6)
(5.3)
(21.9)
0.4
(21.5)
Interest expense
(20.3)
\u2013
(20.3)
(2 .1)
(22.4)
Interest payment
20.3
\u2013
20.3
2 .1
22.4\ue01f
Other
\u2013
\u2013
\u2013
0.1
0.1
Net debt as at 31 December 2025
(327.7)
240.8\ue01f
(86.9)
(31.3)
(118.2)
Note: 1. This excludes transaction costs of \u00a33.2 million (2024: \u00a33.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "
26. Related party transactions
Compensation for key management personnel is made up as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
3.0
4.1
Share-based payments
2.3
2.6
Pension
0.1
0.1
Total
5.4
6.8\ue01f
Details of compensation for key management personnel are disclosed on page 98.
Interest in joint ventures and associates
The Group has both an interest in joint venture with S
4
S Ventures and an interest in
associate with Hoorah. During the financial year, there were transactions with S
4
S totalling
\u00a30.3 million which were outstanding at 31 December 2025.
On 2 January 2025 the Group (through S
4
Capital 2 Limited) and Alvear Limited became
equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary
commercial objective of Monkfilms is to secure a production and distribution deal with a
major media company for a documentary film.
The Group did not have any other related party transactions during the financial year
(2024: \u00a3nil).
29. Interest in other entities
Subsidiaries
The Group\u2019s subsidiaries at the end of the reporting period are set out below. Unless otherwise stated, they have share capital consisting solely of Ordinary Shares that are held directly by
the Group, and the proportion of ownership interests held equals the voting rights held by the Group. S
4
Capital 2 Limited has Ordinary Shares, 4,000 A2 incentive shares, 2,000 options
over A1 incentive shares as disclosed in Note 21. S
4
Capital plc directly holds effectively 100% of the ordinary shares in S
4
Capital 2 Limited. S
4
Capital plc indirectly holds effectively 100%
of the ordinary shares in the other entities.
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
S
4
Capital 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Acquisitions 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital APAC Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Australia Holdings Pty Ltd
HWL Ebsworth Lawyers \u2018Australia Square\u2019 Level 14, 264-278 George
Australia
100
Holding company
(Previously MediaMonks Australia Holding Street, Sydney, NSW 2000
Pty Ltd)
S
4
Capital BRL Finance Limited
12 St. James\u2019s Place, London, SW1A 1NX
United Kingdom
100
Financing company
S
4
Capital EMEA Holdings BV
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Holding company
S
4
Capital France Holdings SAS
43-47 Avenue de la Grande Arm\u00e9e, 75116 Paris
France
100
Holding company
S
4
Capital Germany Holdings GmbH
Zielstattstra\u00dfe 40 c/o BDO AG, 81379, M\u00fcnchen
Germany
100
Holding company
S
4
Capital Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital INR Finance Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital Investment Pte Ltd
19 Keppel Road, #02-08, Jit Poh Building, Singapore 089058
Singapore
100
Holding company
S
4
Capital Italy Holdings S.r.l.
Viale Abruzzi 94 CAP 20131 Milano
Italy
100
Holding company
S
4
Capital LUX Finance S.\u00e0r.l.
Num\u00e9ro 20 Rue Eug\u00e8ne Ruppert 2453 Luxembourg
Luxembourg
100
Financing company
S
4
Capital Services Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital South America Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital UK Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital US Holdings LLC
251
Little Falls Drive, Wilmington, DE 19808 and 8 The Green, STE B,
United States of America
100
Holding company
Dover, DE 19901
4
Mile Analytics Pty Ltd
Unit 501, 2-20 Botany Road, Alexandria NSW 2015.
Australia
100
Marketing Services
Brightblue Consulting Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Brightblue Holdings Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Holding company
EC2A 4DN
Cashmere Agency Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Circus Colombia S.A.S
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Circus Marketing DF, S.A.P.I DE C.V
Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico
Mexico
100
Marketing Services
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Circus Network Holding, S.A.P.I. DE C.V.
Avenida Amsterdam 271, Interior 203, Colonia Hipodromo,
Mexico
100
Holding company
Cuauhtemoc, 06100 Ciudad de Mexico, Mexico
Citrusbyte, LLC (DBA TheoremOne, LLC)
228
East 45th Street, Ste 9E New York, NY 10017-3373 United States
United States of America
100
Technology Services
Conversion Works Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Decoded Advanced Media LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Decoded Advertising LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Destined 4 Pty Ltd
Street, Sydney Cove NSW 2000
HWL Ebsworth Lawyers, Level 14, \u2018Australia Square\u2019, 264-278 George
Australia
100
Marketing Services
Digocloud SAS
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Digodat SA
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Digolab SPA
La Capitan\u00eda nro 80, Bloque Of Dpto, 108 Las Condes, Santiago
Chile
100
Marketing Services
Digosoft SRL de CV
Goldsmith 40, ofna 9, Colonia Polanco, Delegaci\u00f3n Miguel Hidalgo,
Mexico
100
Marketing Services
Ciudad de M\u00e9xico, CP 11550
Egypt.Monks for Distribution and Unit No. B-27, Ground Floor Walk of Cairo Project - El-Sheikh Zayed
Egypt
100
Marketing Services
Production LLC Giza Egypt
Firewood Marketing Inc
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Flying Nimbus SAS
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Hilanders (Hong Kong) Limited
Room 303, 3/F, Golden Gate Commercial Building, 136-138 Austin
Hong Kong
100
Marketing Services
Road, Tsim Sha Tsui, Kowloon, Hong Kong
Maverick Digital Inc
838
Walker Road, Suite 21-2, Dover, County of Kent, 19904, Delaware.
United States of America
100
Marketing Services
Maverick Digital Services Pvt Ltd
Delhi: 110018
C/o Mr. BHAGWANT SINGH, H 25/30 TH/FLOOR TILAK NAGAR, New
India
100
Marketing Services
MediaMonks Canada Holdings Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Holding company
MEDIA.MONKS DUBLIN LIMITED
Block C, Magennis Court, Magennis Place, Dublin, D02 Fk76, Ireland
Ireland
100
Marketing Services
Media.Monks Paris SAS
17 rue Martel \u2013 75010 Paris
France
100
Marketing Services
Media.Monks Taiwan Co. Ltd
27F., No.9, Songgao Rd., Xinyi Dist., Taipei City 110, (R.O.C.)
Taiwan
100
Marketing Services
MediaMonks Arabian Company for Media
Bld
8
087, Street Handalah Ibn Malik, Al wourud Dist., Riyadh, KSA,
Kingdom of Saudi Arabia
100
Marketing Services
Production LLC Postal code : 12253
MediaMonks Australia Pty Ltd
HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George
Australia
100
Marketing Services
Street, Sydney Cove NSW 2000
MediaMonks B.V.
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Marketing Services
MediaMonks Poland Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105 ul. SZCZYTNICKA, nr 11, lok. miejsc. WROC\u0141AW, kod 50-382, poczta WROC\u0141AW Poland 100 Marketing Services MediaMonks S\u00e3o Paulo Servi\u00e7os de Internet para Publicidade Ltda. Rua Girassol, 106, 2o andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: 05433-000. Brazil 100 Marketing Services MediaMonks Seoul LLC 3F, Heung Guk BLDG, 166, Toegye-ro, Jung-gu, Seoul, 04627 Republic of Korea 100 Marketing Services MediaMonks Services B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Marketing Services MediaMonks Singapore Pte. Ltd. 9 Raffles Place #26-01, Republic Plaza, Singapore 048619 Singapore 100 Marketing Services MediaMonks Stockholm AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen, Box 6343, 102 35 Stockholm, Sweden Sweden 100 Marketing Services MediaMonksTokyo G.K. 1-6-5 Jinnan, Shibuya Ku, Tokyo 150-0041 Japan 100 Marketing Services MediaMonks Toronto Ulc Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 Canada 100 Marketing Services Metric Theory LLC 8 The Green STE B Dover DE 19901 United States United States of America 100 Marketing Services MightyHive AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen Box 6343 10235 Stockholm Sweden Sweden 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MediaMonks Buenos Aires SRL Tucum\u00e1n 1, 4th Floor, C1049AAA, Buenos Aires Argentina 100 Marketing Services MediaMonks Cape Town Pty Ltd 410 The Hills, Buchanan Square, 160 Sir Lowry Road, Woodstock South Africa 100 Marketing Services 7925, Cape Town MediaMonks FZ-LLC Premises 213, Second floor , Building 4 Dubai Media City Dubai United United Arab Emirates 100 Marketing Services Arab Emirates MediaMonks Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen, Bayern, Germany Germany 100 Marketing Services MediaMonks Hong Kong Ltd 11/F, Unit B, Winbase Centre, 208 Queen\u2019s Road Central Sheung Hong Kong 100 Holding company MediaMonks Inc. 8 The Green STE B Dover DE 19901 United States Wang, Hong Kong United States of America 100 Marketing Services MediaMonks Information Technology Room 436, No. 1256, 1258 Wanrong Road, Jing\u2019an District, Shanghai, P.R. China 100 Marketing Services (Shanghai) Co. Ltd. 200040, China MediaMonks London Ltd Media.Monks, Bonhill Building, 15 Bonhill Street, London, England, United Kingdom 100 Marketing Services EC2A 4DN MediaMonks Madrid S.L.U C/ Garcia Paredes No. 17, Interior Madrid 28010, Madrid Spain 100 Marketing Services MediaMonks Malaysia Sdn. Bhd. No. 256 B, Jalan Bandar 12, Taman Melawati, Wilayah Persekutuan,Malaysia 100 Marketing Services Kuala Lumpur, 53100 MediaMonks Mexico City S. de R.L. de C.V. Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico Mexico 100 Marketing Services MediaMonks Milan S.R.L. Milano (mi), Viale Papiniano 44, 20123, Italy Italy 100 Marketing Services MediaMonks Multimedia Holding B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Holding company Ownership interest % Principal activity MightyHive S.r.l. Milano (MI) ViaLe Abruzzi 94 CAP 20131 Italy 100 Marketing Services M-Monks Digital Media Pvt. Ltd. Flat No. 402, Paras Pearl, No. 161, Greenglen Layout, Sarjapur Outer Ring Rd, Bellandur, Bangalore: 560037, Karnataka India 100 Marketing Services Monks Marketing (Thailand) Co., Ltd Unit 3001-3014, 30th Floor, 689 Bhiraj Tower at EmQuartier, Soi 35, Sukhumvit Road, Klongtan Nuea Sub-district, Bangkok, Wattana District, 10110, Thailand Thailand 100 Marketing Services Progmedia Argentina SAS Ortiz de Ocampo 3302 Building 1, 1st floor Office No. 7, City of Buenos Aires Argentina 100 Marketing Services PT Media Monks Indonesia Equity Tower Building 35-37th floor, JL. JEND. SUDIRMAN, KAV 52-53, Desa/Kelurahan Senayan, Kec. Kebayoran Baru, Kota Adm. Jakarta Selatan, Provinsi DKI Jakarta, Kode Pos: 12190 Indonesia 100 Marketing Services Raccoon Publicidade Ltda. Rua Dona Alexandrina, No. 1366, Vila Monteiro, Gleba I, S\u00e3o Carlos, SP, CEP: 13.560-290 Brazil 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MightyHive AU Pty Ltd HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George Australia 100 Marketing Services Street, Sydney Cove NSW 2000 MightyHive Brazil Consulting Ltda. Rua Girassol, 106, 1 andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: Brazil 100 Marketing Services 05433-000 MightyHive Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen Germany 100 Marketing Services MightyHive Holdings Ltd Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8. Canada 100 Marketing Services MightyHive Hong Kong Limited 47/F Central Plaza, 18 Harbour Road, Wanchhai, Hong Kong Hong Kong 100 Marketing Services MightyHive Inc 8 The Green, STE B, Dover, DE 19901, United States United States of America 100 Marketing Services MightyHive India Private Ltd Office No.5, 1st Floor, Harismruti CHSL, Opp. HDFC Bank, S.V.P Road,India 100 Marketing Services MightyHive Information Technology Borivali (West), Mumbai, Maharashtra, India: 400092 Room 07-130, Floor 08, No. 3, Lane 26, Qixia Road, China (Shanghai) P. R. China 100 Marketing Services (Shanghai) Co. Ltd Pilot Free Trade, Zone (actual floor, 7th floor) MightyHive K.K. 1-6-5 Jinnan, Shibuya-ku, Tokyo 150-0041, Japan Japan 100 Marketing Services MightyHive Korea Co. Ltd 14F, 416 Hangang-daero, Jung-gu, Seoul 14-111, Republic of Korea Republic of Korea 100 Marketing Services MightyHive Ltd 15 Bonhill Street, London, EC2A 4DN, United Kingdom United Kingdom 100 Marketing Services MightyHive NZ Limited William Buck (NZ) Ltd, Level 4, Zurich House, 21 Queen Street, New Zealand 100 Marketing Services Auckland, 1010 MightyHive SG Pte Ltd 50 Raffles Place, #29-01 Singapore Land Tower, Singapore 048623 Singapore 100 Marketing Services Ownership interest % Principal activity Rocky Publicidade Ltda. Av. Irene da Silva Ven\u00e2ncio, 199, GP 03A, Bairro Protestantes, Votorantim, SP, CEP: 18111-100 Brazil 100 Marketing Services Technical Performance Services LLC 228 East 45th Street, Ste 9E New York, NY 10017-3373 United States United States of America 100 Technology Services Zemoga SaS Calle 95 15-09 Piso 4 y 5, Bogot\u00e1, D.C. Codigo postal: 110221 Colombia 100 Technology Services Joint Ventures
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Monkfilms
5 Technology Park Colindeep Lane, Colindale, London, United
United Kingdom
50
Marketing Services
Kingdom, NW9 6BX
S
4
S Ventures General Partner S.\u00c0 R.L.
41
2F,
Route d\u2019Esch L-1471, Luxembourg
Luxembourg
50
Holding company
S
4
S Ventures General Partner LLC
251
Little Falls Drive, Wilmington, DE 19808
United States of America
50
Holding company
Place of business/ Ownership Name of entity Address of the registered office Country of incorporation interest % Principal activity", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "26. Related party transactions Compensation for key management personnel is made up as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
3.0
4.1
Share-based payments
2.3
2.6
Pension
0.1
0.1
Total
5.4
6.8\ue01f
Details of compensation for key management personnel are disclosed on page 98. Interest in joint ventures and associates The Group has both an interest in joint venture with S 4 S Ventures and an interest in associate with Hoorah. During the financial year, there were transactions with S4 S totalling \u00a30.3 million which were outstanding at 31 December 2025. On 2 January 2025 the Group (through S 4Capital 2 Limited) and Alvear Limited became equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary commercial objective of Monkfilms is to secure a production and distribution deal with a major media company for a documentary film. The Group did not have any other related party transactions during the financial year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "26. Related party transactions Compensation for key management personnel is made up as follows:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
3.0
4.1
Share-based payments
2.3
2.6
Pension
0.1
0.1
Total
5.4
6.8\ue01f
Details of compensation for key management personnel are disclosed on page 98. Interest in joint ventures and associates The Group has both an interest in joint venture with S 4 S Ventures and an interest in associate with Hoorah. During the financial year, there were transactions with S4 S totalling \u00a30.3 million which were outstanding at 31 December 2025. On 2 January 2025 the Group (through S 4Capital 2 Limited) and Alvear Limited became equal shareholders in a joint venture entity, Monkfilms Limited (Monkfilms). The primary commercial objective of Monkfilms is to secure a production and distribution deal with a major media company for a documentary film. The Group did not have any other related party transactions during the financial year (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
27. Contingent liabilities
Capital commitments
Capital commitments represents capital expenditure contracted for at the end of the
reporting period but not yet incurred at the period end. At 31 December 2025, the Group
has no capital commitments outstanding (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "27. Contingent liabilities Capital commitments Capital commitments represents capital expenditure contracted for at the end of the reporting period but not yet incurred at the period end. At 31 December 2025, the Group has no capital commitments outstanding (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "Capital commitments Capital commitments represents capital expenditure contracted for at the end of the reporting period but not yet incurred at the period end. At 31 December 2025, the Group has no capital commitments outstanding (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
28. Events occurring after the reporting period
On the 23 March 2026 the Board proposed to pay a final dividend of 1.1p per share,
amounting to \u00a37.4 million, subject to shareowner approval. This will be paid on 10 July 2026
to all shareowners on the register as at 5 June 2026.
Subsequent to the year ended 31 December 2025, the Group has repurchased
\u20ac25.7 million of its \u20ac375 million Term Loan B at a discount, including \u20ac1 million remaining
to be settled. Following settlement, the remaining \u20ac349.3 million is due to mature in
August 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "29. Interest in other entities Subsidiaries The Group\u2019s subsidiaries at the end of the reporting period are set out below. Unless otherwise stated, they have share capital consisting solely of Ordinary Shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. S 4Capital 2 Limited has Ordinary Shares, 4,000 A2 incentive shares, 2,000 options over A1 incentive shares as disclosed in Note 21. S 4 Capital plc directly holds effectively 100% of the ordinary shares in S 4Capital 2 Limited. S 4Capital plc indirectly holds effectively 100% of the ordinary shares in the other entities.
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
S
4
Capital 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Acquisitions 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital APAC Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Australia Holdings Pty Ltd
HWL Ebsworth Lawyers \u2018Australia Square\u2019 Level 14, 264-278 George
Australia
100
Holding company
(Previously MediaMonks Australia Holding Street, Sydney, NSW 2000
Pty Ltd)
S
4
Capital BRL Finance Limited
12 St. James\u2019s Place, London, SW1A 1NX
United Kingdom
100
Financing company
S
4
Capital EMEA Holdings BV
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Holding company
S
4
Capital France Holdings SAS
43-47 Avenue de la Grande Arm\u00e9e, 75116 Paris
France
100
Holding company
S
4
Capital Germany Holdings GmbH
Zielstattstra\u00dfe 40 c/o BDO AG, 81379, M\u00fcnchen
Germany
100
Holding company
S
4
Capital Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital INR Finance Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital Investment Pte Ltd
19 Keppel Road, #02-08, Jit Poh Building, Singapore 089058
Singapore
100
Holding company
S
4
Capital Italy Holdings S.r.l.
Viale Abruzzi 94 CAP 20131 Milano
Italy
100
Holding company
S
4
Capital LUX Finance S.\u00e0r.l.
Num\u00e9ro 20 Rue Eug\u00e8ne Ruppert 2453 Luxembourg
Luxembourg
100
Financing company
S
4
Capital Services Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital South America Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital UK Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital US Holdings LLC
251
Little Falls Drive, Wilmington, DE 19808 and 8 The Green, STE B,
United States of America
100
Holding company
Dover, DE 19901
4
Mile Analytics Pty Ltd
Unit 501, 2-20 Botany Road, Alexandria NSW 2015.
Australia
100
Marketing Services
Brightblue Consulting Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Brightblue Holdings Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Holding company
EC2A 4DN
Cashmere Agency Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Circus Colombia S.A.S
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Circus Marketing DF, S.A.P.I DE C.V
Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico
Mexico
100
Marketing Services
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Circus Network Holding, S.A.P.I. DE C.V.
Avenida Amsterdam 271, Interior 203, Colonia Hipodromo,
Mexico
100
Holding company
Cuauhtemoc, 06100 Ciudad de Mexico, Mexico
Citrusbyte, LLC (DBA TheoremOne, LLC)
228
East 45th Street, Ste 9E New York, NY 10017-3373 United States
United States of America
100
Technology Services
Conversion Works Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Decoded Advanced Media LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Decoded Advertising LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Destined 4 Pty Ltd
Street, Sydney Cove NSW 2000
HWL Ebsworth Lawyers, Level 14, \u2018Australia Square\u2019, 264-278 George
Australia
100
Marketing Services
Digocloud SAS
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Digodat SA
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Digolab SPA
La Capitan\u00eda nro 80, Bloque Of Dpto, 108 Las Condes, Santiago
Chile
100
Marketing Services
Digosoft SRL de CV
Goldsmith 40, ofna 9, Colonia Polanco, Delegaci\u00f3n Miguel Hidalgo,
Mexico
100
Marketing Services
Ciudad de M\u00e9xico, CP 11550
Egypt.Monks for Distribution and Unit No. B-27, Ground Floor Walk of Cairo Project - El-Sheikh Zayed
Egypt
100
Marketing Services
Production LLC Giza Egypt
Firewood Marketing Inc
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Flying Nimbus SAS
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Hilanders (Hong Kong) Limited
Room 303, 3/F, Golden Gate Commercial Building, 136-138 Austin
Hong Kong
100
Marketing Services
Road, Tsim Sha Tsui, Kowloon, Hong Kong
Maverick Digital Inc
838
Walker Road, Suite 21-2, Dover, County of Kent, 19904, Delaware.
United States of America
100
Marketing Services
Maverick Digital Services Pvt Ltd
Delhi: 110018
C/o Mr. BHAGWANT SINGH, H 25/30 TH/FLOOR TILAK NAGAR, New
India
100
Marketing Services
MediaMonks Canada Holdings Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Holding company
MEDIA.MONKS DUBLIN LIMITED
Block C, Magennis Court, Magennis Place, Dublin, D02 Fk76, Ireland
Ireland
100
Marketing Services
Media.Monks Paris SAS
17 rue Martel \u2013 75010 Paris
France
100
Marketing Services
Media.Monks Taiwan Co. Ltd
27F., No.9, Songgao Rd., Xinyi Dist., Taipei City 110, (R.O.C.)
Taiwan
100
Marketing Services
MediaMonks Arabian Company for Media
Bld
8
087, Street Handalah Ibn Malik, Al wourud Dist., Riyadh, KSA,
Kingdom of Saudi Arabia
100
Marketing Services
Production LLC Postal code : 12253
MediaMonks Australia Pty Ltd
HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George
Australia
100
Marketing Services
Street, Sydney Cove NSW 2000
MediaMonks B.V.
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Marketing Services
MediaMonks Poland Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105 ul. SZCZYTNICKA, nr 11, lok. miejsc. WROC\u0141AW, kod 50-382, poczta WROC\u0141AW Poland 100 Marketing Services MediaMonks S\u00e3o Paulo Servi\u00e7os de Internet para Publicidade Ltda. Rua Girassol, 106, 2o andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: 05433-000. Brazil 100 Marketing Services MediaMonks Seoul LLC 3F, Heung Guk BLDG, 166, Toegye-ro, Jung-gu, Seoul, 04627 Republic of Korea 100 Marketing Services MediaMonks Services B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Marketing Services MediaMonks Singapore Pte. Ltd. 9 Raffles Place #26-01, Republic Plaza, Singapore 048619 Singapore 100 Marketing Services MediaMonks Stockholm AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen, Box 6343, 102 35 Stockholm, Sweden Sweden 100 Marketing Services MediaMonksTokyo G.K. 1-6-5 Jinnan, Shibuya Ku, Tokyo 150-0041 Japan 100 Marketing Services MediaMonks Toronto Ulc Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 Canada 100 Marketing Services Metric Theory LLC 8 The Green STE B Dover DE 19901 United States United States of America 100 Marketing Services MightyHive AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen Box 6343 10235 Stockholm Sweden Sweden 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MediaMonks Buenos Aires SRL Tucum\u00e1n 1, 4th Floor, C1049AAA, Buenos Aires Argentina 100 Marketing Services MediaMonks Cape Town Pty Ltd 410 The Hills, Buchanan Square, 160 Sir Lowry Road, Woodstock South Africa 100 Marketing Services 7925, Cape Town MediaMonks FZ-LLC Premises 213, Second floor , Building 4 Dubai Media City Dubai United United Arab Emirates 100 Marketing Services Arab Emirates MediaMonks Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen, Bayern, Germany Germany 100 Marketing Services MediaMonks Hong Kong Ltd 11/F, Unit B, Winbase Centre, 208 Queen\u2019s Road Central Sheung Hong Kong 100 Holding company MediaMonks Inc. 8 The Green STE B Dover DE 19901 United States Wang, Hong Kong United States of America 100 Marketing Services MediaMonks Information Technology Room 436, No. 1256, 1258 Wanrong Road, Jing\u2019an District, Shanghai, P.R. China 100 Marketing Services (Shanghai) Co. Ltd. 200040, China MediaMonks London Ltd Media.Monks, Bonhill Building, 15 Bonhill Street, London, England, United Kingdom 100 Marketing Services EC2A 4DN MediaMonks Madrid S.L.U C/ Garcia Paredes No. 17, Interior Madrid 28010, Madrid Spain 100 Marketing Services MediaMonks Malaysia Sdn. Bhd. No. 256 B, Jalan Bandar 12, Taman Melawati, Wilayah Persekutuan,Malaysia 100 Marketing Services Kuala Lumpur, 53100 MediaMonks Mexico City S. de R.L. de C.V. Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico Mexico 100 Marketing Services MediaMonks Milan S.R.L. Milano (mi), Viale Papiniano 44, 20123, Italy Italy 100 Marketing Services MediaMonks Multimedia Holding B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Holding company Ownership interest % Principal activity MightyHive S.r.l. Milano (MI) ViaLe Abruzzi 94 CAP 20131 Italy 100 Marketing Services M-Monks Digital Media Pvt. Ltd. Flat No. 402, Paras Pearl, No. 161, Greenglen Layout, Sarjapur Outer Ring Rd, Bellandur, Bangalore: 560037, Karnataka India 100 Marketing Services Monks Marketing (Thailand) Co., Ltd Unit 3001-3014, 30th Floor, 689 Bhiraj Tower at EmQuartier, Soi 35, Sukhumvit Road, Klongtan Nuea Sub-district, Bangkok, Wattana District, 10110, Thailand Thailand 100 Marketing Services Progmedia Argentina SAS Ortiz de Ocampo 3302 Building 1, 1st floor Office No. 7, City of Buenos Aires Argentina 100 Marketing Services PT Media Monks Indonesia Equity Tower Building 35-37th floor, JL. JEND. SUDIRMAN, KAV 52-53, Desa/Kelurahan Senayan, Kec. Kebayoran Baru, Kota Adm. Jakarta Selatan, Provinsi DKI Jakarta, Kode Pos: 12190 Indonesia 100 Marketing Services Raccoon Publicidade Ltda. Rua Dona Alexandrina, No. 1366, Vila Monteiro, Gleba I, S\u00e3o Carlos, SP, CEP: 13.560-290 Brazil 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MightyHive AU Pty Ltd HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George Australia 100 Marketing Services Street, Sydney Cove NSW 2000 MightyHive Brazil Consulting Ltda. Rua Girassol, 106, 1 andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: Brazil 100 Marketing Services 05433-000 MightyHive Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen Germany 100 Marketing Services MightyHive Holdings Ltd Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8. Canada 100 Marketing Services MightyHive Hong Kong Limited 47/F Central Plaza, 18 Harbour Road, Wanchhai, Hong Kong Hong Kong 100 Marketing Services MightyHive Inc 8 The Green, STE B, Dover, DE 19901, United States United States of America 100 Marketing Services MightyHive India Private Ltd Office No.5, 1st Floor, Harismruti CHSL, Opp. HDFC Bank, S.V.P Road,India 100 Marketing Services MightyHive Information Technology Borivali (West), Mumbai, Maharashtra, India: 400092 Room 07-130, Floor 08, No. 3, Lane 26, Qixia Road, China (Shanghai) P. R. China 100 Marketing Services (Shanghai) Co. Ltd Pilot Free Trade, Zone (actual floor, 7th floor) MightyHive K.K. 1-6-5 Jinnan, Shibuya-ku, Tokyo 150-0041, Japan Japan 100 Marketing Services MightyHive Korea Co. Ltd 14F, 416 Hangang-daero, Jung-gu, Seoul 14-111, Republic of Korea Republic of Korea 100 Marketing Services MightyHive Ltd 15 Bonhill Street, London, EC2A 4DN, United Kingdom United Kingdom 100 Marketing Services MightyHive NZ Limited William Buck (NZ) Ltd, Level 4, Zurich House, 21 Queen Street, New Zealand 100 Marketing Services Auckland, 1010 MightyHive SG Pte Ltd 50 Raffles Place, #29-01 Singapore Land Tower, Singapore 048623 Singapore 100 Marketing Services Ownership interest % Principal activity Rocky Publicidade Ltda. Av. Irene da Silva Ven\u00e2ncio, 199, GP 03A, Bairro Protestantes, Votorantim, SP, CEP: 18111-100 Brazil 100 Marketing Services Technical Performance Services LLC 228 East 45th Street, Ste 9E New York, NY 10017-3373 United States United States of America 100 Technology Services Zemoga SaS Calle 95 15-09 Piso 4 y 5, Bogot\u00e1, D.C. Codigo postal: 110221 Colombia 100 Technology Services Joint Ventures
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Monkfilms
5 Technology Park Colindeep Lane, Colindale, London, United
United Kingdom
50
Marketing Services
Kingdom, NW9 6BX
S
4
S Ventures General Partner S.\u00c0 R.L.
41
2F,
Route d\u2019Esch L-1471, Luxembourg
Luxembourg
50
Holding company
S
4
S Ventures General Partner LLC
251
Little Falls Drive, Wilmington, DE 19808
United States of America
50
Holding company
Place of business/ Ownership Name of entity Address of the registered office Country of incorporation interest % Principal activity", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Subsidiaries The Group\u2019s subsidiaries at the end of the reporting period are set out below. Unless otherwise stated, they have share capital consisting solely of Ordinary Shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. S 4Capital 2 Limited has Ordinary Shares, 4,000 A2 incentive shares, 2,000 options over A1 incentive shares as disclosed in Note 21. S 4 Capital plc directly holds effectively 100% of the ordinary shares in S 4Capital 2 Limited. S 4Capital plc indirectly holds effectively 100% of the ordinary shares in the other entities.
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
S
4
Capital 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Acquisitions 2 Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital APAC Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital Australia Holdings Pty Ltd
HWL Ebsworth Lawyers \u2018Australia Square\u2019 Level 14, 264-278 George
Australia
100
Holding company
(Previously MediaMonks Australia Holding Street, Sydney, NSW 2000
Pty Ltd)
S
4
Capital BRL Finance Limited
12 St. James\u2019s Place, London, SW1A 1NX
United Kingdom
100
Financing company
S
4
Capital EMEA Holdings BV
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Holding company
S
4
Capital France Holdings SAS
43-47 Avenue de la Grande Arm\u00e9e, 75116 Paris
France
100
Holding company
S
4
Capital Germany Holdings GmbH
Zielstattstra\u00dfe 40 c/o BDO AG, 81379, M\u00fcnchen
Germany
100
Holding company
S
4
Capital Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital INR Finance Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital Investment Pte Ltd
19 Keppel Road, #02-08, Jit Poh Building, Singapore 089058
Singapore
100
Holding company
S
4
Capital Italy Holdings S.r.l.
Viale Abruzzi 94 CAP 20131 Milano
Italy
100
Holding company
S
4
Capital LUX Finance S.\u00e0r.l.
Num\u00e9ro 20 Rue Eug\u00e8ne Ruppert 2453 Luxembourg
Luxembourg
100
Financing company
S
4
Capital Services Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Financing company
S
4
Capital South America Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital UK Holdings Limited
3rd Floor, 44 Esplanade St Helier, JE4 9WG
Jersey
100
Holding company
S
4
Capital US Holdings LLC
251
Little Falls Drive, Wilmington, DE 19808 and 8 The Green, STE B,
United States of America
100
Holding company
Dover, DE 19901
4
Mile Analytics Pty Ltd
Unit 501, 2-20 Botany Road, Alexandria NSW 2015.
Australia
100
Marketing Services
Brightblue Consulting Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Brightblue Holdings Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Holding company
EC2A 4DN
Cashmere Agency Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Circus Colombia S.A.S
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Circus Marketing DF, S.A.P.I DE C.V
Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico
Mexico
100
Marketing Services
Place of business/ Ownership
Name of entity
Address of the registered office
Country of incorporation
interest %
Principal activity
Circus Network Holding, S.A.P.I. DE C.V.
Avenida Amsterdam 271, Interior 203, Colonia Hipodromo,
Mexico
100
Holding company
Cuauhtemoc, 06100 Ciudad de Mexico, Mexico
Citrusbyte, LLC (DBA TheoremOne, LLC)
228
East 45th Street, Ste 9E New York, NY 10017-3373 United States
United States of America
100
Technology Services
Conversion Works Limited
Media.Monks, Bonhill Building, 15 Bonhill Street, London, England,
United Kingdom
100
Marketing Services
EC2A 4DN
Decoded Advanced Media LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Decoded Advertising LLC
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Destined 4 Pty Ltd
Street, Sydney Cove NSW 2000
HWL Ebsworth Lawyers, Level 14, \u2018Australia Square\u2019, 264-278 George
Australia
100
Marketing Services
Digocloud SAS
Calle 95 15-09 Piso 3, Bogot\u00e1, D.C Codigo postal: 110221
Colombia
100
Marketing Services
Digodat SA
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Digolab SPA
La Capitan\u00eda nro 80, Bloque Of Dpto, 108 Las Condes, Santiago
Chile
100
Marketing Services
Digosoft SRL de CV
Goldsmith 40, ofna 9, Colonia Polanco, Delegaci\u00f3n Miguel Hidalgo,
Mexico
100
Marketing Services
Ciudad de M\u00e9xico, CP 11550
Egypt.Monks for Distribution and Unit No. B-27, Ground Floor Walk of Cairo Project - El-Sheikh Zayed
Egypt
100
Marketing Services
Production LLC Giza Egypt
Firewood Marketing Inc
8 The Green STE B Dover DE 19901 United States
United States of America
100
Marketing Services
Flying Nimbus SAS
Tucum\u00e1n 1, 4th. Floor, City of Buenos Aires C1049AAA
Argentina
100
Marketing Services
Hilanders (Hong Kong) Limited
Room 303, 3/F, Golden Gate Commercial Building, 136-138 Austin
Hong Kong
100
Marketing Services
Road, Tsim Sha Tsui, Kowloon, Hong Kong
Maverick Digital Inc
838
Walker Road, Suite 21-2, Dover, County of Kent, 19904, Delaware.
United States of America
100
Marketing Services
Maverick Digital Services Pvt Ltd
Delhi: 110018
C/o Mr. BHAGWANT SINGH, H 25/30 TH/FLOOR TILAK NAGAR, New
India
100
Marketing Services
MediaMonks Canada Holdings Inc.
8 The Green STE B Dover DE 19901 United States
United States of America
100
Holding company
MEDIA.MONKS DUBLIN LIMITED
Block C, Magennis Court, Magennis Place, Dublin, D02 Fk76, Ireland
Ireland
100
Marketing Services
Media.Monks Paris SAS
17 rue Martel \u2013 75010 Paris
France
100
Marketing Services
Media.Monks Taiwan Co. Ltd
27F., No.9, Songgao Rd., Xinyi Dist., Taipei City 110, (R.O.C.)
Taiwan
100
Marketing Services
MediaMonks Arabian Company for Media
Bld
8
087, Street Handalah Ibn Malik, Al wourud Dist., Riyadh, KSA,
Kingdom of Saudi Arabia
100
Marketing Services
Production LLC Postal code : 12253
MediaMonks Australia Pty Ltd
HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George
Australia
100
Marketing Services
Street, Sydney Cove NSW 2000
MediaMonks B.V.
Oude Amersfoortseweg 125, 1212 AA Hilversum
The Netherlands
100
Marketing Services
MediaMonks Poland Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105 ul. SZCZYTNICKA, nr 11, lok. miejsc. WROC\u0141AW, kod 50-382, poczta WROC\u0141AW Poland 100 Marketing Services MediaMonks S\u00e3o Paulo Servi\u00e7os de Internet para Publicidade Ltda. Rua Girassol, 106, 2o andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: 05433-000. Brazil 100 Marketing Services MediaMonks Seoul LLC 3F, Heung Guk BLDG, 166, Toegye-ro, Jung-gu, Seoul, 04627 Republic of Korea 100 Marketing Services MediaMonks Services B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Marketing Services MediaMonks Singapore Pte. Ltd. 9 Raffles Place #26-01, Republic Plaza, Singapore 048619 Singapore 100 Marketing Services MediaMonks Stockholm AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen, Box 6343, 102 35 Stockholm, Sweden Sweden 100 Marketing Services MediaMonksTokyo G.K. 1-6-5 Jinnan, Shibuya Ku, Tokyo 150-0041 Japan 100 Marketing Services MediaMonks Toronto Ulc Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 Canada 100 Marketing Services Metric Theory LLC 8 The Green STE B Dover DE 19901 United States United States of America 100 Marketing Services MightyHive AB c/o BDO M\u00e4lardalen AB Att: Skatteavdelningen Box 6343 10235 Stockholm Sweden Sweden 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MediaMonks Buenos Aires SRL Tucum\u00e1n 1, 4th Floor, C1049AAA, Buenos Aires Argentina 100 Marketing Services MediaMonks Cape Town Pty Ltd 410 The Hills, Buchanan Square, 160 Sir Lowry Road, Woodstock South Africa 100 Marketing Services 7925, Cape Town MediaMonks FZ-LLC Premises 213, Second floor , Building 4 Dubai Media City Dubai United United Arab Emirates 100 Marketing Services Arab Emirates MediaMonks Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen, Bayern, Germany Germany 100 Marketing Services MediaMonks Hong Kong Ltd 11/F, Unit B, Winbase Centre, 208 Queen\u2019s Road Central Sheung Hong Kong 100 Holding company MediaMonks Inc. 8 The Green STE B Dover DE 19901 United States Wang, Hong Kong United States of America 100 Marketing Services MediaMonks Information Technology Room 436, No. 1256, 1258 Wanrong Road, Jing\u2019an District, Shanghai, P.R. China 100 Marketing Services (Shanghai) Co. Ltd. 200040, China MediaMonks London Ltd Media.Monks, Bonhill Building, 15 Bonhill Street, London, England, United Kingdom 100 Marketing Services EC2A 4DN MediaMonks Madrid S.L.U C/ Garcia Paredes No. 17, Interior Madrid 28010, Madrid Spain 100 Marketing Services MediaMonks Malaysia Sdn. Bhd. No. 256 B, Jalan Bandar 12, Taman Melawati, Wilayah Persekutuan,Malaysia 100 Marketing Services Kuala Lumpur, 53100 MediaMonks Mexico City S. de R.L. de C.V. Cto. Interior Mtro. Jos\u00e9 Vasconcelos No. 105, Hip\u00f3dromo Cond Mexico Mexico 100 Marketing Services MediaMonks Milan S.R.L. Milano (mi), Viale Papiniano 44, 20123, Italy Italy 100 Marketing Services MediaMonks Multimedia Holding B.V. Oude Amersfoortseweg 125, 1212 AA Hilversum The Netherlands 100 Holding company Ownership interest % Principal activity MightyHive S.r.l. Milano (MI) ViaLe Abruzzi 94 CAP 20131 Italy 100 Marketing Services M-Monks Digital Media Pvt. Ltd. Flat No. 402, Paras Pearl, No. 161, Greenglen Layout, Sarjapur Outer Ring Rd, Bellandur, Bangalore: 560037, Karnataka India 100 Marketing Services Monks Marketing (Thailand) Co., Ltd Unit 3001-3014, 30th Floor, 689 Bhiraj Tower at EmQuartier, Soi 35, Sukhumvit Road, Klongtan Nuea Sub-district, Bangkok, Wattana District, 10110, Thailand Thailand 100 Marketing Services Progmedia Argentina SAS Ortiz de Ocampo 3302 Building 1, 1st floor Office No. 7, City of Buenos Aires Argentina 100 Marketing Services PT Media Monks Indonesia Equity Tower Building 35-37th floor, JL. JEND. SUDIRMAN, KAV 52-53, Desa/Kelurahan Senayan, Kec. Kebayoran Baru, Kota Adm. Jakarta Selatan, Provinsi DKI Jakarta, Kode Pos: 12190 Indonesia 100 Marketing Services Raccoon Publicidade Ltda. Rua Dona Alexandrina, No. 1366, Vila Monteiro, Gleba I, S\u00e3o Carlos, SP, CEP: 13.560-290 Brazil 100 Marketing Services Place of business/ Name of entity Address of the registered office Country of incorporation MightyHive AU Pty Ltd HWL Ebsworth Lawyers, Level 14, Australia Square, 264-278 George Australia 100 Marketing Services Street, Sydney Cove NSW 2000 MightyHive Brazil Consulting Ltda. Rua Girassol, 106, 1 andar, Vila Madalena, S\u00e3o Paulo, SP, CEP: Brazil 100 Marketing Services 05433-000 MightyHive Germany GmbH M\u00fcnchner Freiheit 2, 80802 M\u00fcnchen Germany 100 Marketing Services MightyHive Holdings Ltd Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8. Canada 100 Marketing Services MightyHive Hong Kong Limited 47/F Central Plaza, 18 Harbour Road, Wanchhai, Hong Kong Hong Kong 100 Marketing Services MightyHive Inc 8 The Green, STE B, Dover, DE 19901, United States United States of America 100 Marketing Services MightyHive India Private Ltd Office No.5, 1st Floor, Harismruti CHSL, Opp. HDFC Bank, S.V.P Road,India 100 Marketing Services MightyHive Information Technology Borivali (West), Mumbai, Maharashtra, India: 400092 Room 07-130, Floor 08, No. 3, Lane 26, Qixia Road, China (Shanghai) P. R. China 100 Marketing Services (Shanghai) Co. Ltd Pilot Free Trade, Zone (actual floor, 7th floor) MightyHive K.K. 1-6-5 Jinnan, Shibuya-ku, Tokyo 150-0041, Japan Japan 100 Marketing Services MightyHive Korea Co. Ltd 14F, 416 Hangang-daero, Jung-gu, Seoul 14-111, Republic of Korea Republic of Korea 100 Marketing Services MightyHive Ltd 15 Bonhill Street, London, EC2A 4DN, United Kingdom United Kingdom 100 Marketing Services MightyHive NZ Limited William Buck (NZ) Ltd, Level 4, Zurich House, 21 Queen Street, New Zealand 100 Marketing Services Auckland, 1010 MightyHive SG Pte Ltd 50 Raffles Place, #29-01 Singapore Land Tower, Singapore 048623 Singapore 100 Marketing Services Ownership interest % Principal activity Rocky Publicidade Ltda. Av. Irene da Silva Ven\u00e2ncio, 199, GP 03A, Bairro Protestantes, Votorantim, SP, CEP: 18111-100 Brazil 100 Marketing Services Technical Performance Services LLC 228 East 45th Street, Ste 9E New York, NY 10017-3373 United States United States of America 100 Technology Services Zemoga SaS Calle 95 15-09 Piso 4 y 5, Bogot\u00e1, D.C. Codigo postal: 110221 Colombia 100 Technology Services Place of business/ Ownership Name of entity Address of the registered office Country of incorporation interest % Principal activity", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380068SP9V65KPQN68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }